The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1884-05-17
GRANT { WARD.

GRANT & WARD,
The failure of Grant u Ward, banker
and broker, in Wall street. New York
mentioned in our last, turns out to have
been one Of the most notable SwindlrS OF
the age. II was worse than bucket shol
it, methods were more like those OF tn,
Infamous Fund W" of Merriam, loring
& Co, of Chicago who tempted people Il
to entrust them with large sums Of money
on the promise of large profits, but who re-
ceiyed back AS profits fraction of their
own money, the rest being gobbled
Ferdinand Ward was man who, from a
bank clerk in New York had hlossomed
out into stock broker and Spectator, a
role in which he made some good hits and
obtained the reputation of being an eXcep-
tlonally shrewd operator as we'll a. having
become rich.
Along in 1880, after his famous tour of
the East and the failure Of his third term
venture at Chicago, Gen Grant impecun-
ious and somewhat dilapidated, made his
appearance in Wall street He commenced
by dabbling lightly in Central American
and Mexican railroad projects. but the Wall
street magnates, knowing his straitened cir
cumstances, and remembering the many
favors he had done them while President,
magnanimously dubbed together and
placed him above want by raising the well
known GRAFT Fund" of $2j0000 and in
vested il for his benefit This gave Grant
sort of standing ION change"
About this time Grants two sons, Ulys
ses or Buck" and Freddie, having married
rich wives, also appeared in Wall street,
anxious to find something to do. They were
met by Ferdinand Ward, who, Buck"
says, fairly took his breath away, by pro.
posing to enter into partnership with the
Grants 10 do an immense banking and stock
brokerage business The Grants were only
too glad to join teams with aman of Wards
reputation and supposed wealth. The part
nership was organized with Grant senior
as President, and Fish, president of the
Marine Bank, Ward the Grant boys, and
one or two others AS partners; but with
Ward as sole manager or operator, who was
to make all the bargains, draw i'll the
checks, and so on.
Thus equipped with big names, the com
mand of considerable ready money and the
reputation of any amount more at his dis
posal Ward commenced his Operations
Their character is hard TO describe except to
say prehensively that they involved ev
cry method that is dishonest, Ward not
only dabbled largely in stock speculations,
but also in real estate and commercial en-.
terprises. TO all who entrusted HIM with
money he promised quick and astonishing
profits The Grant boys, who put in all
the money they got with their wives and
could borrow from their fathers.in-l law,
were gratified with almost Immediate re
turns of profits Mt the rate of per cent. per
month. Many others Jared in the same
way Whenever man entrusted Ward
with considerable sum for investment he
gave him paper like this;
No. WALL ST., NEW YORK, Feb. 10 1854.
This is to certify that We have this day re.
cciyed from Capt. f. Spiccr, Jr., $4,000,
which we are to invest for him; and We agree
To return him said $4,000 on May 10, 1884,
together with $1,000 profit,
GRANT ~ WARD
But how could Ward make money at
such lightning rate: Nobody knew, but
il was limited around by him and his ella.
ouers that through the influence of 1.-The
old man" Gen. Grant the firm had obtain.
ed heavy and lucrative government con.
tracts, on which they were lust coming
money" So people put in their money, as
into blind pool, to share in these profits.
Other methods to make a raise were to
lend money ON railroad bonds and other
colaterals as security, and then 10 re-hy-
pothecate the bonds for much larger sum.
that in less than three years Ward had
raised some $10,0O0,000 of money, out of
which he had appropriated as profits" a
a million 10 himself, 100000 to Fish, half
a million 10 the Grants, several millions 10
others; and then the bubble burst, the ten
millions being scattered TO the four winds,
leaving nothing behind but some miserable
debris TO lie gathered up AS assets, which
will never pay cents on the dollar.
Did Gen. Grant know anything of the
abominably swindling operations that were
being carried on in his name. Probably
not; yet he ought to have known As the
head of the firm there is no doubt of his
pecuniary liability. Can he shirk his NOR
al lisbility' If Ward should get his deserts