Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1884-05-23
GRANT g. WARD,
Extraordinary Einanciering - Bank
Tupt fer Two Years.


TuPt fer Two Years.
Mr. Ferdinand Ward pale, nervous and
emaciuted, was witness yesterday morning
says the New York Herald, before Referee
Hamilton Cole, in the action brought agains,
the firm of Grant & Ward by President
Fish's assignee, John u. Morris. Ward told
something of his style of operating, but his
memory was extremely defective in regard
to g'eat many points.
The first questions put by Lawyer Bangs
were US to the famous certificates that the
firm OF Grant & Ward was 10 the habit OF
issuing upon the receipt Of money. A
specimen certificate, dated 10 February,
1884, was produced which read as follows :
This is to certify that we have this day received
from Captain X. Spic T, Dr., So, sss whlnh we az
10 invest for him, and we agree to re urn him saiu
$S0,ooo May ls, 1854, together with $4,000 pront.
GRANT 4 WARD.
There was a large number OF papers OF
that description issued, Mr.. Ward continued.
Some OF them were false-that is, they did
not all represent the amount Of money
stated 1t would be impossible for him L
say to what extent they were true and tc
what extent false.
Zone or more OF the receipts given tC
Captain Spicer acknowledges the receipt Of
money from him to be invested for him ir
some contract; what was that contract p
questioned Mr.. Bangs.
There was no contract" answered Mr.
Ward.
What did those words mean In the re-
| ceipt, TO be invested in a contract p"
That's all they did mean"
They did not mean anything then p
mo, SIR"
"You did not invest in any contract ?"
mo, sir"
"What did you do with the money!"
1T went into the bank, that's all"
Among your deposits p
Eyes, sir"
Had you ever had any contracts personally
or as member OF your firm with the govern
ment Of the United States ?"
| "Net that | know Of"
ono contracts for anything?"
| mot that know or"
"Did you invest in any particular thin!
the money received from the parties t
whom You delivered these certificates ?"
| No, SIR"
| Upon all those transactions of yours wha
rate of interest or profit did you pay2"
| From my recollection | never paid les
than twenty per cent per MONTH"
| How much money has gone in tina
way?"
| 81 can't answer that"
| You have been served with an attach
ment by the sheriff, haven't you ?"
Il don't know responded Ward, wear
ly. II have been served with pretty muc
everything"
Wing ss.ade you pay such enormous re
turns for TIE IIse OF money!
That's hsri to tell"
"Well. hard 10 one serse, but not diff
cult. You must have had ssme reason fc
paying twenty per cent a month for the us
Of money. You were not making that prot
it, were you ?"
mo, sir"
You had no contracts, and did not spC
officially invest this money in any particula
way, but used it in the general business ?"
"Yes, sir"
Ga your own account p
Yes sir"
"And turned some of il over to Grant ,
Ward ?"
Used it in the general business in bot
accounts. | borrowed It from Peter to pa
Paul"
"The amonnt OF 1t il, you paid these lars
returns in the name OF profits, or interests
"r under whatever name you paid them, i
order to raise money to pay debs previous'
contracted 2"
ut depends upon what you mean h
debts"
well, in order to pay or retain til
money you had borrowed or received yo
were willing to contract to pay about twent
per cent month";"
YES, think that was it,"
You didn't do II FOR the fun OF the tbne