On November 27, 1915, A. Swan, under an agreement, option, and lease, acquired the right to purchase for $150,000.00, four mining claims in Shoshone County, Idaho, together with the appurtenances and all other property of the Coeur d'Alene Mining and Concentrating Company, except bills and accounts receivable, and cash on hand.
The Sherman Development Company was organized under the laws of Nevada on May 29, 1916, for the purpose of acquiring all the rights of Swan under the aforementioned agreement by the issue of all its capital stock (2,000,000 shares valued at $500,000) to Swan, who immediately donated to the company 1,000,000 shares valued at $250,000 to be known as treasury stock. Following the directors meeting on June 9, 1916, the company sold 500,000 shares of its treasury stock for $65,000 in cash (4,000 shares at ten cents and 100,000 shares at 25 cents) which was used in development of the property and other expenses. Again in 1917, 160,000 shares of treasury stock were sold at 26 cents per share to pay the indebtedness incurred for supplies and material.
On June 27, 1918, the directors met in a special meeting to consider the matter of finding the necessary funds to meet payments and to arrange for additional funds to be used in carrying on the development work on the property. At this meeting Eugene R. Day, one of the directors, submitted a proposition to purchase 51% of the capital stock of the company for $153,000.00. This offer was approved by the board on June 28. There was not enough stock in the treasury to equal 51%, and a call for the return of stock from stockholders was unsuccessful. Therefore, on November 22, 1918, the Sherman Lead Company was organized under the laws of Idaho, with authorized capital of $875,000, divided into 3,500,000 shares, par value 25 cents, for the purpose of taking over all the property of the Sherman Development Company, and continuing development of its claims, the Union, Bengal Tiger Fraction, Sherman, and Union Fraction lode claims located in the Lelande Mining District of Shoshone County. The stockholders were offered a one for one stock trade, Day received 1,750,663 shares, and the remaining 66,347 shares were retained by the company as treasury stock. The Sherman Development Company was then dissolved.
The records of the Sherman Development Company span the years 1916 to 1922. Included are minutes of meetings, correspondence with suppliers and stockholders, financial ledgers and journals, and tax returns, a list of Day family stock purchases, assay slips and accident reports.
Related materials can be found in the records of the Sherman Mining Company.
Since there are so few items in this record group, no series designations were made. However the arrangement of the material follows the series order of other collections in the Day Mines group.
Removal of cancelled stock certificates and duplicate materials reduced the size of this collection by 0.5 cubic feet.
The records of the Sherman Development 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 March 1988.
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.