The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1884-05-15
THE GREAT COLLAPSE.
Some Account of Young Ulysses and his
Too-Clcver Partner.
"Guih's" Letter.

NEW YonK, May 0.-Gen. Grants
business failure, though unexpected, had
not been unprophesied. For the past
year or two little stories have been flying
about saying that his son Ulysses, Jr.,
was trying to borrow money, in some
cases without putting up any security,
asking his friends for the money. 1t was
this Ulysses, or Buck" Grant, who
caused the creation of the firm of Grant
& Ward, which has so Frustrated the
Marine Bank and broken up the General
and nearly all his family. Young Buck
was the dainty member of the family,
the dude, so to speak. The eldest brother,
Fred, was a plain country fellow, who
came to this world before his father was
famous, while young Jesse has grown up
since his fathers Presidency and he likes
the company Of boys of his own age.
Buck, the middle son, had followed his
father to Europe when crowned heads
were arranging to re-elect Gen. Grant.
So Buck returned with an English accent
and was considerable respecter of per.
sons. He married Chafee's daughter,
who was able to give her 100000, as she
was an only child. The Grants thought
that Chaffee had done a great thing in
getting such a fine son.in-law, while the
Chaffees affected not to be bit proud.
It soon was noised about that Buck Grant
had rather wild business head. Among
other things that he did was to find Fer
dinand Ward, preachers son from Int.
rior New York, with an almost insane
activity of mind directed towards money
and financial power. Wards father was
q missionary and had a big family. The
son came from Western New York to
this city and got into the Produce Ex.
change and was one of the few young
fellows who resolved to carry that busi-
ness up to the manner and proportions of
the Stock Exchange and have futures
and options dealt in and the price of
seats run up. He was the clerk of the
Produce Exchange, and it is significant
fact that the very night before the failure
of Grant & Ward the great Produce Elk.
change was opened, having cost SO, ,000,-
600. The seats had run up from few
hundred dollars to about s., 900, and Mr..
Ward has often said that the seats would
vet be worth $4,000 apiece, and he
believed that they would be as high as
Stock Exchange seats, which have sold at
$4,000 and more.
WARD STARTS IN BUSINESS.
The first business Mr.. Ward ever en-.
gagged in was selling and buying Produce
Exchange seats. He traded in -four a
little and then got into mining, and his
capitalist friend was James D. Fish,
president of the Marine Bank, who had
become independent and was perhaps
worth 100000. Fish had nursed the
Marine Bank from quiet institution up
to large affair, with deposits of several
million dollars, and he was popular
man in New York because of his plain
democratic ways and consideration for
young persons. Ward made Fish money
rapidly, and in course of time concluded
to 20 up to Wall street and be financial
jobber and shaver there. Fish did not
like to see him take that turn, but he
had the same success in Wall street that
he had about the Produce Exchange.
He WAS always thinking of new matters
10 make money on. He gave his undi-
vided time 10 financial schemes, and
meeting "Buck" Grant the Two young
men thought they would have banking
house. They drew Mr. Fish into this as
special partner, and the business being
lively Gen. Grant resolved to come in,
and after he got there his two sons, Fred
and Jesse, wanted to have an interest,
but they were obliged to put their inter
est under their fathers name. II is said
that the house paid 80 per cent for a
considerable time. Ward, however, was
by temperament bull, and believed that
whatever vas planted would grow. The
tendency for some time past has been
toward decline in value, and, therefore,
Ward has been caught ia good many
things. He has been forming companies
to mine salt and 10 supply towns with
water and gas, &c. And of course these
securities. in the present dull times, have
not been appreciating.
INFLUENTIAL FRIENDS.
1t looked few months ago as if Grant
& Ward would become a very powerful
firm. Another Mr.. Grant, the comptrol.
Ter of the city, had unlimited confidence
in Ward, and the mayor of the city, Mr.
Edison, had been president of the Pro-
duce Exchange and knew Ward we'll.
Tappan, the city chamberlain, was culti-
vated by Ward He and Tappan became
the majority of the executive board of
directors in the Marine Bank. and they
took the view that Mr.. Fish had been
little too good .natured with borrowers.
He allowed himself to be practically ruled
out of his own board. Consequently
Ward made loans to himself on such
securities as he cared to leave. For a
little while past there have been rumors
that Grant & Ward we're borrowing on
the street at pretty high rates. Ward
has shown signs Of failing health for
some time, having devoted his entire
energies to business. His firm was to
have been the Jay Cooke & Co., of New
York city, and to sell the new aquednct
bonds, and they were in q scheme to
bring water from the Pamrado Valley of
New Jersey which was to be used entire
~ 10 put Out H[eS III NtH 1olh' 1uo
general decline of the strongest securi.
ties in the market, such as Western
Union, made it impossible for Grant &
Ward to realize much money on the ex.
perimental stuff they had. But it seems
that they had operations with some big
companies. William K. Vanderbilt,
who had been very unfortunate in specu-
lating, had borrowed $500, 900 from them,
large sum of money. Other railroads
mad gone to them for money. Ward put
up these securities left for his protection,
and when he found things getting still
worse he used the Marine Bank to certi-
fy checks on another bank, perhaps
thinking that in twenty-four hours be
could get the money somewhere else.
Consequently the harmless bank tempo
rarily loses the money, the debtors of the
insolvent firm cannot put their hands on
their securities, and the Marine Bank
had to shut up its doors in haste lest
worse might be coming. 1t seems that
Mr.. Fish realized tardily that Ward &