Savannah morning news. [volume] (Savannah) 1868-1887, 1884-05-10

ali VI TIE property on Long lsiauU. owned
by Y. ;. Grant, Jr.. to Abraham H. Jonas,
of New York, for $4,000. The titles to a
great deal of other property have been
transferred in New York from members
OF the Grant family and the broken firm
within a few days.
ASSIGNEE DAVIES AT WORK.
Julian 7. Davies, assignee of Grant &
Ward, is busily engaged in strengthening
the complicated affairs of the firm. A
statement of the firms affairs, he said,
would noe& ready until some day next
week. Ferdinand Ward visited the office,
and has been in consultation with Mr..
Davies all day.
William O. Smith, the Stock Exchange
member of thafirm, said: Il do not think
the amount of the lIabintie Will reach
SSOOO,OO0 The railroad companies which
received loans on securities which have
been transferred to other persons are amply
protected and will Lose. nothing. The
losses win fall chiefly upon individuals
who have invested money with the firm.
Inc business was conducted by Mr..
Ward. OF course Gen. Grant and his son
have known of these transactions, but l
do not think that they were fully aware of
the large amount Involved. They have
been led on by Mr.. Ward and will, of
course, lose very heaviH,' l cannot give
you the names of the individual losers, for
1bu AOL kuOW lueLns
FRED GRANT PENNILEss.
Col. Frederick8Gran said: 81 have
just turned over all my claims against
the firm to MIR. McNamee, my assignee.
l have done thissin order TO get matters
settled up so that may do something
else. | cannot say what the amount of
the liabilities of the firm will be. nor do L
care to say what the amount of my claim
is. All l had was invested with the firm,
and l am now in search of a lob. [ DO
not know whether / shall remain on Wall
street or not, or what line of business +
shall 90 into. l am looking for something
to do. L cannot say whether | will 90 into
business for myself. That will depend
ftOm the wreck
Mr.. McNamee, the assignee OfFrederick
Grant and Jesse Grant, said that he
would have to wait for day or two until
statement of the affairs of Grant &
Ward had been prepared. When this was
ready he would be in position to intelli-
gently begin the work Of Strengthening
out the affairs of the sons of General
Grant.
FERDINAND WARD SUED.
The Marine National Bank has began
suit against Ferdinand Ward to recover
500, 900, the amount of the over drafts paid
l.
Wards account. An attachment
in this suit was granted against the
house and personal property of Mr.. Ward
at No. 81 PierrepOnt street, Brooklyn, and
a Deputy Sheriff is in possession. A we'll
known member of the Stock Exchange
said: "FOr four or five months / have
heard rumOrs of queer transactions car
ried on by Grant & Ward. 1 do not think
$S,0O0,0OO by any means an eXtraYagant
estimate of the liabilities of the firm. 1t
is my belief that they will exceed So
100000. When the failure was announced
l said that it would be the 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
no 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 Il Ward
said that the amount of the liabilities
will undoubtedly be very large. They
are discovering new business every day.
"Yes, know the names of some per-
sons who were caught, but l can't give
them. Some gentlemen are in for $780,
900 and others for still larger sums"
MIR. DAVIES RECEIvERsHIP.
Judge DonOhue. of the Supreme Court,
to-day appointed Julien T.-Davies as re-
ceiver of the partnership property and
in a suit brought against the members of
the firm by John II. Morris. The property
which Mr.. Davies will thus have charge
of includes that which he took as assignee.
He qualified in the sum of $4,000.
Thomas Denny and Bradley Nor
ton being his sureties. Hamilton
Cole is appointed as referee to take an ac-
count of the assets. The plaintiff alleges
that the assignment did not operate to
pass the share of James ID. Fish in the
property; and also, that at the tine of the
assignment there was in possession of the
defendants large quantity of property
which they held as bailees, or In trust
for other persons, and the legal
title to which did not in fact pass by as
signment but the loss, waste or misap-
preparation Of which would result in Gre
ating liabilities against the firm and
firms memJers to which the estate of Mr..
Fish might be compelled to contribute, or
in which it might be required to share.
He therefore claimed that the estate Of
the firm was practically without a Gus
tOdian.
Judge DOnOhue also granted an attach
ment against the property of Ferdinand
Ward and James ID. Fish, in a suit
brought against them and the other MEM
bers Of the firm of Grant & Ward by the
Marine Bank to recover 100000, which
the complaint alleges was paid out BY the
bank on account of the defendants on
their promise to pay the money back on
demand.
The resignation of James D. Fish as re-
ceiver of the insOlvent Globe Mutual Life
Insurance Company was accepted today
by Judge DOnohue.
The records in the Registers office to-
day show that .. 5. Grant, Jr., has made
another transfer Of property situated On
Thirty-seyenth~ street. east of Tenth
avenue, to jerome B. Chaffee, his father
In-iaw, for a consideration of 100000.
THE MARINE BANK FAILURE COMPLETE.
Saturdays Tribune, in an article on the
failure Of the Marine Bank, will publish
the following; The failure of the Marine
Bank will be as complete as ever YOU
saw said Cornelius MOrrison.ef the firm
of Wait, Creighton & Morrison, at No. 81
Wall street, who has been a depositor in
the Marine Bank over twenty years. Mr..
Fish owned fite-eighths of all the stock in
the Marine Bank, and owned of course by.
that Board of Directors. Fish and Ward
have been into the. widest OF
wildcat schemes. One y thing they
were about to go /. into when
this crash came was the purchase
of the old Produce Exchange building.
John Wood, an Irishman. who has s.. 500
deposited there, the savings of a lifetime,
lOSes ALL kHOW Il young business man.
just starting in, who loses $1,000 that he
deposited on Saturday, and he will have
to give up business. In my opinion abORt
all that there will be left when known
will be the safe and office furniture Mr..
Fish moved away from the bank over two
weeks ago, and went into apartments at
Mystic fats. He knew that the crash
was coming, and so did Mr.. Ward
''The opinions expressed among deposi-
tors and stockholders OF the Marine Bank
were to the effect that they had no reason
to hope for anything and that the loss
would be total. Many hard things were
said of Mr.. Fish.
INSTANCES multiply of the deception
practiced in the name of Grant & Ward
to carry on the wild schemes in which
interest on profits were paid to those who
invested in them out of the principal
they put in. Mr.. Chaffee's de-
pOsit of securities to the amount
Of at least $500, 900 was secured from him
within a recent date, Mr.. Ward depicting
the great prosperity Of the firm. j. III.