National Republican. (Washington City (D.C.)) 1872-1888, 1884-05-30

ntIeNiNOI 10 % pfONlutu WIN nNli-IlNuNihs
and self. baiing life.boats Of the Dickinson pat
emit, aud that wherever the word "life-boat'
occurs in the statutes IL shall be held TO mean
boats Of this kind.
BATTING THE BANK PRESIDENTS
Trusting rIr. Fish Tells How Ward De-
ceived and Ruined Hlm-The Penn
Bank Failure Assuming Greater Pro-
portions-Prosldent n ddlo stiIl Sick.
NEW York, May 2e.--James ID. Fish, ex.
president Of tho Marine bank, in tho inquiry
to-day into the affairs OF the suspended firm
of Garnt & Ward, testified that the contracts
in the pass book were mum bered consecutively
by Mr. Ward. He kept q separate record but
the book was in the hands of Mr.. Bangs He
acknowledged that he had dealings in tho
alleged flour contracts, aud tho notes which
no discounted for Grant & Ward, no under
stood, were in payment for the purchase of
flour for the United States government. He
was given to understand that the contracts
were assigned TO Grant & Ward for them to
fill through some person whom they should
designate. Ho had sometimes asked to
see these contracts; but Mr.. Ward would toll
him they were confidential and could not be
shown. Tho business Of the firm of Grant &
Ward, he was told, could not DO disclosed to
the other members of tho firm for prudential
reasons. Mr.. Ward said that publicity or
discussion of these contracts might iniurc
Con. Grant aud affect his prospects for q
nomination for president In tho future. The
profits derived from the supposed contracts
had averaged from 8 to 10 per cent. month
for the last year and half. lie had never
IL "a L.. H..
contracts were made. He had been in tho
habit of discounting notes of Grant &
Ward at per cent. and then
having them rcdiscountod at a
much Less rate On the pass book appeared
the records Of loans to various persons, most
of them employees Of tho firm of Grant &
Ward, in sums of from $4,000 TO 10000.
Mr.. Fish said that he did not lend to these
persons personally, but on Mr.. Wards respon
sibility. and the sums so loaned were credited
to the firm of Grant & Ward. He supposed
that good collateral was given for tho loans.
The loans were made in this way, Mr.. Fish
said. because they looked better. He simply
took Mr.. Wards statement about Mr.. Mallory
and tho others to whom the loans were osten-
sibly made. He said he had never Informed
either Gen. Grant or U. s. Grant, jr., that he
was dscounting their notes at per cent. An
ontry of Nov. 10, 1888, showed loan for
forty days at 30 per cent. discount. This,
Mr.. Fish said, meant 30 per cent. year. Ho
had sold the notes of Grant Il Ward at that
rate to several persons among Others Arthur
b. Graves, q dealer in cotton and tho presi-
dent of the st. Nicholas bank. At the rate
at which they were doing business Mr.. Fish
said they could afford to discount at 30 per
cent. He usually discounted the notes at s
per cent, and got other banks to discount
them at per cent. He might, however, he
said, have taken some of the notes at 3 per
...I l. IL. IL .
per cent. In regard TO profits from the bus
mess, Mr.. Fish said that in 1882 he drew
from the firm of Grant g. Ward as his share
about 100000; in 1888 he received 100000
and in 1884 about $4,000. He was assured to
receive one-quarter of the profits in the
monthly statements furnished. He
had no regular account which would
show his receipts from tho
firm in 1SS3-'s4. The old contract book
which Ward had been shown, and in regard
to which he testified, was then shown to Mr..
Fish, who recognized it, and said that most of
the entries were made by himself or Mr.
Ward. He could not remember whether he
had ever inquired as to the prices Of corn and
grain or not, but didn't think he had because
they were mostly future deliveries. Neither
had he troubled himself as to how Grant &
Ward were to transport to the west the corn,
oats, or provisions that the contracts
called for He thought Ward paid
tho freight. Mr. Fish said tho bank
surplus he used to take up old outstanding
claims for the benefit of tho Marine bank,
Tho Indian contracts we're very large, and the
profits were proportionately large. He
understood, he said, that the government had
ordered the provisions and was willing to pay
a higher price for them. A bundle of checks
drawn by Grant & Ward and Endorsed by
James d. Fish, from JAM 10, 1888, to March
g. 1884, amounting to S490,073 WAS placed in
evidence. Mr.. Fish gave his testimony in q
low tone of voice and appeared to be self
possessed. Ho exhibited some confusion,
however, when questioned in regard to the
profits derived from tho contracts.