New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-10-15
WARD, FISH AND S. H. GRANT.
THE MARINE BANK AND CITY FUNDS.

TESTIMONY BEFORE Mr.. GIBBs's COMMITTEE
WARD TO BIZ Of THE STAND TO-DAY.
The Gibbs Committee was engaged yestedrd%ay l N
investigating the transactions of Ferdinand ward
and the Marine Bank with the city Willie g HAST
ings Graut was Controller. ..s.,...
Richard A. Storrs Deputy Collector, testlhed snat
MIR Grant was Controller from August 20, ioco'
until December 10, 1884. His suretles were reIa-
nand Ward James ID. Fish, and Police Justice
Charles Mn0 Ward rs bad
lions with the city by the purchase OF revenue
bonds. These were all issued 10 ANTICIPATION u
the payment of taxes. The Controller Is required
10 deposit the current recepsOf the city IN various
banks and trust companies Designated as Tue de-
positones of city moneys When MT UTaht Decalno
deposit in the Marine Bank $24 900 of the citys
moneys These deposits were gradually lncrcaeed
Marine Bank had the largest deposits of all OF the
city banks These were continually Increased I'M
April "a 1Ss4 only wa tsn days day msrae
Bank had 81 5000 of the ctys money: me
Marine Bank was steadily preferred by Coniroier
Grant Overthe other repositories It's deposlt uiins
the interval mentioned was always the hlghest.
This was shown by a comparison OF the dcpoS, ,s
from week TO week. Controller "rai ~
gradually reduced the that Of TSe Mane
Rank. On Nav 5. 1884, tho day of the banks
failure there was $1,000,000 of the, city's money
on deposit there During this time j. Nelson zap
nan was the City Chamberlain He and James d.
Fish one of Mr.. Grants suretes. were directors Oh
the Marine Bank. Since the failure there mas oeen
n payment by the receiver of 20 per cent
O-Has any effort been made by any OF the oncers Oh
the city government to recover this money a. None
that know Of suppose that generally IL woulu oe e
duty OF the Corporation Counsel 10 protect
the city The deposits were made sonnet
the Marine Bank and sometimes by draft on the import
ers and Traders Hank which is generally the Dak IN
which the deposits first made. Not until ME- Diaht
was Controller money deposited ulrectS III a"'
other bank than the Importers and Traders.
Isaac s. Barrett. chief boekkeeper of the Finance
Department testified that he called the attention
of the Controller to the fact that the deposits III the
Marine Bank were much too large. he Controller
asked him why he thought so and he replled tbat
. the capital of the bank was only S2oO,OOU no
other bank had such an excess In comparison WIN
Its capital. , :: .Lo C;.,
II. w. Montgomery, bookkeeper IN the CITY
ChamherIaIn's office, testified that he had fire.
nnentlv received checks from Ferdinand Ward for
revenue bonds purchased by Ward. These checks
were drawn ON the Marine Bank. Grant d WARD
nurcrased revenue bonds worth over SS,6oO,Ooo
within a few mouths while Mr.. Grant wss Con-
trailer Mr. Montgomery identified letter re-
ceived from Ferdinand Ward three days before the
failure of Grant & Ward 1t read as follows:
Ihad talk with the Controller the bank balances
Yesterday and he said he perfectly agreeable to
ANYTHING the Chamberlain did. l am carrying some OF
tho bonds took Yesterday in the Marine Bank, ana
want Won II possible TO put hundred or Two hunuren
Thousand in the Marine Bank to-day till Monday, as
have sold lot OF bonds be delivered on Monday Let
me know what you can do
Senator Gibbs called on Ferdinand ward yester-
day at the Ludlow Street Jail, and as n result OF
this visit it is probable that Ward Will appear Pc
fore the committee to-day, and testify as TO his
transactions with city officials.