Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1873-05-17
So Ways the World.
Heavy Failure OF an EStravagant Phila-
deIphia Banker.

Heavy Failure OF an E1travagant Phila-
deIphia Banker.
The details of the recent failure of
Harrison Grambo, banker, of Phila-
delphia, throws in the shade anything
that has happened in Wall street in this
line in some time, not even excepting
the recent exploit of the tainted Taintor.
So writes a Philadelphia correspondent
of New York paper.
Mr.. Harrison Grambo was certainly
ambitious; and, so far as shrewdness at
the expense of principle entities man
to respect, so far is Mr.. Grambo en-
titled to applause for the manner in
which he played his little game. If,
however, this man congratulates him
self on the present situation. with his
character blasted and his innocent wife
and family made to suffer by his opera
tions, then he possesses a nerve and
effrontery unequalled in the annals of
villainy. Mr.. Grambo began his career
at the foot of the ladder; indeed, it is
said that his fathers funeral expenses
were paid some years ago by collection
taken up by the old gentleman's former
business associates. so reduced had the
family become.
After the death of the elder Grambo
the hero of this story engaged in mer-
camille business, but, owing to the pc
culiarity of his method, it was not long
before he found himself a wreck. His
next effort was in banking. He started
out on a large scale at once, and so far
as assumption and cheek could give him
tone he had it. But the brokers of the
city never took to him very kindly.
Philadelphia is not the place for a
splurge, and any business man who ever
undertook this method in Philadelphia
has, sooner or later, found himself q
dead cock in the pit.
Grambo gave sneer for sneer, and
kept on in the uneven tenor of his way,
unmindful of the steady old burghers,
who frequently prophesied his downfall.
In course of time he fitted up his offices
in princely style, and wondering
countrymen were frequent recipients OF
Grambo's circulars, with the interior OF
the banking palace engraved thereon.
The counting house and the private
Offices, with sofas and easy chairs and
all the papers and royal ingram carpets,
were therein displayed, and people who
knew nothing of the inside working OF
this wonderful institution said Grambc
was wonderfully successful man. Con.
fiding laborers and clerks and working
women and farmers brought him theil
money to invest, and always received
the interest promptly on time; but
what became of the principal? Echo
answers, what
Mr.. Grambo's sisters were provided
with a comfortable home. Grambc
moved into Walnut street, that locality
so dear to the heart of Philadelphia re.
spectability; costly pictures adorned
his walls, the finest viands tempted his
palate, and Grambo went on prosperine
with other peoples money. Not content
with possessing the finest offices, he fit.
ted up sub-ofice in gorgeous style il
the room of the board of brokers, which
was at once the envy of the younger
members and an object of sarcasm to the
older heads.
The banking palace in Walnut street
MIR. Grambo's Office was also in Wal
nut street-although very fine, coult
hardly be expected to suffice, and he
began to cast his eyes around foramore
palatial building wherein he might or
ganize banking house without a riva
on the American Continent. There is
on Chestnut street, between Eighth ant
Ninth streets, very elegant marble
building, formerly occupied by Bailey
& Co., jewellers, and this building thu
adventurous Grambo decidedto possess
He sought out Mr.. Joseph Tobias, the
owner, and made bargain with tha
gentleman. Mr.. Tobias agreed to ex
pend $15, 900 in repairs and alterations
and Grambo decided to move in as soor
as possible. The repairs were completed
as agreed, and Mr.. Tobias congratula
ted himself on the possession of such {
desirable tenant.
A few days ago, before Grambo was
ready to move, an ugly rumor touching
his solvency began to spread. An in
vestigation proved the correctness O.
the rumor, and it required but two o.
three days to ascertain definitely tina
Grambo had failed for $7O0,000 Ama1
to whom he was indebted for gardening
went into the stable one night, ant
there found two furniture cars loaded
with household furniture, awaiting thu
fight of q few more hours for it's re
moval to the house formerly occupied
by the Grambos. A few evenings ago
crowd was attracted to the new banking
house to see an iron manufacturer re
move some iron work that Grambo haC
ordered. Two or three more day
elapsed, and the fnancier of the period
found himself arrested on three distinc
charges of embezzlement. Bail wa
furnished in each instance, but therr
are more charges pending.
At hearing in the case of Grambo i
was announced that warrant had beel
issued forcing him into bankruptcy
His liabilities are $700,000 and his as
sets 100000. His residence cost, will
the furniture, $120, 900; but it is heav
lily mortgaged.
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