New-York tribune., 1885-10-23
PRICE THREE CENTS
THE GRANT TRUST FUND.
TAKEN OUT OF GEORGE JoNEss HANDS.
UNITED STATES TRUST COMPANY TO GUARD THa
FUND EOR MRS. GRANT AND HER CMILDREN.


subscriber to the fund this circular Mr. Jones stated
that when the fund was created there was general &c
sire expressed that after General Grants death the fund
should be transferred to Mrs. Grant and asked that
those who could not attend the meeting should advise
him If they agreed to such disposition Of the fund, and
appoint to represent them. Mr. Jones received
responses from seveneghths Of the subscribers
senng to this disposition Of the fund.- and authorizing
Mr. Jones to represent them Mt the meeting.
Fortified with these proxies, which made bulky parcel,
Mr. Jores arrived Mr.. Hoyts office some time ahead
OF the hour set for the meeting o'clock, and talked
over the fund with Mr. Hoyt while other contributors
were gathering. Within few minutes after the APP
pointed time there were seated in Mr. H0yts ONCE
Jay Could Russell Sage. sidney Dillon. Salem III. Wales.
John III. Sherwood, William A. Wheelock, Richard III.
Hee, Jr. representing David Dows Il Co., Judge
Noah Davis, c. p. Huntington HowarI Carroll, General
Anson G. McCook and John T. Terry and Henry Day,
executors OF the Morgan estate.
single gas Jet hardly dispeled the gloom In the dngy
little Office sni cienty TO enable TO distinguish be-
tween the mlllonaires and the non-millionaires Mr.
Jones declined suggestion that he should act chair
man, and Mr.. Wales elected TO preside. lie
stated that the object OF tho meeting TO decide
what should lie done with the fund collected for the
benefit General Grant, and called upon Mr. Jones TO
submit report Mr. Jones spoke in such low, indistnct
tones in such rambling fashion that often his mean
ing was matter OF inference. His manner was in strik
ing contrast to that of the OF large affairs about him
who took part in the discussion
This meeting" he said " would have been called
earlier but thought best not TO call 1t until tho
had passed and the people hal returned home.
so that could get everybody present. he then
stated he had proxies representing seven-eghths OF
tie entire subscriptions but he presumed it would not
be necessary to read them
Mr. Gould-when subscribed to this fund 1t was with
the distinct understandings as / wrote MI.
that when S25o,ooo was raised it should be
the subscribers should be called together 10 decide how
the trust should be administered. Now | have never
tue proceedings that meeting read, have never
under stool how these trustees were a2pointed
was deposited in the United states Trust Company until
Morgan Mr.. Hoyt and myself 1 think you will hnd. Ind.
Mr.. GOudThe condition to the subscription WAS that
the money 10 be deposited with the United states
Trust Company and when the fund was full tue sub,
scribcrs TO be convened to decide the method OK
wrote TO suggest had never been invited to any
meeting for such purpose, that one be now called.
Mr. J0nes-We had already called the meeting peioro
your letter was received.
Mr. Gould-My agreement with you was positive be-
cause the OF tn trust were indefinite as 10 VINO
Mr Jones~iIerc's telegram have just got from Mr..
Mackay Letter just received. You act for me as you
best understood that after the death OF General
Grant the fund should go to Mrs Grant lie subscribed
Mr Jones read few other letters and kilograms from
subscribers asking him act in their stead Continuing
want to say that there has been good deal OF talk
made about this matter but the family have received
punctualy the payment OF interest first through Mr.
Ioyt and atterward through the estate OF Governor
Morgan There has Dceh no delault OF ~ ial 80
they been concerned, becanse We nave advaIco.
to thcm aud later the estate OF Governor Morgan VIII
make good the advances made.
Mr. GouId-IIave you not got account to present
Mr. Terry-I think it would be proper to state that
Governor MOrgaus estate was always ready to pay tEat
Mr. Jones-I did not mean that there should be any
misunderstanding as to that. ..o,,,, ., no,r ,h,.
money invested and the Income upon It
Mr. Jones-Yes. you told Inc at the time that it was as
| zoo A.
Mr. Goald-i never knew how it was invested
Mr.. JOnes-Oh, yes, you did.
Mr. Gould-I have never met You since sending you my
Mr. Jones-Yes, you have. hate to contradict you,
Srr. tiouId-wen. would like to know how the fund
Mr. Ioyt-After the fund collected together Cow
ernor Morgan, who one OF the committee OF three
who mad the matter charge, stcd that the money
ee Invested E certain bonds whi lac had to se-con.
soidated bonds OF the Wabash Railroad. Mr. jones ana
yseif objected to that security He then suggested
that invest it in what is called the conyertlole
| mortgage bonds OF that company. After making ln-
GurIes reported to Mr. Morgan that dli not think
that proper security 10 Invest this money IN
| Mr. Morgan said that he would guarantee the bonds.
and replied that II he would guarantee principal aud
all III. subscrIbers We paid him for the guarantee 2a
po cent. that purchased the bonds with his guar
Nv Goud-was that the entire fund
Mr. oyt-No, sir Il took some S-l",QoV 60 Pay b0r
W. were short 5000 We kept the rest as loan
on call for quite eGS o tm & Y tTTi tb "a ur o
Grant Ward General Grant did Dot allow II TO iccunu-
paid The S32 600 was invested in Nickel Plate lirss
| mortgage bonds. Up to the time the default
spons,6iiity Tor that part OF the Investment.
Mr. GoulG-What would these securities II SOLD to-"aY
M Hoyt-These Wabash bonds are quoted at 81 and
Mc GondEI hink it would be the graceful thiug for
these who have constituted themselves as such
to make good the take securities themselves
And If there is an reason why the trustees should not
DO 1t think the subscribers ought to make the tund
Mr. Joncs-I am sure should he happy TO he relieved
from all responsibility. Ihayc had enough ot ctleIshS
and aulthndng have given more tne @d atSen,on ~
to tue matter than could wei Afford ana tLs heethS
will take charge of it sha'l be glad
Mr. Day then made an explanation which cleared up
things considerably He said that Governor MJrSan's
estate had laid aside Slss 900 to guarantee payment OF
prncipal and interest these bonds a, per cent for
ten years the time the guarantee was Eade that
II was therefore morally certain that tho bonas were
good; that they constituted better paying invest
mert than Government securities at or
uer cent and that the excess above that Of
ordinary investments would at the end OF ten years
more than work down the premium OF F2s0oo Mr.
Gould expressed himself satisfied with tbs explanation
Mr. Dillon said that Spectator could take the tohus
to-day and make money on; oi them aud so far rs tue
Nickel Plato Investment concolned he dl not tnhS
that Mr. uoyt shouI be required make It gooi simply
because he had in good faith recomn ;nded IT, bat no
would prefer some ATTanSelnent Oy "m'h u"
contributors should share the guarantee
After some further discussion, part OF which was de-
voted considering how the fii- COMO pest pS PRIV
tectcd from the Grant Ward creditors IN all cohIn-
ccncics Judge Davis and Mr. Day got to work on q
resolution which should enbcdy the sense OF the hee
,ny The third attempt resulted as follows;
1JrJ eirst that the fund be placed IN the hands OF
trustees 10 pay the income TO Mrs Grant dnrlns her
tc and after her decease 70 the children oi GeheraI
.rar ,rin their respective lives and their deceaso
that the fund be distributed 10 their de-
.cendants jer STRIPES and n0t per cGpftd.
SrcyId That q committee OF two be appointed TO pro-
marc the trust deed and TO submit the terms OF the same
10 the donors ut a future meeting TO be eal rd. ,
JGird That the United States Trust Company he ap-
non ed as trustees aud that tho transfer u the lands
Low in the hands Mcssrs Jones aud oyt they be dis
charged from all further responsibility and ,iabr:ty
Fourth, That Judge Noah Davis aud Henry pay be ap-
pointed as the committee to prepare the trust deed
Mr. Dillon offered the resoution, Mr.. Gould seconded
-..,fn pfaH