The Portland daily press., 1885-03-28
THE MARINE BANK.
Continuation of the Trial of Ex-
President Fish.
Gen. Grants Story Of His Connection
with the Firm Of Grant & Ward.

NEW YORK, March 27.-The trial of ex-
President Fish was continued today in the
United States Circuit Court. Defendant testi-
fed that it had been the common practice in
New York for bank officials to be interested In
business outside their respective banks, and
accommodations were extended such firms in
the way OF loans and discounts. Mr.. Green,
who was vice president of the Marine bank,
introduced w ard to Fish in 1876. Ward mar
ried the daughter of Green. Ward told wit
ness he had opportunities to make money by
buying certificates of membership in the pro-
duce exchange and selling them afterwards to
prospective members. He would buy certih-
Gates for 5000 or more and sell them at an ad-
vance of $50, $40 or $50. Witness lent Ward
money from time to time to buy certificates,
and at very short intervals he would make ac-
countings of the profits. Fish then testified
that Ward introduced q. s. Grant, Jr., to
him and the firm of Grant & Ward was
formed in 1880. Fish contributed 100000,
and / understood Messrs. Ward & Grant did
the same. Letters from Ward to Fish were
submitted in which the writer expressed a
desire to continue buying government con-
tracts in which there was SO much money, and
spoke OF the influence possessed by the
Grants.
Gen. Grants evidence was next read, after
which the court adjourned until Monday.
Gen. Grants testimony is substantially as
follows: never knew / was more than a
special partner in the firm of Grant & Ward to
the end. paid into the firm 100000 on May
1, 1884, and then supposed l was worth nearly
million dollars. The General was questioned
regarding certain correspondence between
himself, Ward and Fish but could not give
any positive replies. Some letters which be
remembered having received had, he thought,
been returned to Ward. l might state here,
Gen. Grant said, although I don't know
whether it would have any effect or not, that
at the time / went in the firm / had q very
small income but | had some money my son
had saved for me while / was abroad, some
money had left, and which he had so man
aged that had saved some OF it and he pro-
posed to let me nave half Of his interest in the
firm SO would have an income to live upon
and there was afterwsrd aa income raised for
me, and after that the firm generously con-
cluded to let me in half partner and then
afterward as whole partner, special not gen.
eral, and generously as 1 thought at the time.
Mr.. Root in cross-examining the general
asked: Didn't you observe in the letter which
you received from Fish, and which letter has
been identified by you and marked for identi-
fcatioD. "a. being the letter first shown you
and which is entirely in your hand writing,
was In answer to, any reference to government
contracts?'
Al did not find anything of that sort, or I
should have stopped. But as matter OF fact
l may never have seen that letter. Ward
may Just simply have given me a statement OF
the contents of that letter when at his office.
Q-What did you understand to be the re-
latlons of the firm of Grant & Ward to the
Marine bank?
A--Well. knew Ward was a director there
and seemed to have great deal to do with it,
but 1 never suspected there being anything
wrong about it,
Odd you, at any time, know or UNDER
stand that the firm OF Grant q Ward had en-
gagged in government contracts or in furnishing
money to be used in carrying out government
contracts?
Al never knew of but one contract, and
that was where he said there was transaction
OF that kind, and / questioned him about it
and he said he had just been out and bought
$4,000 bushels of oats, 1 think it was, and
there was quite large quantity more to be
purchased in Chicago to be delivered. He told
me the date when it was to be delivered, and
that the contractor had not the money to do it
with, and that he was doing that for a certain
amount, stipulated amount, but the contract
was to other parties; and / said / did not see
that there was anything the matter with that.
The man had contract from the government
Tor quantity OF oats, and oats was an article
that could be purchased very easily in the Chi
cago market, and said did not see anything
wrong in that as we had no contract After
wards began to hear,-and that wasn't long
before the failure-whispers around that he
was saying he had government contracts, and
questioned him about it, and he said he had
no such thing. He said he would not do any
thing that was going to iDiure me, or anything
requested him not to, and he said he had no
contracts anywhere. and never had contract
of any kind with the government of the Unit
ed States or with the city of New York.
Q-Did j as. ID. Fish ever ask you any ques-
tion about government contracts?
A-No, Sir; am very sure he never did.
know if he had asked me should have re-
pudiated them and said it coald not be pos
sible.
Gen. Grant states further that Fish never
consulted him regarding the business of the
firm. The General drew ont of the firm $1,000
month during 1888. He put everything he
had in the concern and left his share of the
profits there, and he never got them out. The
limit of the money he drew from the firm
Gen. Grant said. was $4,000 monthly in 1888,
and $4,000 monthly in 1884, up to the failure
of the firm. Everything he had in the world,
he said, was lost by this failure. Ward came
to him Sunday night before the failure and
asked him to borrow $150,000 from Vanderbilt
to carry the Marine Bank over, stating that
Grant & Ward had over $4,000 of it's credit
In the Marine Bank and $1,300,000 of securi-
ties 10 the vaults of the firm. Gen. Grant did
borrow this money and that took all the rest of
his property. 1t was proposed to keep the Ma
rine Bank from failure as the firm would be
ineonvenienced should the bank suspend.
Ward did not tell the General that the firm
owed thes bank 81. 300, 600, having overdrawn
its account to that extent. and on an examina-
tion of the books nf the firm by Gen. Grant
everything appeared to be all right. Ward as
sured him the Marine Bank was all right If it
had time to draw in few time loans.