Old Fashioned Caramels

1 c butter
2 1/4 c firmly backed brown sugar
1 c light corn syrup
14 oz can sweetened condensed milk
1 1/2 tsp vanilla

Line 9" square pan with foil and butter lightly.  In heavy 3-quart saucepan, melt butter.  Add brown sugar.  Mix well. Stir in corn syrup.  Cook over medium-low heat until sugar dissolves and mixture is well blended.  Remove pan from heat.  Stir in can of milk.  Cook over medium heat stirring constantly until candy reaches firm ball stage (242 degrees if you're lucky enough to have a candy thermometer), this takes about 30-40 minutes.  Remove from heat.  Stir in vanilla.  Pour mixture into prepared pan.  Cool to room temperature (3-4 hours).  When candy has set completely, carefully remove from pan.  Using a thin bladed knife and using a light sawing motion, cut into small pieces.  Wrap individual pieces in squares of waxed paper.