Hon. Henry B. Payne, of Cleveland, was appointed President, and Jas. Wade, jr., Secretary. Certificates of stock were issued. The next meeting of the stockholders was called by the trustees, and held at Bayfield, Wisconsin, July 27, 1863, which meeting adjourned to Du Luth, Minnesota, where it convened, July 31, 1863; and on the 3d of the next month, August, on motion of B. F. Paine, it was unanimously resolved, that they proceed to organize two companies under the laws of Minnesota. Hon. Geo. L. Becker presented drafts of articles of associations for a corporation to be known as the North Shore Mining Company; and, also, another corporation to be known as the French River Mining Company, which were approved, acknowledged by the corporators, and ordered to be placed on record as required by law. The capital stock in each company was $100,000, divided in 2,000 shares of $50 each. The first meeting of the corporators and stockholders of each of said new companies was held in Cleveland, Ohio, November 2, 1863, at which meeting the “French River Mining Company” and the “North Shore Mining Company” were organized by the election of boards of five directors each—three, residents of Ohio, one of the city of New York, and one of the State of Minnesota. The directors organized by appointing Hon. Henry B. Payne, president, and James Wade, jr., secretary and treasurer. The trustees of the Carlton & Co. association conveyed to the “French River Mining Company” the south-west quarter, and lots Nos. 3 and 4 of section No. 17, in town 51 north of range 12, west, in Saint Louis county, Minnesota, containing 165 16-100 acres. The trustees conveyed to the “North Shore Mining Company” the south-east quarter of section 25, town 52, range 12, west, in same county. During the year 1864, a shaft was sunk, by the North Shore Company, to the depth of 20 feet, and by French River Company, 40 feet—both giving indications of valuable results.