Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-03-29

promising TO give Schenck two per cent.
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-a-hslf per cent. Scksnck had given
his note to Park for e1e, 600 for thirteen
months, and Schenck, and the other
stockholders received ona-and- a-half per
cent. month. At the Airne he made
this agreement there had been no or
ganizRtion Of the company, and at the
time Of its execution there was no sug-
gestion whatever that he should have
anything to do with the management OF
the company. Aiterward, however,
Park and Stewart thought Schenck
ought to be one of the managers or d.
rectors of the propoeed company.
Schenck disssnted from this, but it was
urged that they wanted somebody So
journing in Lor don to protect their in
tefeste. This seemed to be q plausible
reason, but he still objected, saying he
doubted thelpropEiety OF having anything
10 do with The management while In his
present active capacity, unless he could
be satisfied there we're precedents of this
kind. II this shoiild be done, another
condition would have to be complied
with: he must know the names Of all
the directors. as he had this far heard
the maine OF only one person who had
been asked or agreed TO become q di-
rector. On the third Of November the
names OF such persons were furnished
him. He was not acquainted with any
Of them, but he learned that there were
among them members OF parliament and
other gentlemen in high position. The
precedent of the foreign minister hold
ing office in q jOint-stOck company was
found in the minister from Portugal,
one Of the oldest and most respected Of
the diplomatic corps, who was president
of tramway cOmrany in Lisbon, the
stock OF which was icing put on the
market. Scbenck had nothing to do
with the preparation Of the prospectus
Of the Emma company. S,henck said
that when he went into the business he
did not know tha. there was such per-
son as Albert Grant, he not being &C.
quainted in stock or financial cirs
cles. ScheDck attended only two
meetings OF the board, on the twenty
eighth and thirlieth of November. Hav-
ing resigne1i in December, he never went
near the board Of directors or company
again. He took 10 part in the manage
IucuI Vi Luo COiAp61A 6aCcpg SlNlbE
proxy to vote against G4rdneT's scheme.
He related how he aud friend bought
500 shares in open market at $50 or E3l
a share, and arranged with Jay Cooke,
M'Culloch & Co. to carry that stock,
putting as margin $4,000 gained by the
purchase and sal5 of previous shares.
Eventually the lares were sold at Gl4
per share. In a subsequent part of his
OF fopoar1t n Iaporol HynhnVniy laI1Iofad
his losses in such sIeculstiOps at $50, GOO
or $50, 900. OF 500 shares that he origi-
nalIy obtained from the Park, he sold
25 shares to Mrs. Bates, receiving e20 a |
share. He would have sold the remain
ing shares but for the fact that he had
been so much abused and criticised.
This determined him to retain his
shares, which he now has. In explain
ing the settlement with Park, ScheDck
said that he gave to him the $500 he
received from Mrs. Bates, and 1854 in
addition. There was q credit of G25O0
on the note which he had given to Park,
and which note had been returned to
him. Schenck q d not understand this
till his final settlement with Park. 1t
seemed Park made sOme arrangement
with Grant for the payment Of the COM
mission to him on the shares, and that
Grant gave Park q commission on the
five hundred shares held by Schenck, Of
which Park said Schenek ought to have
the benefit, as it belonged to him, AS
to the payment of the remaining in
debtedness to Park, the latter told him
he need not trouble himself, as he felt as
cafe without security as with it, as he
knew it would be paid. Schenck then
related how he paid Ehe remainder of
the amount due to PARK in stocks, etc.
Schenck then alluded to other matters
of less importance in connection with
the Emma mine, and read letter from
Sir ROUNDED Palmer, in reference to
lawsuit disproving the statements made
against him. AS to Lyon, some of
whose statements he characterized as
clumsy lies, he did 10! know he had
ever seen him.
The committee adjourned till to.mor-
row, when Schenck will again appear.