Morris tribune., 1884-05-14
WORSE AND MORE OF 1T.
Ten Millions Said To Be Involved in
the Grant-Ward Smash.
Gen. Grant Frustrated Over the Disass
ter--The Marine National Bank
Failure What People
Say About 1t.

NEW YORK, May 6-Like thunderclap
In clear sky came the announcement that
the Marine National bank, of this city, had
closed its doors. The first news came from
the clearing house, where the bank failed to
settle its balance, amounting to S55O,0O
about $780, 900 being left unpaid The bank
soon afterward closed up.
NEW YORK, May 9-The excitement pro-
duced by the suspension of the Marine Ma
tional bank and the failure of Grant &
Wark was kept alive by number of new
and sensational incidents. The discovery
that the firm had held possession Of
large amounts of railroad securities as col
lateral for loans, and that it had rehy-
pothecated them, had a decidedly bad
impression upon the stock market, and
caused sharp decline in prices.
The greatest sensation of the day was the
filing of personal assignments by nearly all
the parties connected with either the bank or
the defunct firm, including Gen. Grant and
President Fish. All the assignments except
President Fish's Individual one were made to
one or another member of the law firm of
Work, Davies & McNamee, counsel for Grant
& Ward.
1t was learned, however, that Mr.. W. H.
Vanderbilt sent for Gen. Grant on Wednes-
day afternoon. The nature of the interview
is not known, but it is said that Gen. Grant
gave Mr.. Vanderbilt assurance from Mrs.
Grant that the check for $3.50, 900 would be
made good if her private fortune was equal
to it.
New YORK, May II. AS the examination
into the affairs of Grant & Ward, and the
wrecked Marine bank progresses, their con-
dition grows worse, particularly that of the
former. 1t is now generally believed that
the concerns gross liabilities will reach $1O,-
600, 900, while some believe the sum will ex-
ceed these figures, and that when the full de-
tails of the transactions of the bank and
Grant & Ward are made known it will
be shown that the failure will
be even greater than that of Jay
Cooke in 1878. There is now little room for
doubt that Gen. Grants fortune has been
almost entirely swept away. 1t is stated on
good authority that the wife of the ex-presi-
dent signed away all her right and title to
their property in this city and Long Branch
in order to pay a loan recently made to the
general by Mr.. Vanderbilt. but the latter re-
fused to accept such a sacrifice. 1t is also
stated that ex-senator Chaffee and
Commodore Garrison, the Honores, and other
we'll known people, are more largely involved
then has yet been reported. A friend of
Ward says that no doubt the collapse of the
firm was due to Mr.. Wards individual spec
ulation, which he said was begun two years
ago, unknown to the other partners, and in
which Ward, being bull, lost very heavily.
The speaker said that it would be found in
time that millions put in the firm by others
were lost through these speculations.
Mr.. McNamee, the assignee of Col. Fred
and Jesse Grant, said he would be unable to
furnish any information to the public until
the affairs of Grant & Ward were straight
ened out. Mr. Davis, his partner, was doing
all he could to bring order out of chaos re-
garding the firms affairs, and he did not
think he would be able to bring matters to a
head for day or two.
General sympathy is expressed for ex-Presi-
dent Grant and his sons. The rumor is re-
peated that Jay Gould and others of the
generals friends are quietly raising fund
with which to again place him on his feet.
George W. Childs, of Philadelphia, is said
to have wired Mr.. Gould to put him down
for $25,0OO Friends of the general say he is
completely Frustrated. He was not at the
Office Friday. A United Press reporter in
quired of Mr.. Fred Grant as to his fathers
HeSatu de replleO CHdC ue uau nOG seen MIN,
but he was undoubtedly ill. Continuing, he
said: II know no further particulars of the
firms affairs. have lost everything by the
failure, and am looking about for employ
ment"
Mr.. George Jones of The New York Times,
said '"Gen. Grants fund of $3.50, 900 is in
vested in Toledo & Wabash second mortgage
bonds; interest payable quarterly. Hitherto
we have paid the interest annually; the first
Of May of each year has found the general
annually in possession of SIS, 140, the interest
in full on the investment. Hereafter we
shall pay him quarterly, not only because he
needs money, but because we do not mean
that any one else shall lay hands on it. Gen.
Grant could not touch dollar of the princi-
pal even if he desired to do SO, any more than
I can. He can will it, however, at his death
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