The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1898-11-13
OF Grant and
Ward House.
GIGANTIC FRAUDS.
Hamlin Garland Tells How
Innocent Men Suffered.

held was one dlthcult to sustain. Ht
was a man holding higher honors thar
any otheF American who had ever liv.
ed, and yet he was not fitted to carr
the living which his position demand
ed. He had no business training. He
was not even economical He could not
save the small income which he had
He was accustomed to doing things in 8
large way. His life had been one OF
enormous activity and responsibility
and it was impossible for him to retire
to the quiet and humdrum life of a
farmer in st. Louis or Galena. Even
if he had been willing to do this, his
family urged other things.
For all these reasons he did what his
sincerest friends wished him not to do
He entered Wall street. The circum-
stances under which this took place
We're very curious. To tell the story
of General Grants venture in New
York city is to tell the story of one OF
the most remarkable periods of infia-
ton and boom the country has evel
! known, and to outline one of the most
singular characters that ever rose from
the deeps of that tumult Of speculation
!
when it hears the words 'Wall street
| In 1880, when General Grant first met
| him, Ward was regarded as the mos
| brilliant young business man ON the
street. His office was the meeting place
of the most trusted and influential mer
of affairs, and his standing was of the
highest. Every venture he had com
mended had succeeded, and Genera
Grant would have been a singular eX.
/ IA p1fa ad RI fhol
with such a fnancier, especially as the
! president of the Marine Bank was t.
| be special partner in the firm.
The firm of Grant & Ward at once
| took high rank Bradstreet rated II
| gilt-edged, and its credit was unques.
toned When, in $780, General Grant
had been defeated for a third nomina.
ton to the presidency, the question OF
| engaging in some business arose. He
could not be idle. He was done with
politics, and he was nor fitted for any
profession. He had refused the presi.
dency of the Nicarauga canal, but ha6
accepted the presidency of the Mexican
! Southern railway, on the under.
standing that he was not to receive any
salary or any stock. He had plenty
of opportunities to allow the use of his
name, but his deep interest in Mexico
which sprang from his early life there
was more powerful than any offer OF
money. He at once put all his saw
| ings (about 100000 into the firm OF
Grant & Ward on condition that he
was to be a special partner, liable only
| for the money he put in. He was will
| ing to go into a business as clean and
secure as that of Grant & Word seemed
| to be. Soon after this fund was rails
ed for him by some New York citizens
and invested in Wabash bonds, upon
which he realized about $4,000 a year
and from the resnts of his houses
| he received enough to bring
his income up to about $4,000 a year
which was not large amount for q
man of his worldwide reputation.
! His office as president of the Mexi-
can railroad was in the building on the
corner of Wall street and Broadway
the first floor of which was occupied by
! Grant & Ward. The firm was now
composed of Ferdinand Ward, J. D.
| Fish. Gen. Grant and his son Ulysses
| Ward was the financial agent and sole
manager. The general had no detailed
| knowledge of the business, and asked
| for none. He left the whole matter tc
his son Ulysses, who in turn trusted
Ward with the entire financial man
agement. Thus Ward had complete
controls but, as offset to this. he sai6
he was willing to guarantee the firm
against loss So phenomenally success
I full did he prove both in the firm OF
| Grant & Ward and also in his outside
speculations, that great business firms
! trusted as completely in his hands as
| did the Grants, J. d. Fish backed him
to any amount, and Mr.. H. S. Grant
| the city controller, and Mr.. Tappan
city chamberlain, and Mr.. w. r. Grace
| Mr. w. S. Warner, Senator Chaffee
and many others We're equally trust
| full. In addition to it's fine credit the
firm starter with a paid-in capital OF
| $400 900.
This is the story told in Hamlin Gar
lands new life of Gen. Grant.
l. One Sunday afternoon in early May
| 1884 Ward called at Gen. Grants house
| and asked to see both the gentlemen
and young Ulysses. He announced thai
! late on Saturday Mr.. Tappan, the city
chamberlain, had drawn on the Marine
Bank for a very large sum which the
bank held on deposit for the city, and
that the reserves were perilously low
| ut is necessary" said he, ITO put some
money in before the clearing house
opens tomorrow morning, in order that
| the bank may make a proper showing.
To this young Grant replied very
naturally: why should we borrow
money to aid the Marine Bank?"
Ward for a moment seemed puzzled
| but answered, after a moments hesita-
| ton: 1--WE have $660000 on deposit
there, and it would embarrass us very
much if the bank should close Its
DOORS
"They are good for it, are they not o.
"Oh, yes; but there would be delay
before we could get our money, and it
might give us trouble
Having convinced them both of the
need of aiding the bank, Ward at last
proposed that Gen. Grant go out and
borrow $150,0O0. Young Grant said that
| ii was not easy to raise such sum on
| Sunday afternoon, and to this Ward
replied: Il know that: but ] know the
| general can borrow it, If anybody can. y
The general at length consented to
go forth in aid of the Marine Bank.
| After calling upon one or two men who
declared themselves unable to help
him. he drove to the house Of w. X.
Vanderbilt, and explained the matter
to Mr.. Vanderbilt at length. Il was
not for himself, but for the Marine
Bank he said, in conclusion.
Mr.. Vanderbilt took yours Grants
view of it, Il care nothing about the
/ Marine Bank, General Grant To tell
the truth, care very little about Grant
| & Ward. But to accommodate you per-
sonally. ] will draw my check for the
amount you ask. | consider it a per-
sonal loan to you, and not to any
other party he said pointedly
Geueral Ntrant TOOK the rnGck dnG re-
turned to Ward, who was waiting
! Ward thanked him, and, putting the
4 check in his pocket left the houre.
The next morning, before the banks
! opened young Grant called for q
check drawn on the Marine Mank sor
I the fun amount and hurried with il up
to the Vanderbilt house, eager 10 pay
F., the debt at the earliest moment He
/ found Mr. Vanderbilt at home, and de-
4 bn inf q h e IA Is
men considered the debt paid and the
whole transaction closed
Monday saw everything rghted.