Between 1890 and 1895 the original Portland Mining Company developed a property on the west slope of Sunset Peak, but the zinc ores exposed in the Silver Tip tunnel proved valueless because there was no proper method of separation from the lead associated with them. After 1917 Eugene Day undertook further development under the name West Sunset Mining Company. Although the Days invested between $75,000 and $80,000 little ore was found and on September 29, 1921, the mine was closed.
On October 2, 1940, the new Portland Mining Company was incorporated by John Wourms, R.V. Anno, Paul Jessup, S.F. Heitfeld, and Harry Buhrmester. Recapitalization was 5,000,000 shares with a par value of 10cts per share. At the first meeting of the incorporators, held October 19, 1940, John Wourms, president of the company, announced that the Portland Mining Company had been formed primarily for the purpose of acquiring mining property located on Sunset Peak in the Beaver Mining District of Shoshone County, about 12 miles from Wallace, and that the Portland, Parrott, and Eugene Lodes had been examined by Norman Ebbley, Jr., in the early fall, and that he had placed a value on the various properties owned by the Day family and their associates.
It was agreed to purchase the Portland Group consisting of the following patented claims: Red Dragon, Silver Tip, Mule Deer, Sitting Bull, Silver Tip Fraction, West Fraction, Parallel Fraction, and Connection, comprising 73.635 acres and owned by Eleanor Day Boyce, E.G. Ellis, David Smith, and George K. Garrett for 1,000,000 shares of Portland Mining Company capital stock at the par value of $100,000; the Eugene Claim consisting of one patented claim of 8.87 acres owned by Eleanor Day Boyce, Harry L. Day, Jerome J. Day, and Blanche Day Ellis for 24,900 shares, par value 10cts per share; and the Parrott Lode, also one patented claim of 19.456 acres, owned by Anna B. Wadsworth, Ralph Comegys, Harry L. Day, Jerome J. Day, Eleanor Day Boyce, Blanche D. Ellis, Dan L. McGrath, E.G. Ellis and David D. Smith, for 100,320 shares, par value $10,032. By 1941 the Portland Mining Company owned 100% of the Eugene, all but 1260/3040 of the Parrott, and all but 1/20 of the Portland, the missing shares being tied up in estates. In 1942 the company acquired the Garrett interest in the Portland Group.
At a special meeting of the directors in 1942 it was decided to purchase the Sunshine Mining Company for 100,000 shares of Portland capital stock, and pay a similar amount for Beaver Creek Mining Company which owned Beaver Lode and the Bessie Group consisting of 7 unpatented claims, and give 600,000 shares for the Idora and Tuscumbia mines. The directors also agreed to purchase any other contiguous properties if they could be acquired for a reasonable price. The unpatented claims acquired by these later purchases included: Alfretta, Butte, Colwyn, Idora, Triangle Fraction, Tuscumbia, Fraction and others.
On March 23, 1943, the shareholders approved the takeover bid of Monitor Mining Company by which they would receive one share of Monitor stock for each four shares of Portland stock held. The properties of these two companies were contiguous and the workings of the Monitor could be used for the development of both. The Portland's directors were empowered to deliver over all company properties and dissolve the company.
The records of the Portland Mining Company span the years 1912 to 1947, with the bulk of the material covering the years 1940 to 1943. Included are minutes of meetings, financial statements, correspondence with suppliers and stockholders, annual statements and reports to state agencies, stock ledgers and journals, financial ledgers and journals, vouchers, voucher registers, and tax returns.
Related materials can be found in the records of the Monitor Mining Company and the West Sunset Mining Company.
The records of the Portland Mining Company are divided into four series: Records of the Board of Directors and the Stockholders, 1912, 1940-1943; General Correspondence and Related Records, 1926-1947; Capital Stock Records, 1940-1943; and Financial Records, 1940-1943.
The first series, Records of the Board of Directors and the Stockholders, includes minutes and by-laws, and a 1912 report on the property.
General Correspondence and Related Records, the second series, is divided into three subseries; the first of which is an alphabetical file which includes contracts, financial statements, leases, ore settlements, as well as general correspondence. The second contains records of the Portland Group from 1926-1938, while the third contains annual reports to the inspector of mines, statements of domestic corporations, income tax returns and correspondence.
The third series is Capital Stock Records. Included are a stock ledger and journal.
Series four, Financial Records, contains, ledgers, vouchers, voucher registers and bank statements.
Removal of cancelled stock certificates, returned assessment notices, paid checks, and duplicate materials reduced the size of this collection by one cubic foot.
Detailed Description of the Collection
This collection is indexed under the following headings in the online catalog. Researchers desiring materials about related topics, persons, or places should search the catalog using these headings.