New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-13
WARDS TRANSFERS OPPOSED.
AN ACTION AGAINST THE WRECKED FIRM.


Mr. WARD MAKES ANOTHER ACKNOWLEDGEMENTS
oRs MOVING TO SET ASIDE HIS TRAINERS
The developments in the tangled affairs of the
broken firm of Grant a. Ward yesterday indicated
that the various creditors are combining with
view to prevent the chief benefits of "a settlement
being reaped by few Of the close personal friends
Of the concern whose claims, It Is feared, may be
too favorably considered by the assignee and re-
ceiver, Julien /. Davies, of Davies, Work * Nc
Nance. Ii would also appear that Ferdinand Ward,
who has been figuring as ALMOST ~ the only
can be laid, has been persuaded to JOIN Win inc
general creditors In placing the assets where tney
tain that the Marine National Bank will have 70 pe
wound up by receiver, with consideraDie uou "
as TO the losses which the deposof; may Which
ct present are far from being assureu;;
An action has been begun In the supreme court
by Bangs Steson In behalf OF r 1Gn tbn nrssidenf
OF the Marine Bank, against William :; warner dd
and his wife Grant Fs19Ha4 and the M sha
rne RANK Its object is The removal of Mr. Dawes
as assignee and the qualification of the deeds OF
usS Wa4d bS E Wad I0 The Thee Complaint
cites at length the formation OF the firm and says
that prior to May the partners were engaged IN
what was styled thanking business, but which IN
fact consisted Of the borrowing and relending of
money and other operations of questionable char
acter. The complainant AYERS that the nrn ac-
oulred in the course of their operations large sums
OF money, bonds aud stocks and other securities.
These il is alleged, have been utilized solely Tor
fine persODal benefit OF the members Oh Tue IIn anu
been improperly diverted from the uses for which
they passed into the custody OF the mouse. IL is
stated that these securities so acquired nave Deen
mixed up aud used as collaterals on loans to such
an extent that the distinguishing marks OF their
Ownership have been destroyed.
The complainant further asserts that James -.
Fish filed his assignment on May 3, prior 10 the
filing of the assignments of the other members OF
the firm and of the firm, and that consequently the
assignee of Mr.. Fish Is o tenant IN common WIN
the other partners of the firm. Mr.. Davies, 1t Is
asserted represents only the interests OF the three
other partners. 1t is further averred that certain
creditors of the firm have been preferred VINO
were not, in fact creditors. and who have no law;
ful right TO the assets. The plaintiff requested
Assignee Davies to allow him to enter into part
control of the assets but the request was refused.
1t is also set forth that Ferdinand Ward secured
possession of money and securities Deionglng 20 the
frm and invested the money and the proceeds OF the
securities real estate doing so Mt times when the
firm could not pay their debts except by an Excess
sve use of their mercantile credit. long lst Is
given of the property, real and personal which
Of of' the he" stocks, bonds, sterling exchange
a95 5v hint 0her IS 3en alleged ha this property
has been transferred TO w. s. Warner, 10 whom the
firm had no indebtedness, the alleged cons1deratlo1
for which the transfers were made being false and
fictitious, aud that the transfers were made Win
intent to defraud the creditors of Mr.. Ward. The
Marine Bank is made party to the suit because OF
its having attached some of the property, The
plaintiff prays that The assignment TO j. L. Dawes
be declared null and void, that the transfers to
Warner be set aside, and thai MI: Dawes bs re-
strained from interfering with or dispOSing Of the
assets of Grant & Ward,
NEW ASSIGNMENT BY WARD.
Inquiry was exclted by a new assignment made
Yesterday by Ferdinand Ward to George G. Holt, a
Well-knOwu lawyer, who was formerly partner OF
Stephen T. Nash The assignment covers all OF
Wards property, and is made Tor the Denent OF az
creditors without preference. IL covers his interest
in the Booths Theatre property, his house at No. 81
PerTepont-st, BrOoKlyn, his land houses etc, at
Stamford, Conn. his estate known as Rosemount
Oh Strawberry Hill. and his farm and farm build
ings. all his personal property, articles OF yertu.
brc-a-brac. etc., and six lots IN MadisOn-aVe., New
York and eighteen lots in Brooklyn.
This assignment is made II Is UNDERSTOOD, III
furtherance of the decision of the principal creditors
to secure a new assignee for Grant 4 Ward, and set
the transfers 10 Warner aside. In addition TO the
suit begun by John II. Morris numbers OF creditors
have employed John X. Dos Passos to protect their
interests aud actions are expected to be begun by
him as well as by William Allen Butler in behalf of
the First National Bank, which Is creditor
Marine Bank by Grant & Ward which the Clearing
House on Tuesday last compelled the FIRST Naton9l
Bans to pay. Mr. Butler represents other cred ed
charge being from 100000 70 S6OO,OOO. MI. DOS
PassOs represents creditors whose claims aggregate
about $4,000 Among his clients is CITY Cham;
into the contract" scheme by the representations
of Fish and Ward and by the influence derived
from General Grants reputation and position.
Mr.. Tappan put large amount OF actual cas1 INTO
the concern and holds IN return the notes ana con-
tract receipts Of the wrecked firm. He is heavy
loser nv the operatons Of Ward and Fish, but it is
authoritatively stated that he has not made and
will not make an assignment.
Thomas +. Stillwell. Of the law firm OF Butler,
Stillwell & Hubbard No. III Broadway. counsel
This new assignments made In the interest OF all tbs
creditors and for 10 the exclusion OF all the others
Mr. Ward will give up all his property, worth from $oOO-
pressure that was brought to bear on Mr. Ward
pei him make bis property for the benefit OF GER
tain parties under various threats, will be brought out
when tho case comes up. Meantime the interests Of Mr.
Ward and the creditors whole will be looked after
Julien r. Davies said he expected to have state
anti f he n ~ Ward
few days. lie reiterated his previous assertion that
he would adjust the claims of creditors solely on
cash basis excluding claims based on the fictitious
profits from Wards suppositltious contract. AT au-
other time Mr.. Davies said
The report that was at Mr.. Wards house early on
Wednesday morning is false was never in his house IN
nv NE Mr. Ward has been carrying large loan negot-
ntlon his head and they have never been entered on
them. He has submitted certain envelopes me which
contained memoranda OF these loans and my clerks are
trying TO straighteD them out.
ERIE OFFICERS AT WORK
The Erie Railroad officers are still at work trying
TO ascertain how far the company will be affected
by the rehypOthecatOns of its bonds and notes by
Grant Il Ward. An officer of the company said
yeserd AZ that the bottom of the affair had not yet
been reached. 1t is learner that the Chicago and
Atlantic second mortgage bonds have all been re-
pledged above the percentage OF the advances made
by the firm to the Enc. Ia some instances the
rehypotbecations were made at near the market
price of the bonds. friend of the company said
that the worst feature of the not the loss
of money which the Erie would bear through the
action of Ward but the blow II gayeto Ere's credit
TO be mixed up in the operat! ons of the firm.
1t is matter of surprise to many bankers that
Treasurer Spencer OF the Erie Company, did not
appear to have any knowledge of the condition of
affairs director in the Marine Bank, anintmate
friend of Wards and frequently brought into con,
tact with bankers ii is wondered tnat he received
no hint of the misuse OF the cOmpany's securities
realized the preposterous character OF Grant q
Wards schemes.
The Nickel Plate road has recovered part Of is
bonds by taking up the loans advanced 10 the firm
The hearing on its suit for a receiver OF Grant *
Wards assets came up before Justice DOnOhue yes |
terday, but was adj ourned until May IA.
Persons who are investigating the condition OF
the firms affairs say that even yet the full extent
of their disorder has not been ascertaned. In the
latter part of April the firm bought large amount
of city revenue bonds, estimated at between |