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Adolph Sutro Autograph Sutro Tunnel Stock 1868 [169388]

Currency:USD Category:Collectibles / Autographs Start Price:1,000.00 USD Estimated At:2,000.00 - 3,500.00 USD
Adolph Sutro Autograph Sutro Tunnel Stock  1868  [169388]
SOLD
1,300.00USDto C*****r+ buyer's premium (325.00)
This item SOLD at 2023 Dec 10 @ 12:34UTC-8 : PST/AKDT

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Sutro Tunnel Company Stock Certificate Signed by Adolph Sutro, 1868. Choice first issue stock certificate with an uncancelled Sutro autograph. Dateline New York, Oct. 11, 1868. No. 37, issued for 500 shares to A. Rosenbaum of San Francisco. Signed by Adolph Sutro as Duly Authorized Agent of the Association known as the “Sutro Tunnel Company.” Not cancelled. Black border and print with vignette in upper left of Sutro with a pick. 25 cent US IR bond adhesive revenue stamp at lower left, pen cancelled. No printer listed. 6.5 x 11” Sutro first came up with the idea of the tunnel in 1860, got federal and state approval in 1865, and construction began in 1869. He envisioned the tunnel as taking care of the water problem that Comstock mining operations were encountering at depth. As Sutro said in his proposal, "the great obstacle to be encountered in mines is water; this is the fatal agent, which makes it only a question of time, when a mine will have to be abandoned, no matter how rich..." However, he also had plans to capitalize on the project by transporting ore to his mills and furnish his workers with homes in the planned Sutro townsite. He also charged the Comstock mines royalties on ore transported through the tunnel. William Sharon (and the Bank of California) realized how deadly Sutro’s project could be for their own milling ventures and tried to stop it. But Sutro persisted, and even used the 1869 Yellow Jacket fire as a cause to rally behind his tunnel. He got his funding, and the tunnel was completed in 1878 by connecting to the Savage Mine. But since the mining had proceeded to levels below the tunnel’s 1,640 ft. depth, the tunnel was too late to be of critical importance to the Comstock. Sutro sold his shares and moved to San Francisco, where he eventually became mayor. Sutro Nevada Franklin Collection