The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1884-05-12
CONFIDENCE IN WARD.

SSNfAbhNSh AN NAADs 4.
"So confident were We all TINT Grant 4
Ward were making piles ol money that we
invested everything we could get. l only
drew out money against my own account,
but l kept putting il almost as much, and
tho only reul funds which l retained were
about sufficient for our living expenses.
None Of us liked to keep dollar out Of the
firm that was not absolutely needed, be.
cause We thought that wo were losing when
We kept money thst might be earning
very heavy profit. Several times recently
when l went to friends and asked them for
loans on the promise Of enormous interest
they declared thatsuch tranHaction would
bo usurious. ! never asked for those loans
sgain.
ITO show you how little l knew about
the affairs Of the firm, said when the Ma.
rine bank failed tha! it wonll simply pre-.
vent us Tor q time from giving certified
checks. No ono in our family had any
idea that the firm had overdrawn its &C.
count. When ! aecured loans upon the
bonds which had been given ss collateral
for loans from our firm did not know that
the bonds werc being rehypothecated.
THOSE IMMENSE PROFITS.
"Of course, it is quite apparent that the
immense profits credited to members Of
the firm wero fictitious. l do not care 10
20 into this any further just at present, as
the whole matter will be cleared up, I sup
pose, in tue courts"
Mr.. Grant eaid that President Fish was
not in the office Of Grant 4 Ward much,
as bis time was taken up at the Marino
Bank. lie did not know to what extent
MIR. Fish was ccguizant Of the firms af-
fairs. AS to the apparent esle Of ons piece
Of property and the purchase Of another
piece a. few days ago, Mr.. Grant said: =
~ wss paying the interest on mortgage
held against Long Island farm owned by
a friend. Finally the mortgage was fore
closed and l bought the property. As it
brought me no income, got rid OF it for
the property in East Seventy-third street.
This in turn ! traded for other property
several days ag1, but l made the trade
through a third person, as direct swap
hurts real estate" ..o 1
( Mr.. Grant said that his father had trans.
ierred everything he owned in order to pay
LII. Vanderbilt the $l50. 900 which he had
borrowed tor the firm before the bank
failed. -4's t%
~ A BLIND FOOL INDEED.
SIN fact" he added, "there ia little or
nothing more to be transferred by us. We
ohall personally assume all the debts which
we're contracted by us personally for the
firm. As to its other debts, l feel no moral
responsibility whatever, although cs o
member Of the firm ! am, Of course, re.
Bporsible. The statement Of the bank will
show that We allowed what We supposed
were our profits and oven the interest on
our bonds 10 accumulate and remain as in
voHted capital. There arc are some drafts
Of mine there outside of what I drew for
my Expenses, but they were for profits
which paid TO persons on their loans."
/ So utterly ruined financially does Ir.
Grant consider himself that he declared
that be- was In doubt as 10 what to do for
his livingin the future.
~ have no pisns as yet" he said, and !
do not know whether will be able to stay
in New York when this thing ia cleared up,
for ! may have TO enter into business else.
where" q
MIR. Grant spoke with great frankness
and said that his family was 8nxious ia
have the stTairs Of the Marine Bank and
Grant & Ward made known in detail. II
was only the knowledge that this would be
done in a day or two that deferred hin,
from making more detailed statement.