Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1884-05-10
THE GRANTS RUINED.
THE STATEMENT OF YOUNG ULYSSES.
implicit Reliance rIsced In the Business
ssgscity OF wsrd-The Grant Family
only fisure Heads

only Figure Heads.
Ulysses S. Grant, jr,, makes the follow
ing statement concerning the effect Of the
recent failure on the Grant family
THE Grant family has lost it's entire
fortune the ruin is complete. Not only
have | and my father and two brothers
put every cent we possessed into the firm,
but we invested large sums which We Dor.
rowed from our friends, supposing that
everything was going along splendidly aud
that We were amassing great fortune.
first put the Sl1, 800 yearly income on my
wife's fortune into the concern aud then l
put the principal in with it. My father
in law loses $500, 900 which borrowed
from him.
knew very little about the affairs Of
the establishment. In fact, the articles Of
agreement of the firm provided that Mr..
Ward should draw all the checks and
transact all the business, Mr.. Ward in.
sisted that the business management
should be left solely to him. had the
greatest confidence in him and consider
him to be very able man. When he
first proposed tho partnership to me
knew that he was making plenty of
money, and said d.: " oh, you don't want
to attach yourself to slow coach like
mo- He proposed the thing = couple Of
times before agreed.
did not, nor did my father or broth.
ers have tho faintest idea that anything
was wrong. Up to the time of the failure
believed that was worth sl, 100000.
held tho banks notes for upward of Sl,.
OOO,O 900. Why, have told my friends of
our fortune within a few days, little
dreaming of the real state Of affairs. Then
came the crash. Ny father came down to
the office on the day Of the failure, and as
he walked across the floor toward me,
said Father everything is bursted and
we cannot get cent out OF the CON-
Germ" That was the very first iutimation
tha. he had that there was the slightest
! trouble. My brother Fred had borrowed
| largely from his friends, and my brother
| Jesse put some borrowed money into the
frul on the day previous to the failure.
So confident were we all that Grant
y Ward were making piles Of money that
We invested everything we could get. |
! only drew out money against my own
| account, but kept putting in almost as
much, and the only real funds which
retained were about sufficient for our liv.
! ing expenses None of US liked to keep a
! dollar out Of the firm that was not abso-
| lutely needed, because we thought that
we were losing when we kept money that
might be earning q very heavy profit.
Several times recently whom l went to
friends and asked them for loans on the
promise Of enormous interest they declsr
ed that such transaction would be
usurious. | never asked for these loans
| again.
" To show you how little knew about
the affairs Of the firm, said when the
Marine bank failed that 1t would simply
p preYept US for time from giving certain
checks. No 0GS ,ip our family had any
, idea that the firm had oTcrdTawn its ac
counts When | secured loans upon tht
bonds which had been given as collatera
for loans from our firm l did not know
that the bonds were being rehypothecated
, OF course it is quite apparent that th
immense profits credited TO members G
the firm were fictitious. The Who'll
. matter will be cleared up, suppose, i
tn courts"