Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1880-05-01
A SOUTHWESTERN BONANZA.
CONTINUED from first page

validity of such titles, yet the dam
age to the Mexican grants was irretri-
vable and like Roger Macpherson s
discovery so pathetically described
by Mark Twain, it came two years
too late for Eucien B. Maxwell, who
died suddenly at Fort Sumner in
1874. The exciting history of his
struggle to save his property can best
be told in a subsequent letter. The
entire county is now in a state of
hopeful expectation that the sale of
the grant under foreclosure, which is
decreed to occur on the 22d of this
month, will bring peace and prosper
ity to this part of the country.
G. B. O.
THE SALE
Special Telegram.
C1MARRoN, New Mexico, March %.
One of the largest and most i'm
portant land foreclosure suits decid-
ed since the settlement CT America
terminated here yesterday in the final
sale, under decree of Chief Justice
Prince, of the celebrated Spanish
Mexican grant, widely known in the
legal history of New Mexico as "the
Maxwell grant" The grant has been
fought over for ten years by parties
desiring to get control, and comprises
nearly two million acres of the rich
est mineral, coal, and grazing lani in
all the territory. The property was
given by the Mexican government in
1843 to two Spaniards, Beaubien and
Miranda. A daughter of the former
having married the celebrated COM
panion of Kit Carson the famous
Fremont guide, Lucien B. Maxwell,
he subsequently acquired title to the
entire grant. An English speculator
named Collinson, aided by Senator
Chaffee and other leading Legislators,
about 1870 bought the property from
Maxwell, and bonded it for 81, 100000
to Dutch capitalists, and afterward or
ganized an English stock company to
manage the estate. Time developed
the enormous value of the property;
rich placer, quartz, gold, and copper
mines were opened out, an iron noun
tain was discovered, and six hundred
thousand acres of coal land surveyed
on the grant, which has, beside, near
ly eight hundred thousand acres OIL
well-watered grazing country. COL
linson and his associates, discovering
its value, went about to regain the
>property, successfully lobbied against
;suing of the United States pat.
for, and by carefully devised
IF extravaganza, bankrupted
English stock company, and for.
i,ited interest payment on the bonds
depressing them from "a to below 90
intending ultimately to cover them
in, and take possession of the proper
~. Frank R. Sherwin, an American,
representing a large Dutch interest in
Florida railroads, and residing in
Amsterdam at this time, took in the
situation, and undertook to thwart
the plan. He came to America, and
successfully defeating the efforts Of
the Washington lobbyists, secured the
United States patent to the entire
grant for the Dutch bondholders, and
began the foreclosure proceedings
which terminated yesterday in the
sale of the entire property, which
was hid in by Frank R. Sherwin and
Judge Birdsey, of New York, trus-
tees. at the nominal price of $1,000
900 under the first mortgage, and
100000 under the second mortgage.
The aggregate amount of both mort
cages and interest held by the trus-
tees was about $8,000,000. This
foreclosure is of national importance,
because the property being situated
in the northeast corner of New Mex.
ice, and the gateway to that territory
being Ration pass, which ia within the
limit of the grant, much Of the imi.
grafton in that direction was stopped
by the reports respecting the inse-
curity of the title to all New Mexico
property, which by the issue of the
United States patent and successful
prosecution of this foreclosure is fer
ever set at rest.
The Atchison, Topeka and Santa
Fe road runs directly through the best
end Of the grant, which is larger than
the State of Rhode Island, and al
most half as large as Connecticut.
Arrangements have already been
completed for the development of this
immensely valuable country and the
reorganized company will include