New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-04-07
MIR. FISH CROSS-EXAMINED.
POINTED QUESTIONS BY MR.. ROOT.

POINTED QUESTIONS 81 MIL hooA'
soMn THINGS THAT THE Ex-PREsIDENT FOUND
HARD TO ANswER-HIs TEMPER RUFFLED
The cross-examination of James d. Fish was re.
eumed Yesterday in the United States Clrcult
Court. District-Attorney Root first asked MN
about his check-books with the Marine NatlonaI
Bank and the Manhattan Company for the layer Tsa
part of 1888 and the early part Oh 1921. , dn
entries in the books showed the receipt anu uo
post IN the other bank OF the large p.oh u;
from S25 900 to $43 600 month PAID 10 MI h r 9n
in the last few months of the existence OF INC h'
OF Grant g. Ward.
Mr.. Root-pid YOU suppose that your firm in March;
1884. profits of which S25.s77 90 was
Mr. Root viii now read you the figures and II lam am
correct mo- In the last SIX on % Of The
firms profits S2s,o0l 3D. in ISL Si0953 ~ 1879
7SS IN IN the ' wear Ir from Apr lss April
$4l6.70s ~ besides city contracts Si2ioo o. c c
In all for that last year. Si5ss67 60 is tha'
Mr. RoSt"so that altogether you received some $780,
OOO-as one-fourth profit in the business OF orau'
Wardi Al presume the figures are correct
The examination then proceeded as to the entries
on Mr.. FisRs Contract book" in which he ana
Ward kept account of loans and pIonts Old 1no
separate columns for profits ana iut Sr
interest to the bank" and profits TO tne ore:t
together were really all interest for the use OF to
money ON the loans. Ii amounted to 40 OF 90 per
cent year for the of the money on the coh1iacD
loans. The amount paid on discount was U Va p''
cent.
Mr. Root-what was the rate of interest for money az
banks in the latter part of 1888 and the early part OF
1884 on good collateral good commercial paperf A.
1t varied . -. D., q ,oor
Q-Coud not money be obtained In that way Tor per
cent or less Z Avery likely it could o.
Q-Do You to that your firm. being as you sr
believed In good credit. paid April 10, 1854 80 per
cent for a loan from the Marine Bankl Ayes, ,ir' ~
QAnd yon considered these s as aid sae loans Us any
Q.-Now, Mr.. Fish, what was the reason thst az Tue
same time the bank was receiving not more uiin i
cent for money of the firm, and on loans on col
lateral which you believed to be good was receaE
teres was high enough compensate the oahk lor 'e
of the the discounts but on the loans osr
large, it seemed as II the Oahh ouSnV
TO receive some extra amount
Mr.. Root showed by questioning that Mr. Fish
himself discounted some of Grant aud WARDS nS'es
at per cent and redlscounted them at the BANK AZ
@ or per cent. He gave as an explanation that NC
thought he was entitled to the extra per cent Ds
he was compelled 10 keep Dalance III luc paHh
to meet these discounts.
Odd you not think that these loans were made on
such security as the firm OF Grant waia cpuo h
borrowed money elsewhere at per cent? A-Notlh
o.~You considered the securities good Al did.
Mr. Fish finally acknowledged that discounts
and loans were made at 6 or per cent when the
money was not to be used on the supposed con-
tracts but that the contract loans We're at higher
rates. When pushed TO explain the cause OF the
distinction the witness SAID
There were two three One was that Grant
Ward could afford to pay large amounts because inc
business was profitable and the bank wanted to receive
the amount Again because the contracts were tnc pass
Of the security with our confidence III Grant q Naru
Mr. Fish said that when the sums paid in
for the use of money he directed Mr.. Daboll to
credit the regular interest and place the rest 10 tue
credit of other accounts
O-Why did you not credit the full amounts inter
est Ave thought it would look better ON the hooks
of The bank to have the amounts entered 10 the cred Oh
o.~Wouid look better to the Bank Examineri A
Q-What do you consider to be the purpose of keeping
the books of bank 40 show its condition. ,.,.
bafkf Ayes, and Its condition.
Q.-NOw here is payment which you say was virtually
all for ute
ana So $50 as payment ON an alleged loan 10 smith
loan Alt was paid when MIR. Dabol credited it. The
loan never would have been paid otherwise.
O.-The money the banks own money. Do you
understand that loan due to the bank was paid when
the banks own money had been PAID IN a, A,Idne
not paid as far as those who owed the loan
0.OThen is that a true eDtryi Ayes. sir.
by that entry the debit of Smith Ripley appeared
S. $50 less than before though as matter OF fact IL was
iconsider it so.
Mr.. Fish testified that sometimes Ward was al
low ed to send the securities at later date than the
loans.
Q-Isnt customary to have the collaeras deposited
at The time loans are made A-Iou VIII have TO ask
banker of more experience thar have had
Mr. Root then asked about the Armadale Water
Company and Wyandotte Water ompany lands,
on winch loans were made after they had been en-
tered as securities. but not deposited on other other
whom ne characterized several times as very
correct yOung man." had spoken to him about the
matter but he did not know that any action was
taken.
Odd you not keep an exact account of these loans
I'm the so-called :" contract book" Ayes, sir.
O-And when your attention called to the fact that
yonr own partner for the benefit of your own firm was
swindng the bank in this manner YOU do not remember
that yOu did any thing about 1t Al do not remember
Mr. Flsi's temper and readiness Were gone long
before the examination for the day was over lie
answered many of the questions by irrelevant re-
marks and had TO be pressed for direct answers.
The ar angeInent by which Ward kept some of the
collateral securities the loans the subject of
much inquiry until finally the witness admitted
that some of the loans were made on collateral
which was to be left " on call with the firm.
O.-Then understand that there loans IA cal
on the strength of securities which were also on call
Now did call those securities Ayes, those
or Others About two before the failure called
for additional securities
The witness did not remember that he had called
for securities before that time that he had called
for the specific securities named on the loan
enye.Opes. II he crOss-exaninatlOn was not
finished when the court adjourned for the day.