Encyclopedia Dubuque
"Encyclopedia Dubuque is the online authority for all things Dubuque, written by the people who know the city best.”
Marshall Cohen—researcher and producer, CNN
Affiliated with the Local History Network of the State Historical Society of Iowa, and the Iowa Museum Association.
BELL GOLD MINING COMPANY
BELL GOLD MINING COMPANY. In 1876 a group of prominent Dubuque residents established a company to mine gold in Plumas County, California. These citizens included Cornelius BAYLESS, J.C. PAINE, and Robert W. STEWART. The property of the company in Plumas County consisted of approximately seventy-five acres of mining ground. By 1870 three mines had already been discovered and examined. The prospectus stated that experts who examined the mines had said they were worth $150,000.
The company was named for the Bell Ledge which was discovered in California in 1873. According to the prospectus, this ledge was the source of deposits in Betsy's Gulch in which "rich surface deposits of quartz gold have been found in years past." Between 1852 and 1879, the prospectus claimed at least $750,000 had been washed from the ravine.
In 1879 addition shares of stock were advertised for sale. The proceeds were to purchase needed equipment. A Mr. Bell and a Mr. Cragin were said to have sold ten thousand shares in Chicago at $2.00 each, according to Joseph A. RHOMBERG. It was stated, however, that the company wanted to keep the primary ownership in Dubuque. Specimens of the gold-bearing quartz were displayed at the BAYLESS BUSINESS COLLEGE. (1)
In May 1879 the Dubuque Herald carried an article that the mine was averaging a clean-up of gold valued at eight dollars per ton of material mined. This equaled a profit of five dollars with the remainder necessary to keep the mine in operation. (2)
In January 1880 at the annual meeting a report somewhat less encouraging than previous announcements revealed that when the present board took over the company in 1879 there was a debt of $8,000. This had been paid and there was now a surplus in the treasury. Work had been discontinued in the spring of 1879 due to a lack of funds, but it had now been resumed. (3)
A gold brick measuring 3.75 inches long, 2 inches wide, and .25 inches thick weighing four pounds and four ounces and valued at $1,000 was received from the California mine in Dubuque on July 24, 1880. Mr. Bell telegraphed Mr. Bayless, "Hold stock at $10.00, struck it richer than ever. (4)
In 2016 there was a mention of a Bell Gold Mining Company in Plumas County, California and its land status was unknown. (5)
---
Source:
1. "Bell Gold Mining Company," Dubuque Herald, February 18, 1879, p. 4. Online: https://news.google.com/newspapers?nid=uh8FjILnQOkC&dat=18790218&printsec=frontpage&hl=en
2. "Caught on the Fly," Dubuque Herald, May 20, 1879, p. 4. Online: https://news.google.com/newspapers?nid=uh8FjILnQOkC&dat=18790520&printsec=frontpage&hl=en
3. "Bell Gold Mining Company," Dubuque Herald, January 15, 1880, p. 4. Online: https://news.google.com/newspapers?nid=uh8FjILnQOkC&dat=18800115&printsec=frontpage&hl=en
4. "Caught on the Fly," Dubuque Herald, July 25, 1880, p. 4. Online: https://news.google.com/newspapers?nid=uh8FjILnQOkC&dat=18800725&printsec=frontpage&hl=en
5. "Plumas County, California Mines," US-Mining.com. Online: http://www.us-mining.com/california/plumas-county