The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-08-10
REAPPEARS BARON GRANT.
STARTED IN THE GUTTER AND
CONTROLLED THE LONDON
MARKET.

sTfmes. Ills Famous Spcculn-
lions and what Came of them
His SS,OOO,OOO HOme-Misfortune
Finally Overlook Him and He
Failed for S3,OOO,OOO.
From the Philadelphia Times.
London, July Are we then so soon
forgot?' is a question that others than
Rip Van Wrinkle might ask. For instance
Albert Grant A three-line item in an
out-of the way corner of the newspapers,
the other day. announced that he had been
adjudged a bankrupt. Some Of the pa
pers were kind enough to add an explana-
tory line telling who he was, or is. Other
WISE apparently. the average reader
might not know What a text that item
affords for a sermon on the heeting char
acter of worldly riches and OF human
greatness!
Less than twenty years ago Albert
Grant was one OF the half dozen best
known men in England. Or perhaps 1t
would be better to say, most widely
known. There is no exaggeration in that.
After the Prince of Wales and Disraeli
and Gladstone and Bright. and perhaps
one or two more, his name was oftenest on
the public tongu. In the world of
finance It probably outranked theirs, and
We'd with those of Rothschild and Bar
ing. And to-day at his obscure reappear-
ance, men rub their eyes and rack their
wits in wondering who he is.
1t must now be close to forty years
since Albert Grant made his appearance
in London. His real name, or that by
which he was then known. was Albert
Gottheimer. and he was a waif from
the Ghetto of some continental city. OF
his parentage nothing is known. He evil
IDENTIFY comes of Jewish stock, yet his fair
hair and Caucasian features Indicate an
admixture Of Gentle blood. His first en-
ployment was as a clerk of Mr.-afterward
Sir Andrew Lusk, great man In the
city and once lord mayor. Then he set
up a small wine shop in st. Mary's Axe,
under the name of Gottheimer & Co. Next
he became a custom house broker. But
in neither of these callings did he prosper.
so about 1862 he opened a loan agency,
also in st. Mary's Axe, and conducted
somewhat such business as did old
Fledgby in Our Mutual Friend" By dis
counting bills for impecunious "swells'
at exorbitant interest and on good Sc
curity he soon amassed considerable cap
ital and called his concern the Mercantile
Discount Company. Sharp practice brought
1t and the name Of Gottheimer into dis
repute, however, and he presently deemed
His temperance was effected the next
day, but nobody recognized him under
the name of Albert Grant
In 1863 and 1864 speculation in England
was at its highest. The Limited Liability
Act, had started innumerable companies,
which, of course, paid good dividends at
the start About this time two companies
were fioated with the same names on the
direction, and the managing director of
each company was Albert Grant. Many
of the directors were men Of respectable
ity, but some others might be classed I'M
der the title adventures. And nobody
knew who Albert Grant was. But inves-
tors in those days were not particular and
the stock of both companies was soon TAX
en- up. They were called the Credit Fon-
cier of England and the Credit MObilier of
England and at the end of six months de-
lighted their shareholders by paying divi-
dends at the rate of 81 and 80 per cent per
annum respectively. At the same time the
companies were anna Samated and the cap
ital doubled in amount. The new company
occupied one of the finest buildings in
Cornhill, under the shadow of the ex-
change. Their chief business was to intro
duce enterprises for the public to invest
its money in. They were immensely sue
cessful and made enormous commissions.
Grant went over TO Paris, and for two
days in succession the press kilograms an
nounced that the emperor had granted pri-
waite interviews to him. Several companies
were started about this time in the Lon
don markets to supply French cities with
water ana gas. all unQer the auspices OF
the Credit Foncier and Mobilier, and, of
course, the fact of these interviews was
used to puff them. These undertakings
were perfectly legitimate in their objects,
and might have been successful IL they
had not been so overloaded with capital
necessary to pay Grant and his confreres
their commissions.
In 1867 the great financial crash came.
Companies were falling on every side but
the Credit Foncier and Mobilier still held
on, though it could pay no interest on its
capital MIR. Grant then retired from the
managership, but still remained in the
board of directors. The shareholders soon
tired of receiving no dividends, and ap-
pointed a committee to examine into the
accounts. For this reason their late man
ager thought II prudent to live abroad
in obseurity for some time until a com
promise was effected and he could re-
turn once more safely to London. Moth
ing was heard of him for SINE time, and
he was almost forgotten by financial men
whose thoughts are so much occupied
by present events that they cannot think
of the past. Speculation had been dull
for some years, but with returning pros
perity people were again looking for prof
table ways of investing money, and COM
panies were soon formed to crafty their
wishes.
Conspicuous among thes, was a compa-
ny formed to supply various South Amer
lean cities with water and gas. It's sue
cess was wonderful; the shares were ap-
piled for several times over, and every
DOuy was ASKING WIZ hdu worked IL SO
well on the market. 1t did not leak OUT
for some time, but whispers were thrown
out that that devil, Grant, had pro-
NOTED 1t, and was at his old tricks again.
Shortly after large building in Lom-
bard street was occupied by new bank
ing firm under the title of Grant Bros
& Co. Grant had sent ror his brother
who was a clerk in Manchester. made
him change his name, as he himself had
done and started the new firm. And now
the Spectator began to be known as
Baron" Grant The title really belonged
to him. While abroad he had organized
at Milan a speculative concern known
as the City Of Milan Improvement Com
pany. While under his control this COM
Vaat