The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1884-05-15
The Esilurs of the Grant.

NEW YORK, May S.-The World will
say that the belief that the affairs of the
Marine bank were not in as good condi-
tiOn as expected Is strengthened by the
fact that while the bank should have III
it's vaults reserve of 81 100000, vt The
suspension was caused by is luaDlltt,
To meet d clearing house balance vi
$550,00 except by collaterals. 1t Is ru.
mored on the street that criminal pro
ceedlngs Will be instituted against Ward
1t is reported that ROSCOE Conkling will
act as General Grants advisor.
From the Tribune of Friday further
details OF the transaction between Grant
and VIM. II. Vanderbilt were learned
yesterday. General Grants visit To Van
deTbilt WAS made Sunday, and then the
Iatter's check for $150OO0 was given. IL
Is said that at the request OF General
Giant the check was dated as of Satur-
day, aud the check OF Grant & Ward
WAS on the Marine bank
Mr.. Vanderbilt agreed not 20 uss 1t for
day or two. 1t Is not believed the IX
president knew the state OF the firms
affairs, ana Ward is credited with iur
nishIng satisfactory explanation of th.,
circumstances uuder which FaudeIbIlt's
consent was obtained. When he had
presented the check of Grant, il hal
been rendered worthless by two failures
The day after the failures Gen. Grant
called on Vanderbilt at the la'teI's de-
sire, and IL is said that assurances were
given that he would be fully protected
in the matter, even if great sacrifices
were necessary In the direction of Mrs.
Grants property.
An enormous sum of unsecured liza
bilIties of the firm of Graut s. Ward
usas,, ~.
celpts for money received for specGla-
ton A story is told regarding the opera
tons of the firm by those who are in
position to be acquainted with the facts,
as follows: The firm started with the
prestige of General Grants name To aid
the members IN securing capital and in
inspiring confidence 1t Is not believed
that General GIa1t or Z s. Grant paid
close attention to The details of the CO.
partnership. The agreement pro, lied
that each of the members could with
draw 3d. month, the prof S above
that sum being retained as capital
Neither of tue Grants are believed ID
have paid any closer attention to details
than The regular drawing of their allow
auces The scheme carried
out TO obtain most of the
funds was based on advances
made by the firm TO the contractors for
Indian and other supplies to the govern
meDt, the finn taking assignments of
claims from these men and collecting
on them when the contracts we're ap-
proved in the regular course of govern
ment procedure. By representations
respecting these contracts heavy sums
of money were obtained on notes or re-
receipts given by the firm or individual
members. Many persons let their
money lie unclaimed for long time. II
is stated on good authority that there
| are outstanding nearly SO, OO0, 900 OF the
insecure obligations of the firm held be-
tween two individuals 1t is said the
liabilities of this character will amount
TO about $5,00O,O00.
The Tribune also says that not only
are they Grant & Waro) known to have
rehypothecated securities lodged with
them on loans on several railroad com
paaies, but they have obtained larger ad-
van;es on Omc of these c',llaterals iban
the amounts they had advanced The
! rest Inform liiOn nlR puts their gross
| iilbllIiies n.'I far from $l0000,000 No
| estimate can b. made of their a. sets ex-
| c!asive Of the loans they made uII occur
| tiles they have repledged-
| No state M snt is yet ObtaiBsble reject
| i1g the condition of the Marine bank
and the prospects bt a final payment 70
| dspesItGrs will bP a mere mattt If guess
work until the bank examiner finishes
| his report