San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1889-09-21
GONE TO JOIN WARD.
H. S. IVES,
THE NAPOLEON OF FINANCE.

In August, 1887, the failure of Hen
ry S. Ives & Co., was formally an
nOunced in the stock exchange. Il
appeared in due time from the SEIZED
ule filed by the assignee of the firm
that Ives had been able to pile uI
liabilities aggregating $17,666,l75
while the actual assets in sight only
footed up S11,122,0l6. The failure OF
almost a boy with such gigantic in
terests involved in it created a good
deal of sensation. People comment
ed on the desirab ility of criminal pro-
ceedings, but months elapsed and the
/ impression became general that many
persons having done business with
Ives and being interested accordingly
in his being let down as easily as pos
sible, the biggest commercial scandal
since the failure of Grant & Ward
would be allowed to die out. But
| now interest in Ives is revived and
extended by criminal proceedings
| against him, taken by Julius Dexter
of Cincinnati, president of the Cincin-
natl, Hamilton and Dayton railroad
| company, who charges him with grand
! larceny.
The warrant charges Ives with
grand larceny IN appropriating to his
own use the sum of one hundred
thousand dollars belonging to the
Cincinnati, Hamilton and Dayton
railroad. The sum of $3.50, 200
was required for a certain pur-
pose, and all of this passed through
Ives hands and was rightly
applied, except the last one hundred
thousand dollars. On June 3 the
First National bank of Cincinnati
made draft for this amount upon
the Western National bank, of New
York, and sent it to Ives. The draft
was Endorsed by Assistant Treasurer
F. H. Short, of the Cincinnati, Hamil-
and Dayton railroad, and made paya-
BILE TO Henry 5. Ives, trustee, to be
applied on the stock purchase. In
stead of paying this one hundred
thousand dollars to G. r. McKeen,
president of the Terre Haute and In
dianapolis railroad, as he was direct
ed to do, Mr.. Ives deposited the draft
in the American Exchange National
bank to the credit of Henry S. Ives
Il Co., and thus diverted it to his own
use with the intention, as it is al
legged, of defrauding the Cincinnati,
Hamilton and Dayton railroad. Ives
was arrested and taken to the Tombs
police court, New York, on this
charge, where the justice named
twenty-five thousand dollars as the
amount of bail required. The proper
security was given by his sister.
Ives is only twenty-four years old.
He began his career in Wall Street as
an errand boy in a stock brokers'
office. His first business transactions
were in unlisted securities for houses
with which he had acquaintance.
From this beginning he started on his
own account. The firm of Henry S.
Ives & Co. came into being in the
development of Ives's audacious
schemes. 1t succeeded in buying con-
troll of the Cincinnati, Hamilton and
Dayton railroad. Following this
great success was the buying or at
tempted purchase of other railroads,
including the Dayton and Iron ton, the
Chicago and Michigan, and the
Terre Haute and Indianapolis. Ives
became great man on the street, but
his greatness was nipped while he
was young. There is no record of
such a youth as he failing for so large
an amount, and the wonder grows
how it could be that grave and rev.
erend men should have the confidence
in him which the disclosure of his af-
| fairs evidences.
Ives is cool customer. Nothing
seems to disturb him. When,
in the course of the inquiry res
pecting his affairs, papers were
served on him demanding that he
should produce certain missing books,
he expressed great wonder that they
should have disappeared so mysteri-
ously. Of course they have never
turned up, and of course they never
will turn up. Ives has a plausible
address. His religion is said to be
the worship of success. There is no
trace of regret seen in him with re-
gard to his apparently questionable
way Of doing business. His personal
habits are eXtravagant or the reverse
according to the company in which
he finds himself and the within of the
moment. He is at home every
/