New-York tribune., 1876-05-06
PARK AND THE EMMA MINE.

, c,oss-ry ANIMATION or T!aiNoR W. PAlG-iiiS
cr.P,xTeR or TIE VALUE or iiE MlNE-p's-
,np.,pANcR or RESERVE ORE MENTIONED IN
rrr peosPRCTUs-AN ENoEMots bEflCihNOf'
f,,,, The REGULAR CoRRbsfoNENi 3" 'hh i'''. 80"
" NJ ,,,,,,roS Nav 5.-Tno nves cation OF tho
r-a,.'a Mine scandal has t.Sen very WI"e range
trarcbing of upon subjects that were note
,,ersI and not only covering the entire history
from, IFS discovt y to the present day. put
Va .-y tIor silver mines III the Little COTTONWOOD
where il is situated as well as the theories ana
e@.;.n+ures of miners and mining experts IN iega'u
% "a, ,resent value OF the property, ana the Pio'
,sct Of finding ore IN it in the future.
,,Iile the records of the Committee have oeeh
,Ir,d mn with this great mass of irre.N NJ tes'i
r,o,v tbe report which viii be made to 'A7 Iio"So
viii probably ignore it altogether and cy''ii"9 !"
discussion 10 the simple question Wie'uI W U0r'
scbenck. While holding the position OF "'i'l li','
Minister 10 gland, did a censuIaoie "o' "l'o"
gave his nalosand official sahction ~ 49,
,neculation 1y becoming one OF inc uii' " wv
Emma Nine. On this point there Is iiiotS C,il'
division If opinion among tue w. V,a, i,
,,;ttce and the expression ot IL VIII po ENv" ''
-. 80 1ain that even Gen. Grant, with all MS
1a,oss and disregard for public OPINION VIII un-
,..ood them and see the necessity of selecting
- now man to fiji the English mission during
fbe next ten months.
At no time during the investigation mas the exact
character of the Emma Mine swindie been brought
mt in so strong light and the true character OF the
whole transaction, including Gen. Schencks connec-
hon with it, been shown as IN Mr.. Abram ;. Hewltts
cross-examination of TrenOr w. Park about week
sco The Press reports of this part of the inquiry
were so imperfect not to say UNFAIR that hrlei re-
,amtulation of it is necessary.
No one who has watched the Investigation care
hot tla
was sold in England on the strength of Gen.
sebeuck's name Albert Grant has testified that he
would not sign the contract with Mr. Park to become
the promoter of the scheme until he was assured that
Zen Scbencl would consent to become director m
the COMPANY Mr.. Park denies that Albert Grant
made any such conditions, but admits that the
arrangement with Gen. Schencl was made before
tine execution of the contract in question: The fol-
lowing is his testimony this point, the questions
being asked by Mr. Hewitt:
n ND vnu ask Cen schenck to become director bo
fore or after the contract was signed VIA nr,ut a
am not certain The contract was mao Win AiUt i
Grant Ave or SIX days DelQrc II wac s e.
venng days between the making OF 'ne EetI , SU,'l % ~
and The time when it was reduced 10 "iUhU an" 'N0
ruted that spoke to Gen. schencs. , q, Con
O. Dd Albert Grant ask you TO make ce tan tnst "TI H.
schenCk should lie Stocknoldr or oIee'or poi"e o
would sign the contract A. No oir. - OIL
q. lie made no condition OF tiat sorti A. No. sI sI
O. Was Il understood between yol that ''.i scaench
vCnld become stOckhoder director before lhe cor
tract was sieuedl A. think 80: The contract Wa was
signed the "a OF November, and before th5i, hhf,
Gsn. Schenck had consented 70 become director, u
everything satisfactory ihe contract was sshcu
on tlit 2i /. but Il was closed before.
O. Did you show Albert Grant any evidence or the lacV
that YOU had clOset with Gen Schencki A. NO, slF'
O. bid you tell Inn yoi had closed with him a. |
told hnn that Gen. henck had consented 10 become
o That was before the contract was scnedl A. Yes
think before the controct was slsnei because
made. bui We had acted under il aud had executed
other papers in The mean ule'
H. 4 n .4..,fs fsf.llr
had assurances from Mr.. Park that Gen. Schcnck
was to be a director before he signed the contract.
lie has sand that he would not have signed it with
out such assurances Nr. Park eaun,t, of course,
say that he would although he does say that they
had acted under the contract before its signature
II has been admitted by Mr.. Park, because he
could not escape IT, that provision was inserted in
his contract with Albert Grant that the latter should
if necessary "rig" the London market between the
time that the prospectus of the Company was issued
and the allotment of the shares. The following is
Mr. Parks testimony on that point
O. BY Mr.. Hewitt-Attached TO this Chr contracO an
pears memorandum. which Will read; 10 v
hereby further declared that the yendcs auth"rlze
ar Sra1s as Grant e co. @ay think S" it desirable to
purchase; and all the shares so purchased shali
that Tie vnders shall rot be Liable provide orany
premium; under that clause did Grant co. putenas
Tor the wonders between that time and the publication Oi
the prosrectusi A. Yes SIR in the open market o
O. IDdpf
about 5 600 sharesl a. Yes, Sir. ,,-...
@ Do you consider that you were bong Fde a,ottee
MOI an allJtee OF any shares purchaser them IN the
open marAet, or Grant & Co. did.
@ Were those particular shares allotted 10 your a.
Thdi do not know.
O. They were charged to youi A. They were charged
O. None ever went ont that not allotted A. Yes,
ali went on the allotment. . -, ,
O. When the prospectus announced that thoSe slafes
were allotted to bona rite subscribers lr aiioees
and you buying IN the open market itOh peopie
6fsUOs HfO
ously to meet your purchase, do think that that was
bona fde trausactionf A. Certainlyi IL is tde only
way YOU could transact any stock business there. -
q That NAV be- and it may be that IL Is al corrupt aud
vicious; suppose yon had been ,he purchaser OF The
whole 5000 would that have been bona Hte sale of
that property to the public A. Ycs IL was bona Hde
and every share of Il rad for pare ased lhe same
as INTO the market after the allotment ana iur-
chased; but il necessarily small sale IL Is the
question of morals that comes up on Wallst every
day as TO whether man can sell wAat ne has hOt sot oI
whether another can buy what be knows the seller LAS
nor got there may be some question OF mat klnd IN
stock business there Furthermore, every person who
subseribes for any in England understands tha
@ If YOU had under the contract with Grant Co.. be,
come Tie purchaser Of the $4,000 shares as you hgd o
back rom the public in the open market
that Grant Co.. .d os You, BAD bought back the whole
23.OO0, would not the result Of tins ira sacuon nave
been IN exactly the attitude Ia regard 10 the prop
cry !hat you were IN before you made the contract WIN
Y Turn 10 the prospectus let me cali your attention
to the following clause The directors, however. re-
selection Of aOttees the number Of Shares Ia be al
oid 10 each person their desire being pace the shares
10 lhe hands OF bona Gde investors" DO you consider
that the contract with Grant Co entirely consist
ent WIN declaration TO tine public nat this stock was TO
DC pi& ed tie hands of bona pde inyesiorsf A. Yes
Il yJl had bought the whole OF II under TINS ar
Sngeent, could you still have so consldcredi a NO.
OH; thai ls the they strike out the slags, as
uey are called that the bona de investors shall have
sne ssoeS allotted 10 them that Is discretion arrays
reserved III every prospectus that have seen III oinc