The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1884-05-10
The Bank.

grows that the Grant u Wer,l Iali-
ure, Is much more S@rleus tnan Il
first suspected 4 well known
memb o the stock exchange, TO-
day ssid: For four or five month;
have heart rumors of r~nsacSons
0f Gram & Wsld. | do rot THINK
$4,000 00O by any means an * raVa
gam estiua ate 81 the liabilities OF
the firm, my belief Ia they exceed
$4,000 600. When the 'ailure was
announced, l sad it would be the
largest, Wall Street ever ssw, apo
am more firmly convinced than
ever of the truth of my estimates.
What tn. assets can be, no one
knows, but probably very small and
the disparity in figures will un'
doubtedly cause surprise. Inc
clerk of Grant & Ward said: "The
amount of liabilities win undoubt-
eddy be very large. They are dis
covering new business every day
Yes, I know the name of some per
sons caught but cannot give them
Some gentlemen are in for $500. O0C
and others for still larger sums.
VIM. u. Smith, of the stock ex-
change, a member of the firm, said
$50 not think the statement OF the
assignee will be ready until the lat
Ter part of next week. Don't think
the amount of the liabilities will
reach 100000 although that is a
matter of which l have no know
ledge. The figures are sll gossip
ard are, l think, extraVagaptly
large. The Railroad Companies
which received loans on securities,
which has been transferred to other
persons, ale amply prote cted ard
will lose nothing. The losses will
fail chiefly upon individuals who
have invested money with the firm
This business was conducted by
Ward. Of course General Grant
and son have known OF these
transactions, but I do not think
they are fully aware of the large
amount involved. They have been
led on by Ward, and will, OF course,
lose very heavily.
Fred Grant, being interviewed,
said he was looking for employ ment,
having nothing to do now. 1t would
depend whether anything was saved
from the wreck whether he went
into business for himself.
The Marine Bank has begun suit
AGAINST Fred Ward to recover $780,
900, the amount OF the overdrafts
paid out by the bank on Wards ac-
count. An attachment was granted
against the house and personal pro-
perty of Ward in Brooklyn. The
sheriff is in possession.
The furniture and other effects of
A. S. Ward could not be served
with paper. It was nailed on the
front door and excited curiosity. A
deputy made an inventory Of ar
iicles in the house when the family
preparations to depart.
The houee is deliberately and ex-
furnished. The Warde
have lived in the house about five
their only child was born
He was christened Ferdinand Grant
Ward, after General Grant. The
refuge of the Ward family will be
the home of Mrs. Wards mother.
Mrs. Green, No. SO Monroe Place,
and thither the deposed ones jour-
1eyed. Mrs. Green is the widow
If a former cashier of the Marine
1ank. The suit in which the at
were Issued is brought
" the Marine hank, against the
irm OF Grant 81 Ward, and General !
Grant is made co>defendant.
The suit ia for 100000.
George Jones, Of the New York
Times says: General Grants fund
# S25O,00O is absolutely safe.
Hitherto we have paid the interest
The fret of May OF each
7ear, has found the geneFai in pos
session of Sl5, 140 interest in full on
Investment. Hereafter We shall
osy him quarterly, not only
because he needs money but
because we do not mean that
my one else shall lay hands on it
was with General Grant on Sun
lay last, and he was in complete
ignorance of the impending disaster.
other than this fund he doesn't
POSSESS a dollar, and more than that
) deeply and mostly irretrievably
n debt. What he did in
Vail Street he did for his
ons, and it seems too sad that
his man, who has done so much for
lis country, should be left in his
Id age dependent on the nation for
clip.