The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1884-05-30
GRANT d WARD.
Fish, the Ex.Presidest OF the Marine Bank,
Tells what He Knows.

By telegraph 10 the III patcn.i
NEW York, Nav 29.-James ID. Fish, eX-
president OF the Marine Bank, in the in
quirv to-day into the affairs OF the sus-
pended firm Of Grant & Ward, testified
that the contracts in the pass-book were
numbered consecutively by Ward. He
kent a separate record. but the book was
in the hands of Counsel Bangs. He
acknowledged that he had dealings in the
alleged -four contracts, and the notes which
be discounted Tor Grant d Ward he under
stood were in payment for -four purchased
for the United States Government. lie
was given to understand that the contracts
were assigned TO Grant & Ward for them
10 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 e Ward, he was told, could not be
disclosed TO other members OF the firm for
prudential reasons. Ward said that pub
iicity or discussion OF these contracts might
njure General Grant and affect his pros
poets for nomination for President In the
future. The profits derived from sup
posed contracts had averaged from 10 III
per cent. a month for the last year aud
half. He had never insisted upon know
ing by whose right the contracts were
made. He had been in the habit OF as
counting the notes OF Grant d Ward at D
per cent. and then have them rediscount-
ed at much less rate. On the pass-book
appeared records OF loans to various per-
sons, most OF them employees OF the iirm OF
Grant & Ward. ia sums OF from $4,000 to
$4,000. Fish said that he did not lend
TO these persons personally, but on
Wards responsibility. and the sums
so loaned were credited TO the hrm
OF Grant & Ward. He supposed
that good collateral was given for loans.
Loans were made in this way, Fish SAID,
because they looked better. He simply
| took Wards statement about Mallory and
others TO whom loans were ostensibiy
made. He said he had never informed
either General Grant or u. ). Grant, Jr..
that he was discounting their notes at s
/ per cent. An entry OF November Is. 1883,
| showed n loan for forty days at 30 per
cent. discount. This, Fish said, meant 30
per cent. per wear. He had sold notes OF
Grant & Ward at that rate to several per-
sons--amopo others Arthur II. Graves,
dealer in cotton, and president OF the st.
Nicholas Bank. At the rate at which they
u
were doing business, Fish said, they could
afford to discount at 80 per cent. He
usually discounted notes at 8 per cent,
and got other banks to discount them at
per cent. He might, however, he said, have
taken some Of the notes at 80 per cent.
and then had them rediscounted at per
cent. In regard to the profits from the
business, Fish said that in 1882 he drew
from Nh. Arm of Grant Il Ward us his
share about 100000; IN 1883 be received
$500, 900, and In 1884 about $4,000. He
was assumed to receive one quarter Of the
profits In monthly statements furnished
He had no regular account which would
show his receipts from the firm In 1883 ant
1884.
The old contract-book which Ward had
been shown, and in regard to which b
testified, was then shown TO Fish, who
i recognized II, and said that most Of thu
entries were made by himself Or Ward
4 He could not remember whether be ha<
ever inquired As to tbs prices Of corn AMI