NOT SOLD (BIDDING OVER)
0.00USD+ applicable fees & taxes.
This item WAS NOT SOLD. Auction date was 2023 Dec 08 @ 08:00UTC-8 : PST/AKDT
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Three pieces of the history of the Sutro Tunnel:
1) Sutro Tunnel Company stock certificate #47 for 30 shares issued to Joseph Goodman of Virginia, Nev., dated October 15, 1868. Signed by Adolph Sutro as Duly Authorized Agent of the Association known as the "Sutro Tunnel Company." Pen cancelled. Black border and print. Vignette of a Sutro with a pick axe (left). 25 cent U.S. IR stamp at bottom left, pen cancelled. No pinter listed. 6.5x11".
Joseph Goodman was the owner/editor of the Territorial Enterprise in Virginia City, Nevada and who gave Samual Clemens (Mark Twain) and William Wright (Dan DeQuille) their start as writers; Clemens/Twain later went on to take his place in history by cracking the Mayan code and writing several books, such as The Prince and the Pauper.
The initial incorporation was for 12,000,000 shares; 120,000 shares for $100 per. There were many additional issues of common and preferred stocks, as well as bonds, in order to finance one of the largest mining projects in the United States.
As the Comstock's mine shafts grew deeper they began to encounter large amounts of water that had to be pumped to the surface at great expense. 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...". Adolph Sutro's tunnel solved the problem by blasting a large horizontal tunnel right through the rock of the neighboring Mt. Davidson and straight into the heart of the Comstock mine, allowing mine water to drain through the tunnel without need for a pump. Progress was slowed by resistance from major mining interests, fearing Sutro would use the tunnel to take control of the entire lode. It drained some two million gallons of water from the mines per year.
After a long struggle with William Sharon, Banking Baron of the Comstock, the railroads (the competing V&T RR), the tunnel finally traversed the four mile underground route from the town of Sutro, near Dayton, and intersected the Savage Mine on September 1, 1878, almost 11 years after it was started in 1869! As the richer sections of the Comstock Lode had been tapped out by this time, the mine declined in profitability.The Tunnel was to have served multiple purposes: Ventilation of the mines, a downhill exit for draining the mines of water, an easy conveyance for ore down to the Carson River mills for refining, and bringing supplies up to the mines. By 1877, the Comstock Mines having peaked, Sutro continued to hype the project and raise funds through various stock sales. Sutro eventually sold out, making millions, and moved to San Francisco where he eventually become mayor.
2) Sutro Tunnel Company articles of Agreement Broadside, 1866. Very rare. Elephant folio broadside. Printed by Towne & Bacon, Book and Job printers. Minor tears. First edition with 18 articles and 4 signature blocks at the end, spaces left blank for signatures. Extremely rare.
The agreement would be between William M. Stewart, D.E. Avery, Louis Janin, Jr., H.K. Mitchell and Adolph Sutro. The Agreement preamble notes that the Legislature of the State of Nevada gave Sutro and his associates the right of way and authorized the construction for a Mining and Drainage Tunnel, approved February 4, 1865. The date on the form is left blank for day and month but has 1866 preprinted. The articles cover obligations of both parties, define the tunnels location origin, structure and development, a commitment of at least $3,000,000 in subscriptions by August of 18867, etc. Early in the proposed project William Sharon, representing The Bank of California, and other in the "Bank Ring" supported Sutro. However, once they realize dhow much Sutro was going to charge each mining company, they quickly denounced and blocked Sutro's attempts to raise the necessary capital. Article 14 spells out that $2 per ton shall be paid by the mining companies. Sharon and the Bank Ring quickly started on a railroad, the Virginia Truckee RR, that woudl capture most of the ore transportation revenue to the Carson River Mills below the Comstock mines of Virginia City and Gold Hill for themselves instead of Sutro.
Armstrong Nevada Printing History 418: "'200 copies on newspaper,' 50 on 'fine paper,' and 60 on 'Parchment" were printed by Towne & Bacon; the bill was for $187.75, including an unspecified amount for 'alterations,' was entered on march 31, 1866, in the company's daybook, volume 15 at CSt." Armstrong locating only 4 copies of the three issues. This being the fine paper issue.
3) Adolph Sutro business card: "Adolph Sutro" "Sutro Tunnel. Nevada, U.S." Black on white.
Includes printed newsprint explanation of the Sutro tunnel Company dated October 4, 1869 in Virginia City. This was the public notification of the Sutro Tunnel project published in the newspaper in Virginia City.
Franklin Collection. Nevada Franklin Collection
Auction Location:
3555 Airway Drive Suite 308, Reno, Nevada, 89511, United States
Previewing Details:
Preview
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Nevada State Sales Tax
Taxes:
| Tax | Rate | Desc. |
| NSST |
8.375% |
Nevada Sales Tax |
| CSST |
8% |
California Sales Tax |
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
25% |
Additional Fees:
Shipping Details:
Notice to all December Auction Winners.
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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, 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 and 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.
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7. TELEPHONE BIDDING: Telephone bidding 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 will not be executed. Bids made in amounts that do not conform to the bid increment table under Item #13 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. 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. Precious metals may be reserved at or near or slightly below spot, at the auctioneer's discretion.
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.
From: to: Increment:
$1 $95 $5
$100 $190 $10
$200 $475 $25
$500 $1,450 $50
$1,500 $3,400 $100
$3,500 $9,750 $250
$10,000 $30,000 $500
$30,000 up $1000
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: 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 Cash, Visa, Master Card, American Express, Discover, Money Order/Cashier’s Check, Wire Transfer, Personal Check or PayPal. 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. Automatic Credit Card Billing: Internet bidders are subject to the payment terms and conditions outlined on the internet bidding platform they utilize, which may include the automatic payment of auction invoices with the credit card information on file at the time of registration.
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, Live Auctioneers, Invaluable, or applicable bidding platform, and may be barred from participating in future Holabird Western Americana auctions.
23. UNCLAIMED MERCHANDISE: In the event that a successful bidder has paid in full for their merchandise but fails to settle outstanding shipping invoices or make arrangements for merchandise pickup within 60 days, HWAC reserves the right to declare the merchandise forfeited. This forfeiture will result in the merchandise becoming the property of HWAC and the successful bidder shall have no claim to or rights over the forfeited merchandise.
24. 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 person to person. High resolution images of all items are available online for inspection. HWAC is not responsible for condition discrepancies; it is the bidders responsibility to determine condition prior to bidding.
25. 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.
26. This sale is being held under the laws of the State of Nevada.
27. 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.
28. 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.
29. 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.
30. 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.