Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1899-07-21
PEARCE CONFIRMS.

/ We hasten to announce that we did
rot pay Mr.. S. L. Pearee for writing
the letter to the Courier from Fort
| Thomas which shows beyond question
that The Republican was none too
early with the expose of the Spena-
yuma swindle Nor did we pay the
! Courier a cent to print Pearca's letter.
Pearce, who has held hay sort of
connection with the Spenazuma outfit
| for some time, tries to impUgn the
usually the case with one who seeks
! 20 excuse dark deeds he makes a sorry
mess of it. The Courier, blinded by
its own egotism, and unable to discern
the flaws IN Pearce's argument"
prints his effusion with the idea that
it is scoring against The Republican.
Thoughtful people who read the fol-
lowing extract from Pearce's letter
VIII see that II is a plain endorsement
of the charge of The Republican, that
the SpenaZuma company disposed of
huge blocks of stock in the east based
on sensational and lying prospeetuses:
In the early art of last year a
party came into the country that had
acquaintance among eastern capital
lists and secured some mining claims
in very favorable place for a sensa-
tional or romantic prospectus He
gave his report TO the capitalists and
induced them to invest and organize q
company with a large capital stock,
and, of course, secured a good portion
OF the stock for his possessions, bu.
worst of all he was inadvertently
placed as general manager of the
cOmpany's affairs and a contract
given him for a great number of feet
of development work, in which there
was no specifications as 10 how the
work should be done. The result was
that in order to dispose of the i'm
mense amount of stock held that he
got out one of the most sensational
prospectuses ever written, flooded the
east with them and did his contract
work in the cheapest way that he
could, which was tunneling into The
mountain as near the surface as he |
could, though he did nothing that an
experienced miner would have done to
develop a mine. The ore was in his |
way and he could not avoid cutting
through some very fine bodies of t,as |
the tunnels will show new to any one |
investigating, but as he was tunnelfng
for distance, not for ore. he only took |
out the ore thasr was in his way, which |
was amply sufficient for showing to |
visitors. His work was 50 unreason- |
able that the investors who came and /
looked it over demanded his removal |
as manager and the cancellng of his |
contract. This was a hard matter to /
accomplish under the terms of the
contract. but on June the first of this
year the directors succeeded in get
ting control of the property"
The expression employed by Pearce
he was tunneling for distance, not
for ore''-tells the story in a nutshell.
The Spenazuma company, through its
general manager, if you please, was
simply paving the way TO spear
gudgeons. The idea that a general
manager would be permitted to get
up a lying prospectus without the con-
nivance of the directors is too silly to
be enlarged upon. Pearce, on the
heels of his confession that the general
tunneled for distance, says
a discharged employe gave The Re-
publican correspondent false informa-
ton concerning the pr ,perty. The
man examined the prop
arty closely. His information GER
-ainly was at variance with the state
ments set forth in the prospectus But
his report was truthful and has been
verified, even Pearce unwittingly at
testing to its correctness Although
we naturally are suspicious of people
who show disposition TO juggle with
facts we trust that what Mr. Pearce
says of the present plans of the Spen-
azuma company is correct. If the
has settled down to legiti-
mate mining operations, if II is spend
ing money in doing honest develop
nent work and is beneffting the dis
-rict IN which its holdings are located.
then it should receive nothing but
The Republican trusts
hat the stockholders may receive as
much benefit as the dwallers in the
Spenazuma district are said By Pearce
% be getting.