New-York tribune., 1876-05-06

mouths indebted. was vie ding about 100000
ihnti A. do NOT know have not seen the report
q YOn know how much dividends have been padi a.
O, You know thai in PAWN; those dividends they had
to borrow money rom you2 A. DO not know mat
they did IN paying those dividends ihey owe ME some
q. You have already testified you advanced that
money FOR the payment OF the dividends A. Yes and
have my money back out of the ore that was
raiset but they diverted ii from that and sent 1t to
q The total amount Of dividends 100000. was 1t
@ And yoa advanced how much OF thati A. could
not tell yOl without looking at my books.
ana 9ls,OO0 on another and received that sum back
O. OF tie dividends therefore, advanced s33O00i
i. Yes; uut tiey owe NE $4,000.
@ That is about s20000 taking that ont Of the divi
dcnds wOuld leave sl7jOOO which is what they have
divided aud yet by their statement, they have very e
mcncy IN The treasury A. They have used great deal
@ Yes; but, allowing for all that. they have apra-
rntiy avd'd only Sl75,OOO or Iii the roua a. *2oOoOO
estimated The product 10 be &!OoCO0 Wcn Mould nave
been about three and Ouehaf milionNf A. II ere were
two objects in giving thai Information 10 the publc; one
was to give the English public knowledge OF what ihe
had done, and tie other tn give them the fresh
d,ion and probable future TO- the pupose of satisfying
them the first point. verified account down To
past history aud secure he future depended Prof
siluau's report; be was appointed by the vendees;
whether came up TO the expectations OF Prot Sini9
Of the directors at the date the prospectus was issued
cannot say.
.
Whether this not intended 10 convey to the public
the idea that the minc would yield 100000 yeari A.
No. Sin Il was not the ntcuton. Tue intention was to
@ Wen, as the actual facts; the prospectus saws
"cash being the balance cf accrued profits, &C., &16
500 that you turned over IN money A. Yes.
1.-Two thousand og,l; hundred tons Of hrst-class
ore" which the prospectus says then being FOR
warded England, of the estimated net value oil R70
0GO, which, suppose II realized; at any rate we viii
Mr. Clittcnden~That amoant was not realized. We
have explained about that There is an error Ia that
item.
O. But it was paid for was 4 notf A. Yes.
{. 1hev received the &7O,O0Oi y. Yes.
o. So tnat there was n0 loss estlmatei A. No.
The prospectus states that of property acquired
at sac mine smelling there (nclud ng 1000 tons
raised by former Owncsl oiHne estimated net value oi
&6400Ol A. Yes; tnat was Prof siilim"n's report.
e Has that heel reazedi A. No, sir. nothing was
realized during the following year.
O. Tue prospectus proceeds The mine includes about
30 of irscass ore, developed III various parts
the mine, and described IN Prof siuon's rcporf, "
A. full extent do not think it was; 1t was not
expected to he until the next year.
q. We have ha1 good many years since that time IL
ought to have been realized since then A. ti"6 That
quantity has been taken out .,.
Q. OF hro-ciass OIef a. Yes; but not tAh highest
grade OF irst-cass ore.
Q; The value Of "property acquired" Is estimated az
eJ3s oO0 including cash. ore, 3c when Gas 'hi't
over to the COMPANY in the mise already developed
and they nave PAID III dividends less than A.uo,uou;
What has become OF the remaining aJJsOOOi A. can
no. answer sat.
G'S ,S II maei S do yo1 sappos, K cannot state
O. Do you suppose 100000 has gone 30 litigatoni
A.
a should thiuk 95S0uO would cover 70 aud. I; Is
there not deficiency OF 100000 In the estimate cyrn
public a. cannot say tAat there Is any de-
O. I've not they diyd all the in the treasury
inc.udeI IN ali these rcceipisf A. cannot say tiey
q Up to that time were ou Il I.rectori A. left there
o. What has become OF the 100000 which you told
the public IN your prospectus existed thcIo-u money
ore oI las cqiyeHtsi \. never old the public
q. Do you not stand by the statement IN the pros
O. Does not the prospectus IN the statement that
there f. cash. efGOU0; $500 tons of nr,t-cass orc
valued G7JOOO 1000 tons "i .econtcla-s ore Valued
at GCIOOg; 1890 IONS OF nrsiass, Included in tue
ah"ni ss G0Oi Tell the COMMITTEE. ,iist bns become
OF that OI whether II has ever realized \. never
made rescntauon If that kind TO the English pub
lie hav. knowledge Of my own as 10 whether -'ich
information (Which derived from otherl ws true or
not thel had AS gooi oppoItuhiiies Tor ltEchl S
had they understood it; iaHt statement you have
read OF the estimate OF the reserves made ~ Prot
SIIimau, and the prospectus 50 reads as iron his o,-
mate" aud those that iuvi cd to subscribe for this
stock pic atoms for IT, were rcired T. that
report Of Prof silllan which was published 10 the
prospectus ana with thcir solicitors any pee.
cXauIle mdde no more giaTOlte" n tat tsti-
mate 10 he future inan you die, nor any more reie-
scutatiou N -cca TO IT,
q. Tnis question of future 20 any consid
eIaOe eXtei FOE tnis ie@son; Trey Ivlied %l'I,O" 100,
in actual b. ley and of tba @libuoo th"fc M nan
either u money or ore, then on The WAY to hneiand
a. Eycythl within my knowledge IN tnat PROSPECTUS
turned oGt ~ cty as stated Ls one Oi thc de''ois
and that WIS the eaAt part of II.
TIN, 4hCuti A. neyor prolessei know ANY thing
aba, ~ ala not then, ana do not now. went out t.
they would not let me 80 H. nor woGid they lhioiH ihc
O. DO You tnS that II you had stated that Won did not
know thing about this except the cash. thcl would
have subscribed 10 the stock ~ did say that Ia the
M. Hewitt do not find it here
Wltucas-Ihat refers Prof Sillimans report. They
purchased tDe niue OH the strength oi tlat
q The statement is as follows: Property acquired
On the completion OF the purchase the CON any VIII
obtain the following There Is qullca ipE Oh any
/. The Emma Mine.
xr-u6
g. Cash Deis the balance Of accrued profits reeeiVaDie
Liverpool amounting to 44G3OO.
A. The $500 tons of f,sass ore now being forwarded
8. Eight thousand tons OF sccOnd-caBs ore now piled
up at mike tOr smelling there uHciudng 1000 tons ls
by former owneIsJ o estna ed net value OF SSi 900
q Was IT within your knowledge that there were ZsOO
tons A. No; / said 100.
O. Then you gaaranlecd what was not within your
knowledgei A. Yes because Prot. man haJ SAID he
got the Information from our office, bat really hc ob
tAned the Information from his Examination; did
q wan, to get rational explanation Of the
Iany OF something les than 22OO.oOO IN the foi-
existing can YOU give me any explanation that dch
ciencyi A You must apply 10 some ole "ho has khow
edge OH the suIJec.
Q. turn now to the statement in the prospectus
stated II. " Park ESQ., frcoiden, Of the National Bank
of North Bennington. VI, ana The Hon William NJ
Stewart UniVcd staes Senator both largely interested
IN the mine, conscgcd To- become DrecUrs aud 20
afford the Company the Opporunit" Of using thelr large
eXpcre IN mining generally, but especially with i"e
WORKING or this nuo" Do you lot ubk that thai c0lI
mls accuracy Of the estimates made III regard
10 tins miuci
Tne Wi ness-Do you mean by Prof sliman
M. HeWitt-Ihc staten NJ made 10 The public III fela-
tiOu tue WORKING OF tis mine. You are familiar win
this mine; do you thiuk yOn are IN no wise rcspnsble
Tor the accuracy OF Prof SillimHn'5 statements A.
consider myself bound by every statement when made
In writing verbally. Everything state IN The pros
pecus OF my knowledge, iccl bound by, Dht 40
ecl bound By te opinions OF an exert nat was So
lected Oy tAemtcYes 10 MAKE an examination oi INC
mine after hid IT, and when had no nca.id of
verifying that report than any citizen OF Lon