The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1884-05-22
a,he Failure of the Grant Firm.

mentioned last week the Failure OF the |
Banking firm of Grant & Ward, New York, |
in which Gent Grant was silent partner.
1t was one of the most gigantic failures
of the year, the liabilities being estimated
at 81, 900, 600 to $4,000, 900. In regard to
this collapse, Mr.. VIM. c, Smith, q promi-
nent Wall street banker says:
Il % not think shs am2gnt e asl,ses VIII
received loans on securities which have been
transferred to other persons are amply pro-
;tecfed and will lose nothing. The losses will
money with the firm. This business was CON
Quoted by Mr. Ward. OF course General Grant
and his son have known OF these transactions:
the large amount involved. They have been
led on by Ward, and will of course lose
very heavily. could not give you the names of
any individual losers, for do not know them.'
Col. Frederick Grant said: ~ have Just turn,
81 all my DONE Sae s 70 @
to get matters settled up SO that may do some
thing else. | cannot say what the amount Of
!" s~ ya wh invested With me rn and now
II sasa &c mot ho what ne
OF business shall. go into, J am looking for
nsa to ao sex s
Upon whether or not anything IS saved from
the wreck"
McNamee, assignee of Frederick Grant and
of Jesse Grant, said that he would have to wait
day OF two until statement of the affairs of
was ready he would Be m position to inteil-
chilly begin the work of Strengthening the af-
fairs of the sons of General Grant. y tfsHa
The Marine National Bank has begun suit
against Ferdinand Ward to recover s70o,000, the
amount of overdrafts paid ont by the bank ON
A well knowf.1member of the stock Exchange
says: For fouf or five months have heard ru-
mora of queer transactions carried on by Grant
4 Ward. l. do not think eight million dollars
is by any means an extravagant estimate OF the
O. ten million oaar When tse
ure was announced /. said that 1t would be the
largest one that Wall street ever saw. and am
of that estimate. VWflat the assets will be no
one can say i but stheys will probably be very
doubleday cause great surprise laea ~ :
A clerk employed by Grant Ward said
very large. Gheyare discovering new business
every day. Yes tknDwt the nam es of some per-
sons who were caalghf. bnt cannot give them.
Some gentleman are IN for S5OO,0OO, and Others
George Jones. OF the New York Times says
General Grants fund of S2500OO is absolutely
safe. don't know where his enemies find theil
lies. The fund is invested in Toledo and Wa
bash second mortgage bonds, interest payable
quarterly, and euarantesd principal and inter
est by the heirs Of the late Governor E. d. Nor
nuaiy The ist Of May Of each year has found
the General in possession of Sl5l lao interest Il
pay him quarterly. not only because he needs
the money. hut beoallse we do not mean tina
any one else shah lay hands ON it, Genera
Grant could not touch dollar of the principal
even If he desired to do so. amy more than
could. He can will It, however. at his death t.
his heirs. was with General Grant on Sunda,
last and he YVES in hcolnpletei Ignorance OF tbs
impending disaster. Other than this fund hs
dOsent possess dollar and more than thaths
e deeply and almost irrefriey ably in debt
What he did In Wall street he did for his sons
And 1t seems too sad that this man, who ha
done SO much for his country, should be lef
in his old age dependent on the nation he help
ed to saye.'' xkcfe.s "a s.fs OF * + y & :. M