The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-02-25
THE SALE OF THE EMMA MINE.
LETTER FROM NON. r. w. PARK
Letters From gen. Ia. Henry Bax-
ter, Hon. Luke =. Poland
r.. j. Phelps, Esq, HON.
W. M, stewart
A LIBEL REFUTED
February 0rlI, 1874.

t1Oiit tltilt SliNt u llun VI NV tiul dilNiy
by the name of Pafford, published a PAM
phlet in London. purporting to give a his
tory Of the Emma Mine and my connection
with it, The substance of that pamphlet
was published some weeks age in the Ma
ton of New York, and its article has been
copied into two or three Vermont papers,
and has been made the basis of attacks up
on myself and gentlemen associated with
me in business enterprises in my state. My
habit has ever been to allow charges against
me to 60 unnoticcd, observing that time
always yinGicatcs the right. In this case,
however, the transactions having occurred
thousands Of miles away, and their history
not beng easily accessible TO this commu-
nifty, and in Justice TO myself and my
friends, have thought it proper 10 make
this simple statement of facts, showing con-
clusively, | think, that the publication
above alluded to, is a tissue of mssiate-
ments and falschoods from beginning 10
end.
ask you, therefore, to publish this and
the accompanying communications, and
also request that part OF the press OF the
state thu is disposed to see justice done,
TO copy &c same; regret the length, but
could say no less, and make Il clear and
complete statement
My connection with the Emma mine and
its sale is as follows:
In Anil 1871 ynut ia ITiah with (,pn
II. II. Baxter, and We examined the Emma
mine and the title OF the same. which was
involved in serious litigation. We pur-
chased onchalf Of the mine and paid cash
for it. We worked the mine vigorously
after the purchase, and in the July follow
ing declared dividend of @250,000 from
the earnings.
In July, 1871, went to Utah with Il j.
Phelps, Esq, as counsel, to attend to the
litigation, and while there examined the
mine again and found 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 it was
determined to sell the whole or a portion
of it. and to offer it in England, for the
reason that England is the great market for
the mines OF the world. She owns most of
the valuable mines, and is fully Informed
concerning them, having a number OF able
journals devoted to mining matters solely.
The ores of the Emma mine, both before
and after our purchase, had been shipped
to Bath & Son, and Lewis u Son, eminent
English merchants, and they knew the cx-
act products and we had received various
offers for the mine from English parties.
! 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 well
able 10 protect their own interests, as any
people whom ever met.
Early in September, Hon. w. NJ. Stew
art, Senator from Nevada ''who had an in
tcrest also III the minc," andl went to Lon
don to negotiate sale, acting for all the
owners but did not expect to sell the
mine without an examination by the pur-
chasers, or an expert to be selected by
them, us that is the usual way, and we
took no report of the mine with u.s. Soon
after our arrival in London we had pro-
position for the purchase Of one half of
the mine, we to take stock in an English
company to be formed tor the other half !;
the sale TO be subject to a satisfactory re-
port TO be made by any one to be chosen
by the purchasers. We accepted the pro-
position and the purchasers solicited Prof.
b. Sillman of Yale college to make the cX-
animation and report. | had no acquant-
ance whatever with Prof. Silliman, had
never seen him, but knew that he possessed
a high reputation in England and..Amerca
In October, 1871, Prof Sillman made a
careful examination of the mine and re-
port on the same to tie purchaser. The re-
port was satisfactory to them and the sale
was cOnsunmated. The mine had been pro-
ducng for long time previous over $780,
900 per month net profit, and the ore all
having been shipped TO England the pur-
chascrs had before them the exact figures as
TO the products. acted as agent in making
the sale. and the conveyances were exc
cutcd in New York according TO the agree
mcnt.
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 10 sell any
of the stock, sc had received (one-half)
until the English directors had sent over
one OF their own number and made an ex-
animation of the mine. Accordingly the
directors selected L. Bridges Willyams,
Esq, NJ p, and were influenced in
selecting him from the fact that he had
purchased largely of the ores, before we
sold the mine, was largely interested in
mines, and was supposed to have u knowl-
edge of them.
Mr.. Wllyams examined the mines in
February, 1872 -four months after Profess
scr Siliman), and made a report more fa-
yorable than Professor Slliman, and he
| purchased, after his examination, 5000
shares at par and abOyc-over $500, 900
gold.
After Mr.. Willyams made his report
sold the shares belonging to the owners for
whom was acting, but purchased on my
own account over 5000 shares at above par
and did not sell them until months after my
return to the United States. held for
nearly year shares equal to my interest in
the shares we received on the sale.
| | returned from England in June, 1879,
and early in July had advices that the mine
was flooded with water, and had caved,
and that a portion of the mine was taken