The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-03-29

prior to the date 1t bore. SchencK
exhibited the agreement for five hundred
shares, Park promising to give Schenck
two per cent q month on the shares while
they should be held by him, or take them
back at par. Subsequently, at Parks
request, Schenck agreed to reduction to
one and one-half per cent. Schenck had
given his note TO Park for 10000 pounds
for thirteen months. Schenck and the
other stockholders received one and one
half per cent month. At the
time he made this agreement there
had been no organization of the COM
pany. At the time of its execution there
was no suggestion that he should have
anything to do with the management OF
the company. Afterwards. however,
Park and Stewart thought Schenck ought
to be one CT the managers or directors OF
the proposed company. Schenck dis
sented from this but it was
urged that they wanted somebody
residing in London to protect
their interests. This seemed to be Il
plausible reason, but he still objected,
saying that he doubted the proprlety OF
his having anything to do with the man
agement while there in representative
capacity, unless he could be satisfied that
there were precedents OF the kind. If
this should be done, another condition
would have to be complied with. He
must know the names of all the directors,
as he had thus far heard the name of
only one person who had been asked or
agreed to become director. On the third
of November names OF such persons were
furnished him. He was not acquainted
with any of them, but he learned then
at a meeting they were members of Par
Lament and other gentlemen
in high positions. The prece-
dent of the foreign ministers holding
office in u joint stock company was
found in the minister from Protugal,
one of the oldest and most respected of
tn ediplomatic corps, who was president of
tramway company in Lisbon, the stock
of which was being put on the market
Mr.. Schenck had nothing to do with
the preparation of the prospectus
of the Emma Mine Company.
Mr. Schenck said when he
went into the business, he did not know
there was such a person rs Albert Grant,
not being acquainted in stock or financial
circles. ScheEck attended only two
meetings of the board on the 18th and
both OF November, having resigned in De-
cember. He never went near the Beard
of Directors or the company again. He
took no part in the management, except
giving proxy to vote against Gardners
scheme. He related how he and u
friend bought 500 shares, on open mar
ket, at $50 or e3l share, and arranged
with Jay Cooke, McCulloch y Co, to
carry the stock, putting up as margin
e2,OOO gained by the purchase and sale
of the previous shares. Eventually they
were sold 1T El4 per share. IL the sub
sequent part Of his statement Mr.. Schenck
calculated his losses in such speculation
sales ut 500, 900 or $4,000. OF the five
hundred shares he first obtained from
Park he sold twenty five to Mrs. Bates
receiving go share. He would have
sold the remaining shares but for the fact
that he had been so much abused and
criticised. This determined him to retain
the shares which ne now holds. In eX-
planning the settlement with Park be said
ne gave to him the Ej00 he received from
Mrs. Bates, and 1894 pounds in addition
There WAS credit of $500 pounds on n
note which he had given to Park, and
which u note had been returned to him.
This amount Schenck did not under
stand till his final settlement
with Park. 1t seemed that
Park had some arrangement
with Grant for the payment of the COM
mission on the shares, and Grant gave
Park the commission on the 500 shares
held by Schenck, of which, Park said
Schenck ought to have the benefit, as it
belonged to him. As to the payment
of the remaining Indebtedness to
Park, the latter told him that
he need not troublc himself
and he felt us safe without security as
he knew it weuld be paid.
Schenck then related how he paid the
remainder of the amount due to Park in
stocks, etc. Schenck then al
ludei to other matters o.:
less Importance in connection with
the Emma mine, aud read letter from
Sir Roundelle Palmer, in reference to II
law suit disproving the statements made
against him. As to Lyon, some of whose
statements he characterized as clumsy
lies. he didn't know he had ever seen him.
The committee adjourned till to-mor-
row, when Schenck will again appear.