Savannah morning news. [volume] (Savannah) 1868-1887, 1884-05-30
FISH BEGINS TO SQUIRM.
GRANT & WARDS CONTRACTS
A WORRISONTE NET.

The Huge Profits of Man Sharks Illus
trated by His Own Receipts-FIshy
Notes which he Scaled Literally
President BrRrOn's Cipher Unlocked
The Penn Banks Affairs Stin Being
Unrayeied.
NEW YORK, May 29-James d. Fish,
eX-President of the Marine Bank, in an
inquiry to-day into the affairs of the
suspended firm of Grant & Ward, testified
that the contracts in the BASS book were
numbered consecutively by Mr.. Ward.
He kept separate record, but the book
was in the hands of counsel Bangs. He
acknowledged that he had dealings in al
legged flour contracts, and the notes which
| he discounted for Grant Il Ward he un-
derstOod were in payment for flour pur-
chased for the United States Government.
He was given to understand that
the contracts were assigned TO
Grant & Ward for them to
fill through Isome person whom they
should designate. He had sometimes
asked to see these contracts. but MIR.
Ward would tell him they were confiden-
tlal. The business of the firm of Grant &
Ward, he was told, could not be disclosed
to other members of the firm for pruden-
tlal reasons. Mr.. Ward said that the
publicity or the discussion of these con-
tracts might injure Gen. Grant and affect
his prospects for the nomination for Pres
ident in the future. The profits derived
from the supposed contracts had averaged
from to 10 per cent. month for the past
year and half. He had never insisted
upon knowing by whose right the con-
tracts were made.
LITTLE THING IN DISCOUNTS.
He had been in the habit of discounting
the notes of Grant & Ward at per cent.
and then having them rediscOunted at a
much less rate. On the pass book ap-
peared records of loans to various per
sons, most of them employees of the firm
of Grant & Ward, in sums of from
$25,O00 to $4,000. Mr.. Fish said that he
did not lend to these persons personally
but on Mr.. Wards responsibility, and the
sums so loaned were credited to
the firm of Grant & Ward.
He supposed that good collateral was
given for the loans. The loans We're made
in this way, Mr.. Fish said, because they
looked better. He simply took Mr.. Wards
statement about Mallory and others to
whom loans were Ostensibly made. He
said that he had never informed either
Gen. Grant or L. S. Grant, Jr., that ne
was discounting their notes at per cent.
An entry of November 10, 1888, Showed a
loan for 40 days at 30 per cent. discount.
This, Mr.. Fish said. meant 80 per cent. a
year. He had sold the notes of Grant &
Ward at that rate to several persons
among others Arthur B. Groves, dealer
in cotton, and President of the st. Nicholas
Bank.
IT COULD BE AFFORDED.
At the rate at which they were doing
business, Mr.. Fish said, they could afford
to discount at 30 per cent. He usually
discounted the notes at s per cent. and
IN nf fbf.r, q
cent. He might, however, he said, have
taken some OF the notes at 30 per cent. and
then had them rediscounted at Der
cent. In regard to the profits from the
business, Mr.. Fish said that in 1882 he
drew from the firm of Grant & Ward as
his share about 100000. In 1888 he
received S3O0,000, and in 1884 about SO, ,O0O
He was assumed to receive one-quarter
of the profits in the monthly statements
furnished. He had no regular account
which would show his receipts from the
firm in 1888 and 1884. The old contract
book which Mr.. Ward had been shown.
and in regard to which he testified, was
then shown to Mr.. Fish, who recognized
it, saying that most of the entries were
made by himself or Mr.. Ward. He could
not remember whether he had ever in
quired as to the prices of corn and grain
or not, but he thought he never had, be-
cause they were mostly future deliveries.
TRANSPORTATION NOT CONSIDERED.
He had never troubled himself as to how
Grant AZ Ward We're to transport to the
West corn, oats or provisions that the
contracts called for. lie thought that
Mr.. Ward paid freight. Mr.. Fish said
that the bank surplus he used to take up
old standing claims for the benefit of the
Marine Bank. Indian contracts were
large, and the profits were prOpOrtionately
large. He UrdprSfOOd he catd fbot tho
government had ordered provisions and
was willing to pay a higher price for
them. A bundle of checks drawn by Grant
d Ward, and indorsed by james d. Fish,
from January Is, 1888, to March 6, 1884,
amounting to $490,973, was placed in evil
dence. Mr.. Fish gave his testimony in a
low tone of voice and appeared to be self
possessed. He exhibited some confusion,
however, when questioned in regard to
the nrnfitS derived frnn tho MN frn nfc