The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1877-03-03
Tho story oftho Emmn Mlne.

At the opening of the United States
court, Tuesday, February 20, Judge Wal
lace denied the motion Of the defendants
for dismissal Of the compliant in the
suit ofthe Emma silver mining company
against Trenor W. Park aud others.
Edward Phelps Of Burlington, Of coun-
sci for the defence, then opened the case
on behalf Of his clients, and gave a gcn-
eral outline of the Emma mine transac-
ton.
In 1861, he said, the mine was one of
the most celebrated on the globe. Park
bought 1t at an enormously high figure
from number of Utah gentlcp 3n--hon-
est Centiles-and under bis hands it
paid an unparalleled profit. Ilrli then
went to England, the great mining mar
kct Of the world, and sold the 7nine, not
upon his representations, but upon in-
vestigation. The mine went along for
few months paying dividends al the
rate OF l-2 per cent. q month, but soon,
from some source, there came reports,
charges, circulars and other gue stuff.
Park was waited upon, but ouly said
that he would not sell share OF his stock
while the reports were in circulation,
and told the directors they should find
out more before they went any further.
An expert was sent to tho mine at Park g
expense, aud on his return ho gave q
representation ofAse mine going beyond
the utmost that had ever been said of it.
Not long after, Park came to America,
and soon there was on unfortunate cave
in the mine, and the stock fell from ego
to ELS. Even Parks agent was scared,
and sold stock that Park bought back
afterwards. Other agents OF the COM
pany were then sent to inspect the mine
aud all Of them were obliged to report
favorably. About year from the time
of the sale of tho mine the dividends
were still being paid and the stock wa
at premium. After tie company had
run about year and had made about
100000 out of the mine, PARK offered
to buy 1t back for $1,000 900, but thi.
offer was not accepted. Atv ood, tbs
mining enginoer, was then placed il
charge of the mine, and shortly the minC
was declared TO be exhausted and ha(
to be abandoned. After 1t got into this
predicament large sum Of money, ovel
$1,000, 900, was taken out under At
wood, but 1t is not known who got Tho
money. Finally the inihe was declared
exhausled--a mere hole in the ground
| but a hole out of which s9,006,0OO hat
been taken.
Mr.. Phelps said that the defense woul(
demonstrate that the vein Of ihc Emms
mine Is still there, that its va,ue is Jus
as great and that all that is ne ded is In
telligent effort to develop it. But Parl
attached the nina to compensate % him fo
money out Of which the company cheat
ed him, and he sold it by advice of hi
counsel. Before be did this, however
he notified the English shareholder
that he was about to organize new
company and that they would be enti
tied to shares IN it free Of further cost
"That," said Mr.. Phelps, sis the opera
ton proposed by this gentleman who
characterized as swindler. He began
life as barefoot boy, and he made hi
own fortune, while McDougall, tn
present chairman Of the directors, /
mmander-in-chief of the scavenger
who took hold Of this lawsuit and start
ed 1t on speculation"
Tho address of Mr.. Phelps continued
throughout the session of the court ant
was continued on Wednesday.-rFre
Press.