The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-07-19
FRED GRANTS DEBTS.
He Has Paid q Large Sum to His Creditors
and Has Little for Himself.

He Has Paid Large Sum to His Creditors
and Has Little for Himself
Harper's Weekly.
A side view Of Colonel Fred Grants face re-
minds one strongly of the General, but front
view loses much of the resemblance. The
Colonel wears a beard and mustache, has a sun
burnt complexion, and is as fond of smoking as
his father was. He is still very sensitive about
Grant 81 Ward matters. although never mem
Der of that firm. A few DAYS ago, while refer
ring to an article in daily newspaper that re-
fected severely upon Grant g. Wards handling
Of some Mexican bonds, he said 1T is a little
hard that should be subjected to so many un-
kind insinuations, when l lost every dollar
/ had in the failure of Grant & Ward When
the crash came | found myself In debt to the
amount of over $500. 600. I have bought scarce
~ a suit of clothes since, and have succeeded in
paying $500, 900 of my obligations Whenever
have been able to save anything have set it
apart to meet nv debts This morning | re-
ceived $500 from publisher for writing
ticle on the war. at once deposited the money
for the benefit of my creditors. | am now con-
nected with company that furnishes the wood
work for new buildings. l own 10 stock in it
but am simply an employee When I graduated
at West Point father gave me 81 900 and mother
gave me another 81 900 to have good time
with l happened to meet Mr. John Hoey, of
the Adams Express Company, and he said
that the stock of the company was bouaeRto rise
very soon. / gave him my So, 000 and contented
at fathers house at cost of only $40 or $50
The stock went up. aud Dy reinvesting my divi
dends, and adding to them what | could save
from my salary as lieutenant, had $4,000 in
about four years. A son Of Jay Cooke, after his
fathers failure. opened a banking house in Wash
ington and invested 81, 600 with him. In few
months his partner. Sherman. relative of
Senator John Sherman started in business on
his own account, and | invested $50. 900 with
him. part of it borrowed from friends. / lost
every cent. Some lucky speculations in mining
stocks at Chicago soon enabled me TO recoup, and
these were followed by investments in real estate
similarly fortunate. One day in New York met
Ferdinand Ward. BY his advice bought some
Western Union stock and cleared $500. Then
took desk in the Office of Grant G. Ward
had $57 000 and every dollar of it was
invested with the firm. Not a penny
was left after the failure. / thought
Ward had government contracts, and at one
time my suspicious were aroused as to
his methods of obtaining them. i made investi-
cations, but could detect nothing crooked The
fact was that he never had any government CON
tracts at all. and was on the wrong scent. In
addition to my obligations of $500, 0o0 owed
$40. 600, which friends of mine had invested with
the firm and had lost outright One Of these
friends was a relative in Chicago. who had sent
me Sc 900. / have already refunded to her one
half of that sum. have borne good many at
tacks from the newspapers, but do not know that
L ever gave cause of offense to anybody / shall
not be satisfied until every dollar lost through
my advice shall be restored to its rightf1l owner.
/ believe that Ferdinand Ward is now worth at
least SIS, 600. 900.
New York World.
A reporter called upon Colonel Grant yesfer.
day, and showed him the clipping. Tits sub
stantially true,' said ne, "but there are few
inaccuracies. The conversation was private
one, and was not in tended for publication. 1t is
not correct to say that paid off 5000 900 of my
debts. The truth is that l reduced my debt of
$3.50 900 to $500, 000 l did not invest money
with Jay Cookies son, but with Fl. d. Cookies
son. did not mean TO say that my suspicious
were aroused as to Wards methods of getting
government contracts | feared that there might
be something like bribery going on, which might
reflect upon any one in the firm, but my fear
was based on nothing | saw or heard I did not
say that believed Ward was worth $4,000 900
after the failure, although l may have had an
impression TO that effect"
A friend of Colonel Grant said that he gave
every cent he made to his creditors, spending al
most nothing for luxuries.