Gilmore Airship Company Stocks purchased in Colfax, California May 12, 1910.
Week 11's theme is "Fortune"....Merriam-Webster gives several definitions for fortune: A large sum of money, prosperity attained partly through luck; or destiny, fate.
I do not have any relatives who would fit the definition of attaining a fortune in the monetary sense. I have no ancestors that struck it rich (although I have many relatives that mined for coal, copper, silver and gold). I don't have any ancestors that made their fortunes through companies or businesses (although I have relatives that made a good living with their ventures). My ancestors were all people who worked hard just to survive, live decent lives, raise their families and serve their churches and communities to the best of their abilities.
So, for this week I am exploring my Great Grandfather's accumulation of stocks. He probably spent a small fortune on buying stocks, but he certainly didn't make a grand fortune in return through his investments. His choices in which adventures to support and invest in certainly reflected his personality and interests at the time. And, the certificates are actually small works of art that are worth preserving. Some even have a small monetary value to collectors today. But certainly not enough to make a modern fortune on. My Great Grandmother, Vere Hansen, saved quite a number of certificates which I am now archiving with other family artifacts.
John Hartwig Hansen (1865-1945) came to America from Norway in the 1870's as a young man and from the minute he stepped onto California soil he worked. In fact, he started working as a cabin boy on sailing ships from the time he was 10 years old. He loved his new country so much that he joined up to participate in the Spanish American War in 1898. He settled in Grass Valley, California in the late 1890's and opened up a successful laundry business. From there he expanded into the field of mining and spent time in the Nevada gold fields as well as in El Salvador and Nicaragua as a mine supervisor. He helped open the Idaho Maryland Mine back up in Grass Valley, which went on to become one of the most productive mines in the United States. I am not sure how much he earned from his mining jobs, but it must have been enough that he felt comfortable investing in other people's ventures. He and my Great Grandmother lived modestly on a little 5 acre ranch in Grass Valley and raised three boys. Earlier posts on this blog covered his colorful life.
I am not an expert in the stock market, so I really don't know much about these particular stocks. They may be called penny stocks or dollar stocks, and were used to get in on the ground floor of a company. They were considered to be a highly speculative investment. I do not believe any of these stocks skyrocketed in value to help make my Great Grandfather any fortunes! But, they were fun to research and learn about.
Stock certificate for Golden State Oil Company purchased July 24, 1900.
The first stock certificate I am sharing is the 50 shares John Hansen purchased in the Golden State Oil Company. Considering that in 1900 California was pumping 4 million barrels of oil a year (5% of the national supply at that time), this looked like a good stock to invest in. He got in at the very beginning of this company, as it was incorporated in March of 1900. I was unable to find any information on this company, so I don't know if it was bought out by a bigger company or if it just fizzled. I wish I knew what dividends it paid out! The equivalent of $50 in 1900 to today would be around $1,500.
The Manhattan Combination Mining Company 1906
The Manhattan Combination Mining Company had a main office in Goldfield, Nevada, where John Hansen spent some time in the early 1900's. He purchased 700 shares on July 22, 1906. He bought quite a bit of stocks in many different mining adventures throughout his life. The 1906 equivalent of $700 in today's money would be around $20,000.
This is the back of the same stock. On January 16, 1907 John H. Hansen signed in the presence of George Lienlokken. I'm not sure what kind of transaction this was.
This stock certificate is for the Nevada Metals Company. The certificate was printed by Tribune Print in Goldfield, Nevada. John Hansen purchased three thousand, seven hundred and fifty shares for a dollar a piece in July of 1907. That must have been a small fortune at that time. I am not sure what my Great Grandmother thought about this purchase. I wonder if he made any money from investing in this mine! To buy this many shares today would be the equivalent of around $100,000.
John Hansen purchased Eight Hundred shares for a dollar each in the Manhattan Merger Mines Company in June of 1907. That's $22,000 in today's money.
Lyman Gilmore was an aviation pioneer, reclusive engineer and a local eccentric who lived most of his life in Grass Valley, California. He claimed to have made a successful tethered glider flight in 1893 and then a steam-powered flight in 1902. In Grass Valley he built the first airport and aerodrome west of the Mississippi River. In 1910 he began issuing stock certificates, trying to raise money to continue building his airplanes. In 1935 a fire burned his aerodrome, two planes and all of his papers, drawings and records related to his earlier flights. As a result, his claims to early flight were never confirmed. As an inventor, he was granted two patents on steam engines and invented a rotary snowplow. He was also a miner in the area. He never married ( he didn't believe in shaving his beard or taking baths...) and died penniless in 1951. The Lyman Gilmore Middle School is named after him and is located where his airstrip and hanger were in the early 1900's. The school is at the top of Main Street in Grass Valley. https://www.theunion.com/news/local-news/lyman-gilmore-an-aviation-pioneer-that-history-almost-forgot/
My Great Grandfather knew Lyman Gilmore, and would frequently walk up the hill from his house to "shoot the breeze" in Mr. Gilmore's hanger. He probably bought stocks hoping that Mr. Gilmore's newer airplane was going to be the "next biggest thing". Sadly, it was not to be. Gilmore's claim of being the first to fly was, and still is, not recognized as being legitimate, as his proof burned in the fire along with his other airplanes, and the Wright Brothers have the only recognized claim to fame of being the first to fly on December 17, 1903.
Lyman Gilmore's Aerodrome courtesy of The Union Grass Valley, California
On a little side note, my Mom, Margaret Hansen Boothby, went on a trip to the Smithsonian with a class of Gilmore 8th Graders a few years back. While viewing the Wright Brothers' airship the class asked the docent if he had heard of Lyman Gilmore. He acknowledged that there were others who claimed to have flown before the Wright Brothers, but the Smithsonian would not recognize anyone besides the Wright Brothers. She said that the class was very upset about that! Grass Valley still chooses to believe that Gilmore was first.
Fageol Motors Company November 23 1932
I found two of these certificates for the Fageol Motor Company, each for 100 shares. They were purchased in the name of my Great Grandmother and my Great Uncle. This company began in Oakland, California in 1916 and manufactured tractors, buses, trucks and a few luxury cars. They went into receivership during the Great Depression and the company was reorganized as Fageol Motor Sales Company. These certificates are worth around $50-100 to collectors these days. 200 shares would cost the equivalent of $3,800 in today's money.
Idaho Maryland Mines Corporation October 30, 1935
These stocks were purchased in the name of my Great Grandmother and my Grandfather in 1935. $50 is the equivalent of $950 in today's money. There were several of these stock certificates in with the others. When Grandma Hansen passed away in 1974, the family was told that the stocks were not worth anything. The mine itself closed in 1956. Several attempts have been made by different investors to reopen the mine, but it has been unsuccessful due to push back from the community, environmental concerns and lack of money. Investors are still trying to get it back open as of 2021. If they do get it back open, would it be worth it to invest in some stocks??? I might buy a few shares for sentimental reasons.....
Relationship Reference: Me->Margaret Hansen Boothby->Harold Hansen->John Hartwig Hansen
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