The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-12
The Feeling Against Ward Still Very Bitter
"A RumOred Movement of Wealthy
Men for Relief of Grant
One of the Generals Sons Tells How
They We're Deceived by Ward.
Liberal Act of w. II. Vanderbit-A Belief
that the Erie Railway Is a Heavy
Loser by the Failure.
THE NEW YORK FAILURES.
A Renewal of Excitement-Scheme to Give
General Grant q Lift


New YORK, May 10.-There was slight re
newal of excitement about Grant & Wards
failure this morning The feeling against Ward
does not lessen. Up to noon new facts have
transpired. Examiner Serbia will probably
finish the examination of the Marine Bank to-
day.
1t is reported that Jay Gould and others have
started a relief movement for Grant ConkIiug
was in consultation with Grant to-day
Examiner Serbia was at work ali day in the
Marine Bank. In the afternoon he sent for
Ferdinand D. Ward, of the firm of Grant &
Ward He walked down Wall street, followed
by two men. said to be detectives and had
three-quarters of an hour interview with Serbia.
after which he returned to his office. Serbia
said his report would not be ready before Mon
day, and that he would send it to the Comptroller
of the Currency at Washington
At Grant & Wards office it was said no report
or statement of the condition of the firm would
be given before Tuesday or Wednesday. The
receiver of the firm of Grant & Ward has been
given permission by the Supreme Court to sur
render to the claimants such securities as are in
his possession, and which, without dispute are
shown to have been pledged with the firm as Sc
curity for loans, upon his receiving the money
loaned.
In the suit of John H. Morris against Grant
q Ward upon the petition of Elihu Spicer, ir,
"a motion was argued to-day for an order to di-
rect the receiver of the firm, Mr.. Davies, to turn
over TO Spicer twenty six second mortgage bonds
of the Colorado & Santa Fe Railroad Company
which he claims to have merely placed on deposit
with the firm The par value of the bonds is
$4,000 He claims they wrongfully detained
by Mr. Davies as assignee
1t is pretty generally known that on Sunday
last General Grant went to William II. Wander
bill and asked him to loan him $500 which he
said was to help the firm of Grant & Ward tide
over the affairs of the Marine Bank, which he
said needed a little aid, Mr.. Vanderbilt loaned
the money to General Grant, and on the Tues
day following, both the Marine Bank and the
firm Of Grant & Ward failed.
On Wednesday Mr.. Vanderbilt had an inter
view NTH General Grant, and asked him to eX-
plain he affair The General had little to saw
He had been asked to borrow the money for the
firm, and did it in good faith. The failure was
as much surprise to him as to any one, and he
felt his position keenly. He said he would make
all the reparation possible, and he assigned all
his property to Mr.. Vanderbilt, Mrs. Grant in
Guiding her Newport property.
Two hours before Mr.. Vanderbilt sailed for
Europe to-day he sent for General Grant hand
ed him all the deeds that had been assigned him.
and told the General he had no use for them.
He also told him to pay him the $3.50, 900 when he
got good and ready; hoped the General would
come out of his difficulties o X, and bade him
cordial goodbye
THE LOSSES OF TH'. TRIE COMPANY
Of the corporate victims the New York, Lake
Erie & Western Railway Company will suffer the
most seriously According to the statement of
its officers, it desires to recover 81, 50O,O 900 of
Chicago & Atlantic second mortgage bonds,
upon which the company has received advances
of 81, 500, 900. and which have been repledged for
more than that amount; II, 900 shares of the c.
c., G. |. stock, the amount of the ad-
vances upon which cannot, for some reason be
learned. and $500, 600 of negotiable paper and
miscellaneous securities, which were left with
the firm to dispose of, and for which the com
pany has not yet received any consideration
The company is further involved according
to the statement of one of its executive officers
by the fact that in connection with
some of the advances made by Grant q Ward
to the company upon the securities mentioned
the company gave its notes to the amount of
$8000O0 These notes were not drawn in such
way as to carry the collateral with them and
that fact has been utilized by the firm. The
notes have been sold and the collateral securing
them have been repledged. Consequently the
company has incurred double obligation, The
only attempt TO dispute this statement of the
position of affairs is an official assertion that
some of the present holders of the collaterals
also hold the notes. That they are held upon
the same transaction is not maintained by the
company. 1t is estimated by those in position
cost the Erie company in the neighborhood of
81, SOC, 600. That amount includes the $500, 900
of negotiable paper which an officer of the com
pany says was taken from the office of the firm a
few days ago, before its suspension, by James
d. Fish.
The report that the company had indorsed
the notes of Grc & Ward in order to enable
that firm to raise money for the company, is
positively denied by officers of the company
A knowledge of these transactions and of the
intimate relations between the company and
the Marine Bank have created belief In the
minds of some observing persons that some of
the officers of the Erie company were interested
in the blind pool government contract scheme of
Grant q Ward. To believe that such is the
case would appear to be no tax upon the aver
age credulity, when it is stated that at one time
the Hon. Russell Sage was invester in the
blind pool One experiment satisfied Mr.. Sage,
and he withdrew
In figuring up where the money received by
the blind pool has gone, it is stated on good
authority that since his connection with the firm
as general partner James D. Fish has drawn
from tin cash about 81, 900, 900, and since June
80, 1882, invested over 81 000 900 in real estate
exclusive of his interest in the Casino. Ward
has acqired real estate, exclusive of the Casino.
as shown by his recent tranfers, to the extent of
about $500,000, and U S. Grant, jr., as shown
by his transfers of real estate, to the amount of
$500 000-a total of at least 1900, 900 acquired
by three members Of the firm. Mr.. Smith, the
Stock Exchange member of the firm, does not
appear to have prospered proportionately with
the others, and large part of. General Grants
share of the profits stands on the hooks today
to his credit, giving him simply the satisfaction
of figures.
A Talk with Ulysses 5. Grant, jr.
New York Herald
In response to a request for a statement
TIlvsspS = Grant ir said IN a raOortel.