Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-02-10

NOmpanyt enOugn pIeleIIcu etOck WAS iosueu
and sold to pay for the property, and the
stockholders of the Isabella company re-
ceived common stock, share for share, in the
new. The only piece Of property which DIR.
Spence, TO whom was due the purchase OF
the Alice, found on the Isabella was a mill
valued at $40, 600, which to-day is one OF the
strongest assets of the Globe City company,
albeit the Alice mine is thought TO be good
property. As for the ore on the dumps,
claimed by Col. Bixby to be rich IN silver,
DR.. Spence found it was largely the kind of
ore with which the Pennsylvania railroad
ballasts its road-bed.
DIR. NEWMAN INvEsTs FURTHER.
About this time it was resolved to send
Maj. Sisson, of Chicsgo, an expert and par
ticular friend of DR.. Fowler, 10 make a
thorough investigation. But the expenses
had eaten up all the funds and DIR. Newman
was again approached, and, much against
his judgment, ne claims, was persuaded TO
advance $500, which was to be paid back out
of the first proceeds, and TO lend $500 more
to the managers. This latter sum was sub
sequently paid back, but still later invested
in preferred stock. Maj. Sisson advised
quite extensive improvements and the money
was raised TO cover these excessive demands,
but it all went notwithstanding returned.
One gentleman, Mr.. Plat, of Waterbury,
Conn, seems to have been the chief sub
scriber at this time, and before he got the
breaks on had loaned the company S35 600.
Maj. Sisson was subsequently removed and a
man named Angle (since deceased) was
elected to fill his place. When Mr.. Angle
went out to the mines Maj. Sisson refused to
let him take possession, and Maj. Sisson and
his employees resisted the new conner with
shotguns. The Angle business is a mystery
which no one seems able TO solve.
WORTHLESS PROPERTY.
DIR. De Puy and Mr.. Plat then visited the
mines and took possession of the property,
but continued Maj. Sissou in charge until
last March, when he was discharged and the
mill closed. Since this time the gentlemen
most interested have been striving to do the
best possible thing with the property, de-
pending mainly upon the prospects of the
Alice mine and the profits of the mill. The
assessments on the isabella claim were neg.
lecied and the claim Bumped" but though
5000 could have repurchased i; the managers
have not cared to bother with il any further.
The Eastern Tennessee Wesleyan University
never changed its name to Bixby University
ALI of these facts have been more or less bit
terly discussed by the lossert, and accusa-
tions of improper dealing on the part of per-
been infrequent. A Herald representative
had conversation yesterday with Mr.. Oliver
L. Gardner, chair manufacturer, doing
business at No. 1873 Canal street and also in
Sixtieth street. Mr.. Gardner, who lie a
Methodist, put at one time and another over
$1,000 in the company, but became convinced
that it was not destined 10 be a success, and
when DIR. De Puy and Mr.. Plat returned
from their investigation, still confident, he
offered the latter his stock for $1,000, and his
offer was accepted. he feels that on the
whole he got out in very good shape.
DIR. NEwMAN's VIEWS.
The Rev. J. P. Newman, D D the famous
"Parson" Newman, formerly a prominent
minister in the Methodist Episcopal Church,
but now pastor OF the Madison avenue Con-
gregationsl church, who invested 10 the
amount of $1,000, corroborated the history of
the case as given above. In his opinion DR.
Spence was deceived but could not be blamed
"Poor fellow" said DIR. Newman, she has
not only put his all into the stock, but part
OF his wife's property, besides mortgaging
his home" Prof Caldwell, in DIR. Newmsn't
opinion, was fooled. He thought d.. Fowler
had been perfectly honest, but had done
wrong in underwriting Sisson SO emphati-
cally. As for himself DR.. Newman seemed
to look upon his connection with the Isabella
as the weakest financial transaction of his
life. He was glad the matter was going 10
be published. DR.. Newman believes the
Alice mine 10 be valuable piece of prop.
erty, and expects to receive seventy-five per
cent. on his preferred stock and twenty five
per cent. on his common. 1t is DR.. New
mans idea that the mine mad been "salted''
prior to Prof. Caldwell's visit.
PEOPLE WHO INVESTED.
The Rev. A. s. Graves, of No. All South
Third street, Brooklyn, E. D., pastor of the
Methodist Episcopal church adjoining bis
residence, was quite heavy loser by the
Isabella. Not only did he put all the money
which he possessed into the company, but
his faith in the promises made in its behalf
was so great that he borrowed 500 addi.
tional and invested it in stock.
DIR. DE PUY's STATEMENT.
SAT the time the editorial appeared 10 the
Christian Advocate" said the Rev. w. Fl. De
Puy, DID,, who has been associate editor OF
that Journal for many years, and who ia one
of the heaviest stockholders in the Globe
City Company, and until last year had been
its president, neither DIR. Fowler nor myseli
had any idea that we should ever be inter-
ested in the Isabella mine. The East Ten
nessee Wesleyan University was the first COL
lege established in the South by The North
ern Church, and Dr.. Fowler's strong
antislavery notions made him specially
friendly toward that institution. So, when
DIR. Spence and Prof. Caldwell represented
the brilliant endowment which had been
made it, and the latter assured US that he
had examined the mines personally and they
were almost too good for Aattery, DR.. Fowler
accepted as truth the statement, and in an
bnu afto b,ra 81 Il
question, intending it not SO much as an in
dorsement of The mining company as of the
school and OF any act which might accrue to
it's advantage. The advertisement was paid
for in cash by DR.. Spence. We were informed
that Col. Bixby desired to endow the institu-
ton with 10, 900 shares, which would eventu-
ally be worth anywhere from 81, 100000 to
double that sum. He had also given DR..
Spence and Pref. Caldwell some more stock
Q000 shares) to be sold for the purpose of
raising working capital, as indicated in the
advertisement.
RUSH FOR THE STOCK.
Col. Blxby opened an Office in the Astor
House, established agents all over this
part Of the country, and peddled out the
stock for what he could get for it, starting in
at $40, and finally coming down 10 Fifty
cents share. OF course everybody was
anxious to make money and there was per-
feet rush for the stock. No one can ever
know how much Col. Bixby took in. He
kept the books in his pocket One day when
l was in his Office, he received telegram
from the mines $50 he claimed), which he
read 10 us, 1t spoke of the opening of q
new shaft and the discovery of a large vein
dispatches were really sent by a confederate
IN tho md or i,,N arv
1 cannot tell. They looked like genuine
kilograms. However, subsequent develop
ments proved the alleged facts to be utterly
false. You may easily imagine that tempted
with such bait we all were caught. DIR.
Fowler and invested. AT one time we had
an offer of the alleged balance of the stock
at fifty cents per share, and were
on the point OF accepting it, but some.
thing in the messengers manner made
me suspicious. told DR.. Fowler to wait,
followed the messenger to Bixby's Office and
caught him in a palpable lie and so saved
myself on that occasion. Subsequently we
learned that Bixby, who claimed to be not
Methodist but strong believer in and a
friend Of religion, was not in his private life
living up TO his pretensions, then we began
10 have grave suspicious. Some time after
ward, when Bixby was in the West, he was
ioiSeu " Si.e up PoIuon u MS gains
through the influence Of shotgun, but he
escaped with the lions share. He is now re.
ported 10 be in Spain.o
doctor, did you or DR.. Fowler ever re-
ceive any stock in consideration of the
articles in the Christian Adpoedtefn
Il never did, and 1 do not believe DR..
Fowler ever did. We were given some good
bargains, as we thought at the time, but
paid cash for the stock.n
, THE FEELING IN THE CHURCH.
"Did you know. that great deal of feeling
has been aroused in consequence of the po-
sition taken by the official organ of the
Church,
ayes; l have heard there was some such
feeling"
at has been thought very singular that no
retraction OF the original article has ever