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FRIDAY .FEBRUARY 9, 1883. Richwann, Va., February, 1853. Yo the Editor of the Dispatch : In reply to inquiry, page 4, Dispatch of this day, second item, column 1, anawer: “Inez; A Tale of the Alamo’, which was written by Mixes Evans when a lassie of sixteen—we said, I read it in 1858 = ish. C. Pires. A Methodist Mine. COLONEL DILHY'S PATILANTHROPT—HOW LPAD ING LIGHTS OF THE CHURCH WERE TAKEN IN. The New York Herald of Wednesday devotes three columns to the history of the Isabella Silver Mining Company, into which, i is stated, a large number of lead ing Methodists in New York and elsewhere were drawn, and in which a large amount of money has been sunk. The company was incorporated a number of years 2¢0 under the mining laws of California, and had a nominal capital of $10,000,000. The owners were San Francisco capi talista, among them Colonel H. G. Bixby, who, it is claimed, worked mines long enough to become satisfied of their worthlessness. Rev. John F. Spence, president of the East Tennessee Wesleyan University, at Athens, was made to believe, however, that there were Tallions in the mines, and Professor Caldwell, chemst and mineralogist in the Wesleyan University, was sent out to ex amine them, and reported that they were even richer more than they had been rep resented. In the summer of 1873 Dr. Spence and Professor Caldwell called on Rev. Dr. Newman, pastor of the Seventh Avenue Methodist church in New York, and introduced Colonel Bixby, who, Dr. Spence Wald, had decided to endow the ethodist Episcopal University at Athens With a lot of € 200,0000 or $300,000 of minkine stock, Colonel Bixby admitted there were some incumbrances on the property, but he wanted to raise 250,000 to put the mine in working order. Dr. Newman was so fa vorably impressed that he invested $1,000 in the stock, and Bishop Simpson followed with 2600. Soon afterward the Christian Advocate, the official organ of the Church, edited by Rev. C. J. Fowler and Rev. W. H. De Puy, who afterwards invested in the stock of the company, referred edito rially to Colonel Bixby’s munificence, and endorsed the mining enterprise in strong terms. ‘The Wesleyan University put a thousand shares of its stock on the mar ket, letting early subscribers in “on the ground floor” at 85 a share, the par value being placed at S10. Professor Caldwell also published in the Christian Advocate the result of his investiga tions, expressing the opinion that the Isabella mines were among the most valuable in Arizona. Dividends of 4 per cent. amnouth were expected, and the stock went of like hot cases, and Methodist min eters as well as laymen invested langely. Colonel Bixby, who is now said to be in Spain, opened an ofice at the Astor House, in New York, and peddled out the stock from $10 down to 50 cents a share. The stockholders waited patiently for a year, and then began to open their eyes. till there were encouraging reports, and the Alice mine, adjoining the Teatella, was purchase. Last March even the pre tence of working the Isabella was aban doned, though it is hoped the Alice mine will still prove good property. The Tenbella mine, it is stated, woll been clear at 2200, while the ore the like that used by the Pennsylvania rail road to Dallastite tracks. It is thought it had been well salted prior to Professor Caldweill's visit. The East Tennessee Uni versity, which had intended to change its name to the Bixby University, as a compli ment to the generosity of the California millionaire, ias reconsidered its determina tion, and will retain its present name. No blame is ascribed to Dr. Spence or Profes sor Caldwell, who are thought to have been simply the calspaw of a very clever specu lator. Large numbers of Methodists, it is stated, would be pleased to dispose of Isabella mining shares at very low figures.
Newspaper Details
Richmond Daily Dispatch
Richmond, Virginia, US
Fri, Feb 09, 1883
Page 4
Full Page
Clipped by
John J.
USA 03 Feb 2026
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