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M. J. Monnette Mining Stock Collection

Currency:USD Category:Coins & Paper Money / Stock & Bond - Mining Start Price:200.00 USD Estimated At:400.00 - 800.00 USD
M. J. Monnette Mining Stock Collection
SHIPPING & HANDLING: Shipping and Handling cannot be estimated prior to invoicing, based on the size and weight of your purchase. All shipping is subject to a minimum charge of $19.00. If additional shipping and handling costs are required, the buyer will be reinvoiced for the balance due. Items are not shipped until the invoice is completely paid. Many buyers purchase a number of lots. Every effort will be made to include all lots in a single shipping charge calculated to cover the weight and...
Lot of five mining stocks. 1) Mohawk Ledge. Number 461 for 1000 shares to WD McDonald in 1907. Signed by president Monnette and secretary Showmaker. 2) Monnette Wonder. 1907. Number 45 to HS Bassett for 500 shares. Signed by president Monnette and secretary Wheeler. 3) Diamondfield Triangle Mining Company of Nevada. 1907. Number 2503 for 100 shares to Charles Hudson. Signed by president Monnette and secretary McFadden. 4) Goldfield Leasing and Mining. 1907. Number 216 for 500 shares to George Kirkbride. Signed by president Monnette and secretary (?). 5) Mohawk-Daisy Leasing & Mining. 1906. Number 63 for 500 shares to Mrs. Nancey M Abbott. Signed by president Monnette and secretary (?). This is the most spectacular of the stocks. Pink, green, and brown on white. Vignettes of Indian chief, buffalo and a bald eagle. Oversized. Most of these five stocks are extremely fine. This one is no exception. According to Couch and Carpenter the Mohawk Ledge was the only producer yielding $433,213 in 1907 and 1908.In September of 1905, a Mr. Mervin Jeremiah Monnette had just signed an agreement with a Mr. Granville Hayes for 1/2 ownership in a two-year lease on a not-so-well-performing mine. Mervin, who was a cattle rancher in Omaha at the time, was sent by Chicago business associates earlier that year to check out an offered lease on another mine. The associates knew that Mervin, who had previously operated in Cripple Creek, was an "honest" man who would provide an impartial report. Mervin concluded that the mine was worthless and had been "salted". But since he had spent the time and effort to reach Goldfield, he remained in town to see if anything else might be worthwhile.
He soon met Granville Hayes, who owned the previously mentioned lease, and who had been working it when he ran low on capital. Trusting Granville's long experience in mining, along with some promising assays of prior workings, Mervin decided to sign up, contributing $10,000 in capital for the 50% ownership position. He quickly saw that this would not be enough money, so he convinced two of his Chicago business partners, J.W. Smith and Harry Benedict, to join him. Another $25,000 was expended without uncovering any ore worth shipping, when in April, 1906 they hit the "mother lode".From the Goldfield News, 1906-1907: "...At this point in the sinking, Hayes had wanted to drift on the big body of low-grade ore then in evidence, believing that it would narrow down to a good-sized high-grade vein, and he had cut a station at the 80-foot point with that in view, but he had been dissuaded. He now returned to demonstrate his theory. Hardly had the miners fired their first round of shots, when lo! and behold, the long-expected bonanza was at hand. Here was ore that needed no assayer's test. Sulphide ore which, by its very weight and dull yellow color in the glare of the candle light told that it was rich in gold. As the miners pushed inwards with their work the discovery became even more startling. It was one monstrous ore chamber that had apparently neither walls, tops nor bottom. Ore everywhere!" They ended up taking over $5 million in ore by January, 1907 when their lease expired. Granville and Mervin ended up in Los Angeles and went their separate ways. Mervin contacted his son Orra (1875-1936), a successful lawyer back in Ohio, who came to L.A. to manage his father's new-found wealth. They spent a goodly sum on L.A. banks, installing Mervin as President of one purchase, American National Bank, and VP of another, Citizens National Bank. [oldhomes of los angeles.blogspot.com] (Bennett Collection) State: Nevada City: Goldfield Date: 1906, 1907 HWAC# 59876