The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-05-10
FAILURES.
Summary Of Failures

NEW YORK, May s.-The business failures
throughout the country in the last seven days, as
reported by r. G. Dun s. Co., number for the
United States 1913 and for Canada SO, or total of
III failures, as compared with total of 179 last
week, or an increase of H. The condition of differ
ent sections of the country SO far as failures
concerned, remains about the same, and there is
nothing special to note outside of the important sus-
pensions which have occurred in New York city
during the last few days.
The New York Failures.
Judge DOnahue in the Supreme Court today APP
pointed Julian I. Davis receiver of the assets of
Grant & Ward, the suspended brokers.
An attachment in the suit of the Marine Bank
against Ferdinand Ward to recover 100000 was
served this morning against Mr.. Wards house in
Brooklyn, and in consequence Mr.. Wards wife and
infant have left the house.
Col. Fred Grant said this afternoon: Gan had
was invested with the firm, aud 1 am looking for
something to do to earn living. cannot say
whether will go into business. That wilfdepend
whether or not anything is saved from the wreck"
decline In securities of the Erie Railroad at the
Stock Exchange today gave rise to the report that
the company was much more heavily involved than
at first supposed in the failure of the Marine Bank
and Grant q Ward. The report was subsequently
confirmed, but further particulars Obtained from
the officers of the road 1t is understood that the
road had large balance deposit in the Marine
Bank, and this fact made it necessary to pass the
interest due on the second mortgage bonds payable
Jnne l.. These securities declined eight points in
the market today.
Gen. Grant has transferred his property to VIM.
Vanderbilt to protect him on a worthless check Of
$4,000 accepted by him in return for his own.
The Tribune furnishes the following:
treasurer Spencer of the Erie Railroad Company
said Friday that President Jewett has made Off
cia statement that less than 800 900 of the COM
pany's money is now in the hands of the Marine
Bank, and he declares that he has no fears OF the
safety OF the funds. No unfavorabie effect is to be
anticipated from any possibility that the June in
terest on the second mortgage bonds will not be
paid. No meeting of the directors regarding the
passing of the June interest has been held and none
will be held for that purpose, and sure the
world goes around and the sun rises June 1, the
interest on the bonds will bn paid.
Mrs. Grant is also said to have transf erred her
property to Mr.. Vanderbilt A friend Of the family
gave this version of the transactions, which these
sacrifices are intended tolprotect. Mr.. Ward re.
quested Gen. Grant to obtain $4,000 from Van
derbilt, representing that the Marine Bank might
be in little trouble on Monday, which the use of
that sum would avert. At the same time Ward as
sured his partner that the firm perfectly sound.
These representations were repeated innocently to
Vanderbilt by Gen. Grant, and the formers check
was received last Sunday On Monday of the
Grant boys called at Vanderbilt s, thanked
him for his Kindness and left a check
of Grant & Ward on the Marine Bank.
The Grants were thunderstruek when they learned
the check had been dishenored. The General was
congratulating himself on the morning of the fail
ure that in any event his friend was secured and
when he learned 10 the contrary next day, he went
voluntarily to Vanderbilt, told him of Wards de-
ception and assured him that the debt would be pro-
tected if he had to sacrifice his property and if
Mrs. Grant had to give up hers