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Homestake Mining Company

$8.00

SKU: 7455

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Product Details

Nicely engraved antique stock certificate from the Homestake Mining Company dating back to the early 1900's. This document was printed by Goes and measures approximately 9 3/4" (w) by 5 1/2" (h).

 

This certificate features a trio of detailed mining vignettes.

The images presented are representative of the piece(s) you will receive. When representative images are presented for one of our offerings, you will receive a certificate in similar condition as the one pictured; however dating, denomination, certificate number and issuance details may vary.

    Historical Context

    The Homestake Mining Company was incorporated December 6, 1909. Its property in the Hunter Mining District, near Mullan, Shoshone County, Idaho, consisted of 5 patented claims, the Ironcap, Bull Dog, Missoula, Gertrude, and Homestake, with an area of 12.711 acres.

    The Homestake property had been extensively developed in its early years due to its proximity to the Hunter vein. The company's charter was forfeited in 1916, however, idling the mine for 27 years until its reinstatement in 1943 when the two surviving members of the board, James A. Wayne and William Stratton, met again.

    The National Copper Mining Company played an important role in the history of the Homestake. National Copper purchased a controlling interest of 700,000 shares in Homestake in 1921, and increased its holdings to 1,238,955 shares in 1942, one year before Homestake was absorbed by the King Mining Company.

    The Homestake Mine was considered National Copper's greatest asset. Control of the property was acquired by National Copper to secure the ground for a tunnel site. When National Copper suspended its own operations in 1921, the stockholders voted to invest in the further development of the Homestake. An agreement between National Copper and the Silver Reef Mining Company left the actual development work to the Silver Reef, and relieved National Copper of the $500-per-month caretaking expense the Homestake required.

    During the time that Homestake was inactive, William Stratton, a director of Homestake, met the nominal expenses of the company out of his pocket. The $273 reinstatement fee was paid by National Copper, which also covered Homestake's operating expenses for 1941-1943.

    Before Homestake's reinstatement, the surviving members of the board met to discuss the merger of Homestake with the newly-incorporated King Mining Company. Only William Stratton and James A. Wayne remained as directors after James F. McCarthy's death in 1943. The new directors elected in February 1943 (F.M. Rothrock, president; John Wourms, vice-president; Henry Burhmester, secretary-treasurer) resolved to sell the tools, machinery, equipment and claims to King in exchange for 50,000 shares of capital stock, to be distributed pro rata to Homestake's stockholders. One share of King was exchanged for 27 shares of Homestake.

    Homestake Mining Company was dissolved in 1943. Its final board of directors F.M. Rothrock, John Wourms, and Henry Burhmester, served on the boards of King and National Copper concurrently.