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Auction archive: Lot number 87

GRANT, Ulysses S Autograph letter signed ("U S Grant"), as P...

Estimate
US$1,500 - US$2,000
Price realised:
US$3,840
Auction archive: Lot number 87

GRANT, Ulysses S Autograph letter signed ("U S Grant"), as P...

Estimate
US$1,500 - US$2,000
Price realised:
US$3,840
Beschreibung:

GRANT, Ulysses S. Autograph letter signed ("U. S. Grant"), as President, to George Childs Washington, 25 January 1877. 2 pages, 4to, Executive Mansion stationery .
GRANT, Ulysses S. Autograph letter signed ("U. S. Grant"), as President, to George Childs Washington, 25 January 1877. 2 pages, 4to, Executive Mansion stationery . PRESIDENT GRANT PLAYS THE STOCK MARKET IN THE WANING WEEKS OF HIS ADMINISTRATION A fine Presidential ALS in which Grant tells his friend, the Philadelphia publisher Childs: "I received a dispatch from Mr. F. Drexel the early part of the week announcing the sale of my bonds at 54 & 54½ per share, leaving about $19,000 with what I deposited of my money in bank. The stock has fallen about $10 per share since the sale and may fall still more. If it should go below $40 per share I would like to repurchase yours because I am sure the stock will go up to about sixty when it begins to pay dividends again, which will probably be in March. Will you speak to Mr. Drexel for me about this matter?" Grant was far too trusting and hopeful when it came to his finances, and those traits ruined him. After returning from his three-year, post-Presidential world tour, Grant took over the presidency of the Mexican Southern Railroad, headquartered at 2 Wall Street. While that enterprise struggled along unprofitably, he invested his life savings with his son, Ulysses Jr., and the thieving Ferdinand Ward in a brokerage business. When Ward asked Grant for a 24-hour loan of $150,000--and then absconded--Grant and his family were ruined. Only Mark Twain's timely intercession, and Grant's great achievement with his Memoirs , restored the family fortune.

Auction archive: Lot number 87
Auction:
Datum:
22 May 2007
Auction house:
Christie's
22 May 2007, New York, Rockefeller Center
Beschreibung:

GRANT, Ulysses S. Autograph letter signed ("U. S. Grant"), as President, to George Childs Washington, 25 January 1877. 2 pages, 4to, Executive Mansion stationery .
GRANT, Ulysses S. Autograph letter signed ("U. S. Grant"), as President, to George Childs Washington, 25 January 1877. 2 pages, 4to, Executive Mansion stationery . PRESIDENT GRANT PLAYS THE STOCK MARKET IN THE WANING WEEKS OF HIS ADMINISTRATION A fine Presidential ALS in which Grant tells his friend, the Philadelphia publisher Childs: "I received a dispatch from Mr. F. Drexel the early part of the week announcing the sale of my bonds at 54 & 54½ per share, leaving about $19,000 with what I deposited of my money in bank. The stock has fallen about $10 per share since the sale and may fall still more. If it should go below $40 per share I would like to repurchase yours because I am sure the stock will go up to about sixty when it begins to pay dividends again, which will probably be in March. Will you speak to Mr. Drexel for me about this matter?" Grant was far too trusting and hopeful when it came to his finances, and those traits ruined him. After returning from his three-year, post-Presidential world tour, Grant took over the presidency of the Mexican Southern Railroad, headquartered at 2 Wall Street. While that enterprise struggled along unprofitably, he invested his life savings with his son, Ulysses Jr., and the thieving Ferdinand Ward in a brokerage business. When Ward asked Grant for a 24-hour loan of $150,000--and then absconded--Grant and his family were ruined. Only Mark Twain's timely intercession, and Grant's great achievement with his Memoirs , restored the family fortune.

Auction archive: Lot number 87
Auction:
Datum:
22 May 2007
Auction house:
Christie's
22 May 2007, New York, Rockefeller Center
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