Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1897-07-24


there we're features OF the Emma |
mine deal that made it one Of the |
most notable transactions Of its kind. |
"ln the first place, theAmcrcan gen /
tlemen, Mcssrs. Trcnor William |
Park and w. NJ. Stewart United
States Senator from Nevada found
that while they bore excellent
credentials, there was no apparent
haste on the part OF the investing
public to take the property oil their
hands. A bold stroke won the re-
copnition they sought. General
Schenck, who was atthat time United
States minister ut the court OF St.
James, was not particularly well of
financially. and an arrangement was
made whereby he was enabled to
purchase an interest in the property
with money advanced for the pur-
pose, and with guarantee OF a sub
stantial profit on the transaction in
any event.
1t thus happened, saws that author
itv. that the name Of the 'man who
gave poker to England figured
prominently in the prospectus Of the
new English company. With his
name to trade on when backed by
several English honorable" aud"M.
P.'s" the American gentlemen sold
the Emma mine for million sterl-
ing. Never were prospects brighter
apparently, There was a report
from Professor Silliman OF Yale dllat-
ing with great technical exactncss on
the richness OF the ore he had seen
during careful inspection OF the
property. Mr.. Park reported in
his official capacity that there were
ore and accrued profits aggregatlng
1000, 600 IN sight, and that the ore
previously shipped to England had
realized nearly A5S per ton. He
mentioned incidentally that the cost OF
preparing it for shipment was less
than IS shillings ton, thus showing
tidy little profit. The net yield
per annum, according to his figures,
would be not far from I7oo, 900, and
If they could erect smelters, winch
they should do as matter OF bust
ness, it could be made to yield
$500, 600.
The terms of the sale we're so ar
ranged that the profits over and
above IS per cent per annum we're
TO be held back till the interest
charges for one year had accumu-
lated, these amounting to [lSo, 600,
and after being satisfied the whole
rate of 40 per cent a wear was to be
paid regularly. 1t is shown that
Park had in his employ an expert in
the matter of dressing" the money
market through the newspapers and
otherwise; his name was Grant and
he saw to it that the reading public
were never short OF material for peru
sal regarding the greatest mlne on
earth FOR over year DIVIDENDS
amounting 10 Is per cent yeai
were regularly PaIa me ore chahn'
Der was no snall ahalr y a perIot
nance winch had the erect Oh send
ing the stock up to 123 a snare
and many large deals IN 1t had Deer
made. Not to be an owner o
Emma stock at such a time seems Il
have mad the effect OF a sort OF os
tracism from certain circIes-th'
shareless one was not IN the SWIM,
so to speak All at once, and with
out warning, the payment OF dV'
dends ceased, the British courts wer
filled with litigation the America
house OF cards mad tumbIed to tn
ground. In PLAN English, the grea
deposit as previously herein pre-
Inquired, had run out, there was noth
ing Tor the stockholders but lot {
buildings, machinery and a hug
hole in the ground. Vale Emma
The authority above quoted say
further that when the facts we're a
silted from The fction it was loun
that the total output of the mine &c
the thirteen months, during whic
l. H. Il