The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1876-03-27

euge tnat tne statement was true hut he
had never heard 1t disputed. In relation
10 the estimated amounts of ore that had
been taken out annually, as stated in
the same prospectus, witness thought that
was substantially correct. 1t fell short,
and Grant held himself liable. The pros.
pectus was drawn by some of the English
men themselves. IL the mine had yielded
ITO0,OO0 year as estimated, it would have
been worth $3O,O00,000 or $40, 000, 900.
Witness was asked If the statement was
true that f400, 900 or So, 900, 900 had been
realized from this mine up to the time of
the sale of this stock. He answered that
he believed it to be substantially true.
Witness said the Emma mine corporation
In New York was a prosperous corporation
at the time they were selling this stock.
or the stock which qualified him to be a
director, he neither paid for It, nor drew
anything from it. He had an interest in
the 1900 shares reserve stock, which of
itself would have qualified him. He
had high opinion of the stock,
bot would not have held it per-
manently unless it had been under
Americas management. In that case
he would: There was no contract between
Messrs. Parh and Stewart as TO what Mr..
Stewart should be entitled to in money or
stock. lie lett bat matter entirely to Mr..
Park. When Ma Lyon decided to take
the money option,Se did it with as full
knowledge as ne (SteSarD had of every
thing connected win the mine. AS be-
tween iitigaton and the money option, he
ADVISED Mr.. Lyon 10 accep. the latter he
settled with Mr.. Park for tn, Lyon interest
on the basis of 5000 shares M. Park aold
the stock, and he (Stewart) did not know
what it brought Park told him originally
that If he went over and made sue, con
tract as he (Park) would sign, he (St,wartl
should make some money. The settlements
were left with Park, and the affair netod
him about two hundred and thirty THOUSAND
dollars, counting the Canada Southern and
Utah Central bonds at par He also got
$50, 900 for Hillyer and $4,000 for Hilyers
| brother in the settlement.
THE CONTRACT.
Mr.. Stewart filed the contract between
Park, Stewart Il Grant, signed Nov, Q,
| 1871, for the sale of the NINE. 1t contains
the following provisions
| Flrst-Delvers the mine and all Its improve
ments and c46,SOO In cash to joint stock COM
plny to be formed by Grant and company
Second-The price shall be CT ,0OO, 900, one half
| In cash at the date mentioned In the prospec-
tus, and the remainder in fully paid up shares
| OF the company.
Thlrd--rhc Shares capital OF the company to
| be offered to the public for subscription to the
| amount of c500,00o at the expense OF Grant &
| co. and Grant d Co. to be pa by the Vendors
| twenty per cent OF the amount OF the capital OF
| the company, which may be allotted and taken
up after deducting the amount OF any shares
which may have been and are purchased.
| Fourth-1he vendors shares and those OF the
| company not taken up by the public TO be de
posted with j.. II. Puleston, OF Jay Cooke, Nc
| Culloch q Co., for five months-Grant 81 Co. tC
| have the option OF taking up any portion OF 4
within that time at twenty per cent discount
This refers only to the shares offered to thu
public.
Fifth-The vendors may force Grant & Co. {,
take their option by giving fifteen days notice
In case OF the failure of Grant & co. to do so
then the vendors may take the shares at thei
nominal value, ana pay Grant Co. invent.
per cent; otherwise the option to remain II
force.
SiXth-Grant q Co. to have n nine months
option to take such further shares as they ma
think proper Of the share capital allotted tn
vendors, but not exceeding c25o0OO, making
| total of cT50,O00 the vendors to receive the pa
value. and In addition one-half the net pront
on the sale OF all or any Of the 800 thousand
| pound shares.
seventh-In case the vendors shall find put
chasers at a premium of twenty per cent, o
upward. for the $50 thousand-pound shares
then the vendors can require Grant & Co. I
sell to such purchasers. unless they can then
selves sell the shares at the same or highe
| price.
Eighth-Messrs. Grant & Co. to keep tn
books, ana a correct account OF all expenses c
issuing shares, and sustaining the market, an
the vendors shall be entitled to one-sixth tn
net profits realized by Messrs Grant q Co., G
Messr5. Grant & Co. may pay them 10000 1
} settlement OF the one-sixtn, In which cas-
Ia Messrs. Grant Co. need not render any al
rount,
a | -pecial condition provides that Messr
Gran antaiay buy all OF ti,e sU9 on , necessaI
may be g Prcee any v price aG sJ bar tbs
vendors must takdo hat the shares, "a Ii
G. tling-day at the LondShares up az pno oA 20
10 After long cross-exarii,- ION that d
G. art was told that he might go,and the "a
J. mittee adjourned until 10 30 next Tuesd,
"a A large number of confidential lett,
Is were filed with the committee by ex-Sel
30 tor Stewart rs sent by James L. Lyon
r Thomas Almy of Salt Lake, in support
o. Mr.. Stewards charge of conspiracy agail
II Emma mine.