The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1884-05-29
. Some of the Fallen.

| Some OF the giants fell full length
in Wall street last week. Ferdi-
nand Ward did most of it. He
came to New York a poor clerk 10
years ago and gradually got into
the ways of wall street, and finally
fell into a partnership with Fred
Grant. The old man was a silent
partner, but the money, said to be
profits, was thrown out to him so
lavishly, that year ago he became
an active partner. Ward is an In
famous rascal. He got Grant to
borrow half million of Vanderbilt
few days before, and when the
crash came Vanderbilt sent for the
general and soundly berated him
for obtaining his money on worth
less check. Grant was crest fallen
and promptly released all his prop
erty, including even his presents in
his trip around the world, but the
old millionaire declined to take
them. Grant could be arrested un-
der the law and some heartless
creditor may resort to that to force
his friends to come to his rescue
with money. He knew absolutely
nothing about the tricky and
treacherous way Ward was handling
affairs.
Geo. 1. Seney, from whom the
Seney Syndicate takes its name
all-powerful in mems minds down |
this way-is among the fallen. He
was credited with an immense for
tune, was president of the Metropo-
Titan Bank and a munifcent giver
to charaties.
Fish and Hatch were thought to
be extra strong. Hatch was presi-
dent of the stock exchange. They
broke in 1873 but made large for
tunes since. Fish was president of
the Marine Bank. He gave his two
daughters $4,000 each Christmas
presents in 1882 and deeds to pala-
Jial residences last Christmas. He
says he was induced to ruin by
Ward.
Emo was president of the Second
National and had full swing. His
father was enormously wealthy and
promptly gave his check for 81, O0O,-
300 to cover his sons shortage in
bank, leaving brokers to whistle for
some 100000 margins.
Around the great figures of the
present crash-Gen. Grant, Fish,
Emo, Ward, Seney and Hatch-are
4 number of young men who have
been speculating upon the strength
)f their connection with financial {
and whose chief idea
n life seems to have been to make
money, no matter how or at whose
expense. These young men dress
ed gorgeously and spent fortunes in
,iotous living.
All of these persons mentioned
together with the dozen or so of
firms who have failed because their
customers did not come forward
with enough margin, have been
gambling upon a scale out of all
to their capital and have
lost. John Jacob Astor who, by
the way, was seen the day of the
crash serenely looking at the crowd
from the Metropolitan bank, with a
euriously complacent smile, buys
about a million dollars worth Of real
estate year, and probably consid-
ers that he does a very fair business
considering his capital of $50,000,-
900. Many of the brokers and
spectators who have just failed do
five times the business of Astor up
on one-fifth of his capital, and when
things go wrong the least bit they
are wiped out. sThe winding up Of
the game which we now behold
shows that the gamblers have lost
in the last few months about $780,,
100000. They talk only of millions
in New York now, and failure for
less than a million is not worth
talking about, unless you happen to
be one of the creditors.
Jay Gould stoutly denies any Sc
rious loss, but he fails to make his
accustomed exhibit of bonds and
there are those who maintain. thet
he is crippled There is great re-
joicing among men who have felt
the poisonous talons OF the fortune
eaters as one by one they bite the
dust.