St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-07-14

tons of this country. The gigantic swindle Of
which they were the authors is not
nkely to be forgotten for many years to
come. 1t involves long story of money stolen
ana mlsapplied with the utmost boldness and
seeming confidence. The unique circumstances
attending the srobberies would, at first glance,
almost seem to justly the belief that the prin-
c1pal perpetrator was insane: but morem ature
reflection leads to the irresistible conclusion that
MI Ferdinand Ward, after all, was simply vnl-
gar and cunning knave, pursuing his astonishing
career OF recklessness, entirely careless of the
ruin that he wrought to Others -
Every right thinking citizen will regret that
the crash involved the downfall of one of the
most ilustrious Of living Americans, but the
cloud which has fallen upon him cannot be more
depressing than that which overshadows the
wretched creditors of the broken firm There
Will probably be, we are told, a demand for
a new coin, representing the fractional part
Oh cent to pay the demands. of the les
ser unsecured and unpreferred creditors.
That some of the investors in the Grant 81
Ward schemes were impelled by unworthy
and dishonorable motives cannot be doubted.
ana Tor these people not much sympathy will be
entertained among honest people. But those
VINO entered into the transactions in good faith,
with the idea that their investments were per-
fectly proper, are entitled to sympathetic consid-
Grafton. 1t by no means follows from the state
ment made III the report of the assignee that the
least deserving parties to the business are the
greatest sufferers. On the contrary, Mr.. Ferdi-
nand Ward, who is obviously fitted by nature to
adorn ball and chain, is living luxuriously in
quarters where the plumber of his victims en-
a6les him to tighten the cares which ordinarily
distress the unsuccessful Spectator in the money
of other people.
MOI the least curious feature of the matter is
the deception practiced upon men distinguished
on change for their experience and acumen in
business affairs. That the firm in its fall should
carry down with it one of the greatest financial
institutions in the metropolis was suficiedty
amazlug; but there were few persons skeptical
enough to believe that there was not in all
wall street vision of penetra-
ton adequate to Pierce the barrier of fraud
by which these operators were encompassed.
Inc trm seem to have carried on their estab
hshment regardless even of the ordinary rules of
business. Assignee Davies throws great deal
OF light upon this branch of the subject, show
ing that Grant 81 Ward never kept cash book or
journal, and never took a balance sheet; that
there was no book of bills payable or receivable;
that schedules were made up from loose memo
randa, Endorsements on envelopes and oral state
ments by members of the firm and other inter
ested parties. The only evidence of the
enormous transactions carried on by Ward 81
Fish during the past three years was found in
the stubs of their private check books. All this
goes to show that from beginning to end the firm
was kept afloat by the consummate audacity Of
Ward and his confederates, and that it was de-
void of stability in every particular. The entire
record of the failure is a fine commentary upon
loose methods, culpable negligence and reckless
disregard of results which are characteristic
of the great speculative maelstrom of Wall
street.