SOLD
2,300.00USDto D******a+ buyer's premium (575.00)
This item SOLD at 2018 Dec 08 @ 14:38UTC-8 : PST/AKDT
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State: Nevada City: Silver City Date: 1861 (1871)
The St. Louis Mining Co. Stock certificate signed by one of the Comstock Silver Kings
By Fred N. Holabird and Joseph Elcano
Introduction
This is one of the most dramatic of the Nevada Territorial - Utah Territorial stock certificates in the Prag Collection. It was incorporated months before Nevada became a Territory. It is assigned to WS Hobart, the Lake Tahoe Lumber baron. But most importantly, contains the signature of W. S. O'Brien as president.
William S. Obrien was one of the four “Silver Kings” of Comstock fame, along with his partners John Mackay, James G. Fair, and J.C. Flood. Together, the group successfully monopolized much of the Comstock during the bonanza production period of the 1870’s and more.
In over four decades of intensely looking for key Comstock autographs, I (FH) have never before found an O’Brien signature on anything. That includes the several Flood & O’Brien letter books, hundreds of letters from key Comstock personalities, thousands of checks and hundreds of original deeds – where we found other key autographs from Leland Stanford, A. G. Bell, Mark Hopkins to George Hearst. Even the Nevada Historical Society and the University of Nevada Special Collections Library have no O’Brien signature.
O’Brien Gets His Start in California Gold Country
William Shoney O'Brien was born in Ireland and came over to American when he was a young lad. In 1849 he headed to the California gold fields. He was so poor that he was forced to help unload the ship that brought him to California. He was so poor a stranger gave him a serviceable pair of boots. He immediately headed for gold country only to return to San Francisco in 1851. There he went into business eventually selling marine supplies. In 1857, after the sinking of the SS Central America caused a financial panic, many San Francisco businesses suffered and failed. O’Brien and his neighbor JC Flood decided to try a different operation, a saloon. Along the way, O’Brien was captain of San Francisco’s California (Fire) Engine Co. No. 4.
Flood & O’Brein’s Saloon
The original saloon location was inadequate, and the pair soon moved to a spot adjacent to the largest marketplace in San Francisco, known as the Washington Market (located on Washington Street). They called it “Auction Lunch” (saloon). Here, the saloon took off. It was a winner. They made it even better by providing free food for the drinking patrons. Flood worked the bar, and O’Brien served meat from freshly cooked hams and beef, always keeping a jovial attitude which the customers loved. It was called a 'one-bit' saloon, a term for saloons serving cheap liquor. The "money" saloons charged two bits- 25 cents- for a drink. As Oscar Lewis pointed out in his work Silver kings (1986), “It was O’Brien’s fashion to array himself in broadcloth and high silk hat, and so bedecked to stand outside the saloon and do the agreeable to the passing acquaintance, a little exercise of attention that generally led to adjournment for a drink.” Flood dressed in a similar flamboyant fashion. (Lewis, p 220)
It was at the saloon that the pair met John Mackay and James G. Fair. Over many a drink, dreams and plans began to emerge.
Soon after the saloon opened, the San Francisco Mining Exchange, created in 1862 to promote and trade Comstock stocks, moved next door to the market, and Flood & O’Briens’s Auction Lunch Saloon became the key important place for meetings and discussions of mining ventures. At one point, it was rumored that O’Brien was appointed president (unconfirmed as of this writing). It was from the Auction Lunch Saloon that the “Silver Kings” began their plans.
The Comstock mines hit a hiatus in production in the first half of the 1860 decade, with production from the Ophir and Gould & Curry leading the way. But as the rich near-surface ores became depleted, stocks and overall production began to wane. This weak financial period represented a key opportunity for speculation in mines, and Mackay, Fair, Flood & O’Brien figured it out and struck- at first as two separate “teams” and later as a more unified single team.
In 1867 Flood and O'Brien sold the saloon and started a stock brokerage firm specializing in Comstock mines. Flood was reportedly the brains behind the operation. They also recognized other opportunities related to Comstock mines, in particular the milling side of the business. Here, Flood & O’Brien realized they could have some partial control over the milling part of the business by controlling the mercury needed for the stamp mills. In this endeavor, they became the crucial middlemen between the California mercury producers in Sonoma and Lake counties, New Almaden and the Comstock mills.
In 1869 O'Brien and John Mackay partnered and headed to Virginia City. As they approached the Comstock, O'Brien took a 50c piece, the only cash the two of them had, turned around and hurled it back down the canyon for good luck. That was so like O'Brien.
O’Brien shunned the business limelight that his partners cherished. O’Brien was happy to take the back seat, and this is reflected in the rarity of original documents bearing his name.
The Partnership in Mining Ventures
The four partners began purchasing what were thought to be unpromising properties. Then in 1869, through shrewd trading, the four gained control of the Hale & Norcross. The Consolidated Virginia came next. Within four years of selling the “one-bit saloon”, O’Brien was making a half of a million dollars a month. O'Brien bought the William Sharon residence in San Francisco. Definitely high society! But business cares and social responsibilities rested lightly on his shoulders. He was seen more often at McGovern's saloon talking to his former Auction House acquaintances than in his office at the Bonanza firm. He was often referred to as the 'jolly millionaire. While his partners were integrated more and more into high San Francisco society, O'Brien held on to his roots. He constantly was looking for the stranger that gave him those boots back in 1849 so he could thank him properly. [San Francisco Alta, Obituary, 5-3-1878 and Silver Kings by Lewis]
This Certificate
The St. Louis Mining Company was incorporated when Nevada was still part of Utah Territory. This is certificate #494 for three shares to W. S. Hobart, the Tahoe lumber king. Signed by W. S. O'Brien as president and Cyrus W Jones as secretary. Dateline August 17, 1871. Incorporated January 14, 1861. Valley mill scene vignette with fancy scroll work on left. BF Butler printer. Not cancelled. Prag Collection.
So, is this really a William Shoney O'Brien's signature? Without one to compare with, we have to rely on provenance. In 1866/7 O'Brien left the saloon business to devote his full attention to Comstock mining. This 1871 stock certificate would fit that time period perfectly, and also perfectly fits the known data. It was also during the time when the Bonanza Kings were gobbling up mines. According to Anasari [Mines and Mills of the Comstock Region Western Nevada], the St. Louis Mine, along with the Echo, Lucerne and Waller's Defeat, were purchased by the Big Four (Mackey, Flood, Fair, and O'Brien) in 1872/3. These were later incorporated into the Silver Hills Mine, a major mine in Silver City that had near-continuous production through WW2. We did an 1870's census search for anyone in California or Nevada that might be another “W. S. O'Brien”. William Shoney O'Brien was the only one that fit the bill. We searched San Francisco Directories from 1868 to 1874. The only W. S. O'Brien in any of the directories was William Shoney O'Brien of Flood and O'Brien. There was a William (no 'S") listed as a miner only in 1868 and Walter (no 'S") listed as a miner only in 1872. There were many other W. O'Brien's with occupations ranging from butcher to laborer to waiter to teamster to deckhand to cashier to farmer to porter to dressmaker, etc. These would certainly not be the president of a major Comstock mine in 1871.
William Shoney O’Brein died in 1878. His fortune has been reported as anything from $15 million to $35million. He was listed as one of the 100 wealthiest Americans in 1996 by Klepper & Gunther [The Wealthy 100: From Benjamin Franklin to Bill Gates—A Ranking of the Richest Americans, Past and Present]. Despite his rags to riches story, his story as a true 49er, his accumulation of vast wealth on the Comstock, today he is almost the 'Invisible Man.'
HWAC# 84518
Auction Location:
3555 Airway Drive Suite 309, Reno, Nevada, 89511, United States
Previewing Details:
Preview will be at our Auction Location,
3555 Airway Drive Suite 309
Reno, NV 89511
on Tuesday, December 4, from 9:00 am to 5:00 pm or by appointment.
Please call 775-851-1859
Nevada State Sales Tax
Taxes:
| Tax | Rate | Desc. |
| NSST |
8.265% |
Nevada Sales Tax |
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
25% |
Additional Fees:
| Fee | Amount | Applicable Locations | Applied To |
| Handling |
5.00
|
Not Applicable
|
This fee applies to the total of the invoice
|
Shipping Details:
SHIPPING & HANDLING: Shipping and Handling cannot be estimated prior to invoicing, based on the size and weight of your purchase. All shipping is subject to a minimum charge of $19.00. If additional shipping and handling costs are required, the buyer will be reinvoiced for the balance due. Items are not shipped until the invoice is completely paid. Many buyers purchase a number of lots. Every effort will be made to include all lots in a single shipping charge calculated to cover the weight and size of the package(s). NOTE: Some shipments (of unusual size, dimension, or weight) may require special handling for which individual costs will be calculated and applied to the shipping charge on the invoice. The buyer is responsible for arranging and paying for shipment of large or special items. The customer is responsible for all shipping charges. Purchases will be shipped via our approved, insured carriers: Federal Express or the US Postal Service. All items shipped Federal Express or USPS will be insured for the full value determined at auction by HWAC, which is included in our buyer’s premium. Pick up is available from our Reno office the next business day after the auction.
Large, heavy or fragile items will incur extra shipping charge. After initial payment we will pack your shipment and print shipping label. We will then re-invoice you for any additional charges.
Please consider extra costs of shipping and handling charges when you make your purchases.
We encourage you to pick up items after the auction. Many items may require special handling and would incur additional handling and shipping costs way beyond those anticipated.
Payment Details:
Due on receipt of invoice.
If paying by Credit Card please call our office at 775-851-1859 to arrange payment.
Accepted Payment Methods:
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Terms and Conditions
This is a Live Auction conducted by Holabird Western Americana Collections, LLC (HWAC).
1. The placing of a bid shall constitute the bidder’s acceptance of these terms of sale.
2. BUYER’S PREMIUM & INSURANCE: There will be a 25% Buyer’s Premium added to the sale price (hammer) of each lot. We accept cash, checks, money orders or wire transfers, credit cards and PayPal.
3. COINS, CURRENCY AND PRECIOUS METALS, Insurance. The buyer’s commission for this section is 20.5%. Coins and currency shall be defined as any regular Federal issue circulating coins and currency. Tokens are not considered coins. Precious metals shall be defined as ingots, silver or gold rounds, bullion items, gold nuggets. Mineral specimens are not considered under the precious metals category. Commemorative items such as metals and ribbons are not considered coins of precious metals. However, lots that consist entirely of gold or silver of high purity, including commemorative metals, are considered precious metals. Please contact our office if you need clarification on a specific lot.
4. SALES TAX: Sales tax will apply, according to Nevada State law, for any items that ship to or are picked up in Washoe County, Nevada (8.265%) unless a current, valid resale certificate is faxed to us at 775-851-1834 before bids are placed.
5. SHIPPING & HANDLING: Shipping and Handling will be estimated prior to invoicing, based on the size and weight of your purchase. All shipping and handling is subject to a minimum charge of $19.00. If additional shipping and handling costs are required, the buyer will be re-invoiced for the balance due. Items are not shipped until the invoice is completely paid. Many buyers purchase a number of lots. Every effort will be made to include all lots in a single shipping charge calculated to cover the weight and size of the package(s). NOTE: Some shipments (of unusual size, dimension, or weight) may require special handling for which individual costs will be calculated and applied to the shipping charge on the invoice. The buyer is responsible for arranging and paying for shipment of large or special items. The customer is responsible for all shipping charges. Purchases will be shipped via our approved, insured carriers: Federal Express or the US Postal Service. All items shipped Federal Express or USPS will be insured for the full value determined at auction by HWAC, which is included in our buyer’s premium. Pick up is available from our Reno office the next business day after the auction.
6. LIVE (FLOOR) BIDDING: Please arrive a few minutes early to check in and receive your bidding paddle. We will open lots with more than one bid at the current high absentee bid or 50% of the low estimate at the auctioneer’s discretion. Please be sure to bid on the correct lots during the live auction. Our auction progress is at a rate of between 60 and 200 lots per hour. An item is not sold until the next lot is announced. (We cannot be responsible for Internet bids that arrive late.) The auctioneer will identify the successful bidder by number and announce the winning bid amount. If you are not sure whether you won the lot or not, it is your responsibility to ask for clarification immediately, prior to the start of the next auction lot. Auctioneer reserves the right to reopen the lot in the case of an immediate dispute at the actual time of the sale.
7. TELEPHONE BIDDING: Telephone bidding requests MUST be scheduled prior to this auction. If you do not schedule in advance, and choose instead to call on the day of the auction to request a line for bidding, you may find that we are unable to accommodate your request. Please limit your telephone bids to items of value greater than $500, or to a string of items with a similar total.
8. LIVE AUCTION ABSENTEE BIDDING: Mail or FAX Absentee bids for the live auction MUST be received by 5pm Pacific Time the day before the auction. Bids accepted after the cutoff time will be represented live only if an agent is available and will not be considered absentee or given first priority as such. It is your responsibility to submit all lot numbers and bid amounts accurately. Absentee bids MUST be equal to at least 50% of the low estimate if an estimate is provided. Bids on “No Lots” or “Withdrawn” Lots are considered no-bids. Bids made in amounts that do not conform to the bid increment table in item 8 below will be automatically rounded up or down by the computer, or rounded to the nearest proper bid increment at the discretion of the auctioneer. Absentee bids are entered into a computer that will bid live on your behalf at the auction. Absentee bids will compete live against other absentee bids, live Internet bidders, floor bidders and phone bidders.
9. INTERNET BIDDING: Both Absentee and Live Internet bidding are available through our live auction networks. If you wish to bid LIVE via the Internet, you MUST pre-register. A live feed is generally accessible during the auction for those bidding via the Internet. Online bidding remains open through the live auction, and online absentee bids may be placed anytime. Live bidding will open when the auction starts. Internet bidding is offered as a convenience for those who cannot attend the live sale. Please note that there may be delays or interruptions in Internet connectivity that are beyond our control. Attending the live auction or arranging for an agent is the most reliable way to secure your bids.
10. NEW BIDDERS: Bidders unknown to us, who anticipate an expenditure in excess of $20,000, must provide commercial references or a deposit of 25% of the amount to be bid in order for the auction staff to execute bids. Deposits will be credited towards lots won and any balance will be refunded within 10 business days after the auction has concluded. New bidders will be given a spending limit at their initial request to participate. In order to increase this limit, you may be required to provide a letter of authorization from your bank in addition to providing references. Please contact our office at any time if you have questions regarding spending limits or references required to bid.
11. AGENT BIDDING: There are numerous professional agents available to assist you should you require this service. Please contact the office for a list or to arrange for representation on the floor during the live auction. HWAC is not responsible for any acts or omissions by agents acting on behalf of bidders at our auctions.
BE ADVISED: Auction participation through the live Internet bidding site is not 100% foolproof. The technology for this process is always changing, and the operation of it and the corresponding Internet connectivity issues are far beyond our control. Some folks have attempted to use the live Internet bidding process as their primary method of bidding, and have been quite successful. Others have failed completely. Depending upon your computer, server, host, and other factors, Internet signals may be delayed, such that bids may not be received in time. We cannot be held responsible for these delays, or for the lack of placed bids in a timely manner, or any other factors leading to unaccepted bids that are far beyond our control. Bidders should always have a backup plan for lots they highly desire. Live participation is best, followed by phone participation. We will not reopen lots for missed bids.
12. RESERVES: Most of the lots in this auction are unreserved. Gold is generally reserved at or near spot, though it could be slightly below spot.
13. BIDDING INCREMENTS: All bids must be submitted in U.S. dollars and in whole dollar amounts only in the appropriate increments as outlined below. If you choose to submit bids in an increment not listed below, your bid will be rounded to the nearest increment and you will be expected to pay the amount to which the bid was rounded should your bid be the winning bid. If you have any questions about an appropriate bid amount, please call us.
14. BID REDUCTION: All winning absentee bids will be reduced, if necessary, to the next bidding increment up from the last competing bid, as long as the minimum bid requirement has been met. For example, if you submit an absentee bid of $1000 and the next highest competing bid is $250, then you will win the lot for $275.
15. BID INFORMATION: Collectors often ask in advance the price level of a particular lot. We will give out the current competitive high absentee bid until we close the day before the live auction. You may also view absentee bids online at www.holabirdamericana.com. While we try to update the absentee bids as often as necessary, bids received close to the bidding deadline might not be reflected online, and we disclaim any responsibility for any bids made in reliance upon inaccuracies on our website, which may be beyond our control. We do not own any of the live Internet bidding platforms, and thus many aspects of the Internet technology are out of our control.
16. BID CANCELLATION: If you wish to cancel or change a bid after you have submitted your bids to us due to an error, you MUST PHONE us to advise us of this. Bid cancellations through mail, email, or faxes are not advisable. Errors are easy to make. Please call us if you have any questions on this.
17. All stock certificates, checks, warrants, and other financial documents sold herein are sold as antiquities, and have no financial, securities, or public trading value whatsoever.
18. We reserve the right to reject any bid we feel is not made in good faith.
19. INVOICING: Shipping charges will be added to all invoices. Invoices are mailed or emailed within two business days after the close of all portions of the sale. Within 15 calendar days of receipt of invoice, payment is due in full to Holabird Western Americana Collections, 3555 Airway Dr., #308, Reno, NV 89511. LATE FEES MAY BE ADDED IF PAYMENT ARRANGEMENTS ARE NOT MADE WITHIN THOSE 15 DAYS. Sales tax will be added to all sales picked-up after the auction or shipped to Nevada addresses, according to Nevada State law, unless a resale certificate is provided.
20. PAYMENT: We accept Visa, Master Card, American Express, Discover, Money Order/Cashier’s Check, Personal Check or PayPal. Customers wishing to pay by check or money order MUST contact our office for an invoice total before sending payment All returned checks are subject to a $25 fee. Cash received in amounts greater than $10,000 is subject to the filing of IRS form 8300, as required by law.
21. SHIPPING & HANDLING: Shipping and Handling cannot be estimated prior to invoicing, based on the size and weight of your purchase. All invoices are subject to a minimum shipping and handling charge of $19.00. If additional shipping and handling costs are required, the buyer will be re-invoiced for the balance due. Items are not shipped until the invoice is completely paid. Many buyers purchase a number of lots. Every effort will be made to include all lots in a single shipping charge calculated to cover the weight and size of the package(s). NOTE: Some shipments (of unusual size, dimension, or weight) may require special handling for which individual costs will be calculated and applied to the shipping charge on the invoice. The buyer is responsible for arranging and paying for shipment of large or special items. The customer is responsible for all shipping charges. Purchases will be shipped via our approved, insured carriers: Federal Express or the US Postal Service. All items shipped Federal Express or USPS will be insured for the full value determined at auction by HWAC, which is included in our buyer’s premium. Pick up is available from our Reno office the next business day after the auction.
22. NON-PAYMENT: HWAC reserves the right to cancel any invoice not paid in full within 15 days. A cancelled invoice does not relieve the bidder from their obligation to pay seller fees and buyer’s premiums compensating HWAC for its services in conducting the auction. Interest shall run on all outstanding balances at the highest rate permitted by law. HWAC shall have a lien against the merchandise purchased by the bidder, and any other of bidder’s property then held by HWAC or its affiliates, to secure payment of the invoice, and with respect thereto HWAC shall have all the rights of a secured creditor under the Nevada Commercial Code, including but not limited to the right of sale. HWAC may sell the lot(s) securing the invoice to any under bidders in the auction that the lot(s) appeared, or at subsequent private or public sale, or relist the lot(s) in a future auction conducted by HWAC. A defaulting bidder agrees to pay for the reasonable costs of resale (including a 10% seller’s commission, if consigned to an auction conducted by HWAC). The defaulting bidder is liable to pay any difference between his or her total original invoice for the lot(s), plus any applicable interest, and the net proceeds for the lot(s) if sold at private sale or the subsequent hammer price of the lot(s) less the 10% seller’s commissions, if sold at an HWAC auction. If HWAC refers any invoice to an attorney for collection, the bidder agrees to pay attorney’s fees, court costs, and other collection costs incurred by HWAC. Any bidder who fails to follow the terms of payment will be reported to iCollector and may be barred from participating in future Holabird Western Americana auctions.
23. CONDITION: We strongly recommend that you attend the live preview to see lots in their entirety. Conditions are not always noted, and large lots may not be itemized due to catalog restraints. For questions, detailed information, or additional images of any lot please contact our office at 775-851-1859. Bidders are responsible for understanding the condition of items. Conditions noted are subjective, and may differ in the opinion of different people or collectors.
24. RETURN POLICY: All items are guaranteed to be authentic unless otherwise noted. If authenticity is challenged, please call our office for assistance. ALL SALES ARE FINAL. You may only return any piece that was significantly inaccurately described by calling our office within 10 days of receipt of item(s) and notifying us of the error and reason for return. We do not refund postage or insurance. Please call us if you require a more specific condition report. Any items that are returned must be returned in the exact, unaltered condition. When we receive your bids we will assume you have read the description in the catalog, viewed the image of the item, have contacted us regarding any questions you may have on any lot and/or have previewed the lot in person.
25. This sale is being held under the laws of the State of Nevada.
26. HWAC shall not be held responsible for any problem due to the bidder’s failure to follow the rules, terms and conditions of this sale, or any failure to bid due to the loss of the online auction process provided by any of the online auction networks; or missed bids, changed bids or cancelled due the bidder’s failure to follow the proper bidding procedure outlined herein.
27. By placing a bid or otherwise participating in the auction, Bidder accepts these Terms and Conditions, and specifically agrees to the dispute resolution provided herein.
28. HWAC shall not be responsible for consequential damages, incidental damages, compensatory damages, or any other damages arising or claimed to be arising from the auction on any lot. Bidder’s sole remedy for any proven act or omission shall be rescission of sale and refund of the amount paid by Bidder.
29. Any claim, dispute, or controversy in connection with, relating to and/or arising out of the Auction, participation in the Auction, award of lots, damages of claims to lots, descriptions, condition reports, provenance, estimates, return and warranty rights, any interpretation of these Terms and Conditions, any alleged verbal modification of these Terms and Conditions and/or any purported settlement shall be exclusively heard by, and the parties consent to exclusive in personal jurisdiction of, the Superior Court of Washoe County, Nevada. THE PARTIES EXPRESSLY WAIVE ANY RIGHT TO TRIAL BY JURY. Any claim must be brought within one (1) year of the auction from which the claim arose or the claim is waived. In every case, the prevailing party shall be entitled to an award of its attorney’s fees and costs.