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Granite Mountain Mining Company Annual Reports [145556]

Currency:USD Category:Collectibles / Mining Start Price:150.00 USD Estimated At:300.00 - 400.00 USD
Granite Mountain Mining Company Annual Reports  [145556]
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This item SOLD at 2022 Apr 23 @ 09:13UTC-7 : PDT/MST
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Three annual reports from the Granite Mountain Mining Company whose mines and works were at Granite and Rumsey, Deer Lodge County Montana. Corporate offices were in St. Louis, Missouri. Four miles up Granite Mountain, Nicknamed “Montana’s Silver Queen,” the town once boasted more than 3,000 residents.
Silver was first discovered by a man named Eli Holland in 1875, and though a small shaft was dug, little work progressed at the claim. However, that changed in 1880 when Charles D. McLure, superintendent of the Hope Mill in Philipsburg, found a rich specimen of ruby silver at the site, which assayed at 2,000 ounces of silver per ton. He soon partnered with a man named Charles Clark and the two bought the property and formed the Granite Mountain Mining Company. Securing investors from St. Louis, Missouri, they capitalized the company with ten million dollars. The company spent $130,000 during the next two years to develop the mine and in 1882, hit a rich lode which assayed at 1,700 ounces of silver per ton. Calling it the Bonanza Chute, the vein returned some $274,000 worth of silver by the following year. By 1889, the camp boasted four churches, the Granite Mountain Star newspaper, a public school, 18 saloons, a hospital, fire station, bathhouse, a three-story Miners’ Union Hall, a thriving red-light district, a bank, and the Moore House, a three-story hotel, which was considered to be one of the best hotels in the Territory. Like other mining camps in the American West, Granite suffered dramatically when the Sherman Silver Purchase Act was repealed in 1893, drastically slashing the price of silver. Within a year, the town’s population dropped from about 3,200 to just 140. City: State:Montana Date: 1890-1892