Daily Kennebec journal., 1884-05-13
THE NEW YORK FAILURES.
Too Much Confidence In Ward-A Re.
ceiver Will be Appointed for the
Marine Bank.
New YORK, NAV IL.

New YORK, NAV II.
A very intimate friend of the Grant family
said last night that General Grant was being
unjustly blamed in some quarters. The Gen
eral he said, never allowed his friends to
suppose that he was actively concerned in
the management of the firm of Grant & Ward.
They thoroughly understood that his only
connection was that he had some money in
vested in the firm. The General always de-
clared that he was not a man of business.
Ulysses S. Grant Jr. was the partner who
ought to have kept the cars on the track, but
he thought, and still thinks, that Ward was a
great financier.
Having signed an agreement not to inter
fere with the business management, he felt
bound to keep it, and he did just what Ward
told him to do. Poor Jesse Grant had Just
got into the thing when it burst. Jesse had
only drawn one months dividend, He feels
very badly because he induced some of his
chums to trust their money to the firm. The
General is more concerned about his sons
than about himself. VIM. II. Vanderbuilt
has returned the deeds of Gen. Grants prop
erty. which were rendered in payment of a
$50, 900 loan made shortly before the Marine
National Bank failed.
1t was said yesterday thut Vanderbuilt sent
warm expressions of sympathy to the Grant
family. The officials and police of Long Is
land City are at their wits end to know how
they are to get along without any salary for
an indefinite period, the ciiy funds being in
the Marine bank. The city will have to re-
sumo issuing certificates for salaries. JUS
tices say that if it comes to the worst they
will pay themselves from the fines they col
lect.
Mr.. Smith, of the firm of Grant & Ward,
said today; believe the reports placing the
liabilities at SIC, ,000, 900 are greatly exager-
ated. J. w. Ellwell. of the Marine Bank,
thinks the depostors will be paid in full. An
old broker said this morning: 81 am certain
that Ward was little more than an agent. for
the other schemers. Several detectives were
by persons who have lost money to
look up the matter. There will be further
surprises, and all can add is. look out for
WASHINGTON, May 13.
The comptroller of the currency today re-
ceived letter from Serbia, examiner in
charge of the Marine National Bank of New
Y ork, saying that the bank is insolvent and
will have to be placed in the hands of re-
ceiver The comptroller says receiver will
be appointed as soon as he receives the report
of the examiner, which will probably be to-
morrow. 1t was expected today, but did moi
come. A letter received today says that
the bank is insolvent, but gives no figures or
details
New YORK. May IL.
The board of aldermen today passed res
olution calling attention to the fat that the
city was likely to lose $1,000, 900 by the sus-
pension of the Marine Bank and requesting
the comptroller to report to the board the
amounts of money now deposited in the va
rious designated repositories for the city
finances and also what protection, if any, the
city has against a repetition of disaster
similar to that of the Marine Bank.
Ferdinand Ward filed an assignment today
to George C. Holt. He assigned all right,
title aad interest in Booths Theatre property,
six lots and buildings on Madison Avenue,
eighteen lots and buildings in Brooklyn, also
all lots and buildings in Stamford, Conn.
known as Rosemount on Strawberry Hill,
with farm and buildings and furniture and
personal property of every kind. The as
signment first directs the payment of Wards
individual Indebtedness and the balance of
the proceeds to be applied to the discharge
of his liability in the Indebtedness of the
firm Of Grant & Ward.