New-York tribune., 1900-11-14
PRICE THREE CENTS.
GRANT BROTHERS ASSIGN.
STOCK BROKERS GO UNDER, AND LARGI
SUN ALLEGED TO BE MISSING.
ASSIGNEE WILL. MAKE A REPORT TO-DAY
NOTHING CONFIRMED AS TO
DEFALCATION.

ASSIGNEE WILL MAKE \ REPORT TO-DAY
NOTHING CONFIRMED AS TO A
DEFALCATIoN.
The announcement was made from the rostrum
OF the Stock Exchange yesterday morning that
the firm of Grant Brothers. with offices at No.
II Broadway. had made assignment to
Ernest g. Stedman OF No. lbs Broadway. It
was at first supposed that the advancing mar
ket of the last few days had proved disastrous
to the firm which. 1t was understood had for
some time been operating on the bear side; but
the rumor soon spread that the real cause OF
the failure was the loss of a large sum- esti-
mated to be anywhere from 100000 to S19OOOO
which. 1t alleged. had been sunk in specuIa-
tion in the outside" market by a person con-
nected with Grant Brothers.
Reports 90 defa:cation. 1t was recalled had
been heard fully a fortnight ago. but on inquiry
then at the Office of the firm il was said an en-
ploye had defrauded the Government OF $500 by
using washed revenue stamps and that the
hrm, On discovering the fact had paid that
sum to the Collector OF Internal Revenue. This
incident. it seemed probable to suppose might
nave been the origin Of a rumOr OF defalcation;
SO TO further inquiry was made at the time.
The firm is composed Of Frederick Grant.
Charles F. Grant. his son. and John K. Van
Sickle.
The younger Mr. Grant yesterday afternoon
refused to answer any questions in regard to
the assignment. 10 say whether or not the
firm had lost a large sum Of money through
any person connected with employed by
Grant Brothers. Frederick Grant could not be
seem and it said by young man in the
Office that Mr. Van Sickle. the junior partner,
had not been at the Office for several days.
ASSIGNEE TAKES CHARGE.
Mr.. Stedman. the assignee, took charge OF the
firms affairs little before noon. In answer 10
questions he said he felt sure that the amount
of liabilities would be below SIOOOOU and prob
ably less than half that sum
Asked late in the afternoon about the r1-
mored defe, ION, he declined to say anything
on that point; and his attorney Joseph Brew
ster. who occupies offices with Mr.. Stedman's
firm of Stedman & Larkin. was equally uncom-
municative- The deed Of assignment was signed
/ by two of the partners the Messrs. Grant but
not by Mr. Van Sickle.
The original firm Of Grant Brothers was
formed in January. 1877, and was composed OF
James and Frederick Grant, who were brothers
James Grant had been a member of the New
York Stock Exchange since 1863 and was pre-
viously in the old Gold Board James Grant
died on April ,. 1895 and the remaining part
ner. Frederick Grant. admitted his son. Charles
F. Grant. as a partner. the latter buying a seat
became
partner on January l, 1897
/ The firm has not been active on the stock
market for good while. and at the time of the
suspension it had no outstanding contracts on
I the Stock Exchange. The assignment had no
/ effect whatever upon the market yesterday.
WILL MAKE A STATEMENT TO-DAY
! The assignee Mr. Stedman was seen last
night at his home. No. Is West Thirty-fo fourth
St. and was asked for a statement concerning
the firm. inasmuch as the newspapers had pub
Ished columns of the affair and had made
/ tain imputations concerning certain persons. He
/ said:
! 1 shall not make any report until 10 O'Clock
! tomorrow morning, and then I Will give this re-
| port 20 all the newspapers at my office: know
/ that certain imputatons have been made against
| certain persons. but 1 advise all to he careful
ard go slow in this matter. i snail ne very care
| fuI myself II IS Impossible for 10 make
| any statement tonight. | care rot what state
| ments have been male OF published; these do
] not affect in any WAY my purpose 10 give out
| the statement of the firms condition tomorrow
Asked if it was true that he called on Captain
: NcCIuskv Of the Detective Bureau. at Police
| Headquarters. in connection with the case. Mr..
Stedman answered:
T did NOT call on Captain McCIusky any
other member of the Police Department in
/ connection with this case. and DO not think
will do So That is all care To say ABOUT II TO-
! night.
Frederick Grant. one of the members OF the
/ firm. who lives at No. 1896 Columbia Heights.
BROOKLYN, said last night that he preferred to
remain silent upon the subject of the assign
ment He would neither affirm nor deny the
rl:mor that there had been defaIcation. nor
v-cuId he discuss the liabilities of his firm He
referred all inquirers to his assignee, Mr.. Sted-
man