Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1884-05-15
WALL STREETS SENSATION.
The Grant 4 Ward Failure
More Serious than at First
Suspected.
Some Persons "In" for Over
Half a Million-Liabili-
ties Estimated at from
Eight to Ten Mil
lion Dollars.
lion Dollars.

grows that the Grant * Ward failure
is much more serious than at first sus-
/ pected. A well-known member of
the Stock Exchange said: For four
or i've months | have heard rumors of
queer transactions by the firm Of
Grant q Ward l do not think
IS 600, 900 by any means an extrava-
CANT estimate of the liabilities of the
firm, My belief is that they will ex-
coed $40, 600 600 When the failure
was announced / said it would be the
largest Wall street ever saw, and
am more firmly convinced than ever
of the truth of the estimates. What
the assets can be no one knows. but
they are probably very small, aud the
eilspnrlty IN the figures will undoubt-
edly cause surprise"
A CLERK
of Grant 81 Ward said THE amount
of liabilities will undoubtedly be very
large. They are discovering new bus
mess every day. Yes, | know the
names of some persons that have been
caught, but cannot give them Some
gentlemen are in for $500 600, and
OJuerS Tor sun larger sums
WILLIAM G. SMITH,
of the Stock Exchange, a member of
the firm, said: Il do not think the
statement of the assignee will be
ready until the latter part of next
week l don't think the amount of
Liabilities will reach So 600, 600, al
though that is a matter of which |
have no knowledge. The figures are
all gossip and are | think, extrava-
gantly large The railroad companies
winch received loans on securities,
which have been transferred to other
perlons, are amply protected and lose
nothing. The losses will fall chiefly
upon individuals who have invested
money with the firm. The business
was conducted by Ward. Of course
General Grant and son have known
OF these transactions, but | do not
think they We're fully aware of the
large amount involved. They have
been led ON by Ward and will, of
course, lose very heavily. "
FRED GRANT
was interviewed, and said that he was
looking for employment, and had
to do now. 1t would depend
anything was saved from
The wreck whether he went into busl-
ness for himself.
THE MARINE BANK
has begun a suit against Fred Ward
10 recover 500, 900, the amount of
)verdrafts paid out by the bank on
Ward account. An attachment was
granted against the house and per
'onal property Of Ward, in Brooklyn,
md the sheriff is in possession.
Suit on which the attachment is
ssued is brought by the Marine bank
Igainst the firm Of Grant & Ward,
md General Grant is made cO-defend-
mt. The suit is for 500. 600.
Geo. Jones, of the New York Times
avs: Gen. Grants fund of $3.50 900
5 absolutely safe. Hitherto we have
aid interest annually on the FIRST Of {
lay. Each year has found the gen I
raj IN possession OF SIS 40 in full on :
he investment. Hereafter we shall
ay him quarterly not' only because
e needs the money, but because we
o not mean any one else to lay bands ?
n it. / was with Gen. Grant Sunday q
asst and he was in complete ignorance
T the impending disaster Other +
nan this fund he does not possess a :,
ollar, and more than that he is deep
Y and almost irretrievably in debt
What he did in Wall street he did for a
IS sons, and it seems too sad that this c
ian who has done so much for his Il
ountry, should be let in his old age o
ependent on the nation he helped to
I'VE. ri