The Magnolia gazette. [volume] (Magnolia, Miss.) 1872-current, 1885-04-03
THE MARINE BANK.


the stand, and was examined as to the re-
lations between the bank and the firm of
Grant & Ward. He said that he first
met Ferdinand Ward in 1876. He
was introduced by Wards father
in-law, Mr.. Green, Vice-President
of the bank. Ward told Fish
he was young man OF limited acquaint-
ance and small capital, but ambitious to
succeed in business, and he solicited
Fsh's advice. At the same time Ward
through acquaintances to speculate prof
itably in certificates of membership in the
Produce Exchange, buying them for 1920
and selling them at from $3.50 to
$3.50 each. Fish lent Ward money
from time to time to carry
on these speculations, and he afterward
got Fish to 60 into various schemes.
Ward atterward got acquainted with u.
S. Grant, jr., and introduced Fish to him.
The firm of Grant s. Ward was formed in
1880. Grant, Ward and Fish each sup
posably contributed 100000 to the
capital. After this Ward wrote to Fish.
The letters were read in evidence. In
them Ward assures Fish that
he has secured Government
contracts and expects to get
larger ones. The letters almost invaria-
bly, suggest that Fish send certain
amounts to aid in working up these in
vestments. Ward also sent Fish each
month statement of profits and check
for Fish's share, ranging from few hun
6c 70, Nor ,f hn 1atfa
are personal, and speak OF Wards sue.
cess, which he attributes to Fish's giving
him start. He calls Fish his second
father.
On March I'd, 1882, Ward wrote: "The
general contract business progresses
well, or the papers will give us flts.''
| Referring TO large grain contract he
| had taken he writes: "We may not be in
| favor long, so take these orders when
| | can get them. There is to be q large
order in April, which Imay try for if you
| say SO. Now word as to the
| General. If some of these fellows dowr
there Gin Washington who opposed the
bill for his retiremenD should get WIND
| OF our having these contracts they will
use it as tool to defeat the bill, SO am
very careful, and have cautioned Smith
against saying anything. AS long as W.
keep quiet and do this business In out
side names, and in quiet way, the Gen
eral will stick by u.s."
After recess the deposition recent,
made by General Grant was put in evi
dence. In answer to questions put b,
counsel for Mr.. Fish, General Grant, &C
cording to the deposition, said:
81 am informed that was partner il
the firm of Grant & Ward at the time th
failure took place. never knew that
was anything else than a special partner
have dim recollection of receiving
letter from Mr.. Fish about July, 1882, an
of answering that had a good deal L
do that day; that it was doubtful
when could go and see him, but that
believed the matters his firm were ell
gagged in were all right. The letter c
which photographs were published 1
not believe was the letter l answered.
don't suppose l ever saw the one that wa
published. suppose Mr.. Ward took ver
good pains that | should not have it.
have searched for the letter l did receive
but am unable to find it. haye not bee
in the habit of preserving private letters.
The General was shown another of III
letters purporting to be written /
him. He said the body
the letter was obviously not written
him. He did not remember the letter q
all, and could not identify the signatur
as his, though he was not able to say
was forgery. He frequently signe
letters when very busy for Mr.. Wol
and Mr.. Ward and others connecte
with his companies without readir
them. He might have signed this bl
without knowing it's contents.
mi, fir,N IAd N,,i
to the Identification of the letters. TT
| General then made brief statement
the effect that at the time he wei
, into the firm he had a very small i
come, but had some money that his sc
: had managed and added to for hi
while he was abroad, and at his son
l suggestion he went into the firm al
J was to have half his sons share
. live on. There was afterward
t income raised for him, and after that t
firm generously concluded to let him
, as a special partner, as he understoo
3 On cross-examination General Ora
8 positively denied that the letter fro
| Fish (the reply to which has been phoi
: graphed) contained any reference
Government contracts. He, had te
Y Ward, when Government contracts we
= mentioned, that there must never be a
r engaged in. He had been President
: the United States, and did not think
suitable for him to have his name &C
nected with Government contrac
He knew there was no large pl
ft in them except by dishon,
a measures. He never knew
$ but one Government contract held by
IS firm, and Ward told him that consist
simply in buying $4,000 bushels of o,
"a on the Chicago market. He saw nothi
wrong in it. Afterward he heard rum(
~ that the firm had Government contrac
le aud questioned Ward about it, but Ws
IN denied it, and said that he would do no
S. ing to iniure the General. Afterwa
a. Ward, when pushed, explained that
firm simply lent money to contractors.
% General Grant further testified that
r did not draw out his alleged enormt
Id profits, but let them lie, except sm
,e amount and his $25,000 or $4,000
to month. He lost everything he had in
+ world by the failure. The night bef
lie the failure Ward told him they had o
m 100000 in securities, and asked him
8. get $150,000 from Mr.. Vanderb
c. which he did, borrowing it !
r. sonally. Ward told him the {
nd was in danger because of
u critical condition of the Marine Ba
es which held $3.50, 900 of the firms mon
n Mr.. Fish never warned him of overdra
s. aud he did not know that Fish was r.
lie ing money for the firm on discounts Il
after the failure.