Talk:Golden Fleece Mining and Milling Company (Iowa)

Relationship between the Golden Fleece Mining Companies

The following needs further verification:

Given the fact for establishing of mining companies and their listings on the stock exchange very easily during 1850-1870er (for reference, please read: History of the San Francisco Stock and Exchange Board (Wall Street and the Security Market)/ by Joseph L. King, 1910, 373 p., reprint: Arno Press, Inc. 1975, ISBN 0-405-06944-8, some questions araise and need to be answered:

The first Golden Fleece Mining and Milling Company (New York) from 1879 was incorporated 1882 in New York. The company held interest in mines at Cave Creek, Arizona, as referenced in the article. Hence it seems likely, that the company also held its administration in these places, or subsidaries were present near the mining sites. Some evidence is given, that a Golden Fleece Mining (and Milling) Company was existing in Arizona.

The first Golden Fleece Mining and Milling Company (New York) founded 1879, inc. 1882, probably is identical with the second Golden Fleece Mining and Milling Company (Iowa), but the capital stocks and the places of incorporation are different. The first Golden Fleece Co. (1882) has had a bigger capital stock and another place of incorporation compared to the second one in 1893. The second company from 1893, after raising the capital stock at $600,000, was incorporated under the laws of Iowa.

For the time after 1905, further facts on Golden Fleece Mining and Milling Company are needed. Very probably the principal interest in the stock of Golden Fleece Mining and Milling Company (Iowa) was held by another company. It seems likely, that the administration of the company was moved from Denver, Colorado, to Salt Lake City, Utah. This it supported by the fact, that a Golden Fleece Mining and Milling Company was seated in Salt Lake City around 1910 and 1911, maybe as a result, that main portions of the stock were held by another Utah-based company. From newspaper reports, it can be seen, that administration fees are paid for a Golden Fleece Mining and Milling Company, of Salt Lake City, Utah (Source: The Salt Lake Herald-Republican, March 26, 1910, page 19; The Salt Lake Herald-Republican, April 1, 1910, page 17). Golden Fleece Mining and Milling Company, around 1910/11 and maybe later, was only a subsidiary of another company. This is also supported by the fact, that the Golden Fleece Mine (Colorado), was owned by the Colorado-Utah Mines Operating Co., incorporated in Utah, in 1918/1920. Very probably only the property rights in Golden Fleece mine, previously held by Golden Fleece Mining and Milling Company, was transferred to Colorado-Utah Mines Operating Co., while the stock of Golden Fleece Mining and Milling Company was without any value, being then a company without any properties anymore.

The rights on the property on Golden Fleece Mine, maybe were shifted once again, in 1920/1921 to the third, revived, Golden Fleece Mining and Milling Company. After raising the stock capital for the revived company to $2,500,000, or maybe only the attempt on it, the company was incorporated once again in Denver, Colorado. Sources to be taken from the main article.

Therefore, further information on the fate of the company, and also the present status today, are needed. --Steven69 (talk) 10:29, 29 October 2009 (UTC)

How several different "share certificates" for the company under the same name came in existence

In those years, where the mining companies like the Golden Fleece Mining and Milling Company (New York) or Golden Fleece Mining and Milling Company (Iowa) were incorporated, investors who were interested in investing in those enterprises, could not directly acquire a share directly through "trading" them via giving order to a bank or an exchange.

Someone, who found interest in a company for investing purposes, could acquire a share capital by contacting the CEO of the company. Single paper shares were not common those days. Instead of receiving a single paper share, the investor received a share certificate, in which the sum of funds, which were handed over to the CEO at the price of the nominal value of the common stock, was noted.

For example: An investor wanted to spend $200 in a company, of share capital ($1,000,000), divided in one million shares, each $1.00. Thus, when investing $200 in a share company, only available through the company office, the investor received not 200 single paper shares, but a receipt, that the company received $200 in exchange for a paper certificate, certifying that the person, who invested $200, has now a interest of rights of 200 shares in the common stock of the company, each share $1.00. The possession of the 200 shares was noted in the company's shareholder book, which was maintained by company of the a so called trust company, who sold share capital in order for the mining company. The paper share certificate was printed in the form of a receipt block, in which all single paper sheets were consecutively numbered. The printed receipt blocks of some companies had a different layout, depending on the printing quality and printing mode of these blocks. After printing these receipt blocks they were presigned by the company's president and/or secretary and deposited at a so called trust company. In the case of the Golden Fleece Mining and Millling Company this was the International Trust Company, Denver, Colo. This company served as vendor of share capital, handed the share receipts to the investors, and deposited the funds to the bank accounts of the mining company.

The trick of that investment: When willing of returning the share certificate to the company, the companies did not exchanged those into available funds again. The mining companies in those cases referred constantly to the banks, who had the right to trade shares via a share broker on an exchange, where the common stock of the company was officially listed for trading. The price of the company shares on the exchanges were calculated by the share brokers on the basis of the latest available financial information. Thus, when the financial report of the company stated, that the current value of the company was $250.000, than the share price was $0.25 or less, minus fees and expenses, which the bank deducted from the proceeds of the sale of the share certificate. The banks, before initiating the sale of a share certificate, checked if signature and print layout of the certificate was the same as a reference share material, which the banks held at their main offices. In special cases, the banks also contacted the parent company, if the name of the investor, appearing on the certificate, was the same person, who was registered at the company's share book on the occassion of investing $200.

In case of the Golden Fleece Mining and Milling Company, at least 3 different share certificate layouts are known.

type 1: Share certificate for Golden Fleece Mining and Milling Company (New York). No species type available at online sources.

type 2A: Share certificate for Golden Fleece Mining and Milling Company (Iowa), stating that the common stock was $600.000, each share $1.00. The print layout of those share certificates are somehow different with respect of the background (The Colorado mountains maintain a bigger background place compared to type 2B.). Those certificates were handed to investors in the first years after incorporation 1893 of the company, at least until 1896, but not used by the company after the death of Biddle Reeves. One receipt block of this type, presigned with original signature from president Biddle Reeves, somehow survived the company's fate. Some share receipt certificates of these type sometimes appear in some families, with shareholder names, who could not have bought thoses shares at times from the company directy or when the company was in operation. The company officially ceased its operation with An-Out-of-Business-Letter, dated June 22, 1913, which is held in the corporate records at the Secretary of State of Iowa.

type 2B: Share certificate for Golden Fleece Mining and Milling Company (Iowa), stating that the common stock is $600.000, each share $1.00. Share certificate printed at Hall Litho. Corp., Topeka 56, Kansas. [A succsessor of the printing company is still in operation nowadays: https://www.hallcommercialprinting.com/products_services.html]. Those certificates were handed to investors probably in some later years of the company, at least until 1896. Species type online available at: https://wallaceterrycjr.files.wordpress.com/2015/06/goldenfleecestock1.jpg

type 3B: Share certificate for Golden Fleece Mining and Milling Company (Iowa), stating that the common stock is $1.500.000, each share par value $1.00. The print layout is very similar to type 2B. Those certificates were handed to investors in later years after the common stock of Golden Fleece Mining and Milling Company (Iowa) was increased to $1.500.00 (in or after 1902 ?). One species kind of this type is online know here: https://www.liveauctioneers.com/en-gb/item/76266232_two-golden-fleece-of-georgetown-colorado-mining-stock . This species of share certificate was on sale at liveauctioneers on Oct. 6, 2019.

This print type might probably also be used for certifying paid-in funds for shares issued after 1913, in times after the company has already ceased operation. It also might be possible, that this share certificate for Golden Fleece Mining and Milling Company (Iowa) was issued to investors, who wanted to buy shares of the revived Golden Fleece Mining and Milling Company (Iowa), after the revival attempt through Harold B. Barnes as executive in the 1920 years. (Pre)signed by the (survived) Mr. Geo. W. Peirce, and B.H.arnes (?), and dated back to times, when the company was still in operation? Some printed share receipt blocks probably survived the company's death in 1913 and found use for the revival attempt.

Company's fate after Biddle Reeves death on May 29, 1898

Best times for Golden Fleece Mining and Milling Company very probably were already over, when Mr. Biddle died in 1898. But share selling of the companies stock was still a good income, also for the involved banks and the International Trust Company, at whose office investors still could buy share certificates. With Mr. Reeves death, the Golden Fleece Mining and Milling Company faced a problem, because the share certificates for this company, deposited for sale to potential investors at the International Tust Company, Denver (Colorado), were presigned by him. Investors would not buy certificates of the company after the suddenly died company CEO anymore. This, and probably also some other reasons led to the decision, that the share capital of the company was increased, by setting up a new capital stock, $1.500.000, each share par value $1.00. Steven69 (talk) 19:36, 12 December 2019 (UTC)