New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-03-22
Mr.. LYON ON PROF. SII.LIMAN.

MIX. L1ON ON IhOf. Clll.lhiN.
ORE WORTH sIXTElN MILLIONS REPOETED TO BE IN
sIGHT-RIsE IN VALUE OF THE sHAREs-MR.
PARKS PRorIIs-rHE FINANCES OF TIE COM
PANY.
WASHINGTON March 21.-The House Committee
on Foreign Affairs has received from James +. Lyon
of New-lOrk an important letter, in reply to the
testimony and subsequent explanations of Prof. Sill
liman in regard to his examination of the Little
Emma Nine The letter has not yet been laid be-
fore the Committee, but the following is a copy Of
it in full:
To The Hon. THOMAS SWAMI. Chairman Of ne Committee
Foreign Relations.
SIR: | have read the letters of Prof Is. Sill
of the 18th and 18th inst, III which bc seeks 10
explain a certain Geographic report signed Williams,
siliman and Hussey, communicated 10 the Emma Silver
Mining Company QmitsdJ Of London and received there
April >, 1872 Prof slman seeks by these letters 10
change the import of the dispatch, and thus cxonerae
himself from the responsibility that attaches u him az
being OF the authors Of such inon-tTons AMI I'M
truthful report. In order that you may have tbs t"lc
gram under your eye, be read in connection with this
letter, quote as follows:
Very great improvements since last report On seventh
hoor drited 120 feet and on tenth floor 40 feet AL ia
eu 5 ~ ~, 1on s;,,t crycs .co,I, sa I.t r
port 5000 Everything connected with the NINE
is highly satisfactory. Mailed snppleme tary report.
ore forthwith Have 90 tons bullion worth $4,000.
Propose selling here. viii report fully on return.
WILLIAMS, SILLIMAS AND HuSsEY
You will see that this report sent from salt Lake
City, Utah. and that 1t was subscribed by civilians.
silliInan and Hussey." The first named 1t viii be- re-
nembered Bridges Williams, NJ F., then one OF the
directors ami Wee President of the Company who was
employed by Mr.. Trenor W. Park, then IN London, to
visit aud report the Emma Miuo on the following
erms viz, 900 cash, paid 10 him on his departure
from London, and call Mr Park for 5000 shares Of
the stock Of the Company at go per share. 1his
celebrated and diSHteresed expert was joined IN New
York by ex-senator Stewar. and Prof Gilman, who &C.
colnpane him to the mine IN accordance with the pre-
arranged plan OF Mr.. Park. II never has transpired
why ex-senator stewayt's name s wanting 10 this
report for at that time he was also adrccor OF the
Company and pToiessed be the OF 5000 shares
Of its stock Warren HusSey the niue manager, and
then also owned 5000 shares.
The fact that this dispatch was transmitted 10 London
has never questioned nor has II ever been denied
that by remarkable coincidence il arrived there ut the
proper time ussist the sale Of $500 shares OF stock
controlled by TrenOr W. Park, advertised TO occur on tho
following day, which were subscribed for and sold
through the London and Westminster Bank at a23 per
share insist that this paper bears no difficult or doubt
Jul construction. IL Is short and ter.c and means OK
acy what its authors intended to convey 10 the minds
Of it's readers in London This Is the dispatch referred to
my testimony before your Committee, az printed on
pages and 80 and is the of which presented
CODY, and | submit, Sir that the construction Of
1t presented in my testimony Is the only
reasonable, rational reading that can DO given
to the paper. 1t means that large bodies
" rich ore had discovered since Prof slans last
report OF FeD 49, 1872, by sinking shafts and wines,
and by driving ads which he reported had been sunk.
and driven II means tnat SAMPLE Of these
rich discoveries yed % per cent lead and $1,000
per ton in silver 1t means that the reserves thus dis
covered amounted to 900 tons OF orc that contained %
per cent lead, and $1,000 in silver per ton IL means
80
OF the value Of $l6OO0,00O.
Referring 10 Prof Siiman's more extended report,
copy OF which he has placed before your Committee, bear
ing date salt Lake City, April 2, 1872 find the follow
ing paragraph: "An app xinate estimate OF the
Of exposed by these several explorations
show that there 5000 tons, and there may he
much more; crosscuttng only fix the amount in
cess OF tins estimate" Now sr II this extraOrd nary
valuation OF mineral % cent Lead and $1,000 silver
per does apply to the 5000 tons OF reported
to hay thus discovered in the Emma Mnc what
ores or mines does it apply Prof. sliman further
in his letter OF the l2tn, that II is evident that this dis
patch did not materially affect the price OF Emma shares
on the London market between the 18th OF March and
the 18th Of April 1872 because the price Of the shares
did not during that period fan below R23 or exceed "a
per share. My reply to this Is that between April and
April 20 Mr. Park sold the $500 shares subscribed for
ON the fovmer day 1913 per share and he also sold
about 5000 additional shares land | have seen
the account sales, thus realizing the equivalent OF
~ 100000 in sterling money. 1t was not posi-
bic for the price Of tho shares u materially ad-
vance while Mr.. Park Offering and selling
large blocks OF stock at the current rates. IL Will
also observed 10y reference to Prof slians letter o
the 18th that the dispatch published In The L0"do
Mining Journal the 9th Of April beng the same day
OH which the 800 eight thousand Ave hundred shares
were subscribed. The transmission and publication OF
this dispatch having occurred in point Of time In CON
uecton with the sale Of the $500 shares shows cOncu
syey the object for which the report made. see
by referring TO The London Mining Journal OF the Goth
Of April the full effect OF the dispatch had been
felt through the country and Mr. Park had ceased to be
large seller the price Of the shares had advanced
10 Ral would ask why Prof Slliman suppressed this
important fact in his letter 10 the Committed
1t scarcely necessary for me to give further attention
10 Prof sIlimans most foolish attempt to change the
obvious meaning OF his dispatch. Ills report was OBJ
tanned for the purpose OF enabling Mr. Park and his con-
federates to se their worthless shares To the British
public 1t well served that purpose, and now that the
great fraud Of selling this mine and ts shares has been
exposed Prof Siman must bear the criticism ana cen
sure that inevitably follow the present reading OF bis I'M
truthful and most remarkable repOrts VIII Prof Sill
man have the kindness the following pertinent
inQuriesi
First Were there $50 tons OF frst-class ore In the
Emma Mine developed and s000tons secondclass ore ON
the dump Ut the mine the 10th day Of October 1871