Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1884-12-29
WHAT TIE GENERALS SON SAYS.

His Testimony as to the Peculiar Business
Methods of Grant s. Ward.
New YORK, December 2S.-U. S. Grant,
jr., was placed under examination before
Referee Hamilton Cole, yesterday in the
suit brought by Senator James B. Chafee
to recover securities valued at 100000, al-
legged to have been left on deposit with the
defendants firm OF Grant & Ward Young
Grant said he became partner in the firm
on July 1880, and pat into its business
100000.
In the IAN Vi 1882, he was about to start
for Europe with his bride, the daughter OF
Senator Cbatfee, when he was compelled to
borrow $40, 600 from his father-in-law, which
money he deposited with Ward. BE never
saw 1t sgaln,
when / returned home in the fall Of
1888" continued the witness, ~ found
that the firms affairs, as conducted in my
absence by Ward, made il impossible to re.
fund Senator Cbafiee the $4,000, and. /
was on the other hand persuaded by Ward
to borrow another 100000 from the Sem
ator as an individual loan. Ward got this
money. j gave my father in-law only q
verbal agreement to repay him in six
months from the date of the loan in each
case / gave him ne receipt. / had knowl
edge that my father-in,law had $500, 900 in
United States four per cent bonds and
$l25,O00 in
West Virginia Central and Pittsburgh
Railroad Bonds.
Ward explained to me how much better it
would be to use the money of our friends
instead of giving strangers the profits of our
business. Iaccordingly induced the Sena-
tor to entrust these securities with the firm
of Grant & Ward for the purpose Of borrow
ing money on them. The securities
were legally transferred to me, and l turned
them over personally to Ward. ! supposed
that Ward was worth at least 81 500, 900,
and implicitly believed his statements re-
garding his methods of business. My father
In.law was to get one-half of the profits &C
cruinp from his loans. and he was to give
me in turn one-half Of his share"
"Wbat money did you receive from
Ward9' asked Col George Bliss, who con-
ducted the examination.
Every little replied Grant. "Ward gave
me for all the many thousands | placed in
his hands
slips Of Paper In the Mature OF Receipts,
payable at cerisin date. When this date
arrived another slip Of paper from Ward,
which / was directed to present to Spencer,
the cashier Spencer, however, gave me no
money, but only creditedeo me on the books
tie principal with the profits. The result
was that when the firm collapsed, i reck-
oned that was worth about 81 100000 on
paper. Just before he''failure of the Marine
Bank Ward prevailed upon me to ask my
father, General Grant, to raise $1,000 to
tide the bank over the trouble. Neither my
father nor myself had the money ready, and
the General drove to the residence Of William
II. Vanderbilt at night and laid the case be-
fore him. Mr.. Vanderbilt
Handed MY Father q Check
for this amount, with the words, 4 lend tbs
10 you. General II Is . mat
ter of no moment to me
whether the Marine Bank fails or not /
gave Mr.. Vanderbilt on the next day
check for $l58,00o, drawn on the Marine
Bank by the firm Of Grast i Ward, bot
owing to my neglect to have the check GER
tilted it was nos Immediately presented for
payment. The bank failed, and my fsther
had TO pay the money 10 Mr.. Vanderbilt I
went 10 the Safe Deposit Company after
Ward had disappeared, and as 0 menber
Of the 6rm bad the safe opened The se-
curitiss were then counted By Messrs. La
roeqne and Ekins" The case was ad-
innrned 10 .Ianrkry ID.