Evening star. [volume] (Washington, D.C.) 1854-1972, 1884-05-10

Special Dispatch to THx EVENING STAR
NEW YORK, May 10-Stlll later developments OF
the failure OF the Grants bring the great losses to
bear on the stock market, and lower prices have
been reached to-day in Wall street than have been
known since me panic OF 1873. Union Pacific stock
for instance, was selling at noon down to 81 4, the
lowest point 1t ever touched 1t is true that wash
1ngtOn advtces to the board In Boston to the
dividend have contributed somewhat to the de-
cline. The great decline which took place in Erie
however, arises from the fact that Grant & Ward
had re-hypothecated thebonds on which the compa-
ny had borrowed money. Only few days ago still
another railroad company hypotheeated 100000
worth OF its bonds, which as yet are unaccounted
for and reduce the available capital of these COM
panfes at a stringent moment. It Is the prevailing
rumor that II the Erie company cannot pay its In
terest that it VIII go into the hands OF receiver
made before Monday, but the indications exceed
known In Wall street f.: D. Ward, the Junior
charge Of detectives, and will probably be arrested
as defauter. His palatial residence In Brooklyn
was placed In the hands OF the sheriff. and his
family left for Middletown, N. j., this morning
away IL a few small 6ofex Their magniac cent
mansion ma at stamford Conn., was sold yesterday for
Gen. Grant evidently needs all the sympathy he
can get, and 1T cannot take form too soon or too
failure of his sons firm means the utter wreck of
the generals fortune, unless the charity OF friends
should intervene to save him. fortunate circum-
stance In connection with his surroundings Is that
the fund raised for him at the instance or George
Jones' of the New York Times and George ".
be used by himself for their benefit. This Yields.
however, but $50 a year, sum hardly adequate
In this city to maintain the expenses of house.
hold on which such demands are made as on Gen.
GRANTS 1t Is fortunate also for present purposes
that Gen. Grants heaviest personal creditor. Mir
Vanderbilt, Is well able to spare the amount OF
his advances and 1T is probably true that he viii
refuse to accept such sacrifices from the Grant
family as would be involved in the transfer OF the
Long Branch and New York real estate from Mrs.
Grants possession. One redeemlng feature OF the
failure Is that 1t illustrates the hold that Gen.
Grant has on the public affection. His troubles
lndeed nave so absorbed general interest and
thought In this city that events so important as
fences, the defeat of the tariff BILL and the conse-
quent meeting OF Henry B. Payne's friends, who
believe that In MOrr1SOnS doom Payne Will thrive
have passed almost unnOticed.
OTHER NEW YORK NEWS
Justice Field, OF the Supreme Court has been
visiting his brother, Cyrus W. Field, for several
days.
President Arthur felt hungry on the first day OF
his arrival at the Fifth Avenue. He kept his feet
under the mahogany for six solid hours at dinner:
One of Washhgtons amateur dabblers In Wall
street was badly plucked yesterday on Delaware,
LaCkawanna and Western.
Major E. A. Burke, director general OF the New
Orleans exposition, intends soon to open q New
York bureau OF Information and correspondence.
Representative Muldrow, OF Mississippi, towers
up among the guests at the Brunswick.
Carl Schurz Will flock all by himself If Blaine is
nominated. He is busy on literary work and living
In the elegant residence of his friend, Dr. jacob
He looks worn.
Senator Sabin is mad as March hare with those
three republicans from Minnesota who voted for
the Morrison bill.
C. P. Huntington, so the rumor says, is about to
drop million Into what is called the Secret Tele-
phone Company.