New-York tribune., 1885-07-24
THE FAILURE or GRANT g. WARD.

Tho simultaneous collapse Of the firm Of Grant q
Ward and the Marine National Bank. on May g.
1884, first drew public attention to General Grant
rs figure In Wall Street. His name. however. had
been used for about two years previous by men who
ppeculated upon 1t With eventual disastrous results
Early In 1892 the Arm of Grant s. Ward was formed
by Ferdinand Ward and U. 8. Grant. ir, William e.
Smith being admitted as tho Stock Exchange men,
ber of the firm, and General Grant and James ID.
Fish, president Of the Marine National Bank.
entering as special partners. The idea OF starting
this oopartnership is generally credited to Mr.
Ward. who had long known Mr.. Fish. Mr.. Ward
had as the basis of his operations the advancing OF
money at liberal discount on contracts given by
the for supplies to the Interior Depart
meut the frm undertaking to wait for the colec
tions of money after the I" red tape" requirements
of the Department had been met. 1t was proved
afterward ,that these Government contracts were
made the ground for swindling operations OF the
most barefaced character. 1t was not long after
the organization of the concern that Mr.. Fish and
General Grant both became general partners Az
soon as this had been Effected the name Of the leader
of the Union armies traded upon for the enrich
ment OF the firm. 1t was given out that through his
influence the house enjoyed special facilities fol
obtaining profitable contracts from the Govern
ent and these we're represented to be so favorable
of interest on borrowed money-as high as IL pei
cent month being a common rate of interest offered
10 depositors with the firm. To Mr.. Ward was
Entrusted the responsibility of conducting the
operations of the frm. and General Grant ana ms
son had such confidence In him that no was allowed
to mako out checks. give receipts for money. bonds
etc., without question . n,
1884, did General Grant appear TO DO aware OF tne
unauthorized use made OF his name and reputation
by Mr. Ward In procuring loans from banks and
market from the Chicago and Atlantic. the New
York Chicago and ST. Louis Nickel Plate, the ST.
Louis and San Francisco and other rallroaa ocrrpra
most instances and the hrm ran its two years
career by borrowing money with which 10 pay tno
interest on loans previously ooaalned' nv the revel.
ttons which followed upon the suspension OF tho
Grm with which his name was so 'propilnentiy con-
S9 tSs npuss that the Sunday before the
tallure he got check for $4,000 from William
g. Vanderbilt in order to 9bligo Mr.; Ward, who
represented that the Marine Bank was In temporary
distress which this sum would relieve. When the
General asoertained the true facts in the case he
went to Mr.. Vanderbilt and assured him that the
debt would be paid even II he and his wife had to
sacrifice their entire property. Subsequently Mrs.
Grant transferred to Mr. Vanderbilt all her prop,
sndeayored In vain to cancel tho debt; his generous
action was defeated by Mrs. CRAFTS determlnation
that the personal debt Of her husband should %
legally paid. General Grants military relics
Including his sword etc. however. were conveyed
To- the National Museum, at Washington, with the
After tine downfall Of his Wall Street house
General Grant lived in retirement and devoted him
sslf 10 his history of the civil In February he
signed a contract with Webster g. Go. for the pub.
lication of his book. The manuscript for the hrst
volume was completed short time ago. and the
i,enerals days of confinement to his house were
largely spent in continuing his work on the second
volume. General Grant some months ago wrote
four papers for The CentHv-on tho battIes OF
bhiioh, Vicksburg, Chattanooga and the miiaer aG
delivered to The Century. the one on Shiloh being
nnblished in the February number This paper led
to considerable discussion at the time of its pnbl-
cation. and largely increased the circulation OF the
maeazine In February General Grant began to bo
troubled seriously with epithelioma OF the tongue
and fanccs and was thenceforth confined TO his
house for most of the time until his death.
General and Mrs. Grant had several chiidIen
Mss Nellie Grant, their only daughter. was married
during President Grants second term TO Algcrnon
Sartoris of England. His eldeat son. FREDERICK
Dent Grant, was appointed soon after graduation
from West Point on General Sheridan's stan. with
The rank of lieutenant colonel. tie resigned aftor
time He married daughter OF |. u. Honorc OF
Chicago y. S. Grant, jr.. another son OF inc
General. began his career lawyer in New,f YORK,
and married daughter of ex-senator Chaiee Oh
Colorado. General Grants c,otbcr died In May
1883 at the age of eghty-six.