Manuscript Group 274
1 cubic foot
The records of the Option Mining Company are part of the records of Day Mines, Inc., donated to the University of Idaho by Henry Day in 1984 and 1985. Initial processing of this manuscript group was done by Judith Nielsen in December 1987. Processing was completed by Michael Tarabulski in March 1992. Funds for processing were provided by the National Historical Publications and Records Commission, the U.S. Department of Education HEA Title II-C "Strengthening Research Library Resources" program, the Library Associates of the University of Idaho and other donors.
The Option Mining Company was formed from the Stratton and Stratton Option Project "C" in 1925. The property consisted of the Ohio and Pacific lode claims, an area of 33.763 acres, located in the Placer Center Mining District, Shoshone County, Idaho. The capitalization was 2,500,000 shares with a par value of 10 cents per share. Present at the first meeting of subscribers on January 31, 1925, were Lorena K. Stratton, William J. Stratton, and Merton E. Fisher. Money to finance development and pay the salaries of the officers was raised through stock assessments, the first of which was a 1 cent per share assessment levied in February 1926.
In August 1928, the stockholders petitioned for a special meeting, none having been held since the first meeting in January 1925. The meeting was held October 2, and new directors, W.B. Heitfeld, A.E. Lawson, and P.T. McGuigan, were elected; the office was also moved to the Day Building. On October 3 Heitfeld informed the other directors he had found the records of the corporation "pretty well muddled up" and the salaries previously paid to the officers were discontinued. An audit of the books revealed irregularities in both the stock and financial records. On February 28, 1929 the Strattons offered to pay Option $3575.00 in cash, replace 70,660 shares of stock in the treasury, and reconstruct 1500 feet of track in the Ohio and Pacific lode tunnel in complete settlement for all errors and irregularities done or perpetrated by W.J. Stratton while secretary of Option.
In 1926 the company drove a tunnel practically crosscutting the Ohio and Pacific lodes but found neither ore nor vein. This tunnel penetrated some distance into the Dora claim of Dayrock and Option was enjoined from further trespass into Dayrock territory. In 1927 Option leased the Ohio claim to Dayrock which ran a tunnel from the 200 foot level of its mine across the Ohio lode. Low grade ore was discovered but it was not profitable to extract the mineral under lease, nor would it warrant a separate mining operation by Option.
On July 7, 1930 Dayrock, which owned 2/3 of the Option stock offered to purchase Option for 36,0OO shares of Dayrock stock or $72,000. At a stockholders meeting held August 12, 1930 a resolution was passed by a majority of the minority stockholders accepting the stock offer. Henry L. Day then voted the Dayrock shares in accordance with their wishes. On October 15, 1930 the stockholders of the Option Mining Company voted to dissolve the corporation and a Decree of Disincorporation was entered in the District Court of Shoshone County on November 22. The assets of the company were distributed to stockholders upon the return of stock certificates.
The records of the Option Mining Company span the years 1925 to 1951, with the bulk of the material covering the years 1925 to 1928. Included are minutes of meetings, financial statements, correspondence with suppliers and stockholders, annual statements and reports to state agencies, stock ledgers and journals, cancelled stock certificates, assessment records, lists of stockholders, financial ledgers and journals, vouchers, check registers, and tax returns.
Related materials can be found in the records of the Strattons Mines Company.
The records of the Option Mining Company are divided into five series.
The first series, Records of the Board of Directors and the Stockholders, includes bylaws, a minute book for the years 1926-1930, deeds, correspondence, notices of meetings, lists of stockholders, and ballots electing directors.
General Correspondence and Related Records, the second series, contains an alphabetical file which includes correspondence with stockholders, annual reports and statements, leases, and lists of stockholders.
The third series is Capital Stock Records. Included are stock ledgers and journals for the years 1925-1930, a stock audit, lists of stock purchases by F.M. Rothrock, and assessment records.
The fourth series, Financial Records, contains check registers and bank deposit books.
Tax Records, the final series, consists of a property tax receipt for 1929 and a 1928 income tax return.
Removal of cancelled stock certificates, vouchers, paid checks, bank statements, and duplicate materials reduced the size of this collection by five cubic feet.
Container I. Records of the Board of Directors and the Stockholders, 1925-1930 1 II. General Correspondence and Related Records, 1925-1933 1 III. Capital Stock Records, 1925-1930 1 IV. Financial Records, 1925-1951 1 V. Tax Records, 1928-1929 1
Box Folder Description
1 1 Minutes book and bylaws, 1925-1930 2-3 Records related to meetings, 1926-1930 4 Dissolution, 1930
5 A-B, 1928-1932 6 Bills, 1929-1930 7-12 C-Z, 1925-1933
13 Stock ledger, 1925-1930 o.s. 14 Stock journal, 1925-1930 15 Stock audit, 1928 16 Stock purchases by F.M. Rothrock, 1926-1927 o.s. 17-22 Stock registers, 1925-1928 23 Miscellaneous, 1925-1930
o.s 24 Check register/journal, 1925-1930 25 Check registers, 1928-1951 26 Miscellaneous, 1925-1928
27 Property tax and income tax return, 1928-1929