New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-23

., VAN, that II he could learn Of the internal ar
fangewens could command stge he were will
Or a aynlee the Internal arrangements referred 10 ne
could command millions, TO Bingham thousands dssa as
with The Government that would not be exponent os
% 70 s That wsra .aSd show him
Of the alleged contracts with the United states IAN
pSspstiSu Whatever saying that he advised by his
counsel upon that subject For tne as
two Of sStss tc the alleged business Of the
ing contracts Of the Government and found that ne n
had no such contracts and that the statements ef warn
in respect thereto false and known by him TO De
false at the time they were made ON the 9th OF MAY AZ
ton put by him respect to the alleged purchase 81
claims of contractors Of the Government said that e ns
never OF the firm that he was mol e
tain but believed that Ward was seoundrei; tna'
ment contract business apparently myth anu hao
40 foundation IN fact A.. ~u, o,o, Aor,o,n d.
noses seT Ss on Ss morning Of NAY the following
from Ward was receiver at bis fathers house falling
any SfAG acton aaffA IN relation to matters
to send sewon down me. have important IN
We can DO much than you think but ~, We aoS St;a
don't know how i VIII come OUT; no" oo1 , la " "'
sswel see me before you do anything yours F. WARD
Tn to this note he called Ward at his house
information mystertously referred TO- &c.. u,u,.ro r
Ulysses Grant IT, Ulysses "SeS m Snas. OF the nm
OF Grant Ward are also made deiendah's IN the SUI"
WHAT GRANT s. WARDS CREDITORS SAY.
THE LOANS SECURED By AMPLE CoLLATERAL-No
LOSSES LOOKED FOR.
The waning interest in the affairs OF Grant
& Ward the tockbrokeragc firm which promised large
profits from Its contract pool revived yesterday by
the publication of from the firms books II was
shown by that the firm had been large borrower
of money collateral security and also that the charges
of rehypohecatOn OF stocks and bonds were true even
beyond the limits in previous statements Nearly
every prominent bank and trust company besides
many private lenders, was included In the hsV
and apparently q creditor OF the urn. Inc
statement was prepared only few days bctoro
the failure and II purpOrts TO show the loans OF tho
firm at that time. Some OF these loans had since been
paid chiefly by of the securities which had been
nssed by Ward All OF them supported by eollaerais
which officers OF institutions regarded and still regard
as ample security 1t could not be learned that any one
of the lenders not fully protected against loss Many
OF them have received notices from the owners OF the
securities that they been rehypohecated and that
the loans will be paid by the owners If not BY the su
pended nrm.
Henry b. HYDE president OF the Equitable Life Assrr
ance Society was called on by TRIBUNE reporter with
reference the compsny's loans to Grant Ward MI
HYDE furnished the following statement:
Mr. Henry b. Hyde, president of the Equitable Lie AS
surance Society, states that they have no loans with
Grant 4 Ward, except which Is made on the promls-
sorry notes OF the Erie Railroad Company secured by
double the amount OF Chicago and Atlantic mortgage
bonds which abundany safe for the fu amount OF
fhe loan The Erie Railroad Company have notified the
Society that they will pay the loans when they mature
which within the next sixty days. All previous loans
duly paid.
MI yde added in conversation that the amount or the
loan was S2JOO00. II made up OF different amounts
Eehr and
second mortgage issue OF the Chicago and Allan
uo. The notes fall due In June and July, but
the average amount will not mature until the begin
ming OF JUN Mr. Hyde said that h. considered the Eqa-
bic Company amply secured and when the loans were
made there the least suspicion OF the real condition
o, Grant 4 Ward When asked whether. in the light
OF developments, the company would have con'
cred the loans well secured Mr. Hyde replied; IAN,
that's aNiGcrent matter That is question cannot an
swer" subsequently Mr. Hyde said speaking generally
of the published statement OF Grant Wards loans
"Alter>igat il always better than foresight. We
have been in the midst of panic aud is dhcut to Dor
fow money, even on Government bonds. Prices nave
been knocked down onethrd from what they were when
these loans were made"
IA Garland the Stock Exchange member of the First
National Bank stated that the loans OF the bank were
correctly given in Wards statement. The loan made
on April i of $4,000 500 shares ON Austin and Texas
Central stock was a personal one to Colone
Frederick d. Grant Mr. Garland said that the bank con
sdered Itself amply secured, ana niu SOU huHc U! VIE
collatera,s held to secure the loans
The secretary Of the American Loan and trust CON
pany stated that loan it had made to Grant Wart on
Nav s. lss3. OF $4,000 $4,000 Of Buffalo, New
York and philadelphia general mortgage bonds had been
paid Of a few days after II was made. The company lad
had no transaction with the hrn since that time.
FS Winston president OF the Mutual Life Insurance
Company sent out word to TRIBUNE reporter that ne
must beg TO excused and that the balance lcf, IN
pad by Grant Il Ward was small a to be Of no in
terest to the public
>The cashier OF the American Exchange National 8anl
when asked as 10 loans to Grant ward declined Il
snswer.
General Louis Fitzgerald. president of the Mercantile
Trust Company, said that the company had no out
standing loans with Grant Ward.
President Baldwin OF the Fourth National Bank sale
that all ITS loans TO Ward had been paid and tina
The firm did the bank cent The last loan
he SAID. had been paid some time ago
Thomas Hi house. Presd mt of the Metropolitan rrus
Company reported similar condition OF affairs All tn'
loans which the company had ever made to Grant d
Ward Ia been paid General HilhOu5e suggested tina
come Of the newspapers had faleu into serious mis-
take I'm stating that the loans according Grant
Wards books were complete loss Al
of them, far as he had observed
were !red by ample cOilatfTdiS'
Pre- ident Cox of the Mechanics National Bank sai1
that all s loans to the firm had been paid with the eK
ception OF one Of $4,000, which was secured by col
lateral Of the market value Of $4,000
The Continental National Bank has time loan of$l25.
600 for which it has ample security. The officers OF the
bank said that in addition 10 the security in the loan n
hank had been served with notice from the owners
the collateral that the loan would be taken up at ma
turity.
John A. Stewart, president of the United States Trus
Company, said that tae total amount o
loans made 10 Grant Ward now melt
by the company about s2jO000 For this there was
he said ample security besides the promise OF the owner
oft 10 pay the loan Mr. stewart remarked the absudil
the criticism that of the banks had been imprd
dent Ia loauing nearly the full value on the reYenu