Archives West Finding Aid

Strattons Mines, incorporated November 30, 1926, was an outgrowth of the financing of the McPhillips group of mines on Nine Mile Creek undertaken by Stratton and Stratton, a company known for its mining options. These options sold for $10 and entitled the holder to 250 shares of stock in the company and a right to purchase an additional 750 shares for $20 more, or 1000 shares for $30. Before the company was organized the options sold for as much as $55. This was a unique plan for financing prospecting and as it was successful it attracted much attention. The development work on the money raised from the sale of these options exposed a good showing of ore. The McPhillips group consisted of four unpatented claims in the Placer Center Mining District; its principal tunnel was 350 feet long and in the first year of operation the mine shipped one carload of ore. Jesse Freeman was president of the company and William Stratton the secretary. Its capitalization was 1,500,000 shares at a par value of 10cts per share.

During 1924 the money from the sale of ore paid for all development work and generated a surplus. As development progressed in the vein, the ore increased in width and grade. Additional property consisting of five patented and three unpatented claims was purchased, while control of the company was acquired by the Day family.

In 1925 F.M. Rothrock became president of the company and Henry Day the vice president. More purchases, including the Panhandle group, were made, increasing the property to 14 patented and 28 unpatented claims. The plant also acquired an electric hoist, and, in 1926, railroad loading facilities were added.

In 1927 the company conducted an active development campaign which included mine improvements and additions to mine plants. The mines also produced and marketed a substantial tonnage of ore. In December the company obtained a lease on the Ohio claim from the Option Mining Company, and arrangements were completed for developing it from the 200 foot level in the Stratton shaft. The company also acquired the Monarch-Bonanza group, thus increasing its holdings to 17 patented and 28 unpatented claims. An average of 55 men were employed during the year.

On November 19, 1928, the mine, which was developing into one of the important lead-silver producers in the Coeur d'Alenes, changed its name to Dayrock Mining Company.