The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1884-05-31

NEW YORK, May ZJ.-ln b Grant
4 Ward inquiry to-day, Fish, ex-
President of the Marine bank, testi.
fled the contracts in the pass book
we're numbered co%nsecutively by
Ward. Witness Kept q separate
record, but the book was in the hands
of Mr.. Bangs. Witness acknowl-
edged he had dealings in the alleged
flour contracts, the notes of which he
discounted tor Grant T. Ward. He
understood they were on payment
o the purchase of tiour for the
United States Government. He was
given to understand the contracts
were assigned TO Grant & Ward for
them to fill through some person
whom they should designate. He
had sometimes asked t. see these
contracts, but Ward would tell him
they were confidential aud could not
be shown. The business of the firm
OF Grant & Ward, he was told, could
not be disclosed to other members of
the firm, for prudential reasons.
Ward said the publicity or discussion
of these contracts might iDjure Gen.
Grant and affect his prospects for
nomination for President in the fu-
ture. The profits derived from the
supposed contracts had averaged
from eight to ten per cent. each
month for the last year and a half.
He had never insisted on knowing
by whose right the contracts were
made. He had been in the habit of
~discounting notes for Grant 4 Ward
at nine per cent. and then having
them rediscOunted at a much less
rate. On the pass book appeared
records of loans to Various persons,
most of them employees Of the firm
OF Grant & Wari, in sums from $685.
600 to ST., 600. Fish said he did not
lend to these persons personally, but
on Wards responsibility. and the
sums so loaned were credited to the
firm of Grant & Ward. He sup
posed good collateral wa, given for
the loans The loans were made in
this way, Fish SAID. because they
looked better. He simply took
Wards statement about Mallory and
Otie . to " HON loans were Ostensi-
bly, maue. he said he had never in
formed either General Grant or e. s.
Grant, Jr., that he was discOunting
thier notes at eight per cent. An en-.
try of November Is, 1883, showed
q loan for tolty days ut 80 per cent.
discount. Tuis, Fish said, meant
80 per cent. a year. He had sold
notes of Grant & Ward at that rate to
several persons, among others Arthur
B. Graves, President of the st.
Nicholas baLk. At the rate which
they we're doing business, Fish said.
they could afford to discount at 80
per cent. He actually discounted at
s per cent. and got other banks at 6
per cent. He might have taken
some OF the notes at 80 per cent. aud
then had them rediscounted at s per
cent. In regard to the profits from
the business, Fish said, in 's2 he drew
from the firm of Grant & Ward. as
his share, about 500. 900; in '83 he
received $500, QUO; in "a about $780,
OCO. Fish said with the banks sur
plus he used to take up old Outstand-
ing claims for the benefit Of the
Marine bank. The Indian contracts
we're very large and the profits q
proportionateIy large. He under
stood, he said, that the Government
had ordered provisions aud was
to pay u higher price for
them.
A bundle of checks drawn ty
Grant & Ward and endorsed by Jas.
d. Fish, from January Is, '83, to
6, "a, amounting to $3.50, 87S,
was placed in evidence.