15926. Grant & Ward (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
May 6, 1884
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
427e460e

Response Measures

None

Description

The firm Grant & Ward (bankers and brokers) suspended operations immediately after the failure/suspension of the Marine National Bank (early May 1884). Assignments and a receiver (Julian T. Davies) were appointed; receivership and prosecutions followed. There is no clear description of a depositor run on Grant & Ward in the articles — the trigger cited is the collapse/failure of the Marine Bank (a correspondent/associated bank), so the firm suspended and went into receivership/assignment (permanent closure). Dates are drawn from publication dates and internal datelines (May 6–8, 1884).

Events (3)
1. May 6, 1884 Suspension
Cause
Correspondent
Cause Details
Suspended immediately after the failure/suspension of the Marine (Marine National) Bank; articles state Grant & Ward suspended immediately after the suspension of the Marine Bank and that the failure of the Marine Bank affected them seriously.
Newspaper Excerpt
The firm of Grant & Ward ... has suspended.
Source
newspapers
2. May 8, 1884 Other
Newspaper Excerpt
Assignments were filed to-day for the benefit of the creditors in the county clerk's office in connection with the suspensions of the Marine Bank and Grant & Ward ... The assignment of Grant & Ward ... to Julian T. Davies, was also filed. Judge Donohue has granted an injunction restraining all persons from interfering with the assets of Grant & Ward pending the hearing of the motion for a receiver ... the Nickel-Plate Company ... seeking to redeem 1,400 bonds pledged by it to the firm and rehypothecated by the firm.
Source
newspapers
3. May 8, 1884 Receivership
Newspaper Excerpt
The assignment of Grant & Ward ... to Julian T. Davies, was also filed. ... Judge Donohue has granted an injunction ... pending the hearing of the motion for a receiver ... Receiver Davies reports liabilities of Grant & Ward ... $14,501,521 (reported May 15, 1884).
Source
newspapers

Newspaper Articles (23)
1. May 7, 1884 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, May 7, 1884

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Gen. Grant Bursts. NEW YORK, May 6.-The suspension of Grant & Ward has been announced on the Stock Exchange. The firm was composed of Gen. U. S. Grant, James D. Fish, U. S. Grant, Jr., and Ferdinand Ward. About 600 shares of C.C. C.& I., Omaha & Alton, and Terre Haute were closed out under the rule; also, some Nickle Plate second mortgages. A Conflict with the Police. NORFOLK, Va., May 5.-During the par ade of the First Regiment of colored vol unteers yesterday, the crowd came in conflict with the police. The trouble was renewed in the evening. There is nothing serious as yet. All the police are on duty, and an extra force sent into the negro quarters. Eloped with a Coachman. CHICAGO, May 6.-A young daughter of C. J. Whitney, of this city, eloped with his coachman to Toledo, where they were married by a Justice of the Peace. The fellow gave the name of Charles Grevard Neiville Barone. He has & wife and two children in Detroit. Mexican Anniversary. CITY OF MEXICO, May 6.-The twentysecond anniversary of the defeat of the French army at Pueblo is being celebrated with much display. Five thousand soldiers, department clerks and Government specialists, and schools, are in the procession. There will be fireworks to-night. Shot and Instantly Killed. INDIANAPOLIS, May 6.-Near Lena, Park county, Ed. White was shot and instantly killed by Samuel Jackson at the latter's residence. It is reported that White first fired two shots at Jackson. Both men are said to have been under the influence of drink. "The Enacting Clause Struck Ont." WASHINGTON, May 6.-Converse, at 4:15 P. M., moved to strike out the enacting clause of the Tariff bill. Amid great excitement and loud cheers, it was agreed to. Yeas, 156; nays, 151. Arrested on Suspicion. PHILADELPHIA, May 6.-Albert Dieterle, & butcher, for whom Stahl, & long time missing, was working, has been arrested. A head was recently found, believed to be that of Stahl. The trunk was found in the canal a short time ago. A Destructive Cyclone. DAVENPORT, Iowa, May 6.- cyclone struck the lower end of this city and leveled a number of buildings. One person was killed outright and a number of others were badly injured. Red River Rising. SHREVEPORT, May 6.-There was a rise of three feet and one inch in Red River in 48 hours, ending at midnight, and is still rising. A heavy rise is reported above. Heavier floods than in February are. anticipated. Declination of an Office. WASHINGTON, May 6.-Joseph A. Connelly, whose nomination as Solicitor of the Treasury was yesterday confirmed by the Senate, has formally declined to accept the place. A Poor Boom. PITTSBURG, May 6.-The boom in oil went to pieces this morning, owing to the rumors of New York bank failures. The market is excited and panicky, and is selling heavy. Compromised. BOSTON, May 6.-The suit of Marie Booth, daughter of Junius Brutus Booth, against Agnes Booth, to recover part of the property left by her father, has been compromised.

2. May 7, 1884 Seattle Daily Post-Intelligencer Seattle, WA
Article from Seattle Daily Post-Intelligencer, May 7, 1884

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be due to the absence of one of the firm, who has not been at the place of business since Saturday. Various rumore are afloat in financial circles respecting which Grant, the senior member of the firm, says: "I cannot deny or corroborate the reports current. We are nearly $500,000 short and our safes are locked. Until we can find Mr. Ward, I cannot say how we stand." The Grain Supply. CHICAGO, May 6.-The report of the visible supply of grain as prepared by the Secretary of the Chicago Board of Trade, shows a decrease in the supply of wheat during the past week of one million six hundred and twenty thousand bushels; decrease in corn, one million four hundred and ninety-five thousand; decrease in oats, two hundred and seventy-seven thousand: decrease in rye, two hundred and sixteen thousand; decrease in barley two hundred and fourteen thousand. Fatlure of Grant & Ward. NEW YORK, May 6.-Grant & Ward announce their closing on account of the failure of the Marine Bank. The suspension of Grant & Ward was anannounced at the Stock Exchange. The firm is composed of General U. S. Grant, James D. Fish, U.S. Grant, Jr., and Ferdinand Ward. About 600 shares of C. C. C. and I, Omaha and Alton, and Terre Haute were closed out under the rule; also some nickel plate and second mortgages. Flurry In the on Market. PITTSBURG, Pa., May 6.-The boom in oil went to pieces this morning, owing to rumors of New York bank failures, and unfavorable field news. The market was excited and panicky. and selling heavy. It opened at 1.02%, and declined to 98½, closing at 99. Death of Dr. S. D. Gross. Philadelphia, May 6.-Professor S. D. Gross, the eminent surgeon, died this afternoon. Dr. Gross was one of the founders and early presidents of the Kentucky State Medical Society, and has been elected an active or honorary member of the Royal and National Medical Societies of England. Scotland, Austria, and other European countries. Accidentally Killed. NEWARK, N. J.-May 6.-General N. Norris Halstead was killed this afternoon at the railroad station. He was founder of the astronomical observatory at Princeton College. The Methodist General Conference. Philadelphia, May 6.-The Methodist Conference reassembled this morning. The report of the Women's Foreign Missionary Society showed the receipts for the four years to be $50,458 04. A proposition to organize self-supporting Methodist churches in foreign lands was referred to the Mission Committee.

3. May 8, 1884 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, May 8, 1884

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GRANT INTERVIEWED. He Thinks the Country ProsperousLogan His Choice for President. NEW YORK, May 27. The New York Mail and Express today publishes a two column interview with Gen. Grant. The interview was held yesterday before the news of the suspension of the banking house of Grant & Ward, of which Gen. Grant is a special partner, had reached him. He still uses his crutch, looks some. what thin, and has lost flesh since his accident, but his complexion is clear and ruddy and he was in fine spirits. In reply to queries Gen. Grant said I suppose the country is generally prosperous outside of Wall street. It is true that producers are not getting very high prices for their products but their supplies are abundant and manufacturers are busy in all directions and I think the condition of the country on the whole is quite satisfactory. I think the population of the country sixteen years hence will approximote 100,000,000 and New York will be the financial centre of the world. I can see no reason why at the end of the century the south should not be a leading manufacturing section particularly in cotton fabrics and iron in all its forms. I have no doubt that the development that will take place in Mexico will be as rapid in the future as it was on our own Pacific coast when first we acquired it. One amendment to the constitution would be of great benefit and that is one that would make the presidential term one of seven instead of four years. with a provision that a president holding office for seven years should thereafter be ineligible. Another of benefit would be to the effect that in the event of a failure by Congress to pass any of the regular appropriations in one year then the appropriations corresponding to those of the previous years should be continued until such time as the appropriation may be be passed. Another good amendment would be one authorizing tho president to approve a act 1 his portion approval of any from other of Congress parts of and the withhold act that , he does not approve, to return the same to the House in which it originated with his objections, when it shall receive two-thirds of the ) votes of both Houses before becoming a law. I In reference to the oft published stories I that troops were massed at the capitol at Washington with a view of preventing any 1 attempt to inaugerate Tilden, I will say that there were no troops massed there at all. I intended to maintain place and order at all 1 hazards and I proposed to see installed in the 1 Presidential chair the man who Congress decided was elected, whether it was Tilden or t Hayes.

4. May 8, 1884 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, May 8, 1884

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GENERAL GRANT. An Interview in Which He Contradicts an Oft-Published Yarn-His Presidential Preferences. NEW YORK, May 7.-The Mail and Express today publishes a two-column interview with General Grant. The interview was held yesterday before the news of the suspension of the banking house of Grant & Ward, of which General Grant is a special partner, had reached him. He still uses a crutch, looks somewhat thin and has lost flesh since his accident, but his complexion is clear and ruddy and he was in fine spirits. In reply to queries General Grant said: "I suppose the country is generally prospering outside of Wall street. is true that producers are not getting very high prices for their products but their supplies are abundant and manufacturers are busy in all directions and I think the condition of the conntry on the whole is quite satisfactory. I think the population of the country sixteen years hence will approximate 100,000,000 and New York will become the financial centre of the world. I can see no reason why at the end of the century the South should not be a leading manufacturing section, particularly in cotton fabrics and iron in all its forms. I have no doubt that the development that will take place in Mexico will be as rapid in the future as it was on our own Pacific coast when we first acquired it. One amendment to the constitution would be of great benefit and that is one that would make the Presidential term one of seven instead of four years, with a provision that a President holding office for seven years should thereafter be ineligible, Another of benefit would be to the effect that in the event of a failure by Congress to pass any of the regular appropriations in one year then the appropriations corresponding with those of the previous year should be continued until such time as the appropriation may be passed. Another good amend ment would be one rizing the President to approve a portion of any act of Congress and withholding his approval from all portions of the act that he does not approve to return the same to the House in which the bill originated with his objections when it shall receive two thirds of the votes of both Houses before becoming law. In reference to the oft published stories that troops we e massed at the capitol at Washington with a view of preventing any attempt to inaugurate Tilden, I will say that there were no troops massed there at all. I intended to maintain peace and order at all hazards and I proposed to see installed in the Presidential chair the man who Congress decided was elected whether it was Tilden or Hayes. When asked in regard to his Presidential preference Grant said, "I decidedly favor Logan."

5. May 8, 1884 Delaware Gazette and State Journal Wilmington, DE
Article from Delaware Gazette and State Journal, May 8, 1884

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MARINE BANK CLOSED. Causing a Stir in the New York Markets. NEW YORK, May -Tue suspension of the Marine National Bank, Wall and Water streets was announced this morn iug. J. D Fish 18 president 0 the bank About a year ago the bank purchased Booth's Theatre. The clearing house is now in session to consider the question of suspension. It 18 thought the failure is & bad one. SPECULATIONS DEMORALIZED. NEW York, May 6.-The suspension of the Marine Bank has weakened and demoralized the speculations. Large blocks of Long stock have been thrown on the market, and it is thought several firms will go under Prices have broken ja3g per ent. with Missouri Pacific, Union Pacific, Northern Pacific preferred and Erie as the weakest shares. WHAT THE "POST" SAYS. New YORK, Mav 6 -The Evening Post says in regard to the failure of the National Bank : Failure was not unex pected. On Friday last it is said Mr. Fish transferred the building next to the bank 78 Wall street, to the bank for $81,000. This became generally known and the effect of the failure was virtually discounted. In the clearing house this morning the bank was dobtor to the extent of $500,000, and Manager Camp refused to allow the clearing to proceed nutil a security for that amount had been provided. Thus the clearing was delayed, and although it was finally accomplished, se. ourity having been given for $50,000, the Maine bank officials decided to suspend DETAILS OF THE CLOSING. NEW YORK, May -Details of the Marine Bank's closing are as follows: At % few minutes after 10 o'clock & gentleman made 8 deposit at the Marine Na t oval Bank, No 78 Wall street, and &8 he went out he W&S followed to the door by the bank porter who began rolling down the shutters before the unhappy depositor had got to the bottom step. The depositor ran back to find that the receiving teller had shut his window, and had gone out of business for an indefinite period. The paying teller was still more conspionous by his absence and the depositor had the consolation of standing on the steps of the bank for the next honr and telling bis +xperience to & crowd of excited depositors who gathered at the corner of Water & Peari In a very short time after the closing of the bank, two policemen were sent for who stood guard on the steps of the bank building. To a few of the largest depositars the iron doors were opened about an inch and & few words of indefinite encouragement were spoken by those within. A full statement of the bank's condition was promised the depositors at 3 o'oleck. TROUBLE WITH COLLATERAL. New YORK, May 6 reator Gates of the Mari Bank ay there has been no detalea ion or discrepancy in the matagement of the bauk. The principal trouble in that the bank caunot realize on some of its collateral. AN OLD FIRM AFFECTED. NEW YORK, May 6-Wail street, 12.30. -Messrs. Grant & Ward, an old banking firm, state that the failure of the Marine Bank will affect them seriously, and they cannot see how they can secure themselves They will hold & conterence, issue & statement, and notify the stock exchange of their inability to carry on biteiness for the present. GENERAL GRANT INTERESTED NEW YORK, May -The firm of Grant & Ward, composed of General U S. Grant, James D. Fish, U. S. Grant, Jr., and Ferdinand Ward, has suspended.

6. May 9, 1884 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, May 9, 1884

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THE NEW YORK FAILURES. President Fish and Grant & Ward File Assignments for Benefit of Creditors. [By telegraph to the Dispatch.] NEW YORK, May 8.-Assignments were filed to-day for the benefit of the creditors in the county clerk's office in connection with the suspensions of the Marine Bank and Crant & Ward, as follows: James D. Fish fred an assignment to John H. Morris. It directs the payment in full of any obligation be is under to any trust fund or estate for which be is liable, individually or as trustee: payment of any obligation he is under to the Marine Bank; payment of any liability he is under as endorser or guarantor, or any notes or obligations of the firm of Grant & Ward which were discounted for or at his request, and upon which he received proceeds; also, all indebtedness incurred for which he is liable jointly with any other person equally and proportionately, as far as the same will go. The assignment of Frederick D. Grant to James McNamee shows the following preferences: Henry F. Shoemaker, New York, $125,000; U.S. Grant, Elizabeth, N: J., $25,000; Thomas B. Medway, late of Galena, Ill., $15,666.67; Cornelius H. Garrison, New York, $50,000; Mary J. Craner, Jersey City, $7,300; Mrs. Benjamin L. Honore, Chicago, $10,000; Virginia G. Corbin, Jersey City, $22,500; Mrs. Frederick D. Grant, Morristown, N. J., $6,000. The assignment of Jesse R. Grant also to James McNamee gives preferences as follows: Henry T. Shoemaker, New York city, $50,000; Mrs. N. A. Hopper, Hackensack, N. J., $15,000; John E. Mason, San Francisco, Cal., $15,000; Thomas H. Bailey, New York city, $15,000. The assignment of Grant & Ward and U. S. Grant, Ferdinand Ward, U.S. Grant, Jr., and James D. Fish, co-partners under the firm-name of Grant & Ward, to Julian T. Davies, was also filed. The names of the preferred creditors are as follows: Edward C. James, James Henry Work, William S. Warner, Jerome B. Chafee, Frank F. Wood, Edward D. Short, E. M. Wilmerding, Charles P. Britton, Ezra Tuttle, James G. Gardiner, and Frederick D. Grant. No amounts are stated. Judge Donohue has granted an injunction restraining all persons from interfering with the assets of Grant & Ward pending the hearing of the motion for a receiver of the property made by the Nickel-Plate Company, which is seeking to redeem 1,400 bonds pledged by it to the firm and rehypothecated by the firm.

7. May 9, 1884 New-York Tribune New York, NY
Article from New-York Tribune, May 9, 1884

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There continues to be a good deal of mystery about the suspension of the Marine Bank and the failure of Grant & Ward. Several assignments were filed yesterday in the County Clerk's office, by members of the firm, as a re-

8. May 10, 1884 The Milan Exchange Milan, TN
Article from The Milan Exchange, May 10, 1884

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LATE NEWS ITEMS IN the Senate on the 6th Senator Vest reported favorably the bill for the erection of a public building at Detroit. Memorials favoring the suspension of the coinage of the silver dollar were presented by Senator Bayard and others. A bill was introduced by Senator Cockrell to facilitate the negotiation of bills of lading and other commercial instruments. The free bridge bill across the Potomac River was then taken up and a substitute for the original bill offered and passed. Mr. Vance addressed the Senate in support of Vest's amendment providing for free ships.....In the House the morning hour was dispensed with and the tariff bill taken up in committee of the whole. Speeches were made by Messrs. Brown of Pennsylvania, Townshend, Gibson, Randall, Blackburn, Eaton and others, the debate being closed by Mr. Morrison. There was an excited scene when Mr. Converse moved tostrikeout the enacting clause. Themotion prevailed-159 to 155. THERE was considerable of a panic in New York on the 6th, caused by the failure of the Marine Bank of that city and the suspension of Grant & Ward, bankers and brokers. The bank had a capital of $400,000 and a surplus of $200,000. The failure of Grant & Ward was occasioned by the collapse of the bank. Jay Gould takes a hopeful view of the situation of the country, financially and commercially, and does not think the Marine Bank in New York amounted to much. CHARLEY FORD, who was a participant in the killng of Jesse James, and who, wi h his brother Bob, has been playing throughout the country in variety halls, sho: himself through the heart on the morning of the 6th at his father's home near Richmond, Mo. Various causes are assigned in explanation of the act. THE American Medical Association commenced its session in Washington on the 6th. A REPLY to the Pope's encyclical letter has been published by the Grand Orient of Italy. THE Corean Embassy paid their respects to the President on the 6th. DUNLAP & TWADDELL, jute spinners, Glasgow, have suspended, with liabilities of $450,000. ADAMS & Co.'s glass factory, Pittsburgh, Pa., burned on the 6th. Loss $20,000. CASEY, another Invincible, was arrested on the 6th on the testimony of Moran, the informer. JAMES A. CONNELLY, confirmed by the Senate as Solicitor of the Treasury, has declined. THE Berlin Prefect of Police is in receipt of letters threatening to blow up the Parliament Chambers upon Bismarck's next appearance.

9. May 10, 1884 The Delaware Ledger Newark, DE
Article from The Delaware Ledger, May 10, 1884

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THE banking house of Grant & Ward in New York suspended this week. The failure was severely felt. A great General does not always make a great financier.

10. May 14, 1884 Connecticut Western News North Canaan, Salisbury, Canaan, CT
Article from Connecticut Western News, May 14, 1884

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Grant & Ward. General U. S. Grant, U. S. Grant, Jr., Ferdinand Ward and James D. Fish are considered general partners of the firm of Grant & Ward, which su pended immediately after the suspension of the Marine Bank. Their business was commenced in July, 1880, and in November, 1880, General Grant became a partner. The capital of the firm was claimed at $400,000, of which each of the four partuers then contributed $100,000 U. S. Grant, Jr., married the only daughter of Senator Chaffee, whom, it is said, gave her $400,000 in United States bonds as a wedding gift. Ferdinand Ward is the son of a Presbyterian clergyman, and formerly lived at Geneseo, N. Y. He was a nephew of Hon. James Freeman Clarke, ex-Secretary of the United States Treasury. It was stated very circumstantially that if the firm went under Gen. Grant would lose $250,000 fund raised for him some time since The fund which was raised for him by subscription four years ago is safe in the hands of Trustees, the interest only being* paid to its beneficiary. Grant & Ward have made an assignment for the benefit of their creditors. Colonel Frederick Grant also made an assignment, as did his brothers, Ulysses 8. Grant. Jr., and Jesse Grant. President Fish, of the bank, ma le an assignment, and Ulvsses S Grant, Jr, conveyed real estate in East 73d street, New York city, to his father-in-law, Jerome B. Chaffee, which is valued in the transfer at $300,000. The failure grows blacker as it is developed, and indications point to liabilities of enormous proportions. Ferdinand Ward's dwelling house was seized by the Sheriff and a receiver was appointed for the firm. Bank Examiner Seriba is still hard at work at the Marine National Bank's books, aud until his report is made public depositors will not be able to know definitely what their chances are. On Saturday, the belief was general, that the Marine Bank-Grant-Ward failure will prove the worst ever known in Wall street. The New York World said Saturday Col. Fred Grant says that all that he was worth was in the hands of this firm, and that he was open to an engagement in any business. Throughout all the clamor against this firm not one harsh or unkind word has yet been heard against Gen. Grant. It seems to be generally understood that he has from the first been entirely ignorant of the peculiar methods of his partner, Mr. Ward, and that he had not a suspicion of the latter's dishonesty.

11. May 15, 1884 The Manchester Journal Manchester, Bennington, VT
Article from The Manchester Journal, May 15, 1884

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The Grant Failure. There will be hearty sympathy for the failure of Gen. Grant and sons which occurred at New York last week. All the members of the family bad every dollar they could control invested in the bank. rupt firm of Grant & Ward. Not only this but the Grant boys" borrowed money of their personal friends to put into the concern and there is no doubt they did it in good faith, believing it not only solvent but supposed they were making mosby very fuet. Instead of this the "wicked partner" of the coneern who had almost the exclusive management of affairs had run things in a reckless and eriminal way, and now the firm and the Grants do not have money enough to pay their obliga. tions. The Grants are not to blame, only they ought to have attended to matters themselves and not have allowed such foolish and crimiual speculations. Gen. Grant will not be left penniless since several wealthy gestlemes a few years age made up a large purse for him which money was so invested that he can not spend the principal and he receives only the income. As it has turned out this was a wise precantion, and Gen. Grant can be set down as much of a business failure as he was before the war and before he was President. He is not, never was and never will be a thorough business man. competent to cope with the sharks of Wall street. Senator Edmunds bas'introduced a bill in the U.S. Senate to place Grant on the retired list of the army, which would give him a fair sulury for life. and the country ought to de a much as this. In regard to the family the N. Y. Herold says: "The "Graut boym," WE the sons of the general arefamiliarly called in Wall street, have been the subject of so much talk since the failure of Grant & Ward that it will be of interest to the general reader to know who and what they are. They are Col. Frederick Grant. Ulysses S Grant, Jr. and Jessel Grant. Col. Frederick Grant is the eld.st son. He is about thirty-five years of age. He graduated from West Point in 1870, and married Miss Honore of Chieago, a thoroughly accomplished young lady, conversant to a far greater extent than the average of educated ladies with the languages, and a charming musician. She is also possessed of grout per. sonal beauty. Her sister married Mr. 1 Poter Palmer of the Palmer house Chicago. Frederick Grant, bis wife and their two i children, a boy and a girl, are at present t residing is Morriston, N.J. After leaving 8 West Point, Col. Grant went upon the . staff of General Sheridas, from which, in 1877, he secured a leave of absence to ac$ company bis father in his tour around the t world. When be returned from his trip he went back for awhile to his position upon the staff of General Sheridan, when, f resigning, be became vise president of the a Texas Larrew gauge railroad, spending his time between Texas and New York. t He resigned his position as vice president 1 of the railreed company to become consected with the firm BOW defunct. Aside a from this, however. he was engaged in other business. He is regarded as eentions h and conservative in his basiness transact. . iens and was thought to be very 'well-to-de' . up to the day when Grant & Ward failed. "Ulyness S. Grant, Jr., Gen. Grant's o second son, is a graduate of Harvard cel1 lege, most of bis education there having b been received during his father's first presidential term While et college be e

12. May 15, 1884 Iron County Register Ironton, MO
Article from Iron County Register, May 15, 1884

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THERE was considerable of a panic in New York on the 6th, caused by the fail, are of the Marine Bank of that city and the suspension of Grant & Ward, bankers and brokers. The bank had a captital of $400,000 and a surplus of $200,000. The failure of Grant & Ward was occasioned by the collapse of the bank. Jay Gould takes a hopeful view of the situation of the country, financially and commercially, and does not think the Marine Bank in New York amounted to much.

13. May 16, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, May 16, 1884

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GRANT AND WARD. Liabilities of More Than $14,000,000-The Ruin of Ex-Senator Chaffee. NEW YORK May 15.-Receiver Davies reports the liabilities of Grant & Ward, so far as he has been able to ascertain, at $14,501,521. The collaterals held by the creditors amounted to between $10,000,000 and $12,000,000, leaving the unsecured indebtedness between $2,000,000 and $3,000,000. The Supreme Court has granted an order giving the Chicago & Atlantic railway commpany leave to prosecute an action against receiver Julian I. Davies, jointly with other parties, as the company may be advised, for the purpose of obtaining the relief to which it was entitled. relating to notes or other securities heretofore belonging to the railway company, and held. negotiated, or otherwise disposed of by the firm of Grant & Ward. The complaint makes Grant & Ward, John Hays & Co., J. W. Seligman, Drexel, Morgan & Co., P. W. Faullander & Co., Reid & Smith, the Equitable Life Assurance Society of the United States, the Oriental Bank, the Columbia Bank, the New York, Lake Erie & Western Railway Company, and other corporations and banks, defendants. The company alleges that in September, 1883, it delivered to the Farmers' Loan and Trust Company, of this city, and George J. Bippus, ef Huntington, Ind., as trustees, a mortgage on its road to secure an issue of coupon bonds of the corporation to the amount of $5. 000,000, known as second mortgage bonds. In he autumn of last year negotiations took place between the company and Grant & Ward for the negotiation of these bonds. It is charged, upon information and belief, that Grant & Ward, in

14. May 16, 1884 Daily Republican Wilmington, DE
Article from Daily Republican, May 16, 1884

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Grant & Ward's Failure. The failure of the New York bankers has caused con-iderable excitement and uneasiness among the people, but Stansbury Murray's Wales rigars have not been affected by the panic and are as popular as ever They never fail, but can always be found ab 104 East Front street.

15. May 28, 1884 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, May 28, 1884

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FRED AND JESSE GRANT. NEW YORK, May 27.-Individual schedules in the assignment of Frederick D. Grant and Jesse R. Grant to James McNamee were filed in court today. The schedule of Fred D. Grant shows liabilities amounting to $2,215,066, made up as follows: Creditors, other than preferred. $820,300; creditors, preferred, $243,960; contingent liabilities, $10,000; par value of securities borrowed from Grant & Ward, $1,140,800; assets nominally worth $1,990,018; actual worth unknown. Among his creditors are the Fourth National bank, $40,000; United States National bank, $65,000; United States Trust Co., of New York, $100,000; National Bank of the Republic, $40,000. Among the creditors preferred are Henry F. Shoemaker, $125,000; Ulysses S. Grant, $5,000; Thos. B. Medary, $15,666; Mary J. Cramer, $7,300; Mrs. Benj. L. Honore, $10,000, Mrs. Virginia G. Conbin, $25,000; Mrs. Frederick D. Grant, $6,000; C. M. Garrison, $5,000; all without security. The assets of Mr. Grant are stated as follows: Balance cash on deposit with Ward & Grant, bankers, as per bankbook, nominal value $533,763, actual value unknown; deposited with Grant & Ward, bankers, on account of margins on purchase of 300 shares of Illinois Central stock, nominal value $5,000, actual value unknown; deposit with Ferd. Ward on account of joint purchase of real estate property in Harlem, $6,250; also loans and deposits with Grant & Ward, between March 1 and April 19, aggregating $1,450,000. The schedules are accompanied by an affidavit of Fred D. Grant, in which he swears to his best Information, belief and knowledge that the schedule is true. The schedule in assignment of Jesse R. Grant shows debts and liabilities $95,429 and assets nominally $131,150. The creditors of Jesse Grant are Mrs. W. 8. Chapman, $5,000, moneys deposited, no security. Creditors preferred: Henry F. Shoemaker, $50,000; Mrs. H. A. Hopper, $15,000; John Wesson, $10,000; Thos. H. Bailey, $15,000. Assets stated BB cash on deposit with Grant & Ward, $113,950; contract with Grant & Ward due May 15, 1884, $18,000. Jesse Grant makes affidavit that he is unable to state the actual value of his assets because Grant & Ward had failed and their property is now in the hands of a receiver and no schedule has been made showing the assets of the firm. RUNS ON THE HOT SPRINGS BANKS. LITTLE ROCK, May 27.-The Democrat's Hot Springs special says the Hot Springs National bank closed itsdoors owing to a run on the bank, caused by the reported absence of President Andrew Brown. Liabilities, $40,000. A run commenced on the Arkansas National bank of Hot Springs, which in understood to be in good condition. There is great excitement at Hot Springs. This afternoon a warrant was issued in Hot Springs for President Bruon. He is charged with falsifying the bank's accounts, but he could not be found. One of the directors has telegraphed to him. The bank's assets, properly handled, will pay all deposItors without an assessment, but leave the stockholders nothing. The Arkansas Valley bank is all right. It has been learned that Bruon arrived in Little Rock on Friday, but was not seen by his acquaintances till to-day, when he bade good-bye to M woman named Steele, who went north on the afternoon train. Bruon is married, but the Hot Springs Gazette

16. June 11, 1884 The River Press Fort Benton, MT
Article from The River Press, June 11, 1884

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From the Battlefield of Victory to the Trap-holes of Wall Street. There is not in America another citizen whose career has been as notable as that of Gen. Grant. He was honored by the whole world as the illustrious compeer of Napoleon I. for his great military achievements in our civil rebellion. As a general, the lustre of his name remains as brilliant as ever; it has passed into history, and it will be handed down to honor for ages to come. Civic honors were crowded upon his military fame by his election to the presidency for two terms. His first term as the executive head of the United States would have added fresh laurels to his name had he then retired from the public service; but the tide of political favor carried him again to the White House, and the second four years of his presidency are well remembered as creating much criticism in his own party ranks. And yet, when General Grant was succeeded by. Hayes, his name was a power in the land. After his tour around the world, in which the crowned heads of empires and kingdoms did homage to his greatness. he returned to his native country, and the famous struggle for a third nomination for the presidency, in which "306" delegates at Chicago, led by Roscoe Conkling, proved their faith in Grant, is and ever will be the prominent episode in political annals that command admiration, even from the then anti-Grant faction. Having attained the pinnacie of honor in public life, the illustrious general and ex-president turned his steps into Wall street-the Mecca of sharks and speculators, expecting to score brilliant victories in the financial world. Clustering around his name were those of James D. Fish, Ferdinand Ward and others whose checks were good for millions when the firm of Grant && Ward first swung its sign to the gates of Wall street, and the business of the concern grew into a magnitude of immense proportions. Not until the late crash in Wall street was it ever surmised, even by General Grant himself, what the character of the operations of the firm were. The general was at no time active in the management of the affairs of the bank, trusting the details to his young partner Ward. We need not repeat the scandalous developments that have become public since the suspension of the firm, and the incarceration in jail of Ferdinand Ward; and it is to be regretted that after SO long an honorable career, Gen. Grant should thus find himself floundering in the midst of a financial wreck, though his name and character are as unsullied as ever. General Grant is aging very rapidly. Our illustration, which is an accurate likeness as he appears to-day, lacks the vitality that characterized his portraits only a few years ago. He has surrendered all his property and assets to the creditors of the firm. These are trying hours to General Grant, but the sympathy of the whole nation is with him, regardless of political bias.

17. August 1, 1884 The Kimball Graphic Kimball, SD
Article from The Kimball Graphic, August 1, 1884

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wares, of Boston, have assighed. Liabilities, $100,000; assets nominally the same. Judge Van Brunt, in New York, has given Receiver Davis permission to sue all parties who borrowed money from Grant & Ward. About 2,000 bricklayers, 3,000 laborers and 2,000 hod-hoisting engineers struck in New York for nine hours a day and the bosses acceded. At Elmira, N. Y., the private banking house of F. G. Hall closed its doors. Inability to realize on real estate. and securities is given as the cause. Henry Stevens, paper box dealer, of Chicago, has assigned. His attorney states the assets will approximate $100,000 and his liabilities one-half the sum. The Boston police are searching for Charles Elliott, aged twenty-seven, who while drunk in Lowell informed a friend that he had choked his wife to death at her residence in Boston. The police went to the place and found the woman dead as her husband stated. Only cheering words are heard from the wheat fields. North Dakota is extravagant in her praises of the condition of wheat, her favorite crop. The earliest sown in South Dakota was generally better stooled than seeded later, and gives a larger yield. The cost of the United States buildings is interesting. A site on Chestnut street, Philadel phia, cost $1,491,201; Boston, $1,329,096,and Chicago, $1,259,386. The cost per foot was; In Philadelphia, $17.53; in Boston, $27.96; in Chicago $9.90; in Cincinnati, $9.96, and in St. Louis, $5.98

18. October 30, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 30, 1885

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WHO GOT THE $7,000,000? Mr. Dorsheimer Says It Can Be Recovered from Ferd Ward's Rich Patrons. New York Herald. The Fish and Ward case assumes a new phase. The law of this State prohibits usury, and any person I ng money and receiving more than the lega of 6 per cent. interest per annum can be cuted and the amount thus unlawfully e. d recovered in the courts. Attention having een called to the statute on this subject, a reporter of the Herald visited United States District Attorney Dorsheimer yesterday to ask his opinion on this point. "The law is plain and explicit," he said, "and the receiver of the Marine Bank and the receiver of Grant & Ward can begin action against the wealthy holders of the immense sums paid as bonuses to them by Ward and his associates. Restitution should have been made long ago. I have been waiting to give everybody A fair chance, and allow the men holding these unlawful gains time to refund the money to those from whom it has been extorted." "How much do you estimate should be returned?" asked the reporter. "In the neighborhood of $7,000,000. The total of these usury sums is definitely known, and there is nothing in the way of restitution but a lack of willingness on the part of the holders of the ill-gotten money." "Do you mean to say, Mr. Dorsheimer. that Mayor Grace and the other wealthy capitalists who loaned money to Grant & Ward will have to refund all that they received as special interest?" "I mention no names whatever. I am making no charges against single individuals. But I do say that proceedings to recover the $7,000,00€ illegally paid for the use of money can be begun. It is for the courts to decide who has received this money. The books will show the illegal amounts and to whom they were paid. I*claim that there is enough money that can be recovered from the great corporations and rich men who have violated the statute in receiving it to put the Marine Bank on its feet again, and make the old firm of Grant & Ward independent and solvent. No consideration was paid for the money received, and as high as five or six hun dred per cent. was usuriously paid with money belonging to depositors." "When do you intend to proceed against the men holding this money?" asked the reporter. "I have nothing to do with it as United States District Attorney, except where the national banking law has been violated, as in the case of the Marine Bank. But I, or any other citizen, has a right, under the law. to prosecute. It is the duty of the two receivers to begin suit at once and recover this money. Here is the statute bearing on the subject. You will see that chapter 4, title 3. part 2, contains these sections;" and Mr. Dorsheimer showed thefollow ing: Section 1-The rate of interest upon the loan or forbearance of any money. goods, or things, in action, shall be $6 upon $100 for one year. and after that rate. for a greater or less sum, or for a longer or shorter time. Sec. 3-Every person who, for any such loan or forbea: ance, shall pay or deliver any greater sum or value than is above allowed to be received. and his personal representative, may recover, in an action against the person who shall have taken or received the same. and his personal representatives. the amount of the money SO paid or value delivered above the rate aforesaid, if such action be brought within one year after such payment or delivery. Sec. 4-If such suit be not brought within the said one year and prosecuted with effect, then the said sum may be sued for and recovered. with costs. at any time within three years after the said one year by any overseer of the poor of the town where such payment may have been made, or by any county superintendent of the poor of the county in which the payment may have been made. Sec. 6-Every person offending against the provisions of this title shall be compelled to answer on oath any bill that may be exhibited against him in the Court of Chancery for the discovery of any sum of money, goods or things in action so taken. accepted or received in violation of the foregoing provisions or either of them. Sec. 7-Every person who shall discover and repay or return the money, goods or things so taken, accepted or received, or the value thereof, shall be acquitted and discharged from any other or further forfeiture. penalty or punishment which he may have incurred by taking or receiving the money, goods or other thing so discovered and repaid or returned as aforesaid.

19. October 31, 1885 Morning Journal and Courier New Haven, CT
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FISH BACK TO JAIL. Affecting SceneAt The Depot Between Father And Daughter-Has WardInvested Any of His Ill-Gotten Wealth In England-Opinions of Several Regarding The Felon-His Sentence. NEW YORK, Oct. 30.-James D. Fish was taken to Auburn on the train which left at 10:30 a.m. He passed a sleepless night in his room at the Murray Hill hotel. The scene at the depot when he bade his young daughter adieu was affecting. Father and child were in tears. "Good bye, child," said the old man, "Be brave for my sake." The young lady was too deeply affected to reply. The erowd in the waiting room which had a few moments before looked disdainfully at the aged prisoner seemed to relent. "It is hard for such an old man to go to jail," said one, and there were various nods of approval. Assistant District Attorney Purdy hurried Fish aboard the car. Before the train left the ex-banker said to a reporter: "Ism satisfied to go back to Auburn for I know that villain Ward is also in the grasp of the law. I blame him for all that has been credited to me. I never took a penny of anyone's money, I and whoever says so tells a falsehood. made several bad mistakes and that was all." Mr. Purdy was quite free in his comments upon Ward. He hoped his chief, the distriot attorney, would move a suspension in Ward's sentence and secure his conviction on several more indictments, so that his term of imprisonment could be lengthened. Among the many things for which Ward could be punished were his sale to Spicer of a mine which he did not own and his permitting the Marine bank accounts to be used for unlawful purposes while he was a direca tor. Mr. Pnrdy declared that Fish was scapegoat. He never robbed anyone but himself, but on the contrary gave up a fortune to protect the bank. Mr. Purdy also intimated that an effort to secure Fish's pardon would be made in about a year after his evidence had been obtained in all the suits growing out of the Grant & Ward matter. The statements published this morning to the effect that proof exists of Ward having invested from $1,500,000 to $2,000,000 of his ill-gotten gains in England were not denied by the district attorney when spoke of today, though he grew very angry over the fact that this line of inquiry had become public. The official seemed to think that the premature discussion of the matter might defeat the ends of justice. A gentleman familiar with Ward's affairs cast doubt upon the accuracy of the English investment stories to-day in a conversation. "They are based," he declared, "on the fact that just before the failure Ward sold sterling at sixty days short to the amount of $1,500,000. On this he had to put up securities for that amount to back up the checks he received from other people for it. But it did not mature and the transaction thus stood as a load only. In order to compensate the holders of the checks the collaterals were sold, that is all there is of the story and of course Ward made nothing of the transactions." It is the impression, however, that there is more in the story than is admitted in the foregoing explanation. The publication to-day of the fact that suits had been brought by the receiver of Grant and Ward against various banking institutions and firms under the usury law to recover excess interest paid for loans from such institutions to Grant & Ward caused some uneasiness in financial circles, which was allayed. however, by the publication this afternoon of correspondence between one of the principal banks referred, the Lincoln National, and Receiver Johnson. By this it is shown that the amount received by that bank was 8 per cent. discount on a $10,000 note, equal to $131.10, and the amount claimed to be recoverable by the receiver is twice this sum, or nearly $262.20. Such small affairs are not likely to cause much of a sensation. The trial of Warner for conspiracy with Ward to defraud the Marine bank was resumed before United States ComSpencer missioner Shields to-day. Cashier of Grant & Ward testified to making entries in the books purporting to show the existence of government contracts. He claimed to have done so under the belief that the contracts were genuine and profitable. The case will go on to-morrow.

20. November 9, 1885 New-York Tribune New York, NY
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MR. DORSHEIMER'S COURSE WITH WARNER HOW THE DISTRICT-ATTORNEY'S ACTION IS REGARDED-CAN WARNER BE CONVICTED? The Grant & Ward business is centring just now about W.S. Warner, and the public manifestations in this direction are generally attributed to Mr. Dorsheimer's activity. He has plunged into the midst of an order of arrest and has plunged out again, and his hop skip-and-jump proceedings have been the subject of amused comment and derisive criticism among all the lawyers in the litigation, whether hostile or friendly to Mr. Warner. No one can take an initiative step or make any movement in Grant & Ward matters without finding himself in the blazing light of criticism from the ablest lawyers in the city. Mr. Dorsheimer," said one of them, "has already been forced to retreat from one position. It is a matter of extreme doubt if he is not wholly amiss in his present course. This statement 18 not based on the question of the guilt or innocence of Mr. Warner, put simply on the question as to how he 18 to be reached. I do not think the United States statutes can touch him." This view prevails in the District-Attorney's office. One of Mr. Martine's assistants said on Saturday In order to bring Mr. Warner into the jurisdiction of the United States Court, it is necessary to prove at least collusion between him and Ward. Now what proof of such collusion is there There is no Edoubt, according to evidence in the Holt-Warner suit, which has been Mr. Dorsheimer's sole guide, that Warner at first had actual stock transactions with Ward. Fish swears that the Government contract business came into operation only early in 1882, and Fish himself seems to have believed in the contracts. Warner might have gone on without asking any questions after the Government contracts were invented. Even supposing he had his suspicions that all was not right, can you prove it? There is no evidence 80 far to that effect. Warner can swear that he did not and that he never knew that the contracts were not real. Even granting that Warner knew that the contracts were fictitious, is there any evidence then that he went into the business to defraud the Mariue Bank! I don't see how that can be shown. Did Warner know of the use Ward was making of the Marine Bank I There is no evidence that he did. The trouble is that the bearing of the United States statutes is limited, and as they stand I do not see how they can be tortured into covering Warner's case. We are glad here to see Mr. Dorsheimer press the matter, but even if he gets an indictmentwhich I doubt-I don't see how in the world Mr. Warner can be convicted of anything under the United States banking laws. Now you can readily see what will be the result if Mr. Dorsheimer's proceedings fall through, as it seems to me they must. Mr. Warner will go out of court as an innocent man and Mr. Dorsheimer will have the credit of having done it all." When Mr. Warner was arrested, Receiver Johnston and the District-Attorney's office were at work night and day, to see if they could. make out a case in which to indict Mr. Warner. The conclusion had been reached that the most that could be done would be to prosecute him for a misdemeanor, the extreme penalty of which would be a year's imprisonment and a fine of $1,000. The action of Mr. Dorsheimer put a stop to this, and SO the District-Attorney's office will keep its activity in Grant & Ward matters in abeyance until the result of the proceedings in the United States Court is arrivedat. This is the information gathered from one in close relations with Mr. Martine. Mr. Dorsheimer's action is spoken of as a .. blunderbus" and a " boomerang" affair by the lawyers in Grant & Ward matters. Mr. Hornblower, one of the attorneys of Receiver Davis, has expressed a facetious opinion which is going the rounds of the inner circles, and it runs: The only conceivable reason for Mr. Dorsheimer's proceeding against Mr. Warner in the United States Court is that Mr. Warner defrauded an ex-President of the United States.

21. April 2, 1886 New-York Tribune New York, NY
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sermon was preached by Father B. J. Keiley. The body was burled in Cathedral Cemetery. THE COURTS. WILLIAM 8. WARNER'S PROPERTY. The application of Julien T. Davies, receiver of Grant & Ward, for an order directing John L. Wilson, the receiver appointed in the suit to recover the property transferred by Ferdinand Ward to William 8. Warner, to turn over to him all of the property in his possession and all moneys now on deposit in the United States Trust Company subject to the order of the court, occupied the attention of Justice Lawrence in the Supreme Court, Chambers, yesterday. WitHam B. Hornblower, counsel for Mr. Davies, insisted that under the recent decision of Referee Cole neither Wilson nor the, assignee of Ward had any right to the property. Charles W. Bangs, who represented Mr. Wilson, presented an affidavit by the latter. in which he said that he had none of Warner's property and that most of the estate had been sold under foreclosure proceedings. He recelves certain rents, however, and asks that his commisstons be paid and his accounts as receiver passed upon before he gives what is in his possession to Mr. Davies. Mr. Hornblower did notobject to paying the commissions, but thought that Mr. Wilson was not in a position to appeal to the discretion of the court in this matter. It was stated that the assignee, George C. Holt, did not objeet to the application, on which Justice Lawrence reserved his decision.

22. July 13, 1886 New-York Tribune New York, NY
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FERDINAND WARD'S CHARGES. Ferdinand Ward, now of Sing Sing, and J. D. Fish, contined against his will ID Auburn. have been abusing each other right and left through whole news. paper columns which have been placed at the disposal I tue two convicts. Ward, as usual, tries to spatter whitewash all over himself and incidentally .. KOMS for" everybody else. He asserts that Julien T. Davies, the receiver of Grant & Ward, has covered up a great deal touching the names and rascalities of many persons dealing with Grant & Ward, and that if Walter & Johnston, the receiver of the Marine Bank, would only institute a suit be would unearth many ways that are dark and tricks that are vain. Mr. Jonnstou instituted a suit two years ago and it still hangs fire. He IS now out of town for: a vacation. Mr. Davies yesterday declined to enter into a discussion with Ward in the newspapers relative to his management of the affairs of Grant & Ward. I have always been ready," said he, " to answer for my action as receiver and I have understood that my course has received the approbation of those interested. I prefer to let them speak of my conduct instead of discussing it myself." Mr. Davies was asked if there were any grounds for Ward's assertion that the receiver had endeavored to protect the names of certain persons who had dealings with Grant & Ward and to cover up facts regarding them. He replied: From the time I was appointed receiver all the books and papers have been open at all times to all persons interested in the matter and they have been repeatedly gone over. Nothing has been withheld.'

23. September 23, 1916 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, September 23, 1916

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THE MECHANISM OF PANICS OMER S. CUMMINGS, in his address accepting the nomH ination for United States Senator, contributed an interesting picture of panics, that came before the passage of the Currency Law. "So unstable was our system, as built up by the great financiers of the Republican party (Who know all about business) that it was a prolific breeder of panics." "In 1873, in the midst of great prosperity, a panic followed the failure of Cook & Company." "In 1884 it was found that the president of the Second National bank had stolen three millions in securities. This brought on the run on the banks in New York, the failure of Grant & Ward, and a nation wide panic." "In 1893, Baring Bros. of England failed. The Philadelphia & Reading Company attempted to corner certain ore land and went into insolvency. A nation wide panic followed." "In 1907, Henize, president of the Mercantile National bank, used that institution in copper speculation. Other banks became involved. I There were plenty of assets, but a panic came. Right here in Connecticut wages were paid in token/money." Thus, briefly, does Mr. Cummings, with wide knowledge, portray the mechanism of panics, and the instability of a financial system which toppled like a house of cards under any abnormal strain, and which was blown over at the will of an element of the financial world whenever the purpose of exploitation would be thereby served. Mr. Cummings shows with equal brevity and certainty the extraordinary strain to which the country was submitted when the war came. In one year trade with Germany fell from five hundred million to fourteen millions of dollars, and in the month of August, 1914, trade with Europe fell off seventy-five millions. Securities were dumped upón the American market amounting to three billion five hundred millions. Ten days after the war began forty-eight millions of gold had been withdrawn by Europe. Previously the mere failure of a single banking house, the peculations of a single banker, the conspiracy of a few financiers had been sufficient to destroy confidence and precipitate business disaster. But now the Currency bill had been passed. Credit had been democratized. The foundation of confidence was placed fairly upon the abundant assets, the solid real and usable values of the wealthiest country on the globe. Instead of the overwhelming and disastrous panic which would have followed under the old system, the country scarcely trembled. For a moment, and a moment only, it paused, and then moved forward to the greatest prosperity in the history of the land, a prosperity enormous in quantity and broad in distribution. There have been other periods of prosperity, but none that has so generously touched all the strata of the nation. This prosperity gives the common laborer not merely an abundance of employment, as previous high tides of prosperity have done, but it actually moved his wages to a point where they outpassed the rising cost of living. The wages of unskilled labor in America are at this moment higher in money and higher in purchasing power than they have ever been before. This is the sort of prosperity that makes everybody prosperous. If even unskilled labor can buy liberally, the market is great, the demand vast, and all the mechanisms of industry move at a faster pace to meet the demand. Mr. Cummings is no little American. He takes no pettifogging view of the country in which he lives. He sees and speaks the future of a great people. He does not, like Governor Holcomb, proclaim that the flag of the Americans is the laughing stock of the world. He does not, like Senator McLean declare with ridiculous energy, that foreign goods are more to be feared than foreign bullets. A clean, strong, intelligent man is the Democratic candidate for United States Senator, with training for the work he is to do, and true Americans ideals to back his training. CONTAGIOUS IMMORALITY