The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1884-05-10
THE GREAT CRASH.
GRANT & WARDS FAILURE.
statements OF Interestca Parties-Thc Hea.
West Failure known In Wall Street.-The
Amount 100000. aHI =

- ~
West Failure Known In wall street-Th,
Amount %, 100000. aH
fBy telegram to the Dispatch.I
NEW YORK, May 0.-Julien 7. Davies,
assignee OF Grant q Ward, Is busiIy en-
gagged In Strengthening out the complicated
affairs OF the firm. The statement OF tho
firms affairs, he said, would not be ready
until some day next week. Ferdinand
ward visited the Office and has been
in consultation with Davies all day.
william c. Smith, the Stock-Exchange
member OF the firm, said 81 dc
not think the amount OF liabilities
VIII reach $4,000, 0G0. The railroad
companies which received loans on Sc
curities which have been transferred to
other persons are amply protected, and
VIII lose nothing. The losses will fall
chiefly upon individuals who have invest
ed money with the firm. This business
was conducted by Ward. OF course Gen.
eral Grant and his son have known OF these
transactions, but i do not know that they
were fully aware Of the large amount in
volved. They have been led on by Ward,
and will OF lose very heavily. /
cannot give you the names of any indi-
vidual losers, for / do not know them"
Colonel Frederick Grant said ~ have
Just turned over all my claims against the
firm to McNamee, my assignee. / have
done this In order to get matters settled
up so that l may do something else. can
not say what the amount OF liabilities Of the
firm will be, nor DO l care to say what the
amount OF my CAIN is. All | had was in
vested with the firm, and / am now In search
OF aiob. i do not know whether | shall re-
main In Well street or moi, or what line OF
business / shall go into. ! am looking for
something to do. / cannot say whether L
will go into business for myself; that will
depend upon whether or not anything is
saved from the wreck"
McNamee, assignee OF Frederick Grant
and OF Jesse Grant, said that he would
have to wait for a day or two until a state
ment Of the affairs Of Grant Il Ward
had been prepared. When this was ready
he would be In a position to intelligently
begin the work OF Strengthening the affairs
Of the sons Of General Grant.
The Marine National Bank has begun
suit against Ferdinand Ward to recover
500, 900, the amount OF %overdrafts paid out
by the bank on Wards account. An at
tachment in this suit was granted against
the house and personal property Of Ward
at 81 Pierrepont street, Brooklyn, and a
deputy sheriff is in possession.
A well-known member OF the Stock
Exchange says "For four or five months
| have heard rumors OF queer transactions
carried on by Grant & Ward. l do not
think eight million dollars is by any
means an extravagant estimate Of the LA
bilities Of the firm. 1t is my belief that
they will exceed ten million dollars.
When the failure was announced | said
that 1t would be tn. largest one that Wall
street ever saw, and / am more firmly
convinced than ever Of the truth OF that
estimate. What the assets will be nc one
can say; but they will probably be very
small, and the disparity in figures would
undoubtedly cause great surprise"
A clerk employed by Grant e. Ward
said: "Thc amount of liabilities will un-
doubtedly be very large. They are dis
covering new business every day. Yes, |
know the names Of sOme persons who were
caught, but / cannot give them. Some
gentlemen are in for $500, 900, and Others
for still larger sums"