The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-08-31
Chief Promoter of the Emma Mine
Swindle.
AN OLD STORY RE1oLD
UTAH MINE SOLD FOR ONE HUN
DRIED MILLIONS.
A Fascinating Chapter From the Ear
ly History of the State-Discov-
erers of the Mine Still Living In
This City-How the Scheme Was
Worked.

once more the famous Emma mine
swindle. swindle by which English
people were defrauded of millions of
dollars, and the development of Utah's
magnificent mines was given stagger-
ing blow among investors that is felt
even to this day. The story has an
abiding interest.
The Emma mine was discovered in
the Little Cottonwood, twenty-five
miles from Salt Lake Citv, by j. F.
Woodman and r. B. Chisholm in 1868.
Both of these men are still living. In
this city, although both are now far
advanced in years. Little was done in
| the way of developing the mine TILL
1869, except to secure absolute title to
the claim of 200x2, 400 feet. The origi
nal owners of this claim were j. F.
Woodman and r. B. Chisholm of Salt
Lake; Captain ]. NJ. Day of Wisconsin,
and Captain James Smith of Chicago.
Walker Bros subsequently secured an
interest in the mine.
In 1869 the work began of developing
the mine, which proved to be one of
wonderful richness. The vein was COM
posed of sand carbonate, that could be
Shoveled into sacks and carried out.
Fortunes were made out of it in the
two years ii was operated by these
men. 1t will never be definitely known
how much wealth was taken out in
these two years, but it has been ac-
cepted as a fact that Mr. Woodman
received $500, GOO for his interest, and it
is fair to assume that the others made
as much according to their holdings.
Mr.. Woodman held fourth interest.
Baron Grant Appears.
In 1871 Trenor w. Park and H. H.
Baxter of New York came along and
bought a half interest in the mine for
s750,000. Then it was that William NJ.
Stewart, now United States senator
from Nevada, and Trenor w. Park con-
ceived the idea of forming a great
English company to operate the mine.
At this point, too, Baron Albert Grant
came upon the stage to initiate the most
gigantic mining bubble that ever origi-
mated on this continent. Largely
through the influence of Baron Grant,
a company was formed in England with
a capital of 1,OO0,6e shares of 800 each.
Three members of the British parlia-
ment were placed on the board of di-
rectOrs. r. F. Schenck whom General
u. S. Grant, then president, sent as
minister to England, and who is known
to history as the man who introduced
the great American game of draw poker
into English society, was also made a
director. Schenck's name inspired great /
confidence, and people climbed over
each other in their efforts to get stock. !
The prospectus of the company show |
ed that a dividend of so per cent was !
possible. Baron Grants success in pro- !
noting this scheme was phenomenal. |
Park and Stewart worked the Ameri- |
can end of the deal and made great |
fortunes in the manipulation of tho
stock. 1t transpired afterward thu: ,
these men had paid Grant $5,0G0,000 to
promote the scheme in England and
how h. III Ozl. ,,Ar- :
said to have received $4,000 from Park
with which to buy shares and become
a director. A report on the mine pur-
porting to come from Professor Spill
man of Yale college and used largely
to boom the stock, was pronounced
alter to be forgery.
Bursting of the Bubble.
Then it became known that the
Emma mine was not so great a bonan-
"a as represented, the crash came and
stock that had been bought at fabulous
prices fell and only one shilling per
share was saved from the wreck. But
t must not be inferred that these Eng
ish cousins gave up without a fight.
large sums of money were expended
IN the mine, manager was sent over
rom London. to put in most of his
ime playing cricket in Salt Lake, but
he rich vein of silver was lost and has
lever since been found. He would be
| reckless man who would say what
las become of it. The original owners
worked the mine to a depth of 300 feet.
n the lower levels the flow of water
las been so great that those who have
ried to operate the mine in recent /
ears have not been able to prosecute
he search for the vein to the necessary
epth because of the water.
The original English company has
een several times reorganized since
he first crash, but many of the origi-
lal stockholders, roped in through the
influence of Baron Grant, have stayed
With the mine through all its vicissi-
udes. and many still hold to the idea
hat their money will yet come back.
In the sale of the mine by the origi-
Ial owners, ]. F. Woodman received
pproximately 100000 for his fourth
interest. He sold too soon. because r.
). Chisholm afterward sold his fourth
interest for $4,000 Captain Day, re-
bout the same for their respective
hares.
Baron Grants Career.
Grant, who is spoken of now as the
Iooley of his time, was made a baron
y King Humbert of Italy in 1868, for
ervices in connection with the Victor
manuel Gallery in Milan. During the
avs of his great prosperity he pre-
ented Leicester square to London, a
lift that cost him $4,000. He also
uilt for himself a magnificent Italian (
larble palace at a cost of $1,000 O00
lis death, the announcement of which
as cabled to this country yesterday,
as removed one of the most daring
nd successful promoters known to
lodern history.