The failure of the brokerage firm of (Buck) Grant (son of Ulysses) and Ward led to the Panic of 1884 during the Depression of 1882–1885.
Ferdinand Ward ran a Ponzi-like scheme, luring investors (including former president Ulysses S. Grant and his son) with promises of high returns while falsifying records. The firm was propped up by Marine National Bank, which had received city funds. When the city pulled money from the bank, it collapsed—exposing the fraud and shaking investor confidence, causing ripple effects across Wall Street.
John Chester Eno’s embezzlement of over $3 million from Second National Bank was another blow to financial confidence in 1884. His theft nearly bankrupted the institution, sparking a bank run by panicked depositors. Eno fled to Canada, and the only thing that saved the bank from collapse was his wealthy father, Amos Eno, stepping in to cover the loss.
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