Bingham Consolidated Mining and Smelting Co. - Stock Certificate
Inv# MS1207 Stock
Utah
Stock with superb triple vignette by American Bank Note Company, New York & Boston.
To finance additional expansion, on April 24, 1901 the Bingham Copper & Gold Mining Company was reorganized as the Bingham Consolidated Mining & Smelting Company. The expansion included the purchase of the Dalton & Lark mining properties. With the reorganization, the new Bingham Consolidated company also announced that they would formally purchase the interests of the "Copper Belt Railroad". (Engineering and Mining Journal, May 4, 1901, p. 572; USGS Professional Paper 38, p. 99) On May 18, 1901 the Copper Belt Railway was incorporated by the owners of the Bingham Consolidated Mining & Smelting Company. Controlling interest in the company was turned over to William Bayley in return for his lease of the tramway and locomotive, formerly Salt Lake & Mercur number 7. Jacobs was also named as a director of the new railway company. J. G. Jacobs, of the SL&M, was also a director of the new railway company. (Utah corporation files, index 3147) The end result was that although the Copper Belt Railway owned the lease on the right of way of the former mule tramway, and the lease of the locomotive, Bayley, who also controlled the mining company, controlled the Copper Belt. By the fall of 1901 the development work on reopening the Dalton & Lark properties was nearing completion. In October 1901, in order to provide dependable transportation to the Dalton & Lark, Yosemite, and Brooklyn properties, the Bingham Consolidated company began construction on what would later become Rio Grande Western's Dalton & Lark Branch. By the fall of 1901 the development work on reopening the Dalton & Lark properties was nearing completion. In October 1901, in order to provide dependable transportation to the Dalton & Lark, Yosemite, and Brooklyn properties, the Bingham Consolidated company began construction on what would later become Rio Grande Western's Dalton & Lark Branch. Both the new Dalton & Lark line and the Copper Belt line were built under the supervision of Rio Grande Western engineers and were operated by the "railroad department" of the Bingham Consolidated Mining & Smelting Company.
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.
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