The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1884-05-15
TIE GREAT COLLAPSE.
Some Account OF Young Ulysses and his
Too-ClcSer Partner.
"Guth's" LHer.

"Guh's" Letter.
NEW YonK, May 9.-Gen. Grants
business failure, though unexpected, had
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
caused the creation of the firm of Grant
Il Ward, which has so prostrated 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 plain country fellow, who
famous, while young Jesse has grown up
the company of boys Of his Own age.
father 20 Europe when crowned heads
So Buck returned with an English accent
and was considerable respecter Of per.
sons. He married Chaffee's daughter,
was an only child. The Grants thought
| ii
getting such q fine son.in-l law, while the
Chaffees affected not to be bit proud.
| 1t 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 sou from Inle.
rior New York, with an almost insane
activity of mind directed towards money
and financial power Wards father was
a missionary and had big family. The
son came from Western New York to
this city and got into INC Produce Ex.
change and was one of the few young
fellows who resolved to carry that bust.
| 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 a significant
fact that the very night before the failure
Of Grant & Ward the great Produce Ex-
change was opened, having cost IS, ,0OO,-
600. The seats had run up from q few
hundred dollars 10 about 81 900, and sir.
Ward has often said that the seats would
yet be worth sl0,G00 apiece, and he
believed that they would be IS high az
Stock Exchange seats, which have sold at
$50, 600 and more.
hahD SIAHlS IN BUSlNESS.
The first business Mr.. Ward ever en-.
gagged in was selling and buying Produce
Exchange seats. He traded in flour
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 I'D
to a large affair, with deposits of several
million dollars, and he was d 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 go 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-
yided sine TO financial schemes, and
meeting Buck" Grant the two young
men thought they would have banking
house. They drew Mr. Fish into this as
a 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 All interest,
but they were obliged to put their inter
est under their fathers name. II IL said
that the house paid 80 per cent for a
considerable time. Ward, however, was
by temperament a bull, and believed that
whatever was planted would grow. The
tendency for some time past has beer
toward decline i'll value, and, therefore,
Ward has been caught in good many
hi mr. Ia hn.
to mine salt and 10 supply towns with
water and gas, &c. And of course these
securities. in the present dnl, ;i.nee, have
not been appreciating.
INFLUENTIAL FRIENDS.
1t Looked few months age as IL Grant
& Ward would become very powerful
firm. Another Mr.. Grant, the comptrol.
ler 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 cult.
waited 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 a
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 "a he cared to leave. For
little while past there have been rumors
that Grant & Ward were borrowing on
the street nc pretty high rates. Ward
has shown signs uf 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 aqueduct
bonds, and they were in scheme to
bring water from the Pamrado Valley of
New Jersey which was to be used entire.
ly TO put out fires in New York. The
general decline of the strongest securi.
ties in the market, such as Western
iuJnion, made 1t 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 X. Vanderbilt,
who had been very unfortunate in specu.
lating, had borrowed 500, 900 from them.
large sum of money. Other railroads
had gone TO them for money, Ward put
uP these securities left for his protection.
and when he found things getting still
worse he used tie Marine Bank 70 certi.
~ checks on another bank, perhaps
thinking that in twenty-fnur hours he
could get the money somewhere else.
Consequently the harmless bank tempo.
rarily loses the money, the debtors of the
lnsolvent firm cannot put their hands on
their securities, and the Marine Bank
had to shut up its doors in haste lest
worse w might be coming. It, seems that