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Saint Paul, Ramsey County, Minnesota
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In a New York jail interview on April 19, ex-banker James D. Fish reflects on his imprisonment, restitution of $459,000 plus insurance, and the Grant & Ward scandal, lauding Gen. Grant's trust while decrying Ferdinand Ward's deceitful management leading to the firm's 1884 failure.
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He Speaks Kindly of Grant, But Not so of Ferdinand Ward.
What the General Told Him of His Wall Street Business.
Interviewing the Prisoner.
Special to the Globe.
NEW YORK, April 19.—Financier James D. Fish seems to be quite contented in his home. A reporter called at Ludlow street jail and had an interview with Mr. Fish. He said: "I am a happier man than I was on the 3d day of last May. I do not think I can be sentenced to less than ten or more than 140 years. I will be so accustomed to life by that time that it will be hard for me to change, and so I suppose I might just as well have a longer term."
After a moment's hesitation Mr. Fish continued, in a tone that gave evidence of anything but a cheerful spirit. "I made all the restitution in my power, but it seems to have been insufficient. On the 1st day of January, 1884, I was worth $459,000. I surrendered all this, besides several life insurance policies which I had been paying on for years, in hopes that my family would be benefited by them after my death. They were worth over $30,000. I wish to say SOMETHING ABOUT GEN. GRANT, and say it in the kindest way. What I say about Ferdinand Ward will be said differently. I was a friend of Ward, and how he could deceive me as he did is something entirely beyond my comprehension. He acted mysteriously all through the whole business. Only July 5, 1884, I sent a letter to Gen. Grant, asking him to meet me and have a consultation about affairs of Grant & Ward. I said that we were old men and that our advice would doubtless be of service to the young firm. The general answered to the effect that he would meet me at 3 o'clock on the following day. In his charge to the jury, District Attorney Root said that Ward and I had conspired to get Gen. Grant's signature, whereas I never said a word to Ward about it. It seems, however, that Ward wrote the reply and the general signed it. I was never in the office of Grant & Ward an hour's time in my life." Mr. Fish checked himself here, and said that as everything was past and gone now talking about it would not help matters. After a moment's silence he continued: "In the latter part of 1883 I went up to the office of Grant & Ward and met the general. I asked him how business was, and he replied that it was splendid. He said he did not believe there was a firm in Wall street which was making so much money as Grant & Ward. I asked him if he ever EXAMINED THE ACCOUNTS of the firm, and he said that he got a statement every month, and that was all he cared for."
"The general was practically a silent partner, was he not?"
"He was an active partner in the firm. I do not care about saying anything more regarding that. A year ago last winter Ward used to visit the general at his home, two or three times a week. He frequently met there James R. Smith, one of the directors of the Marine bank, this city, Chamberlain Tappan and Treasurer Spencer of the Erie road. The time was usually spent in playing poker. I never had any talent that way, and could never learn how to play cards. When Brooklyn bridge was opened, in May, 1883, Gen. Grant was not present at the festivities. Ward told me that a difference had occurred between the general and President Arthur, and that if a reconciliation did not take place he was afraid he would lose all the government contracts. When the firm of Grant & Ward was established, it was agreed that Ward should have the entire control and management of the business. When the troubles began gathering about the firm I raised $1,400,000 for it. If I had been asked the day before the failure, how much I was worth, I should have said about $3,000,000. When the general went into the firm he hadn't any money at all."
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Location
New York, Ludlow Street Jail
Event Date
April 19
Story Details
Imprisoned financier James D. Fish expresses contentment in jail, discusses his restitution efforts, praises Gen. Grant as a silent partner in Grant & Ward, and accuses Ferdinand Ward of deception in the firm's collapse, revealing business details and poker gatherings.