Evening star. [volume] (Washington, D.C.) 1854-1972, 1885-10-08


from thirty to fifty thousand dollars; that the
debt Of the company was some $4,000, and
that there was great demand for the coal. On
these representations the firm decided to take
the property on the following terms 1.-The
company was reorganized, Gen. Gordon retain
bonds se and $4,000 In stock the fSas asreemens
being that Gordon, Colauitt and Gordon's
brothers should have 5000 shares of the stock,
but that Grant & Ward should have control Of
the proxies, representing at least one-half of the
entire capital. Gen. Gordon and his friends re-
ceived the stock and made several payments
on account of the mine"
The sequel is thus told by Ward: "In a nut
she'll, Grant Ward buy the mine from Gen.
and put the $780, 900 into the mine. They
used the S1OO, 900 in paying the debts of the
nine nine and in putting 1t into working o order
which are given to Gen. Gordon and his friends
as bonus. Gen. Gordon obtained loan at
of the stock. The Marine bank repeatedly call
on Gen. Gordon for the principal of the loan,
and no attention is paid to the calls. Al the
Ward are then compelled to take the loan up
from the Marine bank, and they do SO and pay
of the
March 6, 1882, meeting Of the directors of the
company is held, and the asked for resignation
offered by Gordon as president is received and
accepted" Then, at the suggestion Of U.S..
Grant, jr., Mr.. H. G. Otis, friend OF the family.
Is made manager of the mine at regular
salary. Money is steadily sunk in the mine
under his management until finally, when the
firm had thus lost altogether between $4,000
and $15O,OOO, the mine was shut down. The
mine was afterwards sold to Otis for $4,000.
LOSSES IN THE WEST SHORE.
Ward also tells how friends of Gen. Grant,
among them Gen. Horace Porter and Gen.
Wfnslow, induced him to take 100000 in the
West Shore bonds and stock, on the assurance
that 'the calls on the subscription would be few
the case, however, and Ward thus tells what
followed: "The firm did pay the entire amount
and received 500 o6o Of the first mortgage
bonds and $1OO, OOOo of stock. Some time after
this IT was found necessary to issue certain ter
to take $50, 1000. This made $500 900 invested
by Grant d Ward In the West Shore Rail-
lost from $12O,OOO to $4,000"
WARDS FIRST FALSE STEP
In the early part of 1882 the various drains
On the firm became SO heavy that Ward, to
keep going, resorted to borrowing money at
high rates of interest, hoping that with more
active stock market to get even again. This
was in a corners Ward said. "The people held
profits, and wa. an Nous to retain the repata
ton had gained" Then is given copy Of the
account of y. $. Grant, jr., from April 30, 1883,
profits to be S575, 200. In addition to this as
q partner Of the Arm he drew out between
AND as aud Msy
and August, 1888. $50, 542.59, making grand
total OF cash profits drawn out S77O,424:
This" Ward said "he literally took out and
coulo have kept out had he so desired. THE items
in "Buck" Grants account are covered by re-
cipts, ETC., in Wards possession, showing that
from Buck" Grant to Ward is also given,
showing that the former knew of the contract
business.
GEN. GRANTS ACCOUNTS.
In answer to a question regarding the f1nan-
| cal status of Gen. Grant in the firm Ward said:
according to the books, the account as be-
tween Gen. Grant and the firm of Grant g.
Ward, of which he was a member, beginning
OH November 1, 1850, is as follows: He was
paid In cash, as his proportion OF the profits of
the firm of Grant & Ward, 6,45O.S9, in
addition to which he was paid by Ferdinand
Ward on various investments $50, 5000, aud
he prOfited also by losses on stocks assumed by
the Il firm during that period 10 the sum of
S24, Salts, showing q total OF $242,O19.57. In
explanation OF the last item 1t should be said
that Gen. Grants stock account, If closed on the
personal Investments OF S24, S47.7S, which was
assumed by Grant Ward"
''GovERNMENT CONTRACTS"
It has frequently been asserted that no men,
Der of the firm knew anything about govern
ment contracts, but that the firm purported to
be dealing in contracts is abundantly proved
by their books, and on page 260 of the ledger.
In the handwriting of the clerk, appears an ac-
count headed "Go o, men contracts" Mr..
saw the entries on the books, it not being his
habit TO examine the books OF the concern or to
Throughout his statement Ward only alludes
casually to these government contracts" and
always as If assuming that it was well under
stood they were blind.
The profits alleged to have been made by the
firm on CONTRACTS" between April, 1882, and
265; May. SIS, 525; June none; July, $3.50;
o ssas1 SIS 81; ln MsSs%Ss5 s.
February, $121,75O.39; March, SSS,5Ol "a:
April, SCI, 46s.44; May. si35,6s6.s3; June,
s4sss
s2O3 1867 81; November, SITS, 81: Deem
PsT January 1ss4
April, Sic, 3as. Is; showing total OF net prot,
its in two years and one month OFFS $50. S4S.92.
d. Fish from April lst, 1882, to August 4th,
1884, were 3,9O4, 700, but the profits repo. ted
to the entire ~, firm We're s2,55s,s4s9 80: The
for the use OF the money, and amounts TO
In the same way as that followed by his
brother, Ulysses S. Grant. jr., Col. Fred Dent
Grant, who was not, however, member of the
firm, put in from August ST. 18th, 1882 to April
y9u ,is r., ss,2Ss,77lss, the profits being
The relation of the Marine bank to the firm
Ward explains thus: "The Marine bank, It's
president and directors kept with Grant &
Ward q contract and profit account precisely
like that Of all the dealers with that extraordi-
nary firm. Their dealings began in the latter
part OF 1882 and continued down to the middle
of April 1854.
THE MYTHICAL GOVERNMENT CONTRACTS
The fact that the investors in the mythical
government contracts thought there was
something not quite correct about them is
shown by Ward In an account he gives of a trip
on the Erie road in November, 1888, on which
himself Gen. Grant, Mr.. Fish, Col. Grant,
Mayor Edison, ]. Nelson Tappan and others in
terested in these contracts" were along Ward
says: "At the time this trip was made Mr. Fish
had invested with Grant & Ward through the
Marine bank and others, some 81 600 900,
which he supposed was in government con-
tracts procured through the influence of General
Grant, and still, all through the trip he never
said a word to General Grant about them. Col
onel +. ID. Grant at that time had invested with
Grant & Ward some million and a half OF dol
lars in city and other contracts, which he sup
Mayor Edison and j. n. Tappan, and still he
never mentioned the fact to either of these gen.
tlemen throughout the trip" In this manner
Ward would seem to indicate that he was play.
ing Gen. Grants government contracts" off
against Chamberlain Tappan's "city con-
tracts"
Ward solemnly declares that of all the money
he paid Mr.. Warner he never got one cent for
himself as a commission or bonus, and that he
assigned his property to Warner after the fail
ure under 2 species Of corruption. OF the five
million dollars profits made by the firm during
Its existence, Ward gives detailed account,
showing to whom they went Among those
who received these moneys are the members of
the Grant family, Fish, Mayor Grace, J. Nelson
Tappan and Ward himself, who got $3.50, 81 6. Is,
Ward indicates that the money which Warner