4591

Gilpin County Tram Railway Co (77276)

Currency:USD Category:Coins & Paper Money / Stock & Bond - Transportation Start Price:150.00 USD Estimated At:300.00 - 500.00 USD
Gilpin County Tram Railway Co  (77276)
SOLD
1,300.00USDto D****C+ buyer's premium (325.00)
This item SOLD at 2019 Mar 10 @ 16:25UTC-7 : PDT/MST
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Unissued, unsigned and uncancelled 1st Mortgage 10% Gold Loan $500 Gilpin County Tram Railway Co., Gilpin County, CO with all 10 coupons. Interest payable semi-annually in New York, Denver, or London, at option of holder. Colorado state seal. In April 1859, John H. Gregory discovered alluvial gold in Clear Creek, near Golden, CO, which was concentrated in the north branch of Clear Creek. By the summer of 1860, 61 mills and 30 arrastras were in operation and the population had risen to 15,000. By the mid-1860's, the gold deposits that were easy reach had been exhausted. Smelter set up in Black Hawk in 1865, allowed gold to be extracted from hard rock ore. In 1870, the 3 ft narrow gauge Colorado Central Railroad was formed to provide transportation to the region with construction starting in Sept. 1871, and 1st train arrived at Black Hawk Dec. 15, 1873. A need was still there to get the gold bearing quartz ore down to the mills of Central City and Black Hawk and still turn a profit. Solution was the Gilpin Tramway Company, formed on July 29 in Central City by Henry C. Bolsinger, Bradford H. Locke, Robert A. Campbell, Andrew W. Rogers and Henry J. Hawley. Company was to build a 2 ft narrow gauge railroad to transport ore from the mines above Black Hawk to the mills. By 1910 Gilpin at greatest length of 26.46 miles. C&S bought the Gilpin at the height of its profitability. Profit margins was dropping due to increased cost to extract the gold and fixed prices in the gold market. Soon the Gilpin was not turning a profit. The last train ran on January 17, 1917. The railroad was sold for scrap in June 1917. Printed: Snyder, Black & Sturn, 92 Williams St. NY. Prag collection.



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State: Colorado