THE EMMA MINE SCANDAL.

Evening Star, Issue 4081, 25 March 1876, Page 2 (Supplement)

THE EMMA MINE SCANDAL.

The Melbourne ‘Argus’ thus comments on this scandal;—

The Emma Mine scandal is again occupying public attention in England, and steps are about to be taken to compel the promoters of it to disgorge the sum—very little less than a million sterling—of which they robbed theshareholders. Two telegrams which we published last week intimated that the resignation by General Schenck of his appointment as the representative of the American Government at the Court of St. James’s had been reported and contradicted. In the face of the evidence which he gave before a committee of the directors, it is not easy to understand how he can still continue to exercise diplomatic functions in London. It appears that Mr Park, the vendor of the mine, who had previously been concerned in putting a bubble mining company on the New York market, and in issuing first mortgage bonds on an American railroad which had no existence except on paper, applied to General Schenck for the use of his name. The astute projector is described by the General as having lent him LIO,OOO with which to purchase 500 L2O shares, while also guaranteeing him 18 per cent, interest on that amount; and the diplomatist became one of the trustees of the company. One million sterling was soon subscribed for the purchase of an utterly worthless tract of land, reported to be argentiferous, in Utah, of which General Schenck admits that he had no knowledge beyond the merest hearsay ; and Mr Albert Grant is generally stated to have netted LIOO,OOO is his share in the profits of the transaction. When the bubble burst, the assets of the company were found to be little over L 3,000, and the shares, which were at one time quoted at L3O each, became unsaleable at any price.