Rensselaer Journal, Volume 10, Number 48, Rensselaer, Jasper County, 9 May 1901 — Why He Lost Faith in Wall Street. [ARTICLE]

Why He Lost Faith in Wall Street.

Col. Edward C. James, the distinguished New York lawyer, who died recently, once had an experience with the firm of Grant & Ward which accounted for his occasional cynical remarks about Wall street methods as he had found them. After 14 years of successful law practice in the northern part of this state, right after the war, Col. James collected all his funds, amounting to about $200,000, and turned them over to the firm of Grant & Ward, then at the height of Its popularity. When he decided to draw out his money Ferdinand Ward drew a cheek for $400,000, payable to his order, with the remark that the additional i 5200,000 represented Col. James’ profits. This was evidently too good an Investment to break up, so the colonel ■add that he would gladly leave his money to pile up more profits at the

same rate. Two days later the firm failed with a crash that shook the country and Col. James found that he had lost his money, and that the offer of the $400,000 check was simply a cool bluff to stave off his claim. Fortunately he had his law practice to fall back on.