Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1873-05-07
g,hiIa!cIphia Banker"

4 Philadelphia ''Banker.'
Iphila!elphia Correspondence N. Y. Herald
Wall street may congratulate itself on it's
frruucnt irregularities, and think in its ego
t;sm that bankers, bank officials aud operators
outsiGe its precincts are too ''small potatoes
r, merit Il notice at its hands, and in many
cascs Wall street is correct but the details of
.Lc recent failure of Harrison Grambo; banker
Of this city, throws in the shade anything you
nave had in Wall street in this line for some
time, not even excepting the roccnt exploit of
the tainted Taintor.
Mr. Harrison Grambo was certainly ambi-
tious; and, so far as shrcwdncss at the expense
of principle entities man to respect, SO far is
Mr.. Grambo entitled to applause for the man
ner in which he played his little game. 1t,
however, this man congratulatcs himself on
the present situation, with his character blast
suffer by his operations, then he possesses a
nerve and cffrontcry unequacd in the annals
OF yill;iny Mr. G,ambo began his career at
the foot of the ladder; indeed it is said that
his fathers funeral expenses we're paid some
wears ago by collection taken up by the old
rcntlcma,'s former business associates, so re-
duced had the family become pccuniarlly.
Alter the death of the elder Grambo, the hero
of this story engaged in mercantile business,
but, owing to the peculiarly of his method, it
was not long before he found himself a wreck.
His next effort was IN banking. lie started
out on large scale at once, and so tar as as
sumption and cheek could give him tone he
had it. But the brokers of the city never took
place for splurge and any business man who
ever undertook this method in Philadcl phia has,
sooner or later, found himself dead cock in
the pit.
Grambo gave sneer for sncer, and kept on ln
the uneven tenor of his way, unmlndlul of the
steady old burghers, who frequently prophesicd
his downfall In course Of time he fitted up
his offices in priuccly style, and wondering
country men were frequent recipients of Gram
bo> circulars, with the interior of the banking
palace engraved thereon. The counting house
agi the private offices, with sofas and easy
chairs and all the papers and royal ingram car
pets, were therein displayed, and people who
knew uothing Of the inside working OF this won
dcrtul institution said Grambo was wonder,
fully successful man. Conidng laborers and
clerks and working women and farmers brought
him their money to invest, and always received
the interest promptly on time, but what OF the
principal? Echo answers, what!
Mr.. Grambos sisters were provided with
comfortable home. Grambo moved into Wal
nut street, that locality so dear to the heart OF
Philadelphia respectability costly pictures
adorned his walls the finest viands tempted
his palate, and Grambc went on prospering
with other peoples money Not content with
possessing the finest Offices, he fitted up sub
office in gorgeous style in the rooms OF the
Board Of Brokers, which was at once the envy
Of the younger members and an object of sar
to the older heads
TIE banking palace in Walnut street-Mr.
~, a. ,lcn in Walnut ctr
although very fine, could hardly be expected to
suffice for the Philadelphia Gould, and he
began to cast his eyes around for more pala
tial building wherein he might organize bank
ing house without rival on the American
Continent. There is in Chestnut street, be.
tween Eighth and Ninth streets, a very ele
CANT marble building, formerly occupied by
Bailey & Co., jewellers, and this building the
adventurous Grambo decided to possess. lie
sought out Mr.. Joseph Tobias, the owner, and
made bargain with that gentleman. MIR. 10,
bias agreed to expend $4,000 in repairs and
alterations, and Grambo decided to move IN as
soon as possible. The repairs were completed,
and Mr.. Tobias congratulated himself on the
possession of such desirable tenant.
\ few days ago, before Grambo was ready to
move, au ugly rumor touching his solvency
began to spread An Investigation proved the
correctness of the rumor, and 1t required
but two or three days to ascertain definitely that
Grambo had failed for 100000. A man to
whom he was indebted for gardening went
into the stable one night, and there found
two furniture cars loaded with household turnl-
turcc, awaiting the flight of few more hours
Tor Its removal to the house formerly occupied
by the Grambos. A few evenings ago crowd
was attracted to the new banking house to see
In iron manufacturer remove some iron work
tnal m 'rambo had ordered. Two or three more
EaSs t9 9eaa:red, and the fnaucier of the period
r lJ"nu hllSeit arrested on three distinct charges
~ enloezziement. Bail was furnished in each
ms,"Ece' na M out there are more charges pending,
sn Inu nf. ummbo, from present appearances,
r,'s an excellent chance of verifying in his own
t11 tfriS'h Inc experiences of one who suddenly
mus himself transferred from q palace to a
@ p.lSon a.. Speculation, desire to ape the habits
.h: ana ZONES OF men who can afford to crafty
rc rsc'r wishes, and an overwecing vanity and be-
.I .i'l III his own clcverness, seem to have been
NC causes OF Mr.. Grambos downfall, and the
n'ofal OF the story, though plain, will be COM
hlS mSllled on Tor a day, and men will fail with
o'lier peoples money just the same as ever.
AZ hearing in the case of Grambo 1t was
announced that warrant had been issued
aotelog HIM into bankruptcy. His liabilities
are 100000 and his assets 100000. His
residence cost, with furniture, 1925, 900; but it
heavily mortgagcd.
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