Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1884-05-15
THE GRANTS, FAILURE.

The heaviest failure ever known on Wall
street, occurred last week, by the collapse of
Grant & Ward, brokers, whose liabilities are
reckoned at from eight to ten millions, and
in consequence Of which the Marine Bank
of New York, also failed. The firm of
Grant & Ward was composed of Ward, all
adventurous broker, and the various men,
bers of Gen. Grants family, who, it seems
entrusted their entire funds and all that
they could borrow to the manipulatiOns OF
young Ward, whose experience supplied his
portion of the capital. Ward adroitly
counted to the Grants, at stated times, from
their own money, large sums, which ap-
peared to be fabulous profits derived nobody
knew just how, and these amounts were
"reinvested" for future speculation, the
Grants innocently thinking they were the
most prosperous people in the world. ln
due time Ward disappeared with the money
of the concern, leaving the experience with
his unfortunate partners. AS to the extent
of the defalcation of Ward, the following;
recent statement by U. S. Grant, Jr., throws
much light on it, as also the loose manner
in which they trusted their money with an
adventurer:
1.-THE Grant family has lost its entire fortune
the ruin is complete. Not only have / and my
father and two brothers put every cent we pos
sessed into the firm, but we invested large sums
which we borrowed from our friends, supposing
that everything was going along splendidly and
that we were amassing great fortune. first
put the Sl7 500 yearly income on my Wlfes for
tune into the concern and then put the princi.
pal in with it. My father-in-law loses $500 600
which borrowed from him.
10 hn a. fpl n pS-
tablishment. In fact, the articles Of agreement
of the firm provided that Mr.. Ward should draw
all the checks and transact all the business. Mr..
Ward insisted that the business management
should be left solely to him. had the greatest
confidence in him and I consider him to be a
very ableman. When he first proposed the part
nership to me I knew that he was making plenty
of money and 1 said 'Oh you don't want to
attach Yourself to a slow coach like me- He
proposed the thing couple of times before l
agreed: ,,
the faintest idea that anything was wrong. Up
worth $l,70O0O0. I held the banks notes for
upward Of 81 100000. Why, 1 have told my
| friends of our fortune within few days. little
dreaming of the real state of affairs. Then came
! the crash. My father came down to the office on
| the day of the failure, and as he walked across
the floor toward me 1 said: Father, everything
is bursted, and we cannot get cent out OF the
concern That was the first intimation he had
CQdC CucTe was Ilouulo. NY DASeiAot
Fred had borrowed largely from his friends, and
my brother Jesse put some borrowed money
into the firm on the day previous to the failure;
$50 confident were we all that Grant d Ward
were making piles of money that we invested
everything we could get. only drew out mon
ey against my own account, but kept putting
in almost as much, and the only real funds which
| 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 we were losing when we
kept money that might be earning very heavy
profit. Several times recently when went to
| friends and asked them for loans on the promise
| of enormous interest they declared that such a
| transaction would be usurious. never asked
for these loans again."
The Grants are regarded as dupes rather
than knaves, and in this sudden reversal,
which means financial ruin to many others
besides themselves they havethe sympathy
of the people.