The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-02-09

COLONEL, BIxBY's rlIILkNTueoPY--ii0W LEAD
NC LIGHTS OF THE CHURCH WE'RE TAKEN IN.
The New York Herald OF wednesday
devotes three columns to the history OF
tho Isabella Silver-Mining Company, inlo
which, IL l. stated, n large number OF lead
ing Methodlsts in New York and elsewhere
were drawn, aud IN which q large amount
az money has been sunk. The company
,ras INCORPORATED a number oil years ago
under the mining laws OF California, ana
had a nominal capital Of Sl0,000,0O0.
The owners were San Francisco capi-
taliSs. among them Colonel III. q.
Rixby. who, il is claimed, worked
the mines long enough TO become
satisfied of their wortblessness. Rev.
John r. Spence, president OF the East
Tennessee Wesleyan University, at Athens,
was made TO believe, however, that there
were millions In the mines, and Professor
Caldwell, chemist and mlneralogist in the
WESLEYAN University, was sent out to eX-
anime them, and reported that they were
even richer IN orc than they had been rep
resented. In the summer OF 1878 DR..
srence and Professor Caldwell called on
Rev. DIR. Newman, pastor OF the Seventh
Avenue Methodist church in New York,
and introduced Colonel Bixby, who, Dr.
Spence said, had decided to endow the
Methodist Episcopal University at Athens
with q gift OF $500, 5000 or $500. 600 OF mining
stock. Colonel Bixby admitted there were
some membranes on the property, but he
wanted to raise $50, 900 to put the mine In
working order. Or. Newman was so 10
yorably impressed that he invested $1,000
in the stock, and Bishop Simpson followed
with 5000. Soon aiterward the ChriStidn
Advocate, the official organ OF the Church,
edited by Rev. G. ii. Fowler and Rev. ".
II. De Puy, who afterwards invested in
the stock Of the company, referred edito-
rally 10 Colonel BiXby's muniiicence, and
endorsed the mining enterprise in strong
terms. The Wesleyan University put
thousand shares Of its stock on the mar
ket, letting carly subscribers in " on the
ground-noor" at S. share. the par
value being placed at $40. Professor
Caldwell also published in the Christian
Advocate the result OF his investiga-
tons, expressing the opinion that the
Isabella mines were among the most
valuable i'm Arizona. Dividends Of 3 per
cent a month were expected, and the stock
went OF like hot CAKES, and Methodist min-
istcrs as well as laymon' invested largely.
Colonel BIxby, who is now said 10 be in
Spain. opened m Office at the AstOr House,
in New York, and peddled out the stock
from $40 down TO 80 cents 4 share. The
stockholders waited patiently for q year,
and then began 10 open their eyes. Still
there were encouraging reports, and The
Alice mine, adjoining the Isabella, was
purchased. Last March even the pre-
tence Of working the Isabella was ahan-
doned, though it is hoped the Alice
mine win still prove good property. The
Isabella mine. il is stated, would bayc
been dear At 5000, while the ore is said to
be like that used by the Pennsylvania rail- |
road to ballast its tracks. 1t is thought it |
,ad been well salted prior to Professor |
-aldwel's visit. The East Tennessee Uni |
,ersity, which had intended to change its !
lame to the BiXby University, as a ccmpli- |
merit to the generosity OF the California |
has reconsidered its determine !
ion, and will retain its present name. No
lame is ascribed TO Dr. Spence or Profes- |
or Caldwell, who are thought TO have been |
imply the catspaw OF very clever specu- |
Nor. Large numbers Of Methodists, it is
tated, would be pleased to dispose Of |
Isabella mining shares at very low figures. !