The Magnolia gazette. [volume] (Magnolia, Miss.) 1872-current, 1884-05-15
THE GRANT.MARp FAILURE.

Stupendous Collapse Ever Known on wnlI
SIreet-Genernl Grant Penniless with tho
Exception of the Trust Fund-Eyerything
Given Up to Satisfy Creditors.
NEW YoRK, May 10.
"Nothing has been found wrong so far
with the Marine Bank except Grant &
Wards overdraft," Director Ambrose
Snow said yesterday. ''Examiner Serbia
expects to get through ON Saturday. The
assignment of MIR. Fish's private estate
for the benefit of the bank will, accord
ing to Mr.. Waldo Hutchins, Mr.. Flsh's
attorney, yield nearly million dollars for
the bank. II is mostly real estate, and
we may not be able to realize on II
promptly enough to satisfy the examiner,
and so the bank may drift into the hands
of IA receiver after ALL Then we have at
tached Wards private estate in New
York and Brooklyn; it is mostly real es-
tate.n
"But Ward made an assignment of his
property for the benefit of his credit
ors."
Yes, but we will try to show that he
did so to defraud his creditors, and that
he did not owe q cent to persons he pre-
ierred in his assignment. He has ALREADY
admitted to Captain Spcer, director Of
the bank, so Splcer says, that his stories
about the Government contracts were all
false; that the contracts had no existence,
and that he paid out and deposited prin.
cipal as interest,""
"Do you think Mr.. Fish was involved
with Mr.. Ward2"
''No. Fish is an honest conservative
business man. Ward got his confidence,
and the rest followed. Fish's fault was
his oyer-conldence in his friends. Ward
told him the story about the Government
contracts and he believed 1t and left the
whole business to Ward.n
''Don't you think that a conservative
business man would be suspicious of two
to three per cent. u month9r
ooh, | don't know. Ordinarily he
would, but in financial center like
Wall street, where men are becoming
suddenly rich there is little to frighten
man in that profit. Fish had his real
estate TO look after, and he relied ON the
Government contracts, which he sup
posed were obtained through General
Grants influence. He says he never
saw any contracts or papers, but simply
took Wards word for them. The man
agement of the bank was conserva-
tive. The Directors met there twice
q week, and once In three months a
committee examined the books and
counted the cash and securities. Mr..
James w. Eiwell was the Chairman
Of the committee that made the last
quarterly count, and that was within
three weeks. He reported on his personal
knowledge that everything was In four
ishing condition.
''lf the banks failure is d bad failure,u
said Mr.. Elwell, 'sthere must have been
an awful shrlnkage within the last forty
days. ! am told that Mr. Fish's person.
al assignment will yield from $s00,000 to
$l,000,000 for the benefit Of the BANK
'sWe have begun proceedings against
Mr.. Wards private property,and believe
the Sheriff is now in possession. Our
claim will be first lien. The property
is said to be valuable. II includes the
house in Pierrepont street, Brooklyn,
one-half the Booth Theatre, and other
property. The prospects OF the bank
secin favorable
.'IIow came Mr.. Fish to allow such
great ovcrdraft as Grant 6 Ward's?''
"Let me tell you about that: have
been looking over the accounts Of Ward
Grant to-day On May 2 (Friday),
they had q balance to their credit OF
SS00,000. The next morning (Saturday)
they had balance of over $500, 900 after
transactions Of between 81 900 900 and
S2,000,000. Their daily credits since
January have been In the hundreds of
thousands. On Monday, the 9th, when
the previous days accounts were
Strengthened up, there was an overdraft
of $40, 900, but In the meantime they had
made deposit of $g50,000, and so they
really began business with $230,000 to
their credit. Later in the day they de-
posted over $200,O What else they
did you already know
GRANT ALMOST DESTITUTE.
"General Grant has lost every dollar,v
Mr.. George Jones, OF the New York Times,
said yesterday, except the $3.50, 900 trust
fund, which is in the Park Bank Safe De-
posit Company, IN the shape of railroad
securities. The interest Is payable quar-
terly and amounts to Sl5,lO0 annually.
1t has been paid regularly to May / The
securities were indorsed by Governor
Morgan, and the Endorsement has since
been confirmed by his executors GEN
without being able TO touch the prlnci-
pal. At his death he may will away the
whole.n
" How is the fund inyested?n
lin securities that are perfectly safe,
but in case they should not pay the in-
terest the money will undoubtedly be re-
Invested"
"Has Mrs. Grant private fortune Of
her own
s' l don't know anything about that of
my own personal knowledge, but / don't
believe that either General Grant or his
wife have shilling more than the inter-
est from the trust fund. General Grant
Is left In debt. lie was too trusting, aud
he Is NOT a rood business man We all
thought that he was comfortable for life
1t is really sad. Something should be
done for him. He should be placed ON
the retired llst.n
The executors of the estate of Governor
Morgan are his widow, Edwin ID. Nor
gau, Jr, John I. Terry, Solon Humphreys
and Henry Day.
Sympathy is felt for General Grant, who
has transferred his property to VIM H.