Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1884-05-10
News by Telegraph
FROM ALL QUARTERS.
A COMPLETE WRECK.
The Grant Firm Swept En-
tireIy Away.
h0THING LEFT TO THE GENERAL.
A Movement Started for
His Relief.
THE LOSS OF THE FLORIDA.
Sheer CareIessmess Alleged
by q Survivor.
The LOSS OF THE FLORIDA.
NEW YORK.

Mfuions-The Generals Fortune EN-
tirely swept Away-Mrs. Grant Of
fers to Surrender Her Property
Colonel Fred Looking Around for
mPlOyment-A Plan to Set the PresI-
dent ON His Fest-A Sad Tale of
Financial Wreck.
NEW YORK, May S-As the examination
into the affairs of Grant & Ward and the
wrecked bank progresses their condition
grows worse, particularly that of the former.
It is now generally believed that the con-
GERMS gross liabilities will reach nearly
$40, 600, 900, while some believe the sum will
exceed the figures and that whsn the full de-
| tails of the transactions of the bank and
Grant & Ward are made known it will be
shown that the failure will be even greater
| than that of Jay Cooke in 1873. A
| startling development in the failure is
the discovery that they operated s., o0O,-
600 blind pool, paying interest of five per
cent. month, not specifying the business to
which the money was put, but using General
Grants name to make it appear that it was
legitimate, profitable and plausible. Through
his relations with politicians all sorts of
people put money into the pool. There is
now little room for doubt that General
Grants fortune has been almost entirely
| swept away. It is stated on good authority
| that the wife of the ex-President signed
away all her right and title to her property
! in this city and Long Branch in order to pay
loan recently made to the general by Mr..
Vanderbilt, but the latter refused to accept
such sacrifice. It is also stated that ex-Sen-
ator Chaffee, Commodore Garrison, the Ho-
nores and other well knSwn people are more
largely involved than has yet been reported.
A friend of Wards said to-day that no doubt
the collapse of the firm was due to Wards
individual speculation, which he said began
two years ago unknown to the other part
ners and in which Ward lost heavily, he be-
ing bull. The speaker said it would be
found in time that millions put in the firm
by others were lost through these
speculations A stakeholder of the
Casino said to day that Ward was
treasurer and Mr.. Morris, the assignee of
President Fish of the Marine bank, when
spoken to in regard to the affairs of the in
stitution declined to say anything relative to
his work further than that he was busy
scheduling accounts and would be employed
in that way for some time to come. Mr.. Nc
Nance, the assignee of Colonel Fred and
Jesse Grant, said he would be unable to fur
nish any information to the public until the
affairs of Grant & Ward were Strengthened
out. Mr.. Davis, his partner, was doing all
he could to bring out of chaos
the firms affairs and he did not
think he would be able to bring matters to
-. L.
several companies who entrusted large
amounts of securities in the hands of Grant
Il Ward which were re-hypothecated we're to-
day engaged through counsel and others in
recovering them from bankers and brokers
with whom they were pledged An officer
of the First National bank said this
evening that no legal steps had yet been
taken to recover the $215, 200 which
Ward drew against the institution on worth
less clerks on Monday afternoon. ''There is
DO doubt" said this official, ''that Ward has
rendered himself criminally liable in this in
stance as he has in other transactions which
have come to light" He was silent when
asked if the bank would institute criminal
proceedings against Weird. Another bank
official said: ST would not be surprised to
hear of the arrest of either Ward or Fish at
any time. In fact am surprised that they
have not already been arrested. President
Fish is government official according to the
national bank law. Baldwin ot the Newark
bank was sent to States prison for speculat-
ing with the banks money. 1 suppose the
same law holds good with reference to speeu-
lative national officers in this city"
General sympathy is expressed for ex-
President Grant and his sons in their mis-
fortunes and surprise is expressed that they
should have been SO blind as to entrust their
all to young and comparatively inexper=
fenced man like Ward. The rumor was
peated to-day that Jay Gould and others OF
the generals friends are quietly raising a
fund to place him again on his feet. George
W. Childs, of Philadelphia is said to have
wired Mr. Gould to put him downfor $25, 600.
The friends of the general say he is COM
pIetely Frustrated. He was not down town
To-day. A United Press reporter inquired of
Colonel Fked Grant as to his fathers health
He replied that he not seen him to day, but
he was undoubtedly i'll Continuing he said:
81 know no further particulars of the firms
affairs. I have lost everything by the failure
and am looking about for employment
Mr. Georgs Jones of the New York Times
said this evening: General Grants fund of
$3.50, 900 is invested in Toledo, and Wabash
second mortgage bonds, interest payable
quarterly. Hitherto we have paid the inter
est annually, on May 1 of each year, and
the generals fund was $15. no. the interest
in full on the investment. Hereafter we
shall pay him quarterly not only because he
needs the money, but because we do not
mean that anyone else shall put hands on it
General Grant could not tough dollar of
toe principal even If he desired to do SO no
more than I. He can will it, however, at
his death to his heirs
The handsome residence of Mr.. Ward, 81
Pierrepont street, Brooklyn, was attached to-
day and taken possession of by the sheriff
Mrs. Ward after having her personal effects
packed and instructing her servants where to
bring them entered carriage, carrying her
four weeks old baby in her arms, and was
driven to the residence of her mother. Mrs
Green of 81 Monroe Place. It is said that
two detectives attempted to arrest Ward as
he was leaving his residencet his morning, but
having neglected or lost the warrant OF ar
rest were unable to make him accompany
them.
The Weeks Record of Failures.
NEW York, May 9.-There were 1872 fail