New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-11-15
GRANT AND WARDS PROFITS
THE SCHEMES OF THE GREAT fINANCIER.
WHAT WAS PUT INTO THE FIRM AND WHAT WAS
TAKEN OUT.

WHAT WAS PUT INTO THE FIRM AND WHAT WAS
TAKEN OUT.
Gsneral Hubbard set himself the interesting task
yesterday of showing that Ferdinand Ward began MS
HnaSsal career with nothing increased his capital 10
less han nothing by borrowing and remained In TINS
hopeless state only until the eatas'roIhe OF
Mas g. 1854. George L. Spencer, the former cashier
Of Grant & Ward, utilized for this purpose IN
Referee Coles Office, while Charles b. Alexander T.
w. Bangs Charles II. Butler and Mr. Horhblower
was he'd the process. From Wards books and other
s.g,~es afr Spencer drew the facts that Ward was
,rttiuc Al 200 year at the Pro auce Exchange when
he vas married and that he began borrowing money
in business operations borrowed from other sources to
nay his original debts, and went from slOwness TO
celebrity the robbng business uhul
he tuulbled Into the financial maelstrom whie1
swallowed Grant & Ward and the Marine Bank ana
everything else conveniently in reach. Mr. spencer
traced the famous -four put into Grant WARDS
original business as capital by General Grant VINO
belieycd in them and Ward. who knew better as wei
ss q Seligman check of $40, 600 as part OF 0eherai
Grants capital
Mr. Alexander asked the privilege OF having copies
of the exhibits which General Hubbard was putting IN
sent two men yesterday, said he. to the ONCE OF
the client of my brother HornDlower Mr. Dawes ana
they were refused access TO those eXhlDlts Vi WI l
wished COPIES in view of this examination MI
Uornblower thought that Mr. Alexander should ha 'e
the copies and was gwen that tnlS "Ouu NC
done. Mr.. Bangs examined some stars III re e Ihh
made by Ward on some OF the papers. Nv wiz can
these nieteurs" said Mr. Bangs James ~: flsn
marks were double ks. Summaries OF ara trans,
action. in the euise OF +. Ward, Craft n Ward and
Grant a. Warn special. were put in evidence lhese
mad been prepared by MIR. Spencer and Expert
Accountant Mallory. the deposits ana cheeks drawn
out in Wards account with the Marine bank from
October / 1870 TO June 80, 1880, showed pnrchase
of SO 256 and sale OF $685. IN Evening s!ar
stock margins deposited by l. ;. cram; .Jr;
sIO2 955 on which $50, l75 was drawn out $oo, ooo
deposited bv Fish, OF which $1,000 was drawn ONT
profits paid to Fish. S52443, and TO L. 3 Grant jT2
these nine months of Wards business looted up as
sleayng him worse off than when it began ny
Sl3l SO. This was before the finn OF Grant ward
Inc grand summary" of the deposits and checks OF
Grant & Ward their dealings WIN tne Marine n
Rank from July 80 1880 when the firm was formed;
nv j H ~ $1,000; Ly L. s c., Ir." Si,oll
capital per General Grant" SIS, 200 checks on
Belmont coal investment, SS4.493; Hepo'liS ny
Ward s., 3ol sos; checks drawn O4t by Ward yc1y
50 $50 977 checks draw out by l. D Grant 500
Is d. FISH $5423o dePo,o oy T. NJ GiS SIa,
stock Deposited $4,000, together with dividends OF
500 on it, 1be checks deposited IN Grant ~
Warmers account. s4o. 600 OF which S29.315 was
drawn out The total of the tran actions gave the
deposits us so, 5.0S3, the checks 0laWn oul aS
So O66 $751; the deposits in excess as SZ.3'SZHo;
the cbecks IN excess as $2,32l 0c3. difference OF
excess III de osIts excess III checks oil Soo[V@'
tNO-pagc /" sta ement OF fictitious PiOhts IlVih
july 1880 TO January /, 1888. showed suc'lhety
how flour had been thrown III the eyes oi cieduious
humanity how Evening Stars had shone Oh the way
TO Bankruptcy and how under the ven OF numbers
from / to 10. Government contracts III oats peas,
beans and barley had been means OF maAluG totu
prout OF 1913 375 according 10 tie " ara system OF
aIithmstical progressiOn Mr. Spencer was nearly
driven INTO FRENZY in bis Efforts 10 explain the books
10 MIR. Bangs After hours OF labor all the lawyers
were stricken with dismay by Referee oieS saving:
All these papers liable 20 be attacked a. To tuef
accuracy 1000 :.
Tne account OF the Trofts from January /, 1855 to
the crash made total OF - l23,3O VI TINS
S4s6. 557 was put to the credit OF j. ID. Flsb'
S4s5 p57 to Geners Grant. Sio49o1 to l. > Grani;
ir and the same sum to Wald. The account showed
that Fish drew out $40S S13 OF the prohts General
Grant S37 $50 L. S. Grant. jr., S3f 900, and Nalu
himself the same There was, therefore lGit 10
tie credit of Fish S77 9s3 and General Grant, L. >:
Grant ir and Ward, $44S.9O7 each. he total OF
the purely ncttious profits was S2.oO',|ti from
January l. 1883. TO May, 1884, with S52s0o
Legitimate" profits, making "A total OF fZ.lZ5oZt
pronls which with $l79.667 expenses lett profit OF
81 943 $50 10 be divided. The expenses were made
up of interest on loans. lssses stock and ONCE
expenses ". s. Warner appeared to have put IN
St. 1877 500 and to have taken out 80 ofooi.
leaving an Ostensibe profit OF ~ ,39o3ol. lie he!I
aduitioral claims Tor 81, 100000 on contracts 10
mature after Nav. 1854.