The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-03-01
CR0WELL'S SPECULATIONS.
The Process by Which He Thoroughly
Wrecked a Great Estate.
More than Six Hundred Thousand Dollars
Sunk in an Attempt to Make the
Empire Mine Success.
New York Tribune.


was approached by some friends with offers
to procure for him large amount of stock
of the Empire Silver-mining Company. The
mine is situated at Park City, Utah. 1t is
short distance from the famous Ontario mine.
which has paid more than $3,0O00OO in
dividends to its stockholders. There were
many who believed that the Empire was on
the same lead as the Ontario, and thata COM
paratively small amount of money was
needed to demonstrate this fact Mr..
Crowel was invited to visit the mine and
see for himself what the prospects were. In
company with four or five friends, he went
60 Park City and made as thorough an ex-
animation of the mine as a non-expert could
make. He became an enthusiastic believer
in the future of the mine. When he re-
turned East he visited his friends, and by his
representations induced considerable num-
Der to invest i'll the stock. He purchased
several thousand shares, and soon afterward
was made president of the company.
The rosy anticipations of the shareholders
of the mine were not verified. There seemed
10 be demon of ill-luck hanging over the
mine ready to descend at the first opportu-
nifty that presented ITSELF Water was struck
before the miners had gone far below the
surface. The mine was completely flooded
before the necessary pumping machinery
could be procured and put in place. When
this had been done, the water pumped out
and the work of excavating resumed, other
delays occurred. There seemed to be poor
management Occasionally. however, there
we're CLEANS of hope. A lead was struck, ore
was got out and expensive machinery was
nd IN rod wa
that the extension of the Ontario had been
reached. Then came the news that the hoist
ing works had taken fire and been consumed,
and that the hosting machinery was rem
dered worthless.
The Eastern stockholders by this time were
In anything but happy frame of mind. The
stock, which was at one time quoted at 50
per share, had fallen more than one-haf.
The president was advised to go to Park City
and see if he could not bring about an inn
proyement: He went there, accompanied by
one or two of the heaviest stockholders, and
they made another examination BY this
time the mine had become pretty well filled
with water on the lower levels They re-
ported the facts to the stockholders, and it
was resolved to levy an assessment on the
stock and use the proceeds once more to
place the mine in working order This was
done. Many of the stockholders paid the
assessment, but a considerable number did
not do so. To get the mine into proper
shape certain amount of money was abso-
lutely needed, aud Mr. Crowell made up the
deficiency, trusting to the future output
from the mine to repay him.
There seems no reason to doubt that he
had used up all his own resources and pro-
cured the Endorsement of notes to a cOnsid-
cradle amount by his relatives and friends be-
fore he touched the trust funds committed to
his care by the Misses Talman and Mrs At
we'll. He acted with energy. The former
superintendent of the mine was dismissed
and new one placed in charge. The work
ing force was increased, and the explorations
on the various levels were pushed forward
as rapidly as possible. The new superintend-
emit gave hopeful reports of "pay ore" that
was struck from time to time, and it seemed
for a while as if the main difficulties had
been surmounted and success was about
TO crown the efforts of those who had
struggled so long with misfortune. But
the expenses of working the mine
were heavy. 1t was thought that only
little additional expenditure would make
great success. Other assessments were levied
on the stock bolders, who were even slower
than before in responding to the call. Mr..
Crowell found himself reduced to the neces-
sity of practically stopping work or advancing
more money. Always there was the pos
sibility of striking the Ontario vein, and in
that case there would be no further trouble.
1t would mean large fortune to the
fortunate possessor of a considerable amount
of the stock The work of excavating and
exploring was continued but with no better
results than heretofore. The veins that were
struck proved to he illusory, and most of the
ore extracted did not pay the cost of reduc-
ing.
The end came about fortnight ago. Mr.
Crowell awoke to the reality that he had
used up all his own estate amounting origin
ally to about $125 900; had appropriated trust
funds to the amount of 1901 900, and had in
duced relatives and friends to indorse his
notes to the extent of $48, 200 He called
together few relatives and friends and told
them just how matters stood Naturally
they were thunderstruck. All knew that he
was carrying load in the Empire mine but
none of them dreamed of the amount that
had been sunk i'll the enterprise, although
some of them were stockholders They were
more than ever surprised when President
Crowell admitted that he had taken the
funds committed to his care, and to an ex-
tent that he could never hope to make good
MR.. oRowELL's CAREER. etH,
Gilbert L. Crowell is native of this city.
and is about fifty-ive years of age. He re.
ceived a common school education, and
when young went into a mercantile house.
From there he went into the Peoples Bank,
in Canal street. and was gradually promoted
until he became its cashier He held this
post for several years, until his health failed
for several years he lived with his family in
his house in West Fifty-thrd street. Just
before he became interested in the Empire
mine Mr. Crowell purchased considerable
tract of land at Arlington N. j., and
built handsome residence there
The Metropolitan Elevated railroad
had been constructed in front of
his residence in West Fifty-third street,
ard he was anxious to remove. He believed,
too, that improved property at Arlington
would pay handsomely ON the Investment
In person Mr.. Crowell is of medium height,
very sparely built having the appearance of
an invalid, with gray hair and nustache. He
dresses neatly. He is reserved in manner
and quiet of speech, except when with friends,
when he hecnmes animated He has q wife