The sun. [volume] (New York [N.Y.]) 1833-1916, 1883-02-18

Company, and 1t had been Incorporated In
the State OF California with the usual NOM
inal capital OF ton millions OF dollars. divided
into 900 shares Of 500 each. 1t was de-
scribed as "a consolidation Of eight very rich
silver mines near Globe City. Arizona" Prof.
CALDWELL, as a mineraloglst, vouched for
the truth OF all that was claimed for 1t. Un-
told wealth was there, only waiting for capi-
tai to get 1t out. Some encumbrances were
on the property, Col. BIxBY acknowledged,
and Sc, 900 was needed to put the mine In
working order. His proposition was to place
the shares on the market at ten dollars each,
but certain proportion Of them were to be
reserved for :" first comers." a littlo inside
Ring, In fact, who we're to be allowed to come
In on the "ground floor" OF five dollars a
share.
Desiring to benefit the cause Of Methodist
education, the Rev. DR.. NEWMAN stepped In
on the ground floor with an Investment
| Of $1,000. Having confidence In his business
| Judgment, Bishop SIMPSON followed with 5000.
The Rev. G. II. FOWLER, ID. D., LII. D.. and
| the Rev. w. H. DE PUY, D. D., the editors OF
| the Christian Advocate, the official Methodist
paper In this city, were also let In on the
ground floor, and the clerical gentlemen
| generally at tho Methodist Book Concern,
sO5 Broadway, Clipped in likewise
Under the heading OF "a Noble Deed"
| the Christian Advocate editorially called at
tention to the project and to an advertise
| ment signed by the President OF the East
| Tennessee University, calling for purchasers
| OF 1000 shares at $40 share In one OF the
richest and most desirable silver mines In
| the world" On tho speculation the Rev.
President bestowed first rate puff as follows:
"The stock believed after thorough investigation by
dnteretd experts and the most careful judges To be
worth than double the amount asked for but lin
tied quantity placed the market at this low rate $50
per share par value $iOOO for the purpose OF raising
funds to aid In paying for an exceedingly valuable mi
to be used ct once In reducing the ore than six
hundred OF which have already been quarred from
the mines and ready for the mills Dividends on the
amount Of at least Hpe cent are expected BY Nop
and five per cent monthly Thereafter Those desiring to
aid the university and the time make safe and
| quick paying investment should make immediate appi.
cation to the undersigned at so5 Broadway New York"
"The mines have been developed" said the
editors OF the Christian Advocate. "beyond
the point Of contingency concerning their
almost unprecedented wealth In rich, accessi-
ble free-milling silver orc, and large guam
titles OF ore, worth from 5000 to 5000 per
ton, have been mined. The mills will be
paying monthly dividends by next Novem-
ber." And they rounded off their little puff !:
Of the highest order among the miners of California and
Nevada has given the university in addition to the en-.
dowment (Which will be ampe-amonnting to hundreds
of thousands of doars some stock with which the trus
their share of the cost Of completing the
mills snd OF starting the works Bishop SIMPSON. DIR.
NEWMAN and other friends OF the university have done
good thing for the university in purchasng some OF
their stock and doubt not have also done better
thing for themselves We congratulate East Tennessee
Wesleyan University, soon to be named Bixby uniNer'
styan honor, however. which Col BIxRY declines to
accept before the trustees have actually received their
bullion We know several other schools for which we
crave an equally valuable friend"
The 900 shares offered it be observed,
were put at $40 each, and nothing was said
about tho ground floor stock, at S. share.
held by the editors. In a later number OF the
Christian Advocate appeared an open letter
from Prof. CALDWELL, which was also dis
tributed by the Methodist Book Concerns
machinery. giving the most glowing account
OF the mine after long examination:
, "Ican see reason why dividends may not be de
cared in November next unless there occur some breab
In tho line of transportation to the mines by which
OF the machinery under might be delay
for . few days"
Soheralded, so commended and so engineer
bait offered in tho glittering Isabella mine
shares. Col. BIxBY, by his philanthropy AND
by provoking their greed. had enlisted in the
work of getting rid OF the stock the mer
who run the ecclesiastical and business ma
chincry Of the Church. The preachers
scraped together money to buy at $40 eacf
shares which the clerical promoters got a
the ground floor price Of S., and presiding
! III .koIf ,r, arl oIa Il
was that large sum was raked In.
1 But November came and the promised
dividend OF fifty cents share was not dc
clarcd. A year passed by. and there were M
dividends. A committee went to Arizona II
investigate the property, and as the result
: of their inquiries an adjoining mine wa,
= bought for $4,000. The company was reor
= ganized under the name OF the Globe Git!
Mining Company; enough preferred stool
s was issued to pay for tho property, and tn
II holders OF tho Isabella shares received com
mon stock, share for share, In the new con
Germ. The additional mine purchased 70
u $4,000 is now regarded as the richest asse
y OF the great enterprise, which started with
u capital OF ten millions. Something, too, ma
y be got out OF q mill in tho Isabella, whic
: cost $4,000. The bowels OF the earth hav
~ not yielded the promised bullion.
Major SIssoN Of Chicago who is dc
% scrbcd as ian expert and particular frien
. OF Dr. FOWLER" was sent out to inspect tn
y property, and he advised extensive improve
d ments. which required more money. Az
u cordingly. Dr. NEWMAN put up $1,000 add
y tional There was trouble about tho mar
10 ngement OF the mill, and finally In March las
all work on the mine was abandoned. 1t wa
given up as q worthless undertaking!
The truth Is, Col BIxBY's Isabella mir
le was never worth anything. In the opinio
,e OF DIR. NEWMAN 1t was "salted" before tn
I'd meteorological professor, CALDWELL visite
I'd it, Mr.. A. w. HAMMOND. who knows a
r about II, reports a. follows: