The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-04-20
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seilers tnereol tnat company should be
organized in the city of New York to
which the title of said mine should be con
veyed, and under which its future opera-
tons should be conducted that the cant
tai OF such new company should be ST.
OOO,OOO that said NINE and property
should be conveyed to such company in ey.
change Tor that amount of full paid stock.
10 be issued to the owners in said mine in
proportion to their respective interests
that such new company was organized, the
SAID mine and property conveyed thereto.
and its capital stock issued in the respec-
tive proportions aforesaid.
And this defendant AYERS that at the
time OF his said purchase of an interest in
said mine, and at the time of the organiza-
ton OF said New York company, and the
conveyance OF the mine thereto, as.the
said mine and mining property then stood.
he fully believed, that the same, with nm
uncloudcd title thereto, was worth the said
sum of $4,000 000 and more than that
sum that in the organization of said new
company, and in the purchase of said mine.
neither this defendant or said Park had any
reference to the then future sale Of said
mine, and that at the time of s1ch pur-
chase and of the organization of said com
| pany as the said mine then stood. the same
was worth more than 1000, 900. estimated
upon the usual and common principles af
fectng the valuation of such property
| Ana TINS defendant, further answering
saith that he left the said mine and return
cd to New York about the 10Th day of
April, 1871 since which time he hath never
seen or visited the said Emma mine, and
that all his personal acquaintance there
with and knowledge thereof was acquired
by his examination aforesaid, and the facts
and circumstances communicated to Inn
during his aforesaid visit in April, 1871
This defendant, further answering, saith
that he was elected president of the said
Emma mining company of New York, up
on its organization in the month of April.
1871, that from that time until the sale OF
the mine to the plaintiff, as hereinafter
stated, this defendant had principal charge
OF the financial affairs of the said Emma
mining company of New York that the
orc from said mine was sent by rail to the
city of New York, and thence under this
defendants direction consigned to the
houses of Bath IL Son and Lewis d Son.
and by them sold for account of said com
pany. That new and efficient superin-
tendent was appointed for said mine, and
that said mine continued to be worked and
operated in the due and usual course of
| business, and not otherwise, so long as This
defendant had such direction thereof; that
the silver ore therefrom was raised from
the mine, and sent forward from day to
day and week to week, as means of trans
portation could be had. and in like manner
forwarded by steamer to England. That
this defendant has accurate personal knowl-
edge of the product of said mine, its net
proceeds, and the disposition of such pro-
ceeds during the period last aforesaid, and
the details thereof as given in this answer
| fror hon of l.f
ant, and are true in fact.
This defendant further says that at the
time Of the purchase of his and said Parks
interest in said mine there was an action
pending involving the title thereto in favor
of one James L. Lyon, which was brought
on for trial in the month of July, 1871 that
said Park in behalf of the owners .ook
personal charge of the defense thereof,
employed counsel and proceeded to Utah
for the purpose of attending the trial; that
the said suit was not tried, but was agreed
to be compromised; that the substantial
conditions of said compromise were. that
in case the claims of said Lyon were dis
charged, and patent should be issued
from the United States securing the title
of said mine to the parties then in possess
ion, such parties would agree that the said
mine should be sold to the best advantage
that out of the first proceeds of such sale
there should be paid to said owners the
sum of 81 800, 600, and that the said Lyon
should be entitled to receive a percentage
upon any excess of the sale price over said
sum of 81 100000, which percentage should
in no case exceed the sum of $500, 600;
that said compromise was agreed to by said
owners, and such patent from the United
States was afterwards obtained
And this defendant AYERS that the said
Stewart was the attorney of said Lyon such
action that previous to the said comprom-
Use he had no interest in said mine or prop
crty, and that his subsequent interest there
in arose from the interest of said Lyon
under the compromise aforesaid, and that
he had no control Of the subsequent sale
of said mine beyond the interest of said
Lyon acquired by said compromise.
And this defendant, further wering,
says that himself and the other owners OF
said mine were informed, and believed,
that said suit could not be compromised and
said patent obtained unless they consented
to the sale thereof; that they consented to
such sale for that reason, and previous 10
said compromise no proposition for any
sale OF said mine and property had ever
been entertained by this defen dant or dis
cussed between himself and the other own
ers; that said compromise was concluded
about the LIST of August, 1871, at which
time the production of said mine was in no
wise diminished; that at that time neither
this defendant nor, so far as he knew, any
other owner in said mine had ever heard
a claim or suggestion made that the deposit
of ore therein was in Any danger of giving
out or becoming exhausted or Of diminish
ing in richness or value, but this defendant
| believed, and according to his best knowl-
edge and information, all the other owners
believed, that the sid vein or deposit was
very extensive, and would be permanent in
duration, as silver mines commonly are
that all evidences shown by the workings
of said mine, and all the appearance it at
that time presented, indicated that the same
was so extensive and permanent, and this
defendant then believed that the said
mine and property, estimated as silver
mines usually, are, were well worth the sum
| of SJ,00O,000.
This defendant, further answering, saith
that it was agreed between all the owners
of said mine that the same or a portion
thereof should be offered for sale in the
city of London, inasmuch as they were in.
formed and believed that the said city was
the best market for the sale of such proper
ty, and especially as the product of said
mine had been consigned to and sold in
England. That the said owners authorized
the said Park to proceed to London and
make sale of portion or the whole of said
mine as he should think best for their in
terest. And tins defendant and said other
owners authorized the said Park to make
such sale in the due and regular course
of business and not otherwise, and neither
this defendant nor any ether of said own
ers gave to said Park any authority to
make any statements in reference to said
mine or the product thereof in anywise
different from the facts and the truth.
That the said Park PROCEEDED to London
in the early part of the month Sep
TENDER, 1871, and made contract for the