Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1884-05-30
TIE GRANT . WARD FAI1pRp1

sV N0NE4 AHM NJ
00o-GenerAl Grant and sons MAJ. %Uo~
sonal Assignments for the Bensa. FER.
Creditors. VI
New YORK, May a.-lnterest in the f,,
ures of the Marine Bank and Of the firm ~.
Grant & Ward was renewed Yesterday W W
the announcement that General Graz.
President James D. Fish, Grant & Was,
and the firm members individually. Co,o.'s,
Frederick Grant and Jesse Grant had mad
assignments, thereby indicating that WV
failures have swept away the fortunes -.
every member of the family Of Gena,.,
Grant. All that the latter possessed outsias
of the income from the Grant fund N.Y.
in the firm which has been wrecked ~,
operations of Ferdinand Ward. That Co,aa
mel Grant and Jesse Grant should have bean
obliged to make assignments Of their pron~
erty occasioned general surprise, as thew
were not partners in the firm, and were SIM
posed to be in excellent circumstance
Jesse's fortune being estimated at $500, ooo'
1t is understood that when the Gene,,,
those of the firm. substantial assistance will
be rendered to him. w. II. Vanderbilt does
not deny that he loaned General Grant
500, 900 a few days ago which went into
the broken firm.
Grant & WaM, in their assignment, gaye
preferences to eleven persons, but no
amounts are affixed. Frederick d. Grant
gave preferences for $243, 668. including
$40, 600 to Mrs. B. l.. Honore, of Chicago,
and $4,000 to his wife. Henry F. Shoe.
maker, of this city, is preferred for S125,.
600. Jesse Grant gives preferences for
$95, 900. President Fish followed with lis
assignment, emitting amounts.
So far as Grant & Ward are concerned
the best opinions agree that they are.
wrecked beyond all hope of recovery. Gen.
eral Grant was at the office yesterday after.
noon, and Roscoe Conkling Joined him i'm.
the General in this trouble. w. K. Wander.
bilt is haunting the firm with legal pro.
cesses in behalf of the Chicago & St. Lors
Railway Company. In his affidavit Van.
derbilt says that about April IL, 1884, the Chi.
cage 4 St Louis Railway Company madeits
promissory note. bearing date on that day.
whereby, for value received, it promised to
pay to Grant s. Ward the sum of $500, 0ol.
This note will become due January /, 1885,.
April % the railroad company made anotb.
er promissory note dated on that day, nav.
able to the order of Grant s. Ward, for
5000, 900, which note will become
payable January 1, 1885. AS collateral
security for the payment of these notes
the plaintiff deposited with the firm of
Grant & Ward 1,40O negotiable bonds Of
the railway company for 81, 600 each, the
payment of which was secured by a second
mortgage Upon its railroad. Vanderbilt
further declares that Grant & Ward rehy.
nofhooofo1 {hoca coourifiac fn,. tho ,o,,....-
ST procuring loans. The assignees will de-
fend the suit, and Mr.. Vanderbilt may not
get back his securities for months, if at all.
There were few important developments
in the affairs of the Marine Bank. United
States Examiner Scheniba continued his in
yestigation, but reported that owing to con-
slant interruption and new Developments
his statement would be delayed. The Com
mittee of Investigation appointed by the
directors were at work all day Strengthening
out affairs. Strenuous efforts are making
for the resumption of the bank. These
hopes, however, are not entertained
by all, and some who are pecuniarily inter.
ested in the deposits said that they feared
that there had been unpleasant facts discoy-
cred. The directors, so ready to speak be-
fore, were strangely reticent this afternoon. \
The assignment of Mr.. Fish making a pref
erence to the bank is regarded by some as a
suspicious circumstance, masmuch as ifMr.
Fish's relations with the bank had been
correct why should he be in debt to it to
an amount making an assignment neces,
sary. The belief that the affairs of the
bank are not in as good condition as was
expected is strengthened by the fact that
while the bank should have had in its vaults
a reserve of 81, 800, 900 against its deposits
OF $1,000, 900, yet its suspension was caused
by its inability to meet the clearing house
balance of $3.50, DOC, except by turning
over collaterals to the extent Of $500, OOe.
U. S. Grant, Jr., yesterday conveyed to
his father.in law, j. B. Chaffee. property
up town worth $500, 900, and Ferdinand
Ward sold the Booth theatre property for
S2S5, 0o0. President Baker, of the First
National Bank, says he will not proceed
Against Ward in the criminal courts, but
thinks some other people will.
Opinion on the street at tho close of bust.
ness promised a sensation in Wards at. f
fairs. A statement from the examiner Of
the Marine Bank is expected Saturday.
Not only are Grant s. Ward known to
have rehyp0thecated securities lodged with
them OH loans by several railroad companies,
but they have obtained larger advances on
some OF these collaterals than the amounts
they had advanced. The best information
now puts their gross liabilities at not far
from $50, 600, 600. No estimate can be
made of their assets, exclusive Of the loan:
they made OF securities they have re-
pledged.
Sunday last General Grant visited Will.
lam II. Vanderbilt, and the railway ma.
nate gave him a check for $3.50, 600. 1t is
said that at the request of General Grant
the check was dated as of Saturday. Its
not believed the ex-President knew the
state of the firms affairs. The day after
tne failure General Grant called on Wander,
bllt, at the latter's request, and it is said
that assurances were given that he would
be fully protected, even if great sacrifice;
were necessary, in the direction Of Mrs
Grants property.
LONG ISLAND CITY, May 9.-Mayw
petry has been assured by President Fish
that the city will not lose a dollar by tue
closing of the Marine Bank,
The Shipping Bill.