The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1884-05-30
Grant Sc Ward.

New York, 29.-In the Grant &
Ward enquiry ta-day, Fish, ex~
president of the Marine bank, testi-
fed that contracts in pass book
were numbered eonsecutiveIy by
Ward, and witt ess Kept separate
record, but the book was in the
hands or Mr.. Bangs. Witness ac-
knowledged he had dealings in al
legged -four ntrac g; notes which
he discounted for Grant 81 Ward he
understood were in payment for
purchase Of -four for the Unitei
States Government. He was gi7sn
TO unde stand the contracts were
assigned to Grant 81 Ward for
them to fill through some person
whom they should designate. He
had sometimes asked 10 see these
contracts, but Ward would tell him
they were confidential and clu'd
not be shown. The business of tbs
firm of Grant & Wars, he was told,
could not be disclosed to other MEM
bers OF the firm for prudential rea.
SONS. Ward ssid pabIicity or dis
cussion Of these contracts migot in.
jure General Grant and affect his
prospects for nomination for Presi-
dent in the future. The profits de
r we'd from the supposed contracts
had averaged from to 10 per cent.
"a month for the last year
and half. He had never insisted
upon knowing by whose right the
contracts were made. He had been
in the habit of discounting the no:
OF Grant 81 Ward at nine per cent,
and then having them redisc0unted
at much less rate. On the pass
book appeared records of loans to
various persons, most of them em<
ployes OF the firm of Grant 81 Ward. |
in sums from $4,000 to S5OO,OOO. |
Fish said he did not lend to this |
firm personally but on Wsrd's re
sronsibiiity, and sums so loaned |
were credite 10 the firm of Grant
& Ward. He supposed good co!N
lateral was given for the
loans. Loans were ma5e iii
this way, Fish said because
they looked better. He simply said
to Wards statement about Mallory
and others, to whom loans were
ostensibly made, he had never in
formed either General Grant or u. |
5 Grant, Jr., he was discounting
lhese notes at per cent. An entry
If November Is, 1882, showed loan !
or forty days at 80 per cent. dis.
count. This, Fish said, meant so
per cent. per year. He had sold
notes Of Grant & Ward at that rate
o several persons, among others,
Arthur B Graves, dea'er in COM
non, and President Of the st.
Nicholas bank, at the rate which
hey were doing business I ish said
hey could aft I'D to discount at 80
'er cent; he actually discounted
totes at S per cent, and got other
'anks to discount them at 6 per
ent.; lie might however, have
AIKEN some notes at 80 per cent, and
hen had them rediscOunted at s
'er cent. In regard to profit from
ho business Fish said in 1882, he
rev from the firm Of Grant 81
Yard, as his share, about 100000;
q 1889 he received $500, 600, and in
SS4 about SIS, 900. Fish said for I
be banks surplus, he used to take
p old outstanding claims for the
eDefit of the Marine bank. Indian q
ontracts were very large, and pro- f
ts were proportionately large. He U
nderstcod, he said. that Govern
ad ordered provisions, and was
-illiug to pay a higher price for
lem. a bundle OF cheeks drawn
? Grant & Ward, and endorsed by ri
as. D. Fish, from Jarua y 18th, r.
$50 10 March 9Th, 1884 amounting F
$500. S73, was placed in evidence. d