2440

Potosi Mining & Smelting Co Stock, Cerro Gordo, Inyo County, 1876 (111781)

Currency:USD Category:Coins & Paper Money / Stock & Bond - Mining Start Price:250.00 USD Estimated At:500.00 - 1,000.00 USD
Potosi Mining & Smelting Co Stock, Cerro Gordo, Inyo County, 1876  (111781)
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Cert. #439, issued for 20 shares to Jacob Hardy in 1876, and signed by the president Preston. Cerro Gordo, Inyo County, Cal. printed below the company name. Mountain scene with miners moving around ore. From the company's 1874 prospectus, "The argentiferous-galena mines of Cerro Gordo have been worked six years, with but little outside aid, on a contracted scale, almost without machinery, and under the burden of an expensive transportation of 250 miles to Los Angeles; yet in spite of all obstacles, these mines have paid in-that time a net profit of one million eight hundred thousand dollars. There is on the western slope of the Cerro Gordo Mountain, within a lineal distance of four-fifths of a mile, the most remarkable concentration of parallel veins of rich ores of silver and lead that can be found in this country. Between what is called the lower town of Cerro Gordo and the summit there are known to exist not less than ten parallel veins of ore, ranging in value from $25 to $200 per ton in silver, and carrying from 25 to 85 percent. of lead. The largest vein at the surface, the Buena Vista,is near the summit, and has the extraordinary width of one hundred feet. Descending towards the town, the next vein is the Union Mine, which has furnished a large proportion of the ore product of the district. Others include the San Felipe, Omega, Jefferson, Cannan, Guadalupe and the Ignacio. The enterprise in which we are engaged, and to which your attention is specially directed, is the Potosi Tunnel, the mouth of which is 4400' from the Buena Vista lode at the summit. Thus in the short space of 4,400 lineal feet, this tunnel will intersect ten known rich mines, at an average depth of say 850 feet. Several of the veins intersected by the tunnel are owned by the company including the Buena Vista, the First and Second lead mines, the extension of the San Benito, and the Alpha mine. The company was attempting to acquire the Ignacio silver mine as well. The company's smelting operation was done at the mine in thirty-inch cupola furnaces. Fire-clay of excellent quality is abundant at the mouth of the tunnel. It is mixed with pulverized quartz, moulded, sun-dried, and is then ready for use.The charges of ore, consisting of the sulphurets and carbonates of lead and silver, with a due proportion of ferruginous ore and argentiferous quartz, melt like wax in the furnace. An average run for twenty-four hours is 240 bars of bullion." (wikipedia and oldcompany.com). The certificate has extra folds and a couple of pinholes at the right. Very rare and uncancelled.

Provenance:
Country (if not USA):
State: California
City/County: Inyo County
Date: