New-York tribune., 1876-03-24

SwINDLE-LYON BEARS THE ENGLISH MARKET
FOR HIS PRIVATE EMOLUMEET-BARON GRANT
"RIGsn II IN OPPOSITION TO HIM-GEN. sCHENCK
MADE OUT AN INJURED MAN.
IBr TELEGRAPH 70 Tns rRIBUEEl
WASHINGTON, March 23.-!Three points
very forciby brought out during the ex-
animation of ex-senator Stewart to-day by
the House Committee Foreign Affairs.
The first of these that very bitter quar-
rel has within the past year or two arisen
between Mr.. Stewart and Mr.. Park the ono side,
and Mr.. Lyon and Mr.. Johnson on the other. This
quarrel so far colors and modifies the testimony
which each may give in regard TO his dealings with
the other as to make it advisable to receive all their
testimony with a good many grains of allowance.
The second point. which was sklfully developed by
the cross-questioning of Mr.. Hewitt of New-iork,
was the admission that an agreement was entered
into between Mr.. Park and Mr. Stewart, represent
ing the venders of the Emma Mine, and Baron Al
bert Grant the promoter of the enterprise, that
Grant should rig the English stock market if it
was necessary, between the time that the
stock was offered for sale and settling day.
when allotments TO be made.
The third point referred to relates TO the
time when Gen. Schenck first became acquainted
with the scheme of Messr. Park ami Stewart to sell
the Emma Mine. and the date at which it was first
suggested that he should be given opportunity to
purchase some shares of stock.
Mr. LYON and Mr. Johnson, in their testimony
taken by the Committee two three weeks ago, left
a very decided impression that the action of Mr..
Park and Mr. Stewart i'll connection with the sale of
the Emma Mine was anything except straightfor-
ward and honorable. Mr.. johnson repeated the
alleged conversation which he had with Mr. Stewart
soon after the arrival of the latter in London in
IL 4, 4 t.Ffl 10 pff
mine was fully discussed, and the entire character
of the enterprise explained Many of the details of
this conversation Mr.. Stewart to-day denied in the
most emphatic terms. He said that he had been
warned IN advance that Mr. Johnson was an unsafe
man 10 talk with in regard To business affairs and
hat he was therefore particularly careful TO avoid
giving him any definite information to their plans
He also produced numerous letters ana ttiegiaihs
written by Mr. Lyon In 1872, to prove that Lyon at
that t,me was "shortD of stock of the Emma
Mine. and was doing everything in his power
70 shake the confidence Of the English public in IT
in short that lie was bear" and that his object
and that of Mr. Johnson was far from being disiI-
terested one. One letter in particular, written by
Mr. Lyon in June, 1872. to a friend at Salt Lake
CITY. was read by Mr.. Stewart to the Committee,
and seemed to show that while Mr. Lyon at that
lime felt that he had been badly treated by Mr..
even with them but to make some money himself by
"bearingD stock Of the Emma Mine. He seemed
then very anxious that suits should be brought by
adverse claimants on which he might base his op-
erat0ns
In regard to rigging" the English market during
the time that subscriptions being received for
Emma stock several important facts came out Ill
Mr. Stewart's evidence. Ii seems that in the con-
tract made by Mr. Stewart and Mr.. Park with Albert
Grant no copy of which has yet been obtained by
the Committee, there is an agreement that baron
Grant himself should if necessary, purchase III 'ie
market before settling day 800 shares OF Stock III
order TO prevent the bears from depressing the price
helow mar The terms on which the stock was
offered were that if the whole amount was sub
,cribed for within given time then it should he
allotted by the Board of Directors. IL subscriptions
fell short OF So 800 00O then the 10 per cent PAID
in by the Subscribers was to be returned TO them.
Mr. Stewart said that it was customary in
London as soon the stock was placed on
tAe market for the bears to Jump upon it,"
and 10 sell great number of shares
which they never Owned for the purpose OF
breaking it down. The arrangement with Albert
Grant Wa, to prevent sUch operation az this from
succeeding At the sane time he admitted that at
eitlng day. If it should have appeared that Albert
Grant the promoter of the scheme held o,Ooo or
10 900 shares they would not have been allotted to
him. At the meeting Of the directors at which tins
,Ubiect was discussed he heard il said that nnner-
ous hI 0hcrs Lad subscribed for shares but that they
would receive none 0f the stock. lie understood
;hat il was customary in London for the friends of any
entcrpylga. the sto K of which to be pla, ed on
,h. lncrkct TO make an agreement like that which
ne and Mr.. Park made with Albert Grant, for the
,nypose Of pr itecti & III Interested in it,.
Th. date W zen Gen Schenck first thought OF OBJ
timing some If the Emma stock, and also OF
becoming director, became very Important
,s uyGn its determination depends in a
large degree the measure OF lis responsibility
to Eugisn subscribers. Albert Grant, in a
statement made not long ago, said that
,be arrange aient with Gen. schenck not only
TO become the OHner OF stccH' put also
one of the directors had been made before he agreed
| 10 take hold of the enterprise. Gen. schehck MN
self, in his deposition made in England, fixes The
| time when he first heard OF the Emma Mine about
The last Of October the occasion being dinner at
! which Mr.. Stewart AMI Mr.. Eyarts present
| Ex-senator Stewart agrees with Gen. Schenck that
| the Emma Mine first mentioned to him ut that
dinner, but makes ile cate of the dinner nearly u
| month earlier than that gwen by Gen. Schenck. Mr..
Stewart also says chat to the Des. If his knowledge
| nothing was ever said TO Gen. Sch,nck about be-
coming a director If t.e Company until tne evening
| of the 2i of November after Mr. PARIS ncgotia-
| tions with Pulest0n of the finn of jay
! Cooke McCulloch Go. had failed. At
this time negotiations with Albert Grant Lad
already been completed. IL Mr. Stewards testimony
is correct then Alber, Grant agreed TO become pro-
moter Of the sch me before any arrangement had
been made with Gen Schenck, and 10 make it agree
with MIR. Grants stltenient Sir. Park must have