Arizona silver belt., 1886-01-16
WRECKED MINING SCHEME.

The New York Tribune, of late date, verifes the truth of the axiom that man is as prone to trouble as sparks are to fly upward, and cites c. Never Zulick'S wrecked mining schemes in Sonora as case n point, wherein he induced a number of New ark, New Jersey, men after working them to such a pitch, by descriptive powers, that capitalists there absolute ly langui8hed for the possession of the stock. They, however, through the unbounded generosity of Zulick, were accommodated with S12O,O00 in stock, and finding that there was not enough to go around, he increased the capital stock to S250,OO0 and still they were not satisfied, but Zulick feeling that bis generosity had been taxed to the utmost, steeled his heart against a further issue; but, in order to appease the longing anxiety of three Jersey ties who wanted the stock at any price, Zulick so far yielded to their importu- mites as to exchange three shares of his own stock for S3,000 of their mon ey. Subsequently Zulick met, by &C., ciGeEt of course, a man bearing the euphonious name of Smith, and after passing the compliments of the season, the conversation drifted in the direc- ton of Sonora, and as sequence the value of the mines there in which Zu- lick was interested came to the surface, as naturally as froth upon a schooner of beer, when as if a sudden thought had struck Zulick, he said: "Now, Smith, you give me S5,OO0 and I will transfer to you S6,O0O worth of first mortgage bonds of the company and S20,000 worth of stock in the San Pe- dro and Rosario Mining Company, and I will also guarantee you, within three months, 25 per cent. on your in vestment." Mir. Smith jumped at the chance, but he finally smelt a mice and on behalf of himself and friends visited Sonora, and not finding things there altogether lovely, he returned to Newark, which is in the State of New Jersey, and while tears bedewed his eyes said, in a husky voice, 10 the as sembled stockholders:
 "Gentlemen, 1 have painful news to impart and have to advise you to nerve yourselves for the worst. We are not as rich as Zulick led us to believe we would be. No, gentlemen, not by a q" sight. From the day of it's or ganizatlon the company has never paid dividend, but in three years has rolled up liabilities of $20O,OOO. For Asome time the laborers' wages were paid by the paper of the company. Nor is this all, Zulick persuaded United States Consul Willard, at Guaymas, Mexico, to loan the compa- ny $20 GOO on a mortgage on the mine. Willard is a ruined man. The com pany's notes are being daily protested. In a word the company is insolvent. It never will pay dividends. A stock holder remarked: " 'Tis distance lends entertainment" Whereupon he very properly rebuked the gentleman of poetic turn of mind for his seeming levity in the presence of the corpse of Zulick's Sonora scheme. And as the corpse was in such state of decompe- sition, It was deemed advisable to bury 1t out of sight and as a preparatory to the funeral, Vice Chancellor Van Welt, of New Jersey, appointed Ex- Judge Frederick w. Stevens as under taker (receiver) to screw down the lid of the coffin. United States Senator, McPherson, of New Jersey, at whose instance Cleveland appointed Zulick Governor of Arizona, will represent Zulick at the obsequies on the solemn occasion.