News and citizen. [volume] (Morrisville, Vt. ;) 1881-current, 1902-04-02
INVEST YOUR MONEY AT HOME.
New England Enterprise, Operated in New Eaa~
land, and Managed BY New England Men.

iaHa' ana Managed 0y New England Men.
The article below is copied from a
Massachusetts paper. AS it shows
the extent and value of the plant at
the mines in Eden, we give it place
herewith:
l have had proposition of q finan-
cial character brought to my atten-
ton, during the past week, that ap
peals to me with more than ordinary
force. | make this statement ad vised-
ly, and with due regard to the many
propositions that are constantly pre-
sented to my attention. 1t is the New
England Asbestos Mining and Milling
Company, the home of which is 81
North Main street, Fall River, Mass.
The mining of asbestos is a new
thing to be brought to the attention of
investors, but find upon careful in
vestigation that it presents features
as legitimate commercial enterprise
that will appeal strongly to the bust
ness instincts of the public.
This company is, in fact, the first
asbestos company organized in the
United States, and came into being
Jan. 1901. They own several hundred
acres of rich asbestos land in the town
of Eden, VT, near the Canadian line,
and the vein is, without doubt, con-
tinuat1on of the rich vein across the
border, which has been operated for
years by the Canadian Companies,
and from which enormous fortunes
are being taken. Development work
was begun soon after the organiza-
ton Of the company, and three
months active explorations demon
strated that the Lodges were rich be-
You'd their expectations; the char
acter of the deposits being confirmed
by manufacturers of asbestos from
many points, and who, in tact, agreed
to take the entire output.
The value of the property being de-
termined, the company Immediately
began the installation of a large
plant. which is to-day nearly COM
pleted, and includes the following ex-
tensive equipments: A mill 105x40
feet, four stories high, with engine
house 4Ox40 supplied by power from
a25O-horse-power engine and two 125
horsepower boilers; an engine house
3Ox4O it,, equipped with a 60-horse.
power boiler, 35 horsepower air COM
pressor and receiver, and hoist en-.
CINE, which supplies power for the
drills and quarry outfit; a sawmill,
equipped with 80 horsepower engine,
planer and saw capable of saving
1000 ft. of lumber per day, (the tim
Der in the buildings having been cut
on their property and sawed by their
mill; a boarding house 25x5O, fur
nished throughout for so men, a
story and half building 25x5O, oc-
cupied by 40 Italian laborers; cottage
OF eightrooms for superintendent and
clerk; carpenter and blacksmith shop
24x36 with tent ment overhead, and
a stable for 16 horses. The work of
getting out the rock is progressing
and several thousand tons have been
removed and are now piled up await
ing the completion of the mill for
treatment. This mill which will be in
operation within a few weeks is of400
tons daily capacity, and as the rock
assays 25 per cent asbestos, which
commands from $50 to 5000 per ton,
according to quality, the possibilities
of this enterprise can be easily esti-
mated. An important factor in the
success of any enterprise is it's man
agement, and one at once asks, on
looking at an Industrial enterprise
with view to investment, who are
the men in charge? Are they reliable
men OF business, capable OF handling
a large enterprise? In the case of
this company that question can be
answered strongly in the affirmative.
Every man officially connected with
the New England Asbestos Mining
and Milling Company brings mature
experience to bear in the conduct of
this property. The board of direct
ors are the following gentlemen
Francis E. Hathaway, Benz. F. Rid
dell, Wallace l.. Wilcox, James Ell.
Warning, Joseph N. Mcclure, G. Frank
Allen, Minot A. Steele, M. D., Benz. B.
Blake.
The company is capitliazed for
100000, with shares at ST., par
value, and hut a limited number of
shares are offered at this time at par.
The proceeds thus raised are to be
used for the better completion of the
present plant and for adding to the
equipment that the company may be-
GIN to realize quickly upon the riches
at their command. | have had the
pleasure of meeting Mr.. G. Frank
Allen, the president of the company,
and am favorably impressed with him
as a man of affairs. Mr.. Allen is a
gentleman ofsound business instincts,
and is we'll fitted in every way to be
at the head of a corporation repre-
senting large interests such as this one
does.
The market for asbestos is very ex-
tensive and is constantly increasing
as new uses for it develops. In fact
the "Iron Age" in a recent article
stated fuses of the commodity were
facing a great increase in it's cost,
caused by a scarcity of supply and in
crease in demand" A most favor
able combination for producers of it.
Taken as whole or in detail, the af-
fairs IF tho Now ENGLAND AshestOa