Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1874-02-27
LETTER IRON L. 5. SENATOR wv. STEWART
WAsuINC15N, Feb. 10. l,7i.

WAsuxc1oy. Feb. 10. ls7l.
+. u. Pqrl. Esq
My DEAR SIR Il have yours Of yester-
day enclosing yours of the 9th inst. | can
verify every statement You make a. 70 the
sale of the Emma Mine, a. was with YOU
and know every step that was taken.
The mine was sold on the strength OF the
record of it, production, and the report OF
Prof Silliman. \ large amount OF ore
several millions in valued had been ship
ped to England and sold by the owners OF
the mine. The record Of production ap-
peared from the books of bankers, brokers,
and persons who had bought and reduced
the ore. All of these were wcll-kn1wn
business men Of England We offered to
allow the purchasers 10 have the property
examined by any person they might
select. and Prof. Silliman was by
them selected We also offered 70 have
the examination made by a. many
others as the purchasers might desire
had not AZ that time been in the nine, but
based ny estimate Of is value upon it.
we'll known reputation and great prQduc-
ton. and the uniform opinion Of persons
who had examined il. After the company
was formed in London, and the sale COM
pleted. early in December, Isl, returned
to the United States. In February. l,72. l
visited the mine with +. Bridges W Illyams,
Esq. NJ. P. one Of the English board Of
directors. sent out to examine the mine and
make a report. Mr.. Willyams was highly
pleased with the mine. He remained in
Utah a sufficient time to investigate all the
affairs Of the company, and made report
more favorable than Prof Siiliman had
done Mr.. Wi!lyams took Prot. Si.liman
out with him
| visited the mine again IN July. lS72,
with Judge Mexican. the Chancellor Of the
Court, Judge Poland, and opposing counsel,
and q number Of witnesses (mining experts
on both sides Of the suit then pending. The
mine was then opened much more extensive
IL than when was there IN February with
Mr.. Willyams. Among al the parties who
visited the mine. including the mining ex-
perts on both sides Of the case. heard but
one expression, which was that the mine
was Of immense value. | ordered stock
bought at that time at Is per cent premium,
and know Of Others in Utah who did the
same.
| was in Utah in September and October,
1872. with Mr.. Anderson, President of the
Company. attending TO the litigation. In
the latter month we visited the mine, and
it then looked well. Mr.. Anderson ex-
pressed himself as fully satisfied. He said
that he and his friends in Glasgow owned
largely in the stock, and that he had come
out to see for himself Ths was year after
the sale Of the mine in London, and the
stock was then selling at Il to 20 per cent
premium There never was ialrer tran
saction than the sale of the Emma mine.
The English people knew the reputation
of the mlnc. aud, what WAS more
- ~ranf
production by the receipt of its ores. They
came to u to purchase. We sold subject
to examination by party selected by them.
Three English directors visited the mine at
intervals february. July and October,
1872. } and all were satisfied, and each gave
a. favorable report a the one given by
Prof Silllman. The stock was above par
for over year. Our subsequent relations
with the company may be best understood
by the following resolution adopted at one
of the meetings of the board Of directors,
on the 10th day of December, 1872:
DECEMBER TO- Isl.
The Hon. ". VI. Sicic9rt, Washington
DEAR SRI have much pleasure in transIn :
tin- TO you the following resolutions passed ms
day at the Board meeting OF the Directors OF TINS
Company
Messrs Park and Stewart for the very able and val
liable assistance afforded by those gentlemen m the
successful prosecution % suit against the Emma
Hill Consolidated Mining Company, and FOR the
handsome way they have devoted their time. ana
incurred expense free Of chgr-e to the C0mpan!
during the continuance Of tne ti-ation
trust we have now seen, thanks 10 you, the IAs1
| OF these wretrhed lawsuits.
Shall We have the pleasure OF seeing YOU mere
| again at our Board? Your pTeseIce Wou'drl assure
| You, be 4 great qualification e. ALL
W. II. TooKE, Secretary.
1t is not our fault that the stock huctu-
ates in the market. or that the mine does
not pay now as well as it did at one time.
Mining property j. subject TO great tluctu-
atoms in value. The COmstock vein Is a
| good Illustration The Beicher and Crown
Point Mines. in 1868, were bought in the
market AT about one thousand dollars per
| lineal foot. After that time the ore bodies
| failed, and these mines had no market
value. and could b. bought for nominal
sum. In 1872. nea ore bodies having been
discovered. the stock of these mines rose 10
about fifteen thousand dollars foot. and
they have produced in the last twelve
months over ten millions each. Every
mine of the Comstock will show similar
| fluctuations in value.
do not think the Emma Mine has failed
or been worked out. \ small portion only OF
the ground has been explored. l under
stand the mine is now paying about So
900 month above expenses, and there
seems to be nothing discOuraging IN Its
prospects. Yours truly;