Democratic Sentinel, Volume 8, Number 16, Rensselaer, Jasper County, 16 May 1884 — EASTERN. [ARTICLE]

EASTERN.

The Marine National Bank of New York closed Its doors last week, owing to inability to meet its debt of 8500,000 at the clearing house in the morning. The cause of the failure is said to be the real-estate investments of the President, Mr. J. D. Fish. ExPresident Grant and his youngest son are badly hurt by the failure. The firm of Grant & Ward, in which both nre concerned, collapsed on account of the failure. An interviewer in New York caught Gen. Grant in his office just before the failure of his firm, and secured his views on various subjects. The ex-President thinks the United States will have a population of at the end of the century; that the Southern States may then take the lead in manufactures; that the development of Mexico will be as rapid as that of California; and that New York will soon become the financial center of the world. Daniel G. Tucker, a prominent cittectt of Lockport, N. Y., for thirty years a

Deputy Federal Marshal, hanged himself because of Intense suffering from asthma. The liabilities of the firm of Grant & Ward, of New York, are estimated at $8,000,000. Ward and Gen. Grant and his two sons, Fred and Jesse, have all made assignments of their property for the benefltof their creditors, and they have been enjoined against disposing of their assets. It is one of the heaviest as well as one of the worst failures in the history of Wall street, and was brought about by reckless speculation by Ward. The household effects of Ward were seized In Brooklyn, and his wife and family were compelled to depart for his mother-in-law’s house. Mr. George Jones, of the New York Times, who was mainly instrumental in getting up the testimonial fund for Gen. Grant some time ago, says that $250,003 of that Is absolutely safe. Gen. Grant has hitherto been paid $15,140, the interest on the fund, th« Ist of May of each year. Hereafter he will be paid quarterly. Mr. Jones says It Is the Intention of the trustees that the fund shall not be diverted from the purpose for which It was subscribed.