Goldfield Development Company Records

Goldfield, Nevada, is most well-known for the mining boom that occurred between its settlement in 1901 and 1910 when peak production reached over $10 million dollars. Most major mining operations in Goldfield had ceased by 1920, although a number of mines continued operations into the 1940s. One such operation was the Goldfield Development Company.

Incorporated on February 13, 1919 in Nevada, the Goldfield Development Company was organized to operate the holdings of the Goldfield Consolidated Mines Company, including the mining property, a 1,000-ton mill, and a railroad in the Goldfield Mining District. Officers in 1919 were Corrin Barnes, president; A. I. D'Arcy, vice president; H. G. McMahon, secretary-treasurer; Edward Lembcke and Benjamin J. Henley, directors; and Elmer Burt, superintendent. The company purchased part of the ground and the balance taken under lease for a period of five years beginning February 1, 1919, with the privilege of subleasing any part of all of the ground. However, the lease was cancelled at the end of 1920.

During the time the lease was in force, over 30 sub-lessees were at work. From February 1, 1919 to March 1920, 4,450 tons of ore were shipped having a $75,000 gross value. In June 1919, the mill began operations and 4,800 tons were treated with an estimated net profit of $12,000. The company levied Assessments 1 and 2 in 1920 due to an inability to readily sell treasury stock. Between February 1, 1919 and March 2, 1920, disbursements were $276,901 and receipts $278,515. Of the latter $107,500 was from the sale of stock, $36,000 from loans, and $58,700 from the sale of supplies. Mill repairs cost $43,500 and mining operations were $71,800. Prior to the relinquishment of the lease, the mill ceased operations some months. Experts at the time cited low-grade ore and high costs for the failure of this first stage in the life of the company.

In October 1920, the Goldfield Development Company purchased the Gold Hill Mine for cash. Assessments 3 and 4 were levied June and December 1921 and Assessment 6 in 1934.

[Information on the company taken from: Weed, Walter Harvey. The Mines Handbook Succeeding The Copper Handbook Describing the Mining Companies of the World, Volume 15. Tuckahoe, New York: The Mines Handbook Company, 1922.]