The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1884-05-16
THE GRANT & WARD FAILURE.


Liabilities Estimated at Nearly 10000.
OO0-GeneraI Grant ana Sons Make Per-
sonaA Assignments for the Benefit OF
Creditors.
NEW YORK, May 9.-Interest in the fall
lres OF the Marine Bank and of the firm of
Grant & Ward was renewed Yesterday by
the announcement that General Grant,
President James D. Fish, Grant & Ward.
and the firm members individually, Colonel
Frederick Grant and Jesse Grant had made
assignments, thereby Indicating that the
failures have swept away the fortunes of
every member of the family of General
Grant All that the latter possessed outside
OF the income from the Grant fund was
IN the firm which has been wrecked by
operations of Ferdinand Ward That Colo
mel Grant and Jesse Grant should have been
Obliged to make assignments of their prop
erty occaSiOned general surprise, as they
were not partners in the firm, and were sup
posed to be in excellent circumstances,
Je sse's fortune being estimated at $500, 900.
1t is understood that when the General
Shall have had his affairs disentangled from
those OF the firm. substantial assistance will
be rendered to him. w. H. Vanderbilt does
not deny that he loaned General Grant
100000 a few days ago which went into
the broken firm.
Grant & Ward, in their assignment, gave
preferences to eleven persons, but no
amounts are affixed. Frederick D. Grant
gave preferences for S243, 666. including
$4,000 to Mrs. B. L. Honore, of Chicago,
and $4,000 to his wife. Henry f. Shoe
maker, of this city, is preferred for $685.
600. Jesse Grant gives preferences for
$4,000 President Fish followed with his
assignment, emitting amounts.
so far as Grant & Ward are concerned,
the best opinions agree that they are
wrecked beyond all hope of recovery. Cen
eral Grant was at the Office yesterday after
noon, and Roscoe Conkling joined him inl-
mediately, and will act as legal adviser to
the General in this trouble. w. K Wander
bit is haunting the firm with legal pro-
cesses in behalf of the Chicago & st. Louis
Railway Company. In his affidavit Van
derbiltsays that about April 10, 1884, the Chi
cag0 Il st. Louis Railway Company made its
promissory note bearing date on that day,
whereby, for value received, it promised to
pay to Grant & Ward the sum of $500, 900.
This note will become due January l. 1885.
April % the railroad company made anoth-
er promsS0ry note dated OH that day, pay
able to the order of Grant & Ward, for
100000, which note will become
payable January /, 1885. AS collateral
security for the payment of these notes
the plaintiff deposited with the firm of
Grant q Ward 1,400 negotiable bonds of
the railway company for 81, 1000 each, the
payment OF which was secured by second
mortgage upon its railroad. Vanderbilt
further declares that Grant & Ward rehy-
pothecated these securities for the purpose
of 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
veStigatiOn, but reported that owing to con-
slant interruption and new developments
his statement would be delayed. The Com
m!ttee Of Investigation appointed by the
directors were at work all day Strengthening
out affairs. Strenuous efforts are making
Tor 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-
ered The directors, so ready to speak be-
The assignment of Mr.. Fish making pref
erence to the bank is regarded by some as a
suspicious circumstance, inasmuch as if Mr..
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 It's vaults
reserve of 81, 100000 against Its deposits
of S., 200, 000, yet its suspension was caused
by its inability to meet the clearinghouse
balance of $550,000, except by turning
over cOllaterals to the extent of 100000.
I q. S. Grant, Jr., yesterday conveyed to
his father.in law, j. B. Chaffee, property
up town worth $30deO00, and Ferdinand
Ward sold the Booth theatre property for
$285. 900. 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 BUSH
ness promised sensation in Wards af-
fairs. A statement from the examiner of
the Marine Bank is expected Saturday
Not only are Grant & Ward known to
have rehypothecated securities lodged with
them on 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 $1,000, 900. No estimate can be
made Of their assets, exclusive of the loans
they made ON securities they have re-
pledged.
Sunday last General Grant visited Will
lam Fl. Vanderbilt, and the railway mag
nate gave him check for $3.50, 0O0 1t is
said that at the request Of General Grant
the check was dated as of Saturday. It is
not believed the ex-President knew the
state of the firms affairs. The day after
the failure General Grant called on Wander
bilt, at the latter's request and it is said
that assurances were given that he would
be fully protected, even if great sacrifices
were necessary, in the direction of Mrs.
Grants property.
LONG ISLAND CRY, May 9.-Mayol
Petry has been assured by President Fish
that the city will not lose dollar by the
closing of the Marine Bank.