In 1851 brothers Silas, Edward, and Payson French leased mining rights on the Newell property from Oliver and Gad Newell, paying $7 per ton of graphite extracted. Powdered graphite brought 3 to 5 cents a pound at the time, about $80 a ton, so they probably made a fair profit. Savvy businessmen,  they immediately sublet the property to a Massachusetts company (the Phoenix Company of Taunton), thereafter receiving $20 a ton for the mined product, an automatic $13 per ton profit. But the veins were narrow and short, and the deposit was probably worked out by 1855.