Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1899-12-07

/ til in 1860 there was mined 1852 tons.
During the civil war copper advanced
so far great profits were realized. The.
output was increased and in 1861 the
directors voted dividend Of per
cent to be paid quarterly and this was
I done for five successive quarters but in
order to pay the last one Henry Barn
ard. then the president of the com
pany. loaned the company $4,000. In
1869. dividends ceasing inquiries were
made. the books were inspected and in
/ January. 1868, new officers were elect
ed. Smith Ely of New York city was
elected president. Captain Pollard.
who had been onsted, was reinstated
as mining boss. The product of the
mine was increased until 100 tons were
mined daily. In 1870 the product of
the furnaces was 943, 46l lbs. of copper
and in 1880 it was 3, lS6, l75 lbs Alter
this came the G0ddard-C Cain period
and then the ELY war The receiv-
ership followed. In 1888 Judge ;. NJ.
/ Gleason. the receiver, sold the proper
tv to f. NJ. +. Cain, who assigned the
purchase to Otto X krause of New
York city, who afterwards conveyed
the property 10 the Copperfield Min
inc and Smelling Co. The new com
pany expended large sums of money
in putting the property in thorough
working condition and into improve
ments until it had one of the best
equipped mining and smelling plants
i'm the country. There was fora few
years "A large output OF copper and the
company was prosperous, but copper
went down. down, until it sold for but
& cents per ID. Mr.. krause, who owned
the stock. abandoned the mine and
went to Germany, giving to the Brad
ford bank. which had mortgage up
on the property that with accumulated
interest amounted TO SOL 900, peace
able possession of the same. The bank
taking possession requested Mr. Fred
w. Farnham OF West Fairlee, who had
been cashier Of the Copperiield Min
inc and Smelling Co., 10 take char &c
OF the property and ne did so. Under
his superintendency mining operations
were continued and going outward
! and upward from either side Of the
No. 3 dritt in the upper part Of the
mine. line bodies OF copper ore were
found, on which the men have been
working since.
Ely-Copperfield COmpany's Troubles.
Three years ago company was or
ganized under the name of the Ely
Copperfield Mining Co. through the eff
forts of Ebert O. Leonard, treasurer OF
the Bradford bank. This company was
composed of some of the leading capt.
talists of New York and Boston with
whom were associated several Yer
monters. Leading mining experts in
spected the mines and reported that
there were within easy reach OF the old
workings great bodies OF ore that
were fully as valuable as those
found in the old workings and that
these were even more extensive than
the old body of ore from which so
many million tons had been taken.
The new company retained Mr. Farm
ham as superintendent and mining
operations were commenced by them
August lC. 1896. Some very success
iul mining was done up TO April l.
1897, when a misunderstanding arose
between the Officers of the company
ana work was suspended. Neither
party among the officers would pay the
debts of the company and they were
petitioned into insolvency. Fred W.
Farnham and Hon. +. Z. George OF
West Fairlee and Gen. W. III. Gilmore
0f Fairlee were appointed asignees.
Mr.. Farnham, the chairman, at once
went to work to get the property out
of the embarrassing position in which
it was placed. From his long connec-
ton with the property he had become
well informed as to its situation and
prospects. Enjoying the esteem and
friendship of the men composing the
two factions OF the company, he sought
to reconcile their differences and TO
+ bring about the sale of the property to
: men who would restore ii 10 its former
2 productiveness. He has had many
ANNOUNCEMENTS to contend with but
A has persevered until he seems TO have
{ accomplished all he sought 10 do. DC
/ tober II. last, he secured the sigma
E TIRES of the men who had been war
2 ring to an agreement under which ne
: could sell and Immediately commenced
A negotiations with men representing
/ George Westinghouse of Pittsburg, Pa,
: and New York city, who. with asso-
d ciates. has purchased the property
/. The owners have virtually been work
\ inc the mines since they came here "a
[ examine them. They have about AZ
a men working and hire all who come
: asking tor work. They will continue
4 to hire until they have full working
c force Their attorneys have looked
p. M the title to the mines and pro-