Old Dominion Mining Company of Nevada - 1866 dated $500 Mining Bond with Stamp Revenue

$500 6% Bond with 25 cents revenue stamp! The Old Dominion Mining Company was established in 1880 and experienced significant financial fluctuations over the following two decades. In 1894, the mine was acquired by the Lewisohn Brothers from New York. The introduction of the railroad in 1898 significantly reduced shipping expenses. In 1904, Phelps-Dodge purchased the mine and appointed Louis D. Ricketts as the general manager. Between 1904 and 1908, Phelps-Dodge invested $2.5 million in the expansion and modernization of the mine and its facilities. As the mine developed, so did the town of Globe. The demand for copper surged during World War I, leading to prosperity for both the mine and the community. However, 1917 was marked by labor disputes in copper mines across the nation, culminating in a strike at the Globe mines on July 1, 1917. Federal troops were deployed to restore order, and miners gradually returned to work, allowing the mine to resume normal production by October.

In the years following the war, the Old Dominion Mining Company never regained its previous success. Factors such as inadequate maintenance, diminishing ore quality, and underground flooding adversely affected operations. The mine ceased operations during the recession of 1921-22 and was permanently closed in 1931. Over its fifty years of operation, the mine produced approximately 800 million pounds of copper and generated gross earnings of $134 million for its shareholders, serving as the economic backbone of the Globe community for the majority of that time. In 1941, the property was sold to the Miami Copper Company for use as a water supply, and it continues to provide both industrial and domestic water to the region.