The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-05-13
FINANCIAL.
1he New York Failures Gen. Grant I'm
justly BIamed-The Marine Bank In

justly BIamed-The Marine Bank In
solvent.
NEW YORK, May IA very intimate friend of
the Grant family, said last night that Gen. Grant
was being unjustly blamed in some quarters, ''The
General he said, ''never allowed his friends to
suppose that he actively concerned in the man
agement of the firm of Grant g. Ward. They thor
oughly understand that his only connection was
that he was partner in NAME and had some mon
ey invested in the firm. The General always de-
clared that he was not man of business. Ulysses
5. Grant, Jr., was the partner who ought to have
kept The cars on the track, but he thought, and
sti thlnSs, that Mr.. Ward is great financier.
Having signed an agreement not to interfere with
the business management, he felt bound to keep it,
and he did just what Mr. Ward told him to. Poor
Jesse Grant had just got into the thing when it
bursted. Jesse had only drawn one months divi.
dend. he feels very badly, because he induced
some of his ehums to trust their money to the firm
The General is more concerned about his sons than
about himself" The story that William H Van
property which were rendered in payment of the
$l5O;0Oo loan made shortly before the Marine Ma
uonal Bank failed, was confirmed yesterday. 1t is
said that Mr.. Vanderbilt sent warm expressions of
sympathy to the Grant family.
The officials and police of Long Island City are at
their wits end to know how they are to get along
Without any salary for indefinite period. The
cttys funds being in the Marine Bank, the city will
have to resume issuing certificates for salaries The
Justices say that if it to the worst they will
pay themselves from the tines they collect.
Nothing could be learned at the office of Grant &
Wdru GnlS morning, concerning their affairs. Ward
had not arrived at II O'Clock. The report of Bank
Examiner Schriba will be forwarded to Washington
shorty, and until made public there no official
statement of the banks affairs can be obtained
Reports were published here this morning to the
effect that there are heavy losses in New York on
account of the failure in Minnesota Saturday No
information confirming these reports can be OBJ
tanned, and they are believed to be erroneous.
WASHINGTON, May 1.-THE Comptroller of the
currency today received a letter from Mr.. Schriba
the examiner in charge of the Marine National
Bank Of New York, saying the bank is insolvent,
and will have to be placed in the hands of receiv
er. The Comptroller says that receiver will be
appointed as soon as he receives the report of the
examiner, which will probably be tomorrow. 1t
was expected today, but did NOT come. The letter
received today says that the bank is insolvent but
gives no figures or details.
NEW YORK, May l2-The board of aldermen to-
day passed resolution calling attention to the fact
that the city was likely to lose 81 100000 by The
SUSPENSION of the Marine Bank, and requesting the
Comptroller to report to the board the amounts of
money now deposited in the various designated de-
positories for the ctys finances. and also what pro-
lection if any, the city has against repetition of
a disaster similar to that of the Marine Bank.
Ferdinand Ward today fled an assignment to
Geo. c. Holt. Ward assigned all his right title and
interest in the Booth Theatre property. six lots and
building on Madison avenue, and Is lots and
buildings in Brooklyn; also all the lots and build
Strawberry Hill, together with the farm and build
ings and furniture, plate and personal property of
every kind. The assignment first directs the pay
ment OF Wards individual indebtedness. and the
balance of the proceeds to be then applied to dis
charge of his liabilities in the Indebtedness of the
firm of Grant q Ward.
NEW YORK, May 12.-Bank Examiner Schriba
has announced that the assets of the Marine Bank
are sufficient to pay all depositors in full.
An Alleged Crooked Transaction.
BRIDGEPoRr, Conn.,, Mayor D. N. Morgan and
some twenty other citizens attached the property
of John Hurd of this city today for two hundred
and fifty thousand dollars. Hurd is treasurer of the
Rolling Stock and Car Company, and has sold q
thousand dollars worth of the stock in this vicinity.
The ADril dividend has heAO at0Dnad and those
of the stock allege that swindle is comfy
ed at.
This city was greatly excited today when it be-
came known that the property OF John Hurd had
been attached to the amount of $500 900 and an
Of the Housatonic Rolling Stock Co. The company
was organized in 1881 by j Hurd and f. H. Miles
of this city and Hon. VIM. II. Barnum of Lime
Rock with a capital stock of 100000. 1t was
crease the number of cars and issue stock for
individual benefit. After the formation of this
scheme they caused to be provided greater num-
Der of certificates than the articles of association
called for. 1t is alleged that Hurd and Miles have
increased the stock to ST. ,0O0, 000 Plaintiffs de-
size to know what has become of these funds.
Heavy Failures in Toronto.
TORONTO, May DEMONSTRATION by experts
from Scotland into the affairs Of the British Cana
dian numbering and Timber Co., has resulted in
the assignment by the latter to representative of
the Scotch stockholders. The liabilities are placed
at 900 600, the assets are trifing The failure
of the American Lumber Company Injured the 9TH
er company; otherwise the assets would have been
much better. Among the creditors are the Bank of
Commerce $S50,000, Toronto 100000, Quebec
$4,000. Partly secured.
An order was made this morning winding mn the
Toronto Bolt and Iron Company, on the ground of
insolvency. The applicant was the Exchange Bank,
creditor for $lO5,0o0.