The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-10-10
FERD WARDS EXPLANATION
The Ludl0W-Street Jail-Bird Furnishes
the Public with a Long Story.
The List Submitted by Him Does Not Appear
to Help His Side of the Case-Colonei
Fred Grant Writes a Letter.

New York Special.
The ten columns of printed matter furnished
by Ferdinand Ward, as his statement of the rise
and fall of the firm of Grant & Ward, embrace
very few facts not known before. The letters
and receipts printed are not very important
They show for instance thatGen. j. B. Gordon
borrowed $18, 900 from the Marine Bank in the
year 1881, through the intervention of Grant &,
Ward, which he was unable to pay, and that
Grant & Ward paid the money and took tho col
laterals by which the note was secured. There is
nothing extraordinary in this transaction. Gen.
Gordon and some of his friends had half-de
veloped coal mine. They wanted money to
complete the development They borrowed the
money of the Marine Bank, On the security of
the mine. The security turned out bad Grant
q Ward saw fit to step into the banks shoes.
Grant & Ward lost the money and about $780,
900 more, Ward says, in the same way that they
lost in silver mines, in wheat speculations, in
Mexican railroads, in Casino shares, in Coney
Island railroad bonds, and in West Shore rail-
road bonds General Gordon's son, however, alb
solutely denies that there is any truth in this
story The second letter introduced is one from
Gen. Horace Porter to U. s. Grant jr, dated
June 20. 1881, saying that ne (Porter) had put
Grant, jr., down for 5000, 900 in the West Shore
syndicate and regretting that he had not been
able to secure an additional amount, ss
Grant, ir., had desired. This also describes
plain business transaction unfortunate in its
results. West Shore bonds were in large request
at that time, and it was regarded as favor to
be '.let in on the ground floor" The third let
ter from Grant & Ward to E. F. Winslow)
shows that eighteen months after the SubScrip
ton was made Grant q Ward found it incon-
venient to pay the calls their subscription,
but did finally pay it. Then follow a series of
letters from U. 5. Grant. jr., to Ferdinand
Ward, relating to small speculations and invest
ments of no Importance, showing that Grant jr.,
was very simple minded young man, and that
he had unbounGed confidence in Ward, as has
been repeatedly stated from the beginning. Re-
cepts issued by Grant 81 Ward to u. S. Grant,
jr., and to F. d. Grant for moneys received over
and above the capital put into the partnership,
and STIMULATING for the payment of large profits,
are published. The receipts disclose methods
which would ruin the business reputation of
have no other effect upon the Grants
than to demonstrate that they were as incapable
of understanding the business they were engaged
In as their illustrious father, concerning whom
Ward now says that he General Grant) gave
personal attention to the business. but relied
wholly upon his sons and upon Ward. Touching
evidence of the Generals liking for Ward is
given in the latters statement that the younger
Grants often said to him: Father thinks more
of you than he does of u.s." Mr.. w. K. Grace
according to Wards statement, commenced dis
counting the firms paper as early as Nov. g.
1880: that is four months after Grant e. Ward
began business. Seventeen transactions of this
kind, running from 1880 to 1884, are mentioned
by Ward, in which Mr. Grace realized net
profit in the way of interest and bonus of over
5000 taking into account the unpaid note of
$75. 900 held by Mr. Grace at the time of the fail
ure This has all been asserted before and de-
MED by Mayor Grace
Ward says that some time in 1883 Mr. Grace
asked him to use his influence to get for his firm
a government CONTRACT for supplying coal at Pan
anna.
Persons familiar with the subject state that
they see nothing so verv startling about Mr.
Wards revelations" and the general opinion is
that he is doing all that he can, just preceding
his trial, to shield himself and endeavoring to
cast blame upon persons who dealt with the firm
"The really new features Of the case" said Mr..
Spencer Wards ex- cashier, ''as told by this
statement. are the case of the Belmont Coal and
Railroad Company, in which Gen. j. B. Gordon's
name is mentioned, and the list of twenty-nin
names of persons whom Ward is making out
that the profits OF the firm went to. 1t is true
that he did 60 into Belmont coal speculation,
and lost heavily by it, and it is also true that he
had accounts with the Grants This list of
twenty nine persons who said to have shared
the profit of the firm, is the same that Ward
gave the receiver and the greater portion of
which has already been published. Ward has
changed it little, making the total smaller"
The list, as given by Ward is as follows: