River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1889-05-16

WHY FISH WAS IMPRISONED.
James d. Fish's downfall was caused by Fer
dinand Ward Ward, before he met Fish was
assistant secretary OF the Produce Exchange.
When the two became acquainted Ward pro-
posed that Fish enter into a scheme with
n IN to buy membership certificates in the
Exchange and hold them for "A rise. This
Fash assented to, and advanced the necessary
cash. The two made cons siderable money by
this scheme.
Ward had left the produce exchange and
WAS regularly ION the street before 1879.
About this time he became aaquainted with
L. :. Grant, Jr. lie induced young Grant 10
enter into partnership with him and Fish.
Grant was the only member OF the firm to put
anv money into It. Ward induced General
Grant to put 100000 into the scheme and the
firm began TO do business on Wall street.
Ward signed the checks and did the business
for the firm.
The first months profits amounted TO s9,627
apiece. Fish took his profits in cash. Ward
paid il to him BY check on the Marine bank out
OF a fund of $1,000 realized at the same bank
from discounting a note of Grant IS Ward a few
DAYS previous. When this note became due
Ward took it up by discounting a fresh one,
while his own notes were paid with funds OBJ
tanned on the firms obligations. All the time
Ward guarded jealousy his right TO do al tho
business. He would write to Grant. Jr.. once
in a while: I'VE are on the r ght road to
wealth old boy" and cautioned him not to
talk, lest people should think they were
making money too rapidly. II the Grants AZ
any time drew any checks Ward would
follow them up carefully. ana II they
had money he would contrive TO borrow II.
Fish insisted on his monthly profits, and IN
1901 had received S14,000 Up to that year
Ward had allowed the Grants 10 draw their
profits, toe, but he then fixed the amount OF
their withdrawal at $500 a month. and later
at $1,000, on the plea that he wanted 10 build
up surplus. At the end of 1882 Ward
preached his mysterious Government con.
tract proposition rs the source of his fabu-
lous profits, his business connection with the
Grants lending ITS plausibiltty. He repre-
sented that it was the influence Of Grants
narls that enabled him TO get these contracts,
and hence the whole thing must be kept
secret. Fish agreed 10 advance moro
money for the new scheme and, rs the ordi-
nary account OF the firm was not large enough
new account was opened with the Marine
Bank called Grant * Ward, special" The
pass-book OF this account was all in Fish's
writing, and Ward kept the check book in his
own pocket.
This book showed immense profits. and Fish
got $4,000 in 1882, and from 1888 up TO the col
lapse Of the firm over 100000. Under
another scheme Fish induced young Grant TO
get his fatherln-law Chanee's 100000 OF Gov
ernnent per cents. and Sl3l000 =. rall-
road securities. Grant had previously Dor
rowed Sij0,0O0 OF them, and when Ward
u
posit vault brimmiEg over with 100000 OF
choicest securities (as they seemed to be-
Grant induced Chaffee to put in hiss pile
IN May Fishs bank had 81, 100000 on deposit,
at least 100000 of which was in hctitioui
names ana W IN no collateral The MariI
bank had only 100000 capital, with surplis
of half that. One day Ward went TO General
Grant and told him they needed money and
induced the General 10 borrow $780,
go from Vanderbilt. The check un-
fortunately was not certified ana hence it be-
came the Generals personal obligation TO pay
70 which ne sacrificed an be had. A day or two
after the bank broke Fish was sent to prison
and subseq -cutly hal the satisfaction OF testi-
IS .ng against Ward, who is now serving ten
year sentence.
Fish was sentenced June % 1855, TO ten
years Imprisonment. January % 1850, Pres
idcnt Cleveland commutei the sentence to inn
prisonmcnt for five years and X months, with
allowances OF deductions for good conduct.