New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-11

credits of s7b 900 or $50 600 to Colonel Grant ana
81 eos OOO to Jesse r, Grant. The collapse OF tns
6rm has eloguently shown the purely : paper v
character of these accounts. IL is not OeIleNeu 10y
some wei. Informed people that Mr. Works losses
through the failure reach the sum OF Sl ,ooooVo,
nroSts " ON the money he invested 1t is said
that Mr.. Work placed 100000 In the firm the day
before it suspended.
AS an evidence of how completelythe sons of Cen
fral Grant used up financially Colonel Freezer
lex ID. Grant is about 10 take situation as clerk IN
the house of a friend down town. Colonel Grant
up hs s51 S@ to
purchase furniture and begin Housekeeping Ill
II is believed that j. Nelson Tappan, the City
Chamberlain, and director in the Marine ba .,
has had his fortune practically swept away Oy .nS
bursting OF the Grant Ward on cboeo and his
losses and the attending circumstances nra,certiv
grayated the sickness by which he mas ie'0"''
been kept away from business 49,. .L fo;,
Mr. Ward made an effort the day before t he iaIa,
ure to buy about 100000 OF the cry nccixed
intmations that be should act with caut9T9 oI IN
dealing with the firm, and he told MI ware abe
m sns, and would not sell the bonds. 1t was on
that day that Mr. Grant had the Guys 500 rnn 10
the Marine Bank reduced from Si,oVoooUt ~
$1,000, 900 by transfer OF funds 10 tne iupoi0''
and Traders Bank.
wARNER's RELATIONS WITH WARD
Most of the persons who invested in Wards con-
tract scheme and received handsome profits out Oh
the funds raised from other people were easily III
duced to persuade their friends to put their money
I'm what appeared TO be an nexhaustlbie golo ihie'
One of the most active in this work is said to have
been W. S. Warner who Is In the once
of the Mexican Southern Railroad Company IN the
United Bank building. J. H.. Work occupies the
same Office Mr. Warner is the brother-in-law Oh
Mr. Work few wears ago he was we3,tbT v" man'
He is said to have put thoS $ZY YSsS and
4 do
ix;n mo- At rate of $50 600 year His liberal
spending of money which came from his invest,
%ent bis in dSvi concern others to try their
luck in the contract e se Gfant e. Ward
for $500, 600 but it is an interesting question
whether his claim is not based largely on . s
paper profits, If not commlsslons receive. We, ~ aUi
customers whose accounts he secured for the nrn
Some Of the creditors are said not TO relish, under
the circumstances, the recent transfers TO MT ar
ner of Mr. Wards property These transfers en- en-
100000, his interest in the Interior Of the Boom
Theatre property for aSS mas
Warner to discharge the ipdobted9ess Of he firm
SCI sanc Sr fom the oy on tuesday the day the
m failed is now explained 6y the l1ce ai ,n"' the he
3aaser Of f biz proSery tSere Mr. Warner is said
10 have invested largely In real estate IN TINS clty
during the short time he was receiving handsome re-
turn from his interest in Grant d ards schemes
President Fish, of the Marine Bank, is said to
have received So 600 900 profits from bis interest
In the firm of Grant & Ward, a statement little
consistent with the doubt at first expressed that
he was not fully cOgnlZant OF the nature oi LILO
operations of Mr. Ward.
TRYING TO GIT HIS BONDS.
Argument was made yesterday on the applica-
ton of Elihu Spcer to Justice Donohue, IN the
Supreme Court Chambers, for an order directing
.Julien r. Davies or the receiver Of Grant & Ward,
to deliver to him twenty-slx 81 900 bonds OF the
Gulf Colorado nnd Santa Fe Railroad Company.
Mr. Spicer said in his complaint that ne
depogited the bonds with Grant n Ward merely Tor
safe keeping Corroboratlve aflidavits by Mr..
Ward L. S. Grant jr: aud the bookkeeper OF Grant
a Ward were attached 10 the comp amt The
oouneel for Nit Davies opposed the motion on the
ground that this was the rst appreciation lot tne
delivery OF securities which were alleged 10 DO IN
no way affected by the financial condition OF Grant
& Ward. II should be made prec dent Tor others
which might follow; that the claim should be passed
as the books of Grant g. Ward showed that Mr..
spceT had had dealings with that firm. under Which
he was still indebted to IL TO the amount OF ~ loO
and that although the firm had number OF secuIi /
ties as collateral for this indebtedness, these 1und
were at one time entered on the books OF the niI
as part of that security and were erased only OF
the statement of Mr. Ward TO the book-keePer IhaI
they were not securities but were deposited soi1-y
for safe keeping, Justice Donohue ordered th9
claim TO he presented TO Referee Hamilton Colo tol
morrow at 10 a. IN.
John A. Toby one of the Board of Managers Of
the Produce Exchange said yesterday that the ru-
NOR that Grant & Ward had been negotiating tol
the purchase of the old Produce Exchange building
negotiating for the purchase OF the building.
Forrest H. Parker President of the New-Yors
Produce Exchange Bank, SAID yesterday
The suspension Marine Bank and the astounding
revelations the transactions OF Grant ard, especi
remind me that few weeks ago person came TO mt
and made favorable offer TO deposit railroad secu
rifles with the bank II we would loan 100000 upoi
them The promised such good return for the loaI
that questioned the advlsabiity Of accepting IT, an(
finally declined consider 1t further. Whet her II CANT
from Grant Ward don't know, but do know that 81
long as am president OF this bank shall be careful Il
Investigate every transaction coming before me.
CONDITION OF LONG ISLAND CITY.
Mayor Petry, of Long Island City, said yesterday
"The failure OF the Marine Bank especially unfor
tunate for the authorities OF Long Island CITY, We wer
getting verifying In good shape after the troubles
The past few years. and the City Treasurer and were 10
iicitatng ourselves that by February mex
everything would be in appe-pie order
had 81 600 credit OF the water fund In the Mrin
Bank for item. The wages OF the men employed OF
The water works due the day after the bank failed
We managed pay them. But we have been somewha
crsuped. still think get through without
help Our current expenses are about $4,000 POI
month This include the interest on the bonds
who designated the Marine Bank a depository o
Long Island City money 7"
"The Beard OF Aldermen " was an old bank and wa
supposed 10 be perfectly safe"
AFFAIRS OF THE BANK.
A PARTIAL STATEMENT OF ITS CONDITION PRE-