Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1884-05-16


real es'ae. The agreement Of the pa,iners
was That each should draw ont $1,000 a
month Tor livrg expenses. -Four parin re-
accQrdingly dreV nut nearly $3.50, 900. There
Is no doubt Gen. Grant was ignorant OF the
real situation. On Sunday last, at Mr.
Wards suggestion, be sent to William n
Vanderbilt and got q check for el5O 900
promising TO return the loan on Monnay
which he atleipo pied to do hy sending Gen
Grants and MIR. Warts check upon the
Marine bank with he request that 1t shonld
not be used until the next day. That dav il
suspended. Gen. Grant has assured Mr..
Vanderbilt that the check will he mad,
rooh. Mrs Grant has plac, her entire for
tune at the Generals disposal.
A Frank Taik by Ulysses >. Grant, Jr
Ia response TO = request for a statem, u
Ulysses 5. Graut, Jr said to reporter:
"Thc Grant family has lost it's entire Tor
tune; the ruin is complete, Not only have
aud my father and two brothers put ever,
cent we possessed into the firm, bu
We invested large sums which w,
orrow'd frOm our friends. Nsupposiu.
that everything was going along speudidlN
,nl that we were ama-sing gr at fortune.
INST ut the Sl7 go yearly Income on III,
wlle's fortune INTO the conc, I'm AMI then
put The principal in with it, NV fathpr-iu-
law loses $500 900 which | borrowed from
him.
Il knew very little about the aff ,irs OF
he Establishment. In tact, the articles OF
-grcrmcnt OF the firm provided that MIR
" ri should draw all the checks and tran,
act all the business. Mr.. Ward sisted thu
the business management should he left
solely to him. / had the greatest confdenr,
III HIM and | consider hm to he a very ahl.
man. When he first proposed the partner
shin to me | knew that he was making
plenty OF money, aud | sald son, You
don't want to attach Yourself to slo~
coach ike me" He proposed the thing
couple of times before / agreed.
Il did not, nor did my father or brother
have, the faintest idea hat ANYTHING wa
| wrong. Up 10 the time Of h" failure | b
| IL we'd that | was worth IL 700 600 hello
| the bar k notes for upward OF 81 GOO 600
Why, | have told my fiends " our forum
within Il te days, Tic dreaming OF the rev
| State Of Affairs. Then came the crash NJ,
| fathcr came down to the office IN the dav O
| The failure, ard rs h" walked across the a ~
| uw"rd me | said: FEATHER, everything i
| hurstcd and we cannot get cent ont OF tn
| concern That was The very first intima,inl
| n md hat there was the slightest trouhl.
| Wy brother Fed, had borrow ed largely from
| nis friends, and my brother Jesse nut som
| orrowed money INTO tho firm en- The ds
| PREVIOUS to the failure
80 confident were we all that Grant 1
Ward were making piles Of money that W
NV s'cd everything we could get. | onl,
rev out money against my own nccount
| nj Kept putting IN almost rs much, an
h" only tra funds which / retained wpr
about sufficient for our living expens s
| None IT us lk"d to KEEP dollar out Of III
arm That was not absolutely needed. hecau~
We Thought That we were losing WHEN "
| Kept money that might he earning YER
| 'eiVy pr NJ. d We al times rec nty when
| vent to friends and asked them for loans u,
ne promise OF IN 'rmnus interest they DE-
| ciarrd hat such a transaction would Ia
| - r'ous. l never asked for these loan
| again.
10 show YOU how little | knew ab,nt tn
II hrs of the firm, SAID when the Marin
nuk talen that it would simply prevent u
| for time from giving certified checks. N,
me IN our family hai any idea that tho firm
aad nV"rdrawn is &C cunt When serur ,
lanS up n The b 'nds which had been give
| IS cola eral Tor loans from our firm | dI,
rot knO" hat the bonds were being rehy
| lplhccatcd.
"Of course il is quite apparent that th
immense profits credited to members Of tn
arm were fictitious. | do not care to q,
MO This any further just Mt present, as TIN
whole matter will be cleared up, | suppose
| III the courts "
Mr.. Grant said that his father had trans
erred everything he owre in order to pa,
lr. Vanderbilt the $50, 600 which he haC
borr weed for the firm before the bank failed
In fac, y heaideh, ''there is little or moth
ing more to be tranSterre | by u.s. We sIAl
personally assume vi the dents which wer,
con'rac ed by Us personally flr the firm. A.
IT'S other de'ts feel no moral responsible
v whatever, although rs a memb.r of tn,
urn mn, OF course, responsible The STATE
nent Of he bank will show that we allowet
What we supposed Were our profits and ever
he interest On our bonds to accumulate aut
remain as invested ,pilal. There are som,
traits OF NINE thcr" outside Of what | drew
r my EXPENSE, but they we're for profit
which paid 10 persons on tn, ir loans"
80 utterly fuiued financially does Mr.
Grant consider himself that he declared TIM
ne WAS IN doubt as 10 what to do tor his lIv
,ug IN future.
Il have ~ pltns rs yet" he said, "ani
To not kn W whether | will he able To- str,
N New York wien his thing is cleared W.
or may have TO rutur into business else
, where"
Mr. Grant spoke with great frankness anC
aid that his family was anxious to have III,
fairs Of the Marine bank aud Grant b Ware
| maize khown in detail. 1t WAS only III,
know ledge trat This would he done in a ia,
or two That deferred HIM from making
more detailed sta ement