The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-05
A NAPOLEONIC LEGEND
TRUE INCIDENT or THE GRANT,
WARD FINANCIAL FIAsCO.
How Ferdinand Ward Conducted Him
self with His Wonderful Nerve
in the Face Of Ruin.
GalIatin, in New York Press.

Gallatin, in New York Press.
In my diary on May o. 1884, 1 jotted down
these random notes: THE failure of Grant
q Ward and the Marine Bank precipitated
the crash that followed in Wall street on
Wednesday May IA. 1t was a terribly ex-
citing time that morning. The Metropolitan
Bank, George l. Seney, president, suspend
ed, and was Immediately followed by seven
old and well-known brokerage firms. There
were runs on other banks, particularly the
Second National and the Phoenix John c.
Emo, president of the former, made away
with over $3,000000 Of the funds of the in
stitution, which would have gone down but
for his father, Amos r. Emo, making good
the deficit.
Wall street was a sea of moving, yelling,
cursing humanity. The crowd Of mad ex-
cited people who saw their savings of years
disappear rushed hither and thther with
irresistible force, gaping, hooting and
swearing at the bolted doors Of the firms
whose suspension was announced. Ten
thousand people tried to force their way
into the galleries of the Stock Exchange
morbid curiosity understanding the thick
iron Orders creak. The floor was a rest
less eddy of heads, and the almost deafen-
ing hum that arose from L. 200 lusty Threats
threatened to raise the roof from it's an
chorage. Spreading through closed doors
and narrow Railways, 1t spent it's force upon
the angry multitude without and started
Secretary Folger from his troubled smile as
he stood in a window of the subtreasury
looking down upon the scenes below.
"A narrow stOOp marks the entrance to
the metropolitan Bank, and when the heavy
doors were closed and barred the mob rushed
for them fiercely and desperately. The ten
Jffl ks rod hFrf fle
crowd pushed on until it spread across
Broadway against the iron railing of Trinity
churchyard and extended up and down the
street for blocks.
Ward has been arrested at last and
locked up in LudlOw-street Jail in default of
$500 600 bail. 1t now appears that his trans
actions upon the good name of General
Ulysses S. Grant, ex-President Of the United
States, amount to some $l4,0O0OOO."
Shortly after banking hours, on the 18th
of February-three months before the failure
of Grant d Ward-an office boy announced
to the Young Napoleon of Finance" as the
ex-President called him, that d stranger
waited in the anterOom to see him.
who is he? What is his name? What is
the nature of his busineSS?" asked Ward,
who, grown nervous with Juggling millions,
and seeing the terrible catastrophe ahead,
trusted no stranger
He called to see General Grant" said the
boy, and when l told him it was too late,
he said he would like to talk with you"
His name?"
lie refuses to give it to any one except
you. He looks like a countryman from the
southern tier, and is evidently afraid Of be-
Ward smiled sardonieally. "Oh, well, let
him come in, but tell him l am exceedingly
THE FARMER APPEARS.
He was evidently signing documents
pressing buttons for Office attendants when
| a farmer from Cattaraugus county walked
| in. They shook hands warmly, Ward pull
ing up a chair and asking his visitor to be
| seated The latter's age was about fifty
| five, his manner brusque and prompt, his
| name Johnson.
$50 you are Mr.. Ward, partner of the
Gineral?" he said, interrogatively. "Ferdi-
nand Ward? 'Tain't bad name"
Right you are. sir" laughed Ward,
so far as I'm aware. No excuse for chang
ing it. What can l do for you sir? The
general goes home about $3.50. Sorry you
so m /, powerful sorry. I fit under the
glneral all through the war, and amt laid
eyes on him since. But I've read lot in
the papers about you and him, how rich you
are gettin and what pile of good you and
| HIM are dom for your customers. I've got
sort of idea I'd like to take flyer my
With a customer in view Ward became
affable. The time had come when it was
| neck or nothing The street already sus-
pected him, and deposits were scarce
I am sure the general who, as you say,
| does all he can for his old friends, would be
| delighted TO open an account with you" he
| remarked, beamingly. I'm his absence you
may rely upon me to serve one of his vet
| Grams to mutual advantage"
L knew that would be all right, young
man, said Mr.. Johnson, warming up. 4
amt got but minute or two to stay Coin
| to take the o'clock train for Buffalo Since
| the war I've been saving a little now and
then, here and there, and it's lest LAWN
round dom nobody any good. l thought it
liable that you and the gineral would use it
IN some OF your transactins and make the
pile little bigger. What do you say? Can
You may rest assured we will do as well
for you as we could do for ourselves.
Couldn't expect more, Mr. Johnson. Ell?
When viii you be ready to open your ac-
count?"
We'll, I'm in business up to the handle.
Amt no time like the present, Mr.. Ward
II you are ready, here's the money.
When he unrolled 900 in cold cash Ward
being an excellent actor, did not show sur
prise though he had expected a deposit of
$500 or possibly $1,000. Summoning a clerk
he said, carelessly tossing the bank notes
into his hand:
Write out a receipt for this. The name
Is Mr.. Alling Johnson" Then, turning to
his visitor and holding out his hand, he
added: Goodbye. Mr.. Johnson. Drop in
when you feel like it and see how things
are going"
AS ne settled back in his chair and busted
himself with papers, the farmer gaZed at
him in admiration. 1t was a revelation to
see young Napoleon Of finance at work
When the receipt was handed to him he de-
parted with this injunction:
Its all in your hands and the generals,
Mr.. Ward. l believe in you because l trust
him"
THE GENERALS FRIEND.
On April % or 90 about three weeks be-
fore the failure, which scattered so much
ruin in the street, as the clock in Wards
office struck 4, caller was announced. The
Young Napoleon went through the usual
| formula-"Who is he? What's his name?
What is the nature of his business2"
The employee replied: He refuses to give
his name. He called to see the general but
said ne also wanted to speak with you. He
would not mention his business.
The common impression that Ferdinand
Ward with all his genius, never forgot a
name or a face IS wrong. He often forgot
both, and in this case he was all at sea, for
and said, "Howdy," Napoleon was COM
pletely Waterlooed With his customary
quickness and tact, however, he managed
to put Mr.. Johnson at ease, muttering a
salutation which caused the farmer to take
to his soul the fiattering JUNCTION that he was
remembered. Ward had a suspicion that he
had seen his visitor before, but as 10 when
and where his recollection failed him.
Hope 1 amt in the way, said Mr. John
son. half apologetically, noticing his alb
straction.
MY dear sir. I'm more than delighted to
see you. Awfully sorry the general isn't
here. L believe you asked for him."