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New Mexico Mining Company Stock Certificate (60272)

Currency:USD Category:Coins & Paper Money / Stock & Bond - Mining Start Price:75.00 USD Estimated At:150.00 - 400.00 USD
New Mexico Mining Company Stock Certificate  (60272)
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"In 1856, a rich placer deposit was discovered at Pinos Altos near Bear Creek, northwest of Silver City. It was so rich in gold that miners made $40 to $50 per day just panning gold. Within three months of its discovery, one thousand prospectors had come to live and work there. The mine at Bear Creek became the first corporate mining company to form in New Mexico. Miners at Bear Creek used rockers, sluice boxes, and "long toms" along with their gold pans to separate gold from the rock. Gold-bearing ore was crushed in mills (arraste) and also extracted from retorts. In retorts, mercury captures the gold, and the gold is left after the mercury is boiled to a vapor. This process was done with a minimum of expenditure, but it killed the brain cells of any miner who breathed the mercury fumes. The mill at Bear Creek closed three years after it opened. Miners ventured downstream to the San Vincente Creek Arroyo, where Silver City lies today, and found a rich silver deposit. There, at Chloride Flat, miners found horn silver, silver chloride. They named the mine, the Legal Tender, and this silver mine burrowed anywhere from 50 to 200 feet below the surface. Martin Beaman, a miner Page 3 of 3 who had a sawmill and experience using a steam engine, established the ore mill. The first miner of Silver City, he had purchased the equipment used at Bear Creek for scrap. The Legal Tender mine produced $2 million in two years with its high grade silver ore. In 1894, the market for silver suffered a devastating crash, and silver fell from one dollar per ounce to thirty-nine cents per ounce." from Evelath et. al. Vignette of placer mining. Number 674 for 331 sharest to Margaret A Norment. Signed by secretary FW Jones and president John Kidwell (Ridwell). One diagonal fold, slight edge toning. This comes with a one page letter explaining how it was sold legally in New York as it had unpaid assessments. It represents five original stock certificates. It was auctioned by stock auctioneer FW Jones. Sold in January of 1872 to John L Ridwell.

Provenance:
Country (if not USA):
State: New Mexico
City/County:
Date: 1871