Review by Choice Review
Noted historian Ward (e.g., Unforgivable Blackness: The Rise and Fall of Jack Johnson, CH, Mar'05, 42-4096) conducted excellent genealogy research and revealed the family skeleton: his great-grandfather Ferdinand Ward, perhaps the best investment con artist of the Gilded Age. Making extensive use of Ward family correspondence and numerous newspaper accounts, Ward presents an engaging, lively biography. Ferd Ward was the youngest son of evangelical Protestant missionaries who spent time in India, and his early foibles were often dismissed. He moved to New York City, married for money, and befriended banker James Fish, which gave Ward access to moneyed individuals. Lacking any conscience and possessing remarkable avarice, Ward fraudulently claimed investment successes through his brokerage firm and duped some to give him money to invest. Among the investors was former President Ulysses S. Grant, who lost everything when Ward's schemes became known. Ward became the "best-hated man in the United States," spent time in Sing Sing, and made a feeble effort to kidnap his own son to access the estate his late wife had left the boy. Ward's compelling biography shows how the Gilded Age's economic growth allowed men like Ferd Ward to prey on those who wished to get rich. Summing Up: Recommended. All levels/libraries. R. M. Hyser James Madison University
Copyright American Library Association, used with permission.
Review by New York Times Review
MILLIONS of Americans loved Ulysses S. Grant, but, as so often with love, the relationship can be hard to understand from the outside. Grant did not woo the public. A rumpled man, he seemed shorter than he was. When he opened his mouth, cigars and whiskey went in, but few words came out. His critics, then and now, have disagreed over whether he should be condemned primarily as a brute of a general or a dupe of a president. To those who adored him, he looked rather different. He and Lincoln saved the Union in the Civil War, but only Grant lived to receive the nation's thanks. And he won without ego. "There was no nonsense, no sentiment," wrote one private, "only a plain businessman of the Republic." The newspaperman Charles A. Dana called Grant "the most honest man I ever knew, with a temper that nothing could disturb." One man did disturb that temper. Grant would dig his fingernails into the armrests of his chair at the thought of him, and told a friend he wanted to kill him, "as I would a snake. I believe I should do it, too, but I do not wish to be hanged for the killing of such a wretch." When Grant died a year later, on July 23, 1885, the public blamed that "wretch," who pitied himself as "the best-hated man in the United States." His name was Ferdinand Ward. In 1880, when just 28, he had persuaded the former president to become a partner in Grant & Ward, a Wall Street brokerage house. Ward reported astonishing profits, occasionally doling out cash to his partners. Grant believed he was rich. In reality, Ward was running a Ponzi scheme. In 1884, it blew up, bankrupting Grant and his family. The author of this elegant new biography of Ward, "A Disposition to Be Rich," is his great-grandson. For decades, Geoffrey C. Ward has told Americans stories of their ancestors. He has edited American Heritage, collaborated with the filmmaker Ken Burns and written esteemed books like "A First-Class Temperament: The Emergence of Franklin Roosevelt" and "Unforgivable Blackness: The Rise and Fall of Jack Johnson." All this time, he has freighted about a box of letters, preserved by his grandfather, documenting the fall of his earnest family because of one remorseless son. In telling this personal tale, Ward applies his characteristic scrupulousness and narrative skill. Vivid, living people swarm the pages. Ferdinand Ward's quarrelsome father, the Rev. Ferdinand Ward, went to evangelize India as a young man. Told that missionaries should die on the spiritual battlefield, he concluded that it might be an excellent policy for his detested colleagues though not for himself, and returned to wage doctrinal battles in a small church in Geneseo, N.Y. Ward's mother, Jane Shaw Ward, was pious, nervous and depressed. Young "Ferd" was often alone with her in "the dark parsonage," Geoffrey Ward writes. "It was fragrant with spices imported in wooden boxes from India, but the carpets and curtains and furnishings were drab and worn, shabby testimony to the truth of his mother's teaching: no one should expect virtue, no matter how conspicuous, ever to be rewarded in this world." Many more people appear: Ward's honest brother, William, and his collaborator James D. Fish; not to mention actresses and mistresses and Samuel Clemens. Even characters who play no role receive scrutiny, often in extensive footnotes. When a letter mentions Gen. Artemas Ward, the author recounts the general's resentment of George Washington and his troubles with gout. Perhaps this book follows family members at excessive length, but from them we get the truest picture of Ferdinand Ward. "It is hard to trust his word or confide in him as to anything," the Rev. Ferdinand Ward wrote of him to another of his children. "This we know too well. There is no use denying it." But when Grant & Ward appeared to thrive, the prodigal repainted the dark parsonage and stuffed it with gifts, and they doubted their doubts. Money made them believe - or want to. "He was born into a time when all young men of his age caught the fever of speculation," Mark Twain and Charles Dudley Warner wrote in 1873, the year Ward arrived on Wall Street, "and expected to get on in the world by the omission of some of the regular processes which have been appointed from of old." Twain and Warner were describing a character in their novel, "The Gilded Age," but they could have been writing about everyone Ward met. Grant was not the only victim, nor was he unusual in trusting Ward. The young man sensed something in the culture. In this era of Wall Street's flowering, people believed that money could be conjured from the air. Ward knew that finance is a universe of the imagination, floating above the real economy of services and stuff. Prices bounce with each emotion. Any fear can be boxed as a derivative. The entrepreneur and swindler both create dreams of what might be, then convert them into stocks and bonds - optimism in its marketable form. "How much confidence you give me, so much hope do I give you," Melville's confidence man declares. Any founder of a start-up could say the same. "Credit" is money talk for "I believe you." Good credit makes dreams as real as bricks, as long as credit lasts. Anyone who sold Enron's stock before it burst made a lawful profit. It must be so, for the honest fantasy needs time to grow into substance. Augustus Melmotte, Anthony Trollope's financier in "The Way We Live Now," describes "the nature of credit, how strong it is, - as the air, - to buoy you up; how slight it is, - as a mere vapor, - when roughly touched." Roughly or gently, the touch must come. The underlying reality of business, of profits and losses, eventually makes itself felt. A hoax can't hide forever. Ah, but in the dark space between anticipation and realization, the swindler thrives. In the 19th century, when few regulations threw light on hidden places, fraud not only flourished, but it was not always fraud. In 1866, for example, Daniel Drew engaged in huge insider trading as treasurer of the Erie Railway. He sold its stock short, forced the price down and profited at his own shareholders' expense. It was perfectly legal. On Wall Street, Charles Francis Adams Jr. wrote, the operation was "regarded as a masterpiece." This was the environment for Ferdinand Ward, who worshiped luxury and lied reflexively. His ultimate crime was that his crime was too simple: "I had to rob Peter to pay Paul." No market manipulation - just theft. He himself was no more complicated. Convicted and imprisoned, he cadged money and bribed guards. On release, he kidnapped his own son to steal his trust fund. Geoffrey Ward finds complexity elsewhere, especially in the dying Grant Racked with agony from terminal cancer, he wearily wrote his life out to rescue his family's finances with a memoir - a brilliant, landmark memoir. And he revealed unsuspected depths. "The fact is I think I am a verb instead of a personal pronoun," he told his doctor. "A verb is anything that signifies to be; to do; or to suffer. I signify all three." In such self-awareness and intelligence, such grace when faced with pain and death, we feel the weight of Ward's crime. And we, too, learn to love Grant. In prison, Ferdinand Ward bribed guards. On release, he kidnapped his own son. T.J. Stiles is the author of "The First Tycoon: The Epic Life of Cornelius Vanderbilt," which won a Pulitzer Prize and a National Book Award. He is writing a biography of George Armstrong Custer.
Copyright (c) The New York Times Company [July 1, 2012]
Review by Publisher's Weekly Review
Like a great 19th-century novel, this is a mordantly entertaining account of the author's great-grandfather Ferdinand Ward, whose stock brokerage collapsed spectacularly in 1885 after swindling Ulysses S. Grant and other luminaries out of millions. Ward, a historian and Ken Burns collaborator, weaves character defects and family conflicts into a social panorama, probing Ferdinand's loathsome, beguiling personality: the youthful charm that mesmerized Wall Street graybeards; the feelings of self-righteousness, entitlement, and whiny victimhood inherited from his missionary parents (but without their restraining moralism); the omnivorous greed that turned his post-Sing Sing Prison life into an endless scheme to wheedle, con, and sue money out of everyone he knew. (He even kidnapped his own son to get his wife's inheritance.) Ward, winner of an NBCC award and the Francis Parkman Prize for A First-Class Temperament, narrates a rollicking financial picaresque, but infuses it with psychological depth; Ferdinand's frauds are a tangle of personal betrayals that implicate his family as they agonize over how much of his untrustworthiness they should reveal to outsiders. The result is a fascinating study of the Victorian moral economy veering toward bankruptcy. Photos. Agent: Carl Brandt, Brandt and Hochman. (May) (c) Copyright PWxyz, LLC. All rights reserved.
(c) Copyright PWxyz, LLC. All rights reserved
Review by Library Journal Review
Among the ranks of past American financial swindlers is the scoundrel Ferdinand Ward, here vividly profiled by his great-grandson. Ward (Unforgivable Blackness: The Rise and Fall of Jack Johnson) mines personal archives, letters, and diaries to reveal the origins of the dishonesty of this son of Presbyterian missionaries who had interest neither in his parents' vocation nor in an academic life. Only when he arrived in New York City in 1873 did he find his calling, earning the nickname "the young Napoleon of Wall Street." Charming and personable, he gained a reputation as a shrewd investor, attracting powerful backers and launching his own brokerage firm in 1880. The secret of his success was the classic pyramid scheme, which entailed paying off earlier investors with proceeds from newer ones. Sound familiar? In 1884, it all came crashing down and led to the firm's failure, ruining countless individuals (including President Ulysses S. Grant), and arguably contributing to the Panic of 1884. Ward went to prison but never acknowledged responsibility. VERDICT This bravely candid biography of a notorious ancestor successfully balances the truth about Ferdinand Ward's personal life with his scandalous role in this all-too-familiar American rags-to-riches-to-criminality saga. Essential for anyone interested in American financial history.-Richard Drezen, Brooklyn (c) Copyright 2012. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.
(c) Copyright Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.