Presentation Sword- Captain George W. Ely- With A Wall Street History SOLD

Description

The Model 1860 Staff & Field Officers Sword had a long life in the U.S. Army lasting over 40 years until replaced in 1902.  This particular sword bears the blade marking for Schuyler, Hartley & Graham, (retailers of military goods), and a presentation to its recipient engraved on the underside of the folding counter-guard, “Captain Geo. W. Ely, FROM  W.S. Neilson, W. F. Taylor, R.M. Jordan, J.W. Harriman, Jas. Whitely, Thos. K. Negus, J.J. Behringer, June 5th, 1875.”

The sword is essentially an “off the shelf” model, with all the features of countless others of this type. Brass hilted, with folding counter-guard, a diamond shaped etched blade that measures 32 inches, and the field scabbard (blued metal with brass fittings).

Where we depart from its common nature, is the history the sword has been immersed in, being the property of an extremely well regarded officer in the storied 7th Regiment from New York City, and on a larger scale, an important figure of his day a Secretary of the New York Stock Exchange, with the best Wall Street history you could hope for from someone who held a major roll in its development.

George William Ely was born in West Springfield, Massachusetts on January 6, 1840, and later moved to New York City, at the age of 17, enlisted in the 7th Regiment in 1857. The 7th responded quickly to President Lincoln’s call for 75,000 volunteer troops to protect the capital after the bombardment of Fort Sumter, Charleston, SC on April 12, 1861. The regiment initially served 30 days in the defense of Washington, and would serve two 3 month enlistments during the Civil War. Ely was promoted to captain and commanded Company “G” in 1862. In 1863 the 7th was called out to deal with the city draft riots following the Conscription Act of 1863. This was no small account, resembling more like a massive battle on the streets of New York City; looting of stores, taverns, and gun shops including well stocked armories; burning of the homes of the wealthy deemed by the mob to be above the draft; hanging of blacks from street light posts, and so on.  The rioting demanded involvement not only the 7th, but many other of the city regiments and police called in to squelch what made the Baltimore riots look like a picnic. He carried on his membership in the 7th Regiment for many years after the war.

In 1864, George Ely began a career in business with the Continental Bank of New York in September of that year, and for the next 55 years he would be indelibly linked with the New York Stock Exchange.  Up to the beginning days of the Civil War, the Exchange was viewed by many as nothing more than enormous gambling establishment. In 1866, Ely left the Continental Bank to become a member of the Open Board of Brokers. With the merger of three groups; the Brokers, the Exchange and the Government Bond District (formed in 1863 to trade in bonds issued to pay off the war debt) in 1869, and the meeting of the Union and Central Pacific Railroads in Colorado, communication by telegraph, uniting the coasts and all expanding in between, opened a vast and fertile financial field.

Without getting into Ely’s life in the Stock Exchange, let it suffice to record from his history a quote from Sereno S. Pratt’s book, The Work of Wall Street;    “George W. Ely, Secretary of the Stock Exchange, is designated generally in outer circles of Wall Street as the man who “owns” the Big Board.  That does not mean it is his property to carry away, but anyone who wants anything from the Exchange or who has anything to do with its ordinary business affairs must go to Ely. He has become a tradition here.  His sway seems absolute, although the institution has a carefully devised and intricate scheme of government operated through committees.  Ely is the buffer between the committees and the rest of the world. It is he that meets the muckraker, and therefore it is he who is supposed to keep disagreeable things about the Exchange out of print.  Then too, if any firm fails, or is suspended or expelled Ely is the man whose word is necessary before the action is confirmed.”

In 1883, Ely became the president of the Bankers’ Trust Company, leaving the Stock Exchange, only to resume the duties of Secretary of the Exchange once again in 1905. Continuing on until his second retirement in 1919 as secretary, he had experienced many new challenges in the early 20th century, the storm clouds and eventual world war with the assassination of Archduke Ferdinand of Austria, and the nation’s concerns to fund its involvement in that conflict. George W. Ely passed away, in August of 1922, a gallant officer in the military, an charismatic figure in the world of banking and investing. Upon his death a New York Time editorial printed this in part, “Mr. Ely was of the old school of New York’s men of affairs.  Alert, erect, urbane, his hatred of a cheat and his fidelity to friendship marked equally his professional and social life.  He stayed long in harness for he wore responsibility  easily because it fitted his well-disciplined personality.  His memory will be one of the fine traditions of Wall Street.”  During his life in New York, he conversed casually with some of the most important figures in American Financial and Political history.  John Jacob Aster, “Boss” Tweed, Jay Gould, James Fisk, Vanderbilt, Morgan, Rockefeller, Wanamaker, are among the names of men who he had association with, and or close relation too.

 

The sword is in very good condition, retaining nearly 30+ % gilt overall. The blade has been cleaned, and shows wear, with much of the frosty etched panels now blending with the higher relief of florals, panoply of arms and the ever present “U.S.” The red wool washer once at the base of the ricasso is gone.  Grip wire and shark skin wrap on the hilt are present and fine. The scabbard retains most of the original blue, with the brass mounts showing an even patina overall. Wear overall is minimal other than years of cleaning. A collection inventory number is painted on sword and scabbard.

A great sword that transcends its military use, to possessing an enormous amount of American financial history in one of this Country’s (and the Worlds) most beloved, hated and scrutinized financial institutions.

This sword is accompanied by the book, Life and Times of Captain George W. Ely (1840-1922), by Bruce C. Adamson. The inscribed book (last page) by the author is well illustrated, and well researched by the great grandson of George Ely.  The back cover shows a painting of Ely in uniform holding this sword.  See the photo provided.

It much deserves a prominent place in the office of a New York City investor/trader on Wall Street.

USPS Priority Mail  $20.00