Oreano Mining Company, Limited
Oreano Mining Company, Limited
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Product Details
Nicely engraved antique stock certificate from the Oreano Mining Company, Limited dating back to the early 1900's. This document, which was printed by Goes, is signed by the company President and Secretary, and measures approximately 10 1/2" (w) by 8 1/4" (h).
This certificate features a nice primary mining vignette with six smaller scenes contained within the border.
Images
You will receive the exact certificate pictured.
Please note that there are fold splits that have been tape repaired on the back.
Historical Context
The Oreano Mining Company was incorporated in the state of Idaho on November 10, 1902; its capitalization was 1,000,000 shares, par value $1.00. The property, which consisted of five claims known as the Oreano group included the Oreano, Sinker, Pearl, Moonlight Fraction, and Pearl Fraction lodes, was located in the Lelande Mining District near Burke. The lode claims were patented in 1904.
At the first directors meeting, held November 15, 1902, Carl Amonson was elected president. O.E. Anderson, Peter Johnson, Matt Baumgartner, Charles Andres, M.H. Hare, and Charles E. Smith were the other directors. As the first order of business the new company purchased all of the property belonging to the Pearl Mining Company, a South Dakota corporation, for 700,000 shares of Oreano stock.
In 1904 the company's directors changed. Among the new directors was John Wourms, with Herman Rossi joining the board in 1905. Rossi served as president of the company for many years, resigning from the board in 1916. Charles Smith, a member of the original board, was authorized, in 1903, to sell the company's stock on the east coast. In 1905 a letter from New Hampshire stockholders complained that the mine had been misrepresented and that they had paid too much for their stock. The stockholders went on to say they had confidence in this new board and its officers to improve the management of the mine. At this vote of confidence, the board agreed to a stock reimbursement for all purchases in excess of 20 cents per share.
Early directors meetings were concerned primarily with raising money to pay bills and purchase equipment. In 1904 Oreano entered into a contract with the adjoining Anchor Mining Company for use of Anchor's compressor plant. In order to raise money for the development of the mine frequent stock assessments were levied, the first of these in December 1905. The company reported disappointment in not reaching the ore body, but felt the new tunnel being dug in the fall of 1912 would prove successful. In 1916 the directors decided to sell 100,000 shares of treasury stock in lieu of authorizing yet another assessment.
In 1915 the Sherman Development Company to the north leased the tunnel on the Oreano claim in order to drill into their own workings.
In July 1918 Oreano levied one final assessment before closing the mine for the duration of the war. No more directors meetings were held until July 1922 when assessment #27 was levied to fund the rebuilding of the blacksmith shop and cabin which were destroyed in a snowslide during the winter of 1911-1912. After mining expert Fred Searles inspected the property, assessment #28 was levied in September 1922 and work on a 300' crosscut in the No. 2 tunnel was begun under contract. To facilitate this drilling a compressor and complete mining equipment were installed.
On May 20, 1923, the ore vein was encountered 280 feet from the initial crosscut. There was little ore but the quality was good. An assessment was levied in June to allow the work to continue. When the board of directors met on October 11 to approve payment of bills, there was no hint of a change in leadership. But, at the October 13th stockholders meeting, the first called since 1916, several new stockholders, namely Jerome, Harry, and Henry Lawrence Day, were present. A new board consisting of A.P. Ramstedt, Ramsay Walker, Henry Lawrence Day, P.J. Maggy, Jerome Day, F.M. Rothrock, and John Dolan, the only hold-over from the previous board, was elected. At this meeting a committee was formed to rewrite the by-laws of the company since the old ones contained items contrary to Idaho law, and included items that did not belong in by-laws. At the directors meeting Jerome Day, who was also president of Sherman Lead Company, was elected president. Dolan reported that while he had been with the Oreano only eighteen months and knew little about the company prior to that time, he found the records had been poorly kept. The directors decided to suspend work on the property until an audit could be made of the records.
In 1927 Sherman Lead again asked for an easement to work their property through the Oreano No. 2 tunnel. As part of the agreement Sherman relinquished their claim to the ore in the Oreano tunnel which Sherman claimed as its property due to its claim of the apex of the vein from which the ore was extracted. Since neither company could market this ore without precipitating apex litigation, Sherman Lead, in July 1928, offered to buy Oreano for 175,000 shares of Sherman stock. After a lengthy discussion the board accepted the offer and called a special meeting of stockholders. On August 23, 1928, the stockholders approved the sale and, on September 20, a final assessment was levied to pay the indebtedness of the company. The directors then decided on a pro-rata distribution of the Sherman stock at the ratio of one Sherman Lead share for each five Oreano shares held.
General Information
Certificates carry no value on any of today's financial indexes and no transfer of ownership is implied. All items offered are collectible in nature only. So, you can frame them, but you can't cash them in! All of our pieces are original - we do not sell reproductions. If you ever find out that one of our pieces is not authentic, you may return it for a full refund of the purchase price and any associated shipping charges. |
Shipping
We make every effort to ship out all orders within 24 hours of receipt. We ship the majority of orders via the USPS. Shipping within the United States is $5.00 regardless of the number of certificates you purchase. If your order exceeds $30, shipping is FREE! International shipping costs, as well as upgraded services such as Priority and Express Mail, and UPS and DHL services, are calculated during checkout. OVERSEAS ORDERS PLEASE NOTE THAT WE DECLARE FULL ORDER VALUE ON ALL SHIPMENTS. CUSTOMER IS RESPONSIBLE FOR ALL VAT/CUSTOMS CHARGES. As soon as your order is shipped you will receive your tracking information via email. |
Returns
You may return any merchandise, for any reason, within 30 days of the purchase date for a full refund of the purchase price. We guarantee all of our pieces to be authentic. If you ever determine that a piece is not authentic, it may be returned for a full refund of the purchase price as well as any associated shipping charges. |
FAQ
Are the certificates offered on your site genuine or reproductions? All of the certificates you see on our site are genuine pieces, we do not sell any reproductions. Are the certificates you sell negotiable on any of today's stock markets or indexes?
No. All of the pieces we sell are either canceled or obsolete and have collectible value only.
Are the images presented in your product listings of the exact piece I will receive?
It depends. We try to present images of the exact piece you will receive whenever possible. However, when we are offering quantities of a piece, this is impossible. The best way to determine if the images presented are of the actual piece you will receive or are representative, is to click on the "Product Details" or "Images" tab. The description presented will let you know.
How will you ship my order and how much do you charge? We ship all orders via the United States Postal Service. For orders taking advantage of standard (First Class) shipping, we offer flat rate pricing, so you pay only the advertised shipping charge regardless of the number of pieces you purchase. Current charges may be reviewed here. Priority and Express Mail, UPS and DHL services are also available, and costs are calculated during checkout.
Can I return my purchase?
Absolutely. You may return any merchandise, for any reason, within 30 days of the purchase date for a full refund of the purchase price.
We guarantee all of our pieces to be authentic. If you ever determine that a piece is not authentic, it may be returned for a full refund of the purchase price as well as any associated shipping charges.
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