The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-01-09

| the guarantee was badly weakened by
the drop also and finally had to sell out
| his holdings
give this instance simply TO show
| that Gen. Grant s friends were not
always right, and | found it necessary
very often to restrain the general from
this over-confdence in investments.
Then, again, during all this time,
| and in fnct during the entire time of
| his connection with the firm Of Grant
4 Ward, Gen. Grant drew $4,000
month from the firm, and in course of
the four years had drawn some 100000
altogether, which represented his rew-
lar draft OF $4,000 a month besides
various investments OF profits made ont
side the firm ON ms personal account.
The general. though not cxtravagant
himself, still had eXtravagant relatives.
and it was his delight to give them
every happiness, at no matter what cX,
pense. His life in the white house had
accustomed them TO luxury, and IL be
came q part of all TO look for and ex-
pect il. and as | was tho only one to
whom he looked for funds (other than
the interest on the trust fund men
toned earlier in this article) il de
VOWED upon me TO get what money he
needed and nj all times he called for il.
He was different as a partner from
what man of thorough business train.
ing could be. and besides the high posi-
tion he held throughout the country i'm
PEELED me to see that he did not want
for money. and though al times | was
closely pressed for funds and had TO
borrow Mt high rates of interest I never
said mo but simply let HIM have
what he needed. know for this | may
be, and have been, severely censurcd.
but ] defy any man who knew General
Grant as | knew him TO have denied him
ANYTHING reasonable.
Had General Grant known the true
position OF affairs and apprec lated the
difficulty ] was having in carrying the
several investments made by him and
his sons. besides the regular business
Of the firm and the constant bolstering
Of the Marine bank. [ am sure he would
have denied himself rather than ON
barrass me. | was young and had no
experienced adviser 10 counsult with
me, and, filed with hope and ambition.
felt sure things would right them
selves in time, so borrowed money at
enormous rates.
] often suggested TO L. S Grant, Jr,
and Mr., Fish that we let our profits ac-
cumulate and so create a surplus against
which me might charge those losses
when they occurred But TO this they
would not agree. and each month j was
compelled 10 credit each member of the
firm with his share. so that when de
preston came, having no surplus | was
compelled to borrow to sustain our in.
Vcstments.
In Losing Ventures.
L. s, Grant. .Ir,, in his investments |
in Mexican mine contracted heavy
loss for ihe firm. and, in fact, few of |
the investments brought by him into The |
firm proved profitable. 1t was entirely |
through him and General Grant that we
got into the Belmont Coal company. by |
which we made n heavy loss. So. too.
with the West Shore railroad and the |
Atlantic and Pacific railroad invest |
ments, by which we lost heavily.
| do not intend by stating these facts
IN any way 10 reflect upon General
Grant s business methods, but simply to
show that innocently on his part / was
burdened with load of responsibility
heavier than ! should have been expect |
ed 10 bear. Then, too. as / have al |
ready stated, | had the burden of the |
Marine bank largely on my hands Al |
though ! was borrowing large sums from
the bank on securities as well as notes. |
still / was compelled 10 pay the bank |
q per cent on all loans and in many
cases AN additional commission of con
siderable proportion. and was likewise |