Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-04-01

truth. and could only be made by
men who wilfully try to deceive ana
The report further states that during
1905, 1906, 1907, while my brother was gov
X. NJ. Grrnt & Company and bonds In
which Howard Stokes appears to have
had some interest were made. There
was not the slightest evidence that was
in any Way whatever a participant IN the
sales Of bonds made TO the school fHnd
during hat period. On the contrary, the
evidence showed that had no interest IN
the transactions of Mr.. Grant. 1t APP
peared that / had bought some bonds
which were subsequently, sold by others
to the school fund, but It also clearly ap,,
peare ] did not make the sales and had
II nothing to do with the sales either direct
ly or Indirectly. To distort these facts
so as to give color 10 the suggestion tnat
because / once owned the bonds my m
terest in them must have continued no
matter how many other parties had SUB
sequently owned them, and that therefore
probably there was some improperly on
the part of the trustees when they bought
these bonds of others, is q laboTious ana
far-fetched mental process only possible
to the minds accustomed to devious bust
ness methods themselves. The facts ars
that my brother and l agreed that !
should not sell bonds to the state funds
while he was governor; This agreement
was II ade not because | had not q right
to sell bonds 10 the State in open com,
petition with others nor because We reared
the criticisms Of c~lear-mlnded persons, put
because evil mined PERSONS might misln-
terpret such sales even though 1t should
be evident that such sales would have
been advantageous to the State. That
agreement between my brother and my
self was faithfully kept.
Statement Regarding Banks Untrue.
Referring to some transactions OF the
Merchants National Bank of Newark,
Which institution has for a number or
years bought bonds of me and which on
some occasions has subsequently
them to the State School Fund, the re-
states that 1T was not usual for banks TO
make repeated sales to the trustees. This
is another deliberate misstatement OF
facts. The reports of the State treasurer
show that a number of banks throughout
the State had from time to time sold
bonds to the trustees Of the school fund,
some of thea repeatedly.
Again, in spite of the clear evidence
that l mad no buthness relations with K.
M. Grant, III report states that during
the years 1908, 1903, 1910, purchases from
r. N. Grant & Company and from How
ard Stokes land frUm third parties II
bonds in which the committee believes
gated a large sum. The facts are that the
committee did not ask me a single ques-
ton regarding my transactions during
those years. The further facts are that
have the slightest interest in the sale OF
any bonds to the school fund except those
which | offered myself. | had no business
relations with third parties, notwIth-
standing what the committee believes"
Furthermore, there was not the slightest
evidence presented at any one OF the hear
lngS that during those years l had any
business relations with any of the bond
houses that sold bonds to the State school
Fund. The statement that the commit
tee believes that l had some interest in
the sale OF bonds other than that interest
which the records of the school trustees
show is another deliberate misstatement
wholly drawn from the Imagination OF the
member and could only have been made
for the purpos of creating a wrong i'm
preston in the minds of the public;
In regard to my transactions with the
mittee, or any member of it,, to show
that at any time bonds were bought OF
me by the school trustees for any other
reason than that they We're the cheapest
and hest ond In the list of offerings
| available for purchase by the trustees at
the time in question. | challenge them.
or one of them. TO show a single
transaction in which l had any interest
| either directly or indirectly in which the
Profit was excessive or in which there was
any loss to the school fund in any way
whatsoever.
Records Show Facts.
THE report of Il committee states that
IL "has been unable to find any satisfac-
tory explanation as to why SO many sales
were effected by myself. The commit
tee further states that I were one Of the e
| ldISt5L i Al thV AOhAttA 90 AZ
might be assumed | had more issues to
sell and naturally made the largest num-
Der Of sales My reply to this state.
ment is that there are public records OF
bonds purchase s and sales which are
| available to anybody who has aD honest
| desire to know all OF the truth. Those
re- ords show the following facts in re-
| gard to the purchases and sales of bopds
in New Jersey: .
Ffrst-During the years 1~s06-1910, both
Inclusive, L bought and sold over % per
cent of all of the issues of school bonds
bought or sold by bond dealers In the State
of New Jersey. During those years !
issues of New Jer ,ey school bonds as any
other bord dealer in New York, and with
two exceptions I bought and sold more
issues tnan any other four houses COM
| bined; and among those four | includ, the
house of FarSon, Leach & Company and
It's two successors, 20 which the commit.
tee particularly refers as o large bond
melt 10 the sale of school bonds issued
by the smaller municipalities land as a
general thing the school trustees buy the
bonds of smaller municipalities) the rec
ords show that / bought and sold nearly
une-third of all the issues pf this class
of bonds II the Dtate of New Jersey
which were sold to bankers md brokers.
These factsIre a sufficient explanation
/ of the purchf IS made by the school trus-
tees of bond which I owned.
A report that Is so obviously misleading
and so lacking In judicial temperament
could only have been made by those who
are inspired by malice or who are will
innuendo and inference drawn from hall
truths to conceal the whole truth and
who thus deliberately try to injure the
character or business of those to whom