Aurum Mining Company Records, 1916-1953

The Aurum Mining Company was incorporated late in December 1927 to take over the property and equipment of the Republic Mines Department of the Northport Smelting & Refining Company, a smeltery located in northeastern Washington treating silver-lead concentrates from the Coeur d'Alene Mining District in Idaho. The Northport smelter had acquired several properties in the Republic District and operated them intermittently to supply its demands for siliceous flux. The smelter was sold in 1922 and its plant scrapped. When Northport's affairs were being wound up the Republic interests were turned over to a new company owned by the former Northport stockholders.

The company held its first stockholders and directors meetings in Wallace, Idaho, on December 27, 1927. Present were: Frank J. Davey, John F. Murphy, Charles A. Solberg, Charles A. Betts, and W. A. Devan, representing all 1350 shares of the subscribed capital stock. They agreed to purchase all of Northport's property in Ferry and Stevens counties, Washington, for 670,000 shares of Aurum capital stock. Because Aurum was incorporated in Idaho, George S. Bailey of Republic, Washington, was appointed as its Washington agent, and a copy of its articles of incorporation filed with the Washington Secretary of State.

The directors met again on May 10, 1928. Resignations were accepted from John F. Murphy, Charles A. Solberg, and Frank J. Davey. Jerome J. Day, Henry L. Day, and H. H. Miller were elected to replace them. The new board of directors elected Jerome Day president, Henry Day vice-president, and H.H. Miller secretary-treasurer. Miller died early in 1931, and a new board -- Jerome and Henry Day, F.M. Rothrock, E.H. Knight, and P.J. Maggy -- was assembled. Maggy was replaced within a year by W.H. Hoover.

In 1932 Aurum consisted of a half-dozen old properties in the Republic Mining District, comprising more than 800 acres of mineral land. This included thirty-five patented mining claims, eight unsurveyed claims, and eighteen lots on patented ground. Northport had paid $175,700 for its original holdings in the Republic District, and spent approximately $111,400 in exploration and development up until December 31, 1926. Between then and September 1932 Aurum spent another $31,650 acquiring patented ground in the district and on annual assessment work required on unpatented claims.

The stockholders met in Wallace in 1933 and unanimously elected a new board of directors: Jerome, Henry, and Harry Day, Frank M. Rothrock, and E.H. Knight. At the directors meeting Jerome and Henry Day were re-elected president and vice-president, respectively, and S.F. Heitfeld was elected secretary-treasurer. A.P. Ramstedt replaced Harry Day as a company director in February 1935 but, due to extended illness, was himself replaced by Clarence I. Paulsen in February, 1937.

Aurum expanded its operation in 1938 by acquiring additional mining and milling properties near Republic, Washington. It purchased the Quilp and Quilp Fraction patented lode mining claims in the Eureka Mining District for 30,000 shares of its stock. Simultaneously, it purchased the Ferry County property of the Eureka Mining & Milling Company--several lode claim groups, a millsite, and other mining claims--for 121,458 shares of unissued capital stock and $27,500 in cash. Other mines and mining properties in the area were also purchased.

Prior to these purchases the money necessary to carry on work and acquire new mining properties came in equal proportions from the Aurum's principal stockholders: the Hercules Mining Company, and the Tamarack & Custer Consolidated Mining Company. In 1938 Aurum's indebtedness equaled $60,000, and both creditor companies held Aurum stock. In fact, Aurum's directors were proxies for one or both companies, and the Aurum stock in their names were actually qualifying shares belonging to the Hercules and/or the Tamarack & Custer. They authorized borrowing an additional $40,000 from Hercules and Tamarack & Custer.

In February 1939 Aurum's stockholders authorized the purchase of the Last Chance mine, an office building, and other property in Republic, Washington, for $40,850. They also approved the action of their officers in borrowing $62,662.50 each from the Hercules and the Tamarack & Custer, and future additional amounts not over $75,000 from each. This figure exceeded, an additional loan of $8,325 from each was made and, after the fact, authorized.

In 1940 and 1941 the Aurum stockholders re-elected their directors; and the directors, their officers. Additional appointments included Paul B. Jessup as comptroller and John H. Wourms as Aurum's attorney. At the February 1942 meetings Paul B. Jessup was elected to the board to fill the vacancy created by Jerome Day's death early in the previous year, and Howard C. Paulsen replaced his brother, Clarence. Henry Day was elected president and manager; Frank M. Rothrock, vice-president; and S.F. Heitfeld, secretary-treasurer. Jessup and Wourms were reappointed to their posts. The company directors and officers remained unchanged until 1946.

In 1945 the stockholders and directors addressed the problem of the company's indebtedness. Additional capital was needed to defray expenses, to pay for the recently purchased Old Republic and Blaine-Republic groups of mining claims, and to reduce monies owed to the Hercules and the Tamarack & Custer. Rather than incurring more debt, an assessment of three cents per share was levied on Aurum's capital stock.

At the 1946 stockholders meeting Clarence Paulsen resumed his previously held board position in place of his brother, Howard. Until the company became part of Day Mines, Inc. (DMI), in 1950, the Aurum board and officers remained unchanged.

On July 8, 1950, Aurum's directors met to discuss dissolving the company and transferring its assets to DMI. By 1950 Aurum was -- and had been for some time -- a wholly owned subsidiary of DMI. For Aurum's property holdings, materials, and equipment, DMI would surrender its Aurum stock for cancellation and assume all of Aurum's obligations and liabilities.

On July 26 the Aurum stockholders met for the last time and voted to support the directors' resolution to dissolve the company. Accordingly, on August 31, 1950, the Aurum Mining Company transferred its assets to DMI. It was officially dissolved in June 1951.