Savannah morning news. [volume] (Savannah) 1868-1887, 1885-10-09
WARD PLAYS HISTORIAN.
THE AFFAIRS OF THE BROKEN
FIRM REVIEWED.
Purchase of the Belmont Coal Mine from


Purchase of the B eImODt Coal Mine from
Gen. Gordon and Gov. Colquitt-Tak-
ing up of the 5000 shares of Stock
which Gen. Gordon Left as Collateral.
WASHINGTON, Oct. S.-Ferdinand
Ward tells in the New York Herald the
history Of the firm of Grant a Ward. In
cldentaIly he tells the story of the firms
connection with the Belmont Coal and
Railroad Company, Of which Gen. joan
b. Gordon, of Georgia, was President.
Gen. Gordon was brought to the Office
some time in 1881 by Gen. Grant, who
said the former wanted to talk with Ward
on a matter Of business. Gen, Gordon
told Ward that he, eX-Gov. Colquitt, aud
others owned railroad and valuable
coal mine at Belmont, Ala, which they
could not develop owing TO financial en-
barrassments. Gen. Gordon said the
mine could be put in working order for
from $4,000 to $50, 600, that the debt Of the
company was some $4,000. and that there
was q great demand for the coal.
TERMS OF THE PURCHASE.
On these representations the firm de-
cided to take the property on the follow
lied, Gen. Gordon retaining the Presi-
dency. There were issued 500, ,00Oin bonds,
and 100000 in stock, the agreement beng
that Gen. Gordon, Gov. COlquitt and Gen.
GordOn's brothers should have 1900
shares Of the stock but that Grant and
Ward should have control of the proxies,
representing at least one-half OF the en-
tire capital. Gen. Gordon and his friends
received the stock and made several pay
meuts on account of the mine."
The sequel is thus told by Ward sin
a nutshell Grant and Ward buy the mine
from Gen. Gordon and others. They is
sue 100000 in bonds and put the 100000
into the mine. They used the $780, 900 in
paying the debts of the mine, and in put
ting IT into working order. They issued
1000 shares Of stock, 5000 Of which were
given to Gen. Gordon and his friends as a
bonus.
GEN. GoRDON's LOAN.
Gen. Gordon obtained loan at the Ma
rine bank of $lS, 600 on the 5000 shares OF
the stock. The Marine bank repeatedly
called on Gen. Gordon for the principal of
the loan, and no attention is paid to the
calls. At the importantly Of Mr.. Fish the
firm of Grant S Ward are then compelled
to take the loan up from the Marine Bank
and they do 80 and pay the $4,000. This
and bonds of the mine. On March 6, 1889,
a meeting of the directors OF the company
is held and the asked-for resignation offer
ed by Gordon as president is received and
accepted.
Then, at the suggestion Of U. S. Grant,
Jr.. Mr. IL. G. Otis, a friend of the family,
is made manager of the niue at a regular
salary. Money is steadily sunk in the
mine under his management until finally,
when the firm had thus lost altogether be-
tween $l30,000 and S150,000, the mine was
shut down. The mine was afterwards sold
to Mr.. Otis for $1,000.
BUTLER MAHONE'S CASE.
The case of Butler Malone, the Sena-
tors son, charged with assault on a col
ored waiter at Welcker's last winter. was
called in the criminal court to-day. The
counsel for the government stated that
the water assaulted, who was the chief
witness for the prosecution, had asked
that the case be nolle prosecuted, stating
that Butler Malone had paid him $50 and
promised him $75 more if the case should
be dropped. He had then disappeared.
Mr.. MahOne's counsel said ne knew moth
ing OF all this, but that he wished a con-
tinuance until December, in order to get
the testimony OF Senator Jones. The
court granted the continuance.
TO VISIT MISS CLEVELAND.
Mrs. and Miss Folsom. Of Albany, will
visit President Cleveland's sister at the
White House.