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Four $100 Waddington G&S Mining Company Mortgage Bonds, 1867

Currency:USD Category:Collectibles / Western Americana Start Price:400.00 USD Estimated At:800.00 - 2,000.00 USD
Four $100 Waddington G&S Mining Company Mortgage Bonds, 1867
SOLD
150.00USDto c*********p+ buyer's premium (33.75)
This item SOLD at 2015 Apr 18 @ 13:32UTC-7 : PDT/MST
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Four mortgage bonds from the Waddington Gold & Silver Mining Company. All issued to trustee John P. Newkirk on August 1, 1867. Numbers 19, 30, 106 and 307. Signed by James Hobart and James Selleck. For research purposes there is a copy of the 1866 stock certificate and part of the indenture of Christian and Louis Wahl.



The South Boise district was discovered in 1863 by placer miners from the Boise Basin. One of the early promoters and property owners was H. T. P. Comstock, who owned the Elmore claim that boasted of $325 gold per ton. Comstock played up the Elmore as being as rich as the district given his name, the Comstock Lode of Virginia City. South Boise drew nearly 1800 men by the summer 1863, but did not experience the expected 8000+ prospectors expected by the spring of 1864. The district struggled with production from lode ore for lack of milling and transportation, but had plenty of rich ore on hand. The primary milling technique was arrastras. But this process was exceedingly wasteful with H. T. P. Comstock was noted as being “disturbed to recover $10 to the pan from tailings taken 100 feet below his arastra.



William Waddington was on the scene early and recognized the milling problems. He gathered up several ore samples from his own the claim the Elmore and from selected others and them assayed in Portland. The results were outstanding: averaging $800 per ton with assays as high as $7,000. A toll road was completed to South Boise by September, 1864 which allowed for Waddingham, and his partner, J. W. McBride, to haul out 7 tons of ore, transporting the load to Portland. Waddingham was able to erect a mill through his New York financiers, the Waddingham Gold & Silver MC. Unfortunately, by 1865 the district was suffering from unscrupulous promoters who left a bad taste in the pocket books of potential South Boise investors. The New York Victor Co was the notorious of the scams. Waddingham stuck it out within the district, but had several milling set backs, not to mention any transportation improvements to the district. Completion of the Oregon Short Line finally in 1882-83 finally allowed for the district to enjoy some prosperity. (Idaho State Historical Society).

City: Rocky Bar
State: Idaho,
Date: 1867

FHWAC#: 25738