Weekly expositor. (Brockway Centre, Mich.) 1882-1894, 1883-02-08
Ferrysy Failure.

The announcement was made on Saturday,
the "a inst. that Ferry Bros, Of Grand Haven
had failed Much conjecture was INDUCED in, 1t
being thought by many that the report had
been started by political enemies of Senator
Ferry to defeat his reelection. But later re-
ports confirm the fact that 1t was not a cam
paign ruse, but q reality. An outline Of Lis
business career, and of the causes which led TO
the failure Is taken from the Detroit Free Press
of the 4:h ms.
The Rev. w NJ. Ferry, Senator Ferry's faith
err was the first settler OF Grand Haven. He
moved there in 1884, when the Senator was a lad
of years of age, founded the town, accumulat-
ed wealth, raised his large family Of children
and is buried here. Ferry 81 Sons and Ferry
Brothers have always been among the leading
business men OF the town, andupto six years ago
there was hardly railroad, church, bank or
marine enterprise Of any Importance in that city
| in which they were not interested and the lead
ing spirits. Ferry d Son ran the first private
bank in Grand Haven, and Edward p. Ferry
was for years the President OF the First Nation
| al Bank. ,rf- .r . -r
About eight years ago Edward p. invested
heavily In Utah mines, which, in connection
with the shrinkage in value OF real estate, and
then Improbable numbering and other business,
caused him to become heavily ipvolved, and
which kept him idle FOR period Of about two
years. Since then, although retaining an inter
est In the firm Of Ferry Bros, he has given near
| ~ all his nersonal attention TO his mining in
| terest in Utah. r.t
The Senator, of whom Grand Haven as a city
has always been proud, has, IN addition 90 his
| duties as United States Senator, supervised
! the business of Ferry Bros. in Grand Haven,
Montague and Chicago, and has also been Pres
| ident OF the Michigan Barge Company and in
| terested in other business. He has had the
reputation of being an able business man. Dur
| ing the past two years both brothers have in
vested heavily in their mining enterprises at
| Park City, Utah. They have invested all the
money they could get, and it is asserted that
| their present financial disaster has been caused
| by their funds being all invested thereia IL is
! not known whether the mines were a paying
| investment or not, although IL has
always been thought that they
were paying big. The declaration now made
| that the mining enterprise is what has caused
the disaster is great surprise TO a great many
Of the Grand Haven people who were not
posted. Many believe that the whole trouble
| has been brought about by Senator Ferry's
] political enemies ~ prevent his reelection, and
| that they will be able TO regain their financial
| standing.
The hrm owned considerable real estate, Yes
sci and mill property in Grand Haven and
Montague, at Black Lake, near Muskegon, and
| large tracts Of pine lands which have been
levied upon, and are being held by parties from
Chicago Detroit and Flint.
Several weeks ago the firm secured the First
| National Bank, Grand Haven, by turning over
to fits president their valuable Chicago lumber
yard, Isaac G. Lombard, of Chicago, has been
there several days, and 1t is understood that he
has successfully looked after the interests Of
| the Chicago creditors. AS several firms there
are supposed to have Endorsed their paper, and
many individuals have loaned them money, the
| future DEVELOPMENTS are anxiously awaited.
IL is impossible now to set at the view OF
Senator Ferry upon this question as he is at
present in Washington. II is believed, how
ever, that their liabilities Will amount TO sew
| eral hundred thousand dollars and that they
bankrupt several other firms beside their own.