The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1884-05-14

suspension of the Marine Bank Of
New York.-The Grant q Ward
Firm Follow.

Firm Follow.
New YORK, Nav 6, Wall street
11.30 A. M.-The suspension of tht
Marine National Bank, Wall anc
Water streets, was announced thi.
morning. James ID. Fish is presi
dent of the bank. John d. Fish j,
cashier.
The banks statement of Septem
Der. y, 1888, showed a surplus o
$4,000. and individual profits o
s62,345
GRANT AND WARD SUSPENDED.
2.45P.M.-The suspension of Grant
Il Ward has been announced at the
Stock Exchange. The firm is com
posed of GENERAL U. S. Grant, James
/ ID. Fish, L. ;. Grant, Jr., and Ferdi.
nand Ward. About 600 shares o.
Cleveland, Columbus, Cincinnati
and Indianapolis, Omaha, and Alton
and Terre Haute were closed out
under the rule; also some Nickle-
plate second mortgage.
The Marine Bank-Grant & Ward
failure is the most sensational cpl
sode of that character which Wall
street has seen since young ketchem
ruined half the street. In view of
the prominence of the members OF
the firm, the widest interest has been
taken in all the details from the
moment the people of the country
knew that the fortune of Gen. Grant,
and that of every member OF his
family, was involved.
On account of the secrecy of the
bank officials and the complicated
affairs of the firm, but few real facts
as to the extent of the money losses
or the parties involved, except Gen.
Grant, are really known. The Bank
Examiner has not yet made his re-
port as to the banks losses and 1t IS
as yet impossible even to approx
mate the amount, and the same may
be said of the firm of Grant IL Ward.
Some say that from outside eyldsn-
ces the liabilities viii between S12,-
100000 and s14,000,000. Others
aver that from all that has been
learned they will not beover 81, 5,OO0,-
600. All agree, however, that 1t is
the most stupendous failure since
the grand crash which marked the
failure of Uncle Daniel Drew. Out
side of the reports that Mr.. Ward
has been guilty gross rehypotheca-
tions, the statement was made yes
terday that he had taken good care
to feather his own nest. This report
famed the flame of dissatisfaction
among those who had suffered by
the firms failure, and the force OF
detectives was doubled. They
swarmed in the outer offices and
clustered about the entrance of the
United States Bank building.
There is no doubt but that the
operations of Grant and Ward
have been wild and reckless. They
were also wide spread in their rami-
fications. Now it is discovered
that ex-Congressman Freeman Clark
of Rochester, had found that a small
amount of bonds he had deposited
with the firm had been rehypotheca-
ted. The failure of the Northwes-
tern Manufacturing Company, of
Saltwater, Minn,, was no doubt In
directly caused by loss OF Sl25, 900
through Grant d Wards operations.
Senator Sabin, of Minnesota, who
went to Washington to-day, was
interested in the concern and inders-
ed some of its notes. The failure OF
the company will not cripple the
Senator; but it has caused him
much Inconvenience. 1t Is limited
that two or three other Minnesota
corporations are in trouble; but the
amount involved in all these cases is
comparatively small.
A few days before the failure, Gen.
Grant, who had no active part in
the management of the busin ess,
borrowed S150,000 from w. II. Van
derbilt, which he gave the firm, sup
posing it was only needed as tenn
porary loan.
General Grant, in an interview
with Vanderbilt, said he would make
all the reparation possible, and he
assigned all his property to Mr.. Van
derbilt, Mrs. Grant including her
Newport property. Two hours be-
fore Mr.. Vanderbilt sailed for Europe
yesterday he sent for General Grant
handed him all the deeds that had
been assigned to him, told the Gen
eral he had no use for them, also
told him to pay him the $4,000
when he got good and ready, hoped
the General would come out of his
difficulties O. K, and bid him cor
dial good bye.
The story that comes from New
York concerning the crash is quite
interesting, although painful. The
Grants are really high and dry and
are without a dollar in the world.
The General in his extremity has
applied TO the Trustees and those
who contributed the fund for him of
100000, begging them to give him
the principal that he might pay
some of his debts. This is a fact,
but the gentlemen have positively
refused anything of the kind. His
creditors could capture the interest
which the trustees pay to him If
they knew when it was handed
over. To prevent this, and save the
eX-President from absolute want, it
has been determined to dole out the
interest in small sums just sufficient
to meet the necessary expenses of
the General and his wife.
The noble traits of Mrs. Grants
character are displayed in her sur
render of her property. The New
York City house was valued at
about $4,000, and was given to the
family by some friends. Their re-
gret now is that they did not place
it in the hands of the trustees also.
Ameng the properties which the
General assigned for the benefit of
bis creditors is the dwelling on the
north side of Chestnut street, above
Twentieth. 1t is worth about s39,-
nDD