The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1877-02-15
The Story Of the Emma Mine

At the opening of the United States
court Tuesday, Judge Wallace denied the
motion of the defendants for dismissal of
the complaint in the suit of the Emma
silver mining company against Trenor w.
Park and others. Edward Phelps of
Burlington, of counsel for the defense,
then opened the case on behalf of his eli
ents, and gave general outline of the
Emma mine transactions.
In 1861, he said, the mine was one of the
most celebrated on the globe. Park
bought it at an enormously high figure
from number of Utah gentlemen-honest
Gentiles-and under his hands it paid an
unparalleled profit. Park then went to
Eogand, the great mining market of the
world, and sold the mine, not upon his rep
reservations, but upon investigation. The
NINE went along for few months paying
dividends at the rate of u per cent a
month, but soon, from some source. there
came reports, charges, circulars and other
vague stuff. Park was waited upon, but
only said that he would not sell share of
his stock while the reports were in circu-
lation, and told the directors they should
find out moro berore they went any fur
Their. An expert was sent to the mine at
Parks expense, and on his return he gave
representation of the mine going be-
yond the utmost that had ever been
said of it. Not long after, Park came to
America, and soon there was an I'M
fortunate cave in the mine, and the
stock fell from f20 to G13. Even Parks
agent was scared, and sold stock that Park
bought back Afterwards DC &c tlePfnspect the
nine, and all of them were obliged to re-
port favorably. About year from the
the time of the sale of the mine the divi-
dends were still being paid and the stock
vas at premium. After the company had
run about year and had made about
100000 out of The mine, Park offered to
Guy it back for $4,000, 900, but this offer
was not accepted. Atwood, the mining
engineer, was then placed in charge of tn ,
mine, and shortly the mine was declared to
be exhausted and had to be abandoned.
After it got into this predicament large
sum of money, over $l,000,00 was taken
out under Atwood. but it is not known who
got the money. Finally the mine was de-
clared exhausted-a mere hole in the
ground-but hole out of which $3,000,-
900 had been taken.
Mr.. Phelps said that the defense would
demonstrate that the vein of the Emma
mine is still there, that its value is Just as
great and that all that is needed is intelli-
lent effort to develop it. But Park at
'ached the mine to compensate him for
money out of which the company cheated
aim, and he sold it by advice of his coun-
4el Before he did this, however, he mott
fed the English shareholders that he was
about to organize new company and that
they would be entitled TO shares in it free
of further cost. THAT" said Mr.. Phelps,
lis the operation proposed by this gentle
man who is characterized as a swindler.
He began life as barefoot boy, and he
made his own fortune, while McDougall,
the present chairman of the directors, is
commander-in-chieto of the scavengers who
took hold of this lawsuit and started it on
speculation"
The address of Mr.. Phelps continued
throughout the session of the court and
was continued on Wednesday.