2396

California Mining Company Stock [163610]

Currency:USD Category:Coins & Paper Money / Stock & Bond - Mining Start Price:75.00 USD Estimated At:150.00 - 300.00 USD
California Mining Company Stock [163610]
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California Mining Company - Virginia Mining District, Storey County, Nevada: Certificate # 75883 for 50 shares issued to James Coffin, Trustee on April 25th, 1878. When the Bonanza Kings realized that the rich ore bodies extended beyond the boundaries of the Consolidated Virginia Mining property, they quickly bought up the bordering claims, the Kinney, Central No. 2, California, and Central No. 1, and combined them to form The California Mining Company incorporated on December 30th, 1873, and capitalized at $54,000,000; 540,000 shares at $100 each. 'The California mine yielded during the year ending December 31st, 1878, 134,887 tons of ore. There remained on hand on the first of January 1878, in the ore houses and at the mills, 5009 tons, making a total of 139,896 tons. Of this ore 138,785 tons have been reduced, leaving on hand in the ore house and at the mills 1111 tons, valued by assay at $64,385.62. The ore reduced has yielded bullion of the value of $10,949,078 93, or $78.89 per ton; this yield being 72 % of the assay value of the ore. The value of the gold in this bullion was $5,553,404 38, and of the silver, $5,395,674 55. (From the 1879 Annual Report for the California Mining Company'). Signed by the George Wallace, president and C. P. Gordon, secretary. Wallace had succeeded R. H. Follis as president who was now listed as vice president. James G. Fair who had been Superintendent had been succeeded by William H. Patton. The stock price hit a high approaching $800 in 1875, but in 1880 was as low as $2 per share. These shares were issued at the height of production of the famous Bonanza mine and its neighbor, the Consolidated Virginia. There are eight 'Dividend Paid" stamps from the Nevada Bank and one 'Assessment No.1 Paid" stamp on July 27th, 1881, the reverse. The certificate has an ornate border; printed by Lith. Britton & Rey S.F. Very Good Condition.

Date: 1878
Country (if not USA):
State: Nevada
City: Virginia City
Provenance: