Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1883-02-14
The Ely Mines.

There is again trouble at these mines more
serious than ever before. The following facts
we have obtained from source which Is re-
garded "A reliable: Before NAV, 1882. the
mines were run by the Vermont Copper Mining
company, Smith Ely, president-a corporation
chartered by our state legislature At that time
the MANAGEMENT purpofted to pass into the
hands OF the Vermont Copper company which
claimed to hold charter from the state OF New
York and had Its office In New York city
or this company L Ely Goddard was president
and T. M F. Cain. secretary. This Cain was
a practical mining engineer, whose services had
been obtained for the purpose OF getting the
mines on a better paying basis At the same
date, the store Of f. P. johnson & Co., In which
the Vermont Copper Mining company had been
supposed to have an interest came into the
hands OF new firm, STYLED Ely-Goddard &
Cain. At the time Of this change OF manage
ment, pay for two and one-half months was due
the miners and they held due.bls for the amount
which most OF them eventually disposed Of to
outside parties for about thirty cents on dollar
In July the company issued bonds to the amount
OF $4,000 10 pay outstanding obligations, es-
pecially these due-bills The bonds were taken
after some time lat par, II Is supposedly by the
then holders OF the due-bills. Meanwhile Ely
Goddard was at Newport where II is said he
managed to spend $50 900, and Cain Was in
creasing expenses at the mines, building con-
centration mill, which Is said TO be not yet ready
for use. October 28ih, Smith Ely sued Cain
for $780, 600 and put an attachment on all the
property OF the Vermont Copper Company. To
this suit plea OF abatement was fled at De-
cemher court, on the ground that Ely Goddard
should have been joined with Cain as co-part-
ner. November 1st, Ely. Goddard purported to
convey to the Vermont Copper Company the In
tnrest VI Ely-Goddard & Cain In their store, and
December LIST, he leased to the Vermont Copper
Company the real estate belonging to the firm
Cain now declares that these transact ons were
without his knowledge or consent January 18TH
the Vermont Copper Company decided all its
property to the old Vermont Copper Mining Com
pany. January 17th on petition OF ElyG ,ddard,
Judge Rowell granted an injunction restraining
Cain from interfering with the management OF
the mines. February 9th, the National Eagle Bank
OF Boston put attachment all the property Of
the Vermont Copper Mining Company Tor $4,000
and also two writs against Smith Ely for the
same sum- February 7th, Cain was arrested
on body writ for libel brought by Ely-Goddard
damages being set at $4,000, and Is now con-
fined In Chelsea jail The alleged libel consists In
statements made In letters to creditors impeach'
ing the credit Of the mines and of the firm Of
Ely. Goddard e. Cain. Monday n hearing took
place before Judge Rowell at West Randolph, on
petition Of the Vermont Copper Mining Com.
pany III Is said to have a receiver appointed
over the whole property. The company Il hope
lessly involved, and must at no late day go into
bankruptcy. As to Gains conduct there seem
TO be different opinions. Some call him an un-
principled adventuter, while others say he has
done his best to accomplish what no man could
under the circumstances