Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1884-05-14
NO.. 81
THE GRANT-WARD FAILURE,
The Pecuniary Resources of General
Grant And HIS Family
Swept Away.


Grant And HIS Family
swept Away.
New YORK, May, 9.-General Grant
has transferred all his property, and Mrs.
Grant has transferred all of hers, to
William Ell. Vanderbilt, to indemnify
him for the check of $18O,OOO. This
transfer includes two houses in Wash
ington, one in PHILADELPHIA, and farm
near St. Louis belonging to the General,
and the house theyllive in at 8 East Six
ty-sixth street, and the cottage at Long
Branch belonging to Mrs. Grant.
In an interview to night, u. S. Grant,
Jr., stated frankly and explicitly that
every member of the Grant family had
lost every dollar they owned. More
than this, the private fortunes of their
wives had also been invested in the de-
funct firm and swallowed up the last
penny: that they were hopelessly in
debt. having borrowed large sums from
members o. their wives families and
outside friends. The two sisters of Gen
eral Grant had been induced recently
to dispose of their houses and put the
proceeds into the business.
Instances multiply of the deception
practiced in the name of the firm to car
ry on wild schemes in which interest on
profits" were paid those who invested
in them out of the principal they put in.
Mr.. Chafee's deposit of securities to an
amount of at least $500,000 was secured
from him quite recently, Ward depicting
the great prosperity Of the firm. J. I'll.
Work, Secretary of the Mexican South
ern Railroad and a nephew of Frank
Work, the Wall street OPERATOR is said
on good authority to be a creditor of
Grant and Ward to the extent of ST, ,OOO,-
900, and his friends are also victimized 10
the extent of about $1,000,000. 1t is
asserted by General Grants friends that
he supposed, up to the time of the
collapse, that he had to his credit in the
firm profits of $2,400,O00 Ward lived
in a style that would require larger
income than $4,000 a year. A person
who ought to know said Fish insisted on
receiving his "profts,'' and drew out Of
the firm $500, 900 in 1883 and 100000
this year. About score of we'll known
people, men: bers of the Union Club and
retired business and professional men of
means and OF social prominence, are
known to haye been induced to deposit
their money with the firm on the strength
of mysterious hints of big profits to be.
realized through some Government con-.
tract in which General Grant had an
Indirect interest. On the stock exchange
to day the opinion was generally ex-
pressed that Grant & Ward must have.
raised millions of dollars in this way.
"4es, know the story" said ex-senator
Conkling. II know the extent of
General Grants losses through the
collapse of his sons firm, but [ cannot
make it public. [ am General Grants
friend and his counsel as well, and my
relations to the case are of confidential
nature.
When the Sheriff was placed in charge
of Wards house in Brooklyn to-day, it
was found that many rooms had been
stripped of their costly pictures, plate
and other articles of value The stables
were found to be empty. Ali Yaluables
bad been removed from the various
trust companies in the city. where they
were known to have been on deposit.
Wards house had been transferred to
his wife and by her sold to Mr.. Warner.
1t could not be ascertained when this
sale was made.
THE GRANT FUND.
George Jones, of the New York Times,
says: General Grants fund of $780,
900 is absolutely safe. Hitherto we
have paid interest annually; the 1st of
May of each year has found the General
in possession of $15, 140 interest in full
on the investment. Hereafter we shall
tor11 E,o
needs money, but because We do not
mean anyone else shall lay hands on it.
[ was with General Grant Sunday last,
and he was in complete ignorance of the
pending disaster. Other than this fund
he does not possess a dollar; and, more
than that, he is deeply and almost ire
trievablv 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 left in