TeachMeFinance.com - explain Grant and Ward panic
Grant and Ward panic -- So called because it had its inception
in the failure on May 6, 1884, of the banking and stock brokerage
firm of Grant & Ward, of which ex-President U. S.
Grant was senior partner. The failure of the Marine Bank,
the Metropolitan Bank and many stock brokers followed.
Great dishonesty was disclosed in the affairs of Grant & Ward
and the Marine Bank. Ex-President Grant was not involved,
but his partner, Ferdinand Ward, and James D. Fish, who
was president of the Marine Bank, were sent to prison for
their part in the irregularities.
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