Ulysses S. Grant: The General’s Last Battle

In early May 1884, the former president of the United States went to see William Vanderbilt, one of the richest men in the country, and asked for $150,000.¹²

Ulysses S. Grant had won the Civil War and served two terms in the White House. After leaving office, he had settled in New York and, like many famous Americans, put his name to a business. His son, Ulysses Jr., known as Buck, had become a partner in a Wall Street firm with a young financier named Ferdinand Ward. The firm was called Grant & Ward.

Grant did not run its daily operations. He invested in it, admired its results, and lent it his reputation. Sources differ on how much he put in. A National Park Service account gives $50,000; an earlier account in American Heritage gives $100,000.¹³ The returns Ward reported were very high, and for a while the family believed it was becoming rich.

Now Ward told Grant the firm needed $150,000 to meet its obligations. Vanderbilt agreed to lend the money, but made clear it was a personal loan to Grant, not to the firm. Grant handed the money over.