Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1876-03-29
LATE relEsRAMs.
xAsrxRx.

-.-
Fsrsiga AGAirs.
WASHINGTON. March 2s. - Sehenck
then gave a circumstantial account Of
his connection with the Emma mine.
Altar . few preliminary remarks
Schsnck said. that In October. 1871. he
met at Edvards' Hotsl. In London. sx.
Senator Stewart and Mr.. Park. II was
at the table Of William II. Evsrts OF
New York. He vas NOT sure whether
ID was d the table OF Il . subsequent in
tervisv thai Stewart said something
about his purpose. and informed him
that he and Park we're interested In the
property Of the Emma mine. and we're
desirous Of putting the stock on the
English market. and they we're then en-
gagged In negotiations to that eject. In
making this communication 10 him
(eithef IL the dinner table or aftsrward)
his attention Was directed 10 What Stew.
art called Little Cottonwood Canyon In
Utah. He represented that when at
the Land Once In Washington. Just be-
fore he left the United States for Lon
don (calliug there for the purpose Of Of
fecting the promotion Of . clsrk), the
Commissioner exhibited some rich sil.
yer ore found in Little Cottonwood Can
yon. Rewriting 70 his ~sojourn in Lon.
don and TO his there having met Park
for the first time. and after hearing Of
the ostsnsibls object Of the visit OF
Stewart and Park. and their conversa-
ton - 10 the property. the suggestion
was fnt made BY Stewart TO echenck
that the latter ought to become interest
ed In this valuable property. the finest
ret brought out. Sohsnck answered
that hs had no means 70 invest. and II
he had he would not 90 into the
matter unless he could considerably
add to his income by taking q
considerable number Of shares. This
lei to q conversation which increased his
interest In the subject. and hs consented
TO look into the matter. TO see whether
il was worth his while 10 invest. pro-
yided be could obtain the means. He
thought Stewart Vas exceedingly anxious
that be should have an opportunity 70
profit In the Guinness. He told Schsnck
that Park would assist him. and would
give him time, II be would take i've
hundred shares, or make IN investment
Of some degree Of importance. Schenck
wishsd 10 know the value OF the prop
erty. and they gave him diagrams Of the
mine. and showed him statements Of
working operations, sales OF ore at Lon
don, Liverpool and Swansea. and the
balance in bank. They also told him
that they had . report on the mine from
Professor Silliman. showing the value
OF Il. 4 day or two after this conver-
sAtion, they showed him Silliman's re-
port, and Schenck finally made up his
mind to invest in the mine II Park
would let him have money OF time-say
for q year. Park having many shares.
this matter was settled between Park
and himself about the LIST OF November.
when their agreement was reduced TO
writing and executed. Il was utterly
false that the agreement was written or
executed at any time prior 10 the date IL
bore. Schsnck then exhibited tho agree
ment for Ave hundred shares. Park
promising TO give Schenck two per cent.
per month on the shares while they
should DO held by him. or take them
back at par. Subsequently. al Parks
request, Schsnck agreed to y reduction
Of one and ons-half per cent. Schenck
had given his note 10 Park for f10. 600
for thirteen months. Schsnck and tho
other stockholders received ono and n
half per cent. q month at the time he
made this agreement. There had been
no organization Of the company at the
time Of its execution. and there wAs no
suggestion whatever that he should have
anything to do with the management Of
the company. Aftsrward. however.
Park and Stewart thought Schsnck
ought to DO ono OF the managers OIL d.
rectors OF the proposed company.
Schenck disssntsd from this, but IL was
urged that they wanted somebody 90
journing in London 70 protect thsir in
terssts. This seemed 10 be . plausible
reason. but he still objected. saying he
doubted the propriety Of his having any
thing 10 do with the management while
there in q representative capacity unless
be could b satishsd that there were
presidents Of the kind; and IL this
should DO done another condition would
have to Be- complied With: He must
know the namss Of al the directors, a.
he had thus far heard the name Of only
one person Who had bean asked or
agreed " become Q director. On the
I'd Of November the names Of such per-
sons were furnished him. He was not
acquainted with any OF them, but be
learned there were among them msmbsrs
OF Parliament and other gentlemen In
hish positions. The precedent OF . for
eign Minister holding ONCE In
Join stock company was found
In the case Of the Minister from
Portugal, one Of the Oldest and most
respected Of the diplomatic corps, Who
was President Of . tramvay company In
Lisbon. the stock Of which was being
put on the market. Schsnck had moth
ing to do with the preparation Of the
OF the Emma Mine Company.
Schsnck said whom he went into the
business he did not know thsrs was such
q person q Albert Gnnt-uot being ac-
w otoSk w nu@4SA&A NAAStS8-
Schsnck attended only two meetings OF
the Board-on the 2sth and 30th Of No
vsmbsr. having resigned In Decenber-
and he svs went nsar the Board OF
Directors OF the company again. He
took no part In the management except
. PROXY 10 vote against Gardnsr's
scheme. He related how he and . friend
bought ave hundred shares In open mar.
ket at $50 or f31 . shars. and arranged
with Jay Cooke. McCulloch & Co.. to
carry that stock. putting up q margin Of
g.. 200 gained BY the purchase and sale
Of previous shares. Eventually the
shares were sold at ETA Per share. In
the subsequent part OF his statement
Schepck calculated his losses in such
s~psculations at hfty or sixty thousand
OF the 500 shares be originally
obtained from Park. he sold 200 shares
to Mrs. Bates. receiving Gao . share.
He would have sold the remaining
shares but for the fact that be had
been % much abused and criticized.
determined him to retain his
which he nov holds. In ex-
planning the settlement with Park.
Schsuck said be gave to him E500 which
he received from Ms. Bates. and 81. 8oA
in addition. There was . credit Of
e., 600 on The note which he bad given
psrk ana wh;rh nols lad ham rsturned