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.
The records of the Strattons Mines span the years 1923 to 1930, with the bulk of the material covering the years 1923 to 1928. Included are notices and agendas for annual meetings, correspondence with suppliers a stock ledger, option certificates, lists of stockholders, check registers, and payroll information.
Related materials can be found in the records of the Dayrock Mining Company.
The Strattons Mines Company records are divided into five series: Records of the Board of Directors and the Stockholders, 1924-1928; Capital Stock Records, 1923-1926; Financial Records, 1923-1930; Plant and Equipment Records, 1924-1928; Personnel Records, 1923-1928.
The first series, Records of the Board of Directors and the Stockholders, includes notices, agendas, and other records relating to annual meetings.
The second series is Capital Stock Records. Included are a stock journal, a list of stockholders and Stratton & Stratton option certificates.
The third series, Financial Records, contains a check register, paid checks, and paid option payment checks.
Plant and Equipment Records, the fourth series, consists of orders placed with the Coeur d'Alene Hardware and Foundry Company.
Personnel Records, the fifth series, includes payrolls for the years 1923-1928.
Removal of cancelled stock certificates, paid checks, bank statements, and duplicate materials reduced the size of this collection by 3 cubic feet.
The records of the Strattons Mines 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. Processing was completed under the direction of Michael Tarabulski in March 1992.
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.