The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-30
THE EASTERN FAILURES.
Testimony ELECTED Yesterday at the Exam
ination of James ID. Fish.

Testimony ELECTED Yesterday at the Exam
inatiOn of James ID. Fish.
New YORK, May 29-In the Grant & Ward
inquiry, to-day, Mr. Fish, expresident of the
Marine Bank, testified that the contracts in the
passbook were numbered consecutively by
Ward. The witness kept separate record, but
the book was in the hands of Mr. Bangs. The
witness acknowledged that he had dealings in
alleged flour contracts. The notes which he dis
counted for Grant q Ward, he understood, were
in payment for purchases of -four for the United
States government He was given to under
stand that contracts were assigned to Grant &
Ward for them to fill through some person whom
they should designate. He had sometimes
asked to see these contracts, but Ward would
tell him they were confidential, and could not
be shown. The business of the firm of
Grant & Ward, he was told, could not be dis
closed to other members of the firm for pruden
tial reasons. Ward said publicity or discussion
of these contracts might iniure General Grant
and affect his prospects for nomination for the
presidency in the future. The profits derived
from the supposed contracts had averaged from
8 to 10 per cent month for the last year and
half. He had never insisted on knowing by
whose right the contracts were made. He had
been in the habit of discountng the notes of
Grant & Ward at per cent, and then having
them rediscounted at a much less rate On the
pass-book appeared the records of loans to vari-
Gus persons, most of them employees of the firm
of Grant & Ward, in sums of from $25, 900 to $50
000. Fish said he did notlend to these persons
personally, but on Wards responsibility the sums
so loaned were credited to the firm of Grant a.
Ward He supposed good collateral was 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 others, to whom the loans were ostensibly
made. He said he had never informed either
General Grant or U. S. Grant. jr., that he was
discounting their notes at s per cent. An
entry on November 10. 1888, showed a loan for
forty days, at 80 per cent discount; this, Mr..
Fish said, meant 80 per cent a year He
had sold notes of Grant 81 Ward at that rate to
Graves, dealer in cotton and president of the
st. Nicholas Bank At the rate at which they
were doing business, Fish said, they could afford
to discount at 30 per cent 1sfe usually
discounted notes at per cent, and
got other banks to discount them at 6
He might however, have taken some of the
notes at 80 per cent. and then had them redis-
counted at per cent. In regard to profits from
the business, Fish said in 1882 he drew from the
firm of Grant 6 Ward, as his share, about $780,
600; in 1888 he received $4,000 and in 1884
about $75, 600. Fish said the bank surplus he
used to take up old outstanding claims for ben
were very large and the profits were proportion
ately large. He understood, he said, the gov
ernment had ordered provisions and was willing
to pay higher prices for them.
A bundle of checks. drawn by Grant & Ward
and indorsed by James ID. Fish, from Jan. 15
1888, to March 6. 1884 amounting to $490973
was placed in evidence.