Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1885-10-15

first notable transaction detailed by Ward is
a story about Gen. J. B. Gordon, of Geor-
gia, who, Ward alleges, induced Grant &
Ward to buy the Belmont Coal Mining and
Railroad Companyin Alabama. The trans
action is summarized as follows:
''In a nutshell, Grant e. Ward buy the
mine from Gen. Gordon and others. They
issue 100000 of bonds and put the 100000
into the mine: They used the $lOO,O0o IN
paying the debts of the mine and in putting
it into working order. They issued 1000
shares of stock, 5000 of which are given to
Gen. Gordon and his friends as a bonus.
Gen. Gordon obtained loan at the Marine
Bank of $4,000 on the 5000 shares of the
stock. The Marine Bank repeatedly call
on General 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 & Ward are then compelled to take
the loan up from the Marine Bank, and
they do so and pay the $4,000. This gives
them the control Of the entire stock and
bonds of the mine. On March &, 1897, a
meeting of the directors of the company is
by Gordon as president is received and ac-
cepted, and the following board of directors
is elected: Gen. US. Grant, James d. Fish,
H. G. Otis, J. II. Work, Z. S. Grant, Jr.
and Ferdinand Ward. Mr.. Ward was elect
ed president and u. S. Grant, Jr., secreta-
ry. Mr.. Otis was instructed to make full
list of the Indebtedness of the mine up to
date, and also an estimate as to what the
mine would cost up to May l, 1882. Mr..
Otis was instructed to shut the mine
down with he exception of few necessa-
ry men until May l., 1882, and to pro-
cure ten new cars, new rails, sheds, &C.,
and thus it was that when the firm pur-
chased the mine Gen. Gordon said there
was not over fifty or sixty thousand dollars
Indebtedness on it, they had spent upto the
time the mine was shut down, some $780,
600, besides having assumed the debt of Gen.
Gordon to the Marine Bank as loan on
this stock which cost him nothing.
CAT the time the mine was purchased it
was decided to look for manager, and Mr..
u. S. Grant, Jr., suggested the name of Mr..
H. G.. Otis, friend of his, and as the mine
was considered one of the Grant invest
ments, Mr.. Otis was not opposed, and he be-
came the manager at regular salary. From
beginning to the end the mine was a
drain on the firm under his management
until the time when they found it was best
to close up rather than to sink any more
money in it. Since the failure of Grant d
Ward the mine has been sold to Mr.. Otis
lOI llle SuIl VI So,OUU. <AbN Ihuo ~ w e''
through the suggestion of Gen. Gordon to
Gen. Grant that the firm of Grant g. Ward
lost from S130,000 to S150,000. The mine
becoming worthless, it was decided that
each member of the firm should take up a
certain portion of this Indebtedness, and
they did so take up $4,000 of it by paying
SlS,750 apiece. The matter of S18,0 900 loan
ed to Gen. Gordon and afterwards taken up
by Grant & Ward was charged up to profit
and loss account in Grant & Wards office,
and appears on the statement Of November
80, 1882"
While Wards brother rogues have all de-
serted him, the Herald calls attention to the
fact that he has not explained how he came
to think of contracts" or at whose sug-
gestion he invented this felicitous excuse for
the alleged fabulous profits Of the concern.
AS the Herald says, it is bitterly disgrace
full story of unscrupulous greed which Ward
thus lays bare.
That Gen. Gordon, whose "financiering"
ability is we'll known in this section, and
some of whose "schemes" are still fresh in
the minds of our people, should figure in
Wards bogus, wildcat schemes is not sur
prising. Ward and Gordon are SUI generis,
though one is at large and the other is not