Ambergris Consolidated Mining Company (Idaho)

Ambergris Consolidated Mining Company (Idaho)
Item# 1663
$9.95

       




Stock Certificate, unissued/uncanceled
Early 1900's
Goes
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In 1901 John King, Jack "Yellow Dog" Smith and E.M. Gilpin located the Ambergris group of claims in the Lelande Mining District, Shoshone County, Idaho. In 1902, to manage these claims, the partners secured a Washington State charter for the Ambergris Mining Company, with offices in Spokane. The first stock was issued on Oct. 25, 1902. The original stockholders included Gilpin's uncle, W.B. Heyburn, later United States senator from Idaho. The Ambergris Mining Company owned the Ajax, Ambergris, Anaconda, Goffy Jack, Rattler, and Wellington Lodes, all situated in the Lelande and Placer Districts in Shoshone County.

The founders were soon superseded by W. Clayton Miller, Alfred Page, John P. Gray, A.C. Cogswell, and F.D. Allen. These were the company's trustees by 1908 when the Ambergris Mining Company settled a long-standing claim against the Hercules Mining Company over conflicting claims. This suit had at one time seen the Ambergris represented by Heyburn while the Hercules was defended by William E. Borah who also later became United States senator from Idaho. The agreement of April 10, 1908 in part required the Hercules to allow the working of the Ambergris mine through a tunnel driven from its own property while the Ambergris company was to deliver 1,516,000 new shares to Harry Day as trustee for the Hercules partners. The new stock, issued on January 3, 1909 gave the Hercules partners majority control of the Ambergris. On March 6, 1909 Harry and Eugene Day and August Paulsen took their places on the Ambergris Board of Trustees.As agreed, the Hercules extended one of its tunnels into the Ambergris ground, but for a number of years thereafter the property sat idle because there were no funds for development. As a Washington State corporation, the Ambergris Mining Company could not levy assessments against its capital stock. To remedy this problem, on June 20, 1916, The Ambergris Mining Company was reorganized as the Ambergris Mines Company, chartered in the state of Idaho and headquartered in Wallace. The company levied four assessments between 1917 and 1923 to provide working capital.

The Ambergris Mines Company was in its turn reorganized into the Ambergris Consolidated Mining Company in 1928, as part of a merger of the holdings of Ambergris Mines Company, Honolulu Mining Company, and Guelph Mining and Milling Company. The Ambergris continued to be worked through the Hercules No. 5 tunnel. With its property transferred to the new conglomerate, the old Ambergris Mines Company was dissolved on April 3, 1929.

The Ambergris Consolidated Mining Company existed from 1928 until 1939, when the shareholders approved the sale of all the property and debts of the corporation to the Hercules Mining Company for $21,500.00. The final liquidation dividend provided one and one-half cents per share on the capital stock. Thereafter the company was dissolved.ID-Idaho Mining and Related Mining-Idaho Under $10 Mining Scene Multiple Scenes



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