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Silver Hill Mining Co. Stockholder Letter, 1867, Austin, NV

Currency:USD Category:Collectibles / Mining Start Price:150.00 USD Estimated At:300.00 - 500.00 USD
Silver Hill Mining Co. Stockholder Letter, 1867, Austin, NV
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Dateline New Haven, Conn., February 4th, 1867. Fascinating typed two-page letter detailing the financial difficulties of the company and a possible strategy to rebound by a deal with the Monte Christo Mining Co, of White Pine District, Lander County, Nevada. Apparently, the Silver Hill Mining Company owed over $1,100 in taxes and was to have both its mill and mine property sold by the sheriff. The liabilities of the company totaled $14,000 and thousands more would be required to get the mine back in production. To prevent the sale by the sheriff, the Monte Christo Mining Company of Nevada offered to buy the mill for $86,000 in common stock and $14,000 in preferred stock and the mill would be moved to the White Pine District. The Board of Trustees turned down the stock offer because it didn't take care of their financial troubles. Prof. H.N. Day, trustee and writer of this letter, stepped in and offered to buy the mill for $4,000 in cash and $10,000 paid in three installments over one year. On Feb. 2nd, he paid $1,250 to Wells Fargo and instructed the Austin agent to pay the taxes. Day is using this letter to solicit investors to help pay the $14,000 and go through with the proposed deal with the Monte Christo. "This transaction, it will be seen, is of the nature of an advance of money to be refunded by the Monte Christo Company." Day also highlights how good the Monte Christo is, which is not surprising since he was president of that company. Letter has deep folds and some associated wear. Date: Location: Austin, Nevada HWAC# 55570