The Indianapolis journal., 1884-05-09

Jerome Is. Cha1feo, property on the north side
of Seventy third street, and also in Sixty third
street
Ferdinand Ward has sold to W. S. Warren
the building and property on the site of the old
Booths Theater for $3.50, 600. Ferdinand Ward
has been speculatlng almost constantly from the
time he entered the Office of the superintendent
of the Stock Exchange He was then seventeen
years old. He began with small speculatlons on
wheat and Produce Exchange seats. He bought
his first seat about twelve years ago for $500
He continued buying Seats which he
sold for 1000 and s., 500 He soon amassed
about $4,000. Five years ago, after he had
married daughter of the president of the Ma
rne Bank, he bought house and stable on
Pierrepont street, Brooklyn, for which he paid
$50, 600 Then, it is said he stopped specializing
in corn and cheese to dabble in Western mine
and government warrants. HE had a blind
pool in warrants Henry Clews said.
street some years ago, 'ard bought
warrants wherever he could find them" His
dealings in warrants are looked at suspiciously.
but his mining transactions so far as known.
We're all conducted above board. Wards last
paying speculation in mines was two years ago,
when he bought largely in the Evening Star
mine whereby he is said to have made 100000.
President Baker of the First National Bank.
was seen yesterday in regard to the check of
Grant & Ward for $215 000 entered at the clear
ing-house by Ward when there was only
about 81 600 in the First National Bank, upon
which it was drawn. DO you intend to proceed
check" Mr.. Baker was asked and he said the
bank would not but added: Il guess other people
will proceed criminaily against Ward" When
asked to explain this assertion, he said such was
the rumor on the street,
: Mr.. Davies. the assignee of the firm of Grant &
Ward and of its individual partners in reply to
questions as to the amount and character of its
assets, said that having only just taken posses
sion he unable to say what they We're. Il
shall go to work Immediately" he said, ''to
ascertain the condition of affairs but do not
think shall be in position to make any state
ment before Saturday"
Mr.. James McNamee the assignee of the
young members of the Grant family made
similar statement. When asked how these gen
tlemen, who are not members of the firm, be
came involved Mr.. McNamee said he presumed
their relations with the firm were so intimate
that they could not help being involved in the
general wreck
General Grants name is signed in a clear, bold
hand to the document of assignment Mr.. w.
9. Smiths name is not among the persons
making assignments, though he is regarded as
one of the firm. He has had to bear the brunt
of business since the doors were closed and is the
only person accessible to callers. He said yes
terday, to reporter: 1.-THE assignee has been in
possession for some time and we shall at once
get to work and ascertain exactly how we stand.
AS to this matter OF securities, think it Will be
settled satisfactorily. The Erie railroad will
take care of all its bonds and stocks which We're
placed with the firm to dispose of twill reclaim
any that may have been sold without authority
from the road. The New York, Chicago & st.
Louis Railroad Company will do the same"
General Grant was at his office for few
hours in the middle of the day and left at about
8 o'clock. Between and o'clock he had a con
sultation with Roscoe Conkling, who, it is re-
ported will act as his adviser in these difficult
les. Fred Grant was also present. Both the
General and his decline making any state
ment
ENORMOUS LIABILITIES OF GRANT 6 WARD.
The Tribune says further details of the trans
action between Grant and William H. Wander
bilt were learned yesterday. General Grants
visit to Vanderbilt was made on Sunday, and
then the atter's check for $780, 600 was given. 1t
is said that, at the request of General Grant the
check was dated as of Saturday, and the
check of Grant & Ward on the
Marine Bank Mr.. Vanderbilt agreed not to
use for day or two. 1t is not be
lieved the ex-President knew the state of the
firms affairs, and Ward is credited with furnish
ing satisfactory explanation of the circum-
stances under which Mr.. Vanderbilt's consent
was obtained When presented. the check of
Grant & Ward had been rendered worthless by
two failures. The day after the failure General
Grant called on Vanderbilt, at the latters desire.
and it is said that assurances were given that he
would be fully protected i'll the matter. even if
great sacrifices were necessary in the direction
Mrs. Grants property.
the suspended firm, has been interested in their |
operations. When asked regarding his assign
ment he replied: Il can say nothing about the |
matter; but had everything with them, and
suffer along with them"
Jesse R. Grant, another son of Gen. Grant, |
who made an assignment yesterday, could not |
be seen. He is not partner |
in Grant & Ward, but it is supposed he has had |
business relations with them, and that his |
finances are also involved in the same way as
Fredericks
The story iold regarding the operations of the |
firm OF Grant d Ward, by those who are in po-
sition to be acquainted with the facts is as fol
lows: The firm started with the prestige of Gen
eral Grants name to aid the members i'll secur-
ing capital and inspiring confidence in
their ability and position. The actual money
was raised on notes that the eX President and j.
D Fish had indorsed. To what extent the re-
sponsibility of the conduct of affairs rests upon
Fish and upon Ward can not be learned. 1t is not
believed that Gen. Grant or U. S. Grant, ir., paid
close attention to the details The co-partnership
agreement provided that each member could
withdraw So 900 a month, it is said profits
above that sum being retained as capital
Neither of the Grants is believed to have paid
closer attention to details than the regular draw
ing of his allowance. The scheme carried out to
obtain most of the funds was based on advances
made by the firm to contractors for Indian and
other supplies to the government, the
firm taking assignments of claims from
these men and collecting on them
when the contracts were approved in the regular
course of government procedure. By reppe
sentations respecting these contracts heavy
sums of money were obtained notes or re-
ceipts gwen by the firm or by the individual
members. High rates of interest were
paid, and in many cases advances We're
secured for only few months. Conf
dence in the house, however, caused
many persons to let their money lie unclaimed
for long time. 1t is stated good authority,
that there outstanding nearly s., 900, 600 of |
these unsecured obligations of the firm, held be
tween two individuals 1t is said the liabilities of
this character amount in all to about 5000, 600,
The Tribune also says: mot only are they |
Grant & Ward known to have rehypothecated |
securities lodged with them loans by several
railroad companies, but they have obtained |
larger advances on some of these collaterals |
than the amounts they have advanced. The best |
information now puts their gross liabilities not |