The National tribune., 1884-05-15

Collapse Of Grant Eard = Condition Of the
Marins Bank.

NVifARse OF hrant q ward - Condition OF the
Marins Bank.
As announced in our last issue. the Marine
Bank OF New York suspended payment on the
9th inst, followed by AIessrs. Grant & Ward,
the Wall street brokers. Bank Examiner
Serbia completed an investigation Of the banks
AFFAIRS on the 10th inst, and reported % the
Comptroller of the Currency az Washington
that It's depOsitOrs viii reserve from its assets
20 to 50 per cent of their deposits and thar ia
case the estates of blF. Fish and Grant & Ward
are pT0htably managed the depOsitOrs NAV be-
paid IN full This statement is regarded at
the Department as a clear indication chat
the capital, surplus and earnings of the bank
are gone. 1t has been determined 10 appoint
receiver. The failure Of Grant & Ward is be-
heyed to be complete and irreparable The
firm consisted of Ulysses 5. Grant Jr, Ferdi-
nand Ward, and James ID. Fish, president OF
the Marine Bank, with General Grant as special
partner, AID the liabilities, it is thought, viii
reach S10,000G00 The affairs Of the houss
were chiefly under the control of Mr. Ward
and 1t Is stated by General Grants friends thar
he supposed up 10 the time Of the collapse that
he had TO his credit n the firm profits OK
-, 100000 Mr. Fish insisted on receiving his
profits and drew cut Of the firm 100000 in
1858, and 100000 this year. General Grant
visited Mr.. Vanderbilt on Sunday and got bis
check for $4,000. 1t Is said that at the request
OF General Grant the check was dated as Of sat
urday, and the check of Grant & Ward on the
Marine Bank Mr. Vanderbilt agreed not to usa
for a day or two. 1t IS not believed that the
ex-President knew the state of the firms
affairs, and Mr.. Ward IS credited with furnish
Ing satisfactory explanation % the circurl-
stances under which Mr. Vanderbilts consent
was obtained. When presented, the check Of
Grant & Ward had been rendered worthless
by the two failures. The day after the fsiinre
General Grant called on Mr.. Vanderbilt a5 the
latter's desire, and it IS said that assurances
were given that he would be fully protected ia
the matter even if great sacrifices were ncces-
sary IN the direction of Mrs. Grants property.
As soon as the extent Of the failure became
known the firm made an assignment, the pre-
ieTred creditors being Edward c. James. James
Henry Work, VIM. s. Warner, Jerome B. Chafee,
Frank F. Wood, Edward L. Shoot, T. ~ VIII
merding, Charles p Britten, Ezra A Tuttle
James e.. Gardner and Frederick D. Grant
Frederick Grant and Jesse z. Grant, whose
interests were involved in the failure, although
not actually members of the firm also made
assignments, and, in order TO secure Mr.. Van
derbilt against loss, Mrs. Grant is said to have
transferred her property at Long Branch and
house IN New York to him, but he declined TO ac-
cept the sacrifice at present. Mr.. George Jones,
of the New York Times, SAYS: " General Grants
fund of S250G00 is absolutely safe I don't
know where his enemies find their lies. The
fund is invested in Toledo and Wabash second
mortgage bonds, interest payable quarterly,
and guaranteed the principal and interest by
the heirs or the late Governor E. d. Morgan.
Hitherto we have paid the interest annually.
The hrst OF May of each year has found the
General in possession of S15140. 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 any
one else shall lay hands on it. General Grant
could not touch dollar Of the principal. even
I If he desired 20 Dc so, any more than could.
/ He can viii it, however, at his death, to his
heirs. / was with General Grant on Sunday
+ last, and he was IN complete ignorance OF the
I impending disaster. Other than this fund hs
doesn't possess dollar, and, more than that. he
/ Is deeply and almost irFetrievably in debt.
/ What he did in Wall street he did for his sons.
and it seems too sad that this man, who has
done so much for his country, should be LETT ia
his old age dependent on tAs Nation he helped
/ to save.