Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1874-03-06
THE SALE OF THE EMM.l MINE.

To the Editor Of the Burlington Free Press:

by the namo of PafIOrd, published PAM
phlet in London, purporting TO give his
tory OF the Emma Mine and my connection
with 1t. The substance OF that pamphlet
was published some weeksago in the Nation
Of New York, and its article has been cop
led into two or thrco Vermont papers, and
has been made the basis of attacks upon
myself and gentlemen associated with me
in business enterprises in my State. My
habit has ever been TO allow charges against
me to go unnotced, observing that time al
ways vindicates the right. In this case,
however, tho transactions having occurred
thousands of miles away, and their history
not being easily accessible to this commun-
ity, and in justice to myselfand my friends,
1 have thought 1t proper to make this sim
pc statement of facts, showing conclusive
ly, I think, that the publication above al
luded TO, is tissue of misstatements and
falsehoods from beginning to end.
ask you, therefore, 10 publish this and
the accompanying communications, and l
also request that patt Of the press of the
State that is disposed 10 see justice done, to
copy the same; l regret the length, but
could say no less, and make clear and
complete statement.
My connection with the Emma Mine and
its sale is as follows:
In April 1871, went TO Utah with Gen.
ii. Ii. Baxter, and we examined the En-
ma Mine and the title of the same, which
was involved in serious litigation. We
purchased one-half of the mine and paid
cash for it. We worked the mine vIgor-
ously afler the purchase, and In the July
following declared dividend OF $3.50, 900
from the earnings.
In July, 1871, l went TO Utah with L. ].
Phelps, Esq, as counsel, to attend to the
litigati On, and while there examined the
mine again, and found that its appearance
had improved. Mr.. Phelps visited the mine
with me.
In the August following, the litigation
was settled, and we obtained United States
patent, which made the title perfect. There
were then twelve owners in the mine, and
after obtaining the patent 1t was determin-
ed to sell the whole, or a portion of It, and
to offer 1t in England, for the reason that
England is the great market for the mines
Of TO world. She owns most Of the valu-
able mines, and is fully informed concern
ing them, having number OF able journals
devoted TO mining matters solely. The
ores of tho Emma NINE, both before and
after our purchase, had been shipped TO
Bath & Son and Lewis & Son, eminent
English merchants, and they knew the ex-
act products, and we had received various
offers for the mine from English parties.
l am safe in saying that there are no peo-
pie better informed on the subject Of mines
than the English, and learned during my
stay in London, that the English people are
as sharp in dealing in mines, and as we'll
able to protect their own interests, as any
people / ever met.
Early in September, Hon. w. NJ. Stew
art, Senator from Nevada (who had an in
terest also in the mine), and /, went to
London 10 negotiate a sale, acting for all
the owners but did not expect 10 sell the
mine without an examination by the pur-
0bssors, O-Po-t 40 bO soIooiod by ihon,,
as that is the usual way, and we took no
report of the mine with us. Soon after our
arrival in London, we had a proposition
for the purchase of one-half of The mine,
we to take stock in an English company TO
be formed for the other half; the sale to be
subject to a satisfactory report TO be made
by anv one 10 be chosen by the purchas-
ers. We accepted the proposition and the
purchasers solicited Prof. b. Silliman of
Yale College, to make the examination and
report. had no acquaintance whatever
with Prof Silliinan, had never seen him,
but knew that he possessed high repula-
ton in England aud America.
In October, 1871, Prof Silliman made a
careful examination of the mine and a re-
port on the same 10 The purchasers. The
report was satisfactory TO them and the sale
was cousummated. The mine had been
producing for long time previous over
$4,000 per month net profit, and the ore
having all been shipped 10 England, the
purchasers had before them the exact fig
ures rs to The products. l acted as agent in
making the sale, aud the conveyances were
executed in New York according 10 the
agreement.
After the new company was organized, in
consequence Of statements that had been
made about the mine by parties interested
in depressing its value, refused to sell
any of the stock, 1--WE had received one
|
over one of their own number and made
an examination of the mine. Accordingly
the director selected E. Bridges Willyams,
Esq, NJ. p, and were Influenced in select
ing him from the fact that he had purchas-
ed largely of The ores, before we sold the
mine, was largely interested in mines, and
was supposed to have knowledge of them.
Mr.. Wlllyams examined the mines in
February, 1872 -four months afler Professor
Silliman), and he purchased, after his OK
animation, 5000 shares at par and above
over 100000 gold,
Aner Mr.. Willyams made his report, l
sold the shares belonging to the owners tor
whom was acting, but purchased on my
own account over S., 900 shares at above par,
and did not sell them until months after
my return to the United States. I held for
nearly year, shares equal to my interest
in the shares we received on the sale.
l returned from England in June, 1872,
and early in July had advices that the
mino was flooded with water, and had
caved, and that portion of the mine was
taken possession of by parties claiming
adversely. 1 at once went TO Utah to pro-
tect the company against the trespasses.
Judge Poland accompanied me as counsel.
We procured an injunction and obtained
possession, and then I again examined the
mine, the first time for year.
While l was at the mine at this time,
Col. ]. C. Stanley, another of the English
directors, was there, and reported to the
company favorably of the mine and the
shares advanced on the report.
So well pleased was with the condition
of the mine, that while in Utah at this time,
nine months after the mine had been sold,
wrote 10 the President of the Company