This lot is closed for bidding. Bidding ended on 6/28/2018
Important corporate ledger, describing in detail the formation, operation and sale of the mining company constituting the wealth of one of the most successful and philanthropic American families: The Guggenheims, led by patriarch Meyer Guggenheim and his sons Daniel, Morris, Benjamin, William, Simon, Isaac and Solomon, whose combined signatures total over 70 in this ledger spanning over 90 pages. Meyer's signature, in particular, is elusive apart from this ledger.
Ledger begins on 13 January 1888 with the Articles of Incorporation for ''The Denver Smelting and Refining Company'', the corporation that anchored the success of the Guggenheim family. The ledger goes on to document the company's history, from name changes, stock splits and financial growth to changes to its Board of Directors, family consolidation, and its ultimate sale on 8 April 1901. The ledger is signed by patriarch Meyer Benjamin and additionally by his sons: Daniel Guggenheim, who took over the family's business after his father's death in 1905; Benjamin Guggenheim (signed 23 times), who died on the Titanic, but not before helping women and children board life boats, and then changing into formal evening clothes ''to go down like gentlemen''; Morris, aka Murry Guggenheim (signed twice); William Guggenheim (signed 25 times); and Simon Guggenheim (signed 21 times), U.S. Senator from Colorado.
The handwritten Articles of Incorporation read in part, ''Meyer Guggenheim...being desirous of organizing a corporation under and in pursuance of the laws of the State of Colorado...The corporate name of the said company is hereby declared to be The Denver Smelting and Refining Company...The objects and purposes for which the said company is organized and created are as follows. First - To conduct and carry on the business of extracting gold, silver, copper, lead and other metallic and valuable substances from ores by smelting and by other process...for the crushing, sampling, smelting, reducing and other treatments of ores and metallic and other mineral substances, and for the extraction, separation and refinement of the metallic and other valuable contents thereof. / Third - To purchase, sell and generally deal in ores and other mineral and metallic substances. / Fourth - To purchase or otherwise acquire and hold such lands and easements in lands, as the interest and business of the company may demand and to exercise all the rights and privileges of an [sic] land owner in connection with the objects of said company...to purchase, lease, possess, hold or otherwise acquire mines...Fifth - To carry on the business of smelting and refining of all ores and classes of ores...''
The initial investment in the company is then noted as $500,000, divided into 5,000 shares of $100 each, with ''The affairs, business and general management of said Company shall be under the direction and control of...Meyer Guggenheim, Edward R. Holden, Richard Cline, Benjamin Guggenheim and Daniel Guggenheim''. The Articles then end, with a Notary Public verifying the identities of all founding partners that day.
Immediately following the Articles of Incorporation, also on 13 January 1888, is the first meeting of the Board of Directors, where officers are named, By Laws recorded and meetings scheduled: ''Daniel Guggenheim presented a resolution in writing which was read by the Acting Secretary [Benjamin], and is as follows: Resolved that the Board of Directors adopt as the By Laws of the Company the following to wit...'' Duties of the President, Vice President, Secretary, Treasurer, and General Manager are then described, and quarterly meetings are scheduled ''at the Company's Office in Denver at Eight oclock P.M. on the last Wednesday in the months of November and February, May and August of each year.'' Officers of the Company are nominated: ''On motion of Richard Cline seconded by Daniel Guggenheim, Mr. E.R. Holden was nominated and elected President and Genl Manager of the Company for the current year. / On motion of Meyer Guggenehim recorded by E.R. Holden, Benjamin Guggenheim was nominated and elected Secretary and Treasurer of the Company for the current year. / On motion of Daniel Guggenheim, seconded by E.R. Holden, Richard Cline was nominated and elected Vice President of the Company for the current year. / On motion of E.R. Holden, seconded by Meyer Guggenheim, E.B. Kirby was nominated and elected Superintendent of the Company for the current year.''
Later that year on 19 May 1888, the Board of Directors meet to consider changing the name of the company to ''The Vulcan Smelting and Refining Co.'', which interestingly, was crossed out by hand and replaced with ''The Philadelphia Smelting and Refining Co.'', which was the ultimate name adopted. Also at this time, the headquarters of the company move from Denver to Pueblo, Colorado, and the purpose of the company is ''changed so as to provide for the construction of works and factories for the treatment of ores and mineral substances...'' Following this entry, corporate blind-embossed seals of ''The Philadelphia Smelting and Refining Co. of Pueblo'' can be found stamped throughout the ledger.
An early balance sheet is listed in the 27 November 1888 meeting, totaling the initial $500,000 investment:
''Expenditures to date - account of ore $241,540.42
'' '' '' '' smelting 5,349.86
'' '' '' '' construction 238,640.04
Bank Balance 14,469.68
_____________
$500,000.00
The meeting continues, ''As the Works, ore, at the present time almost competed, We can safely say we will commence smelting...the next 15 days.''
The first delineation of stock shares is documented in the 27 November 1888 meeting, with Meyer Guggenheim holding 2,098 shares, Edward R. Holden holding 933 shares, Richard Cline holding 467 shares, and Benjamin and Daniel Guggenheim each holding one share. Shortly thereafter, on 12 February 1889, the shares are distributed slightly differently, with Meyer holding 2,248, Holden holding 1,000, Cline holding 500 and Benjamin and Daniel still holding one apiece.
Also on 12 February 1889, the Articles of Incorporation are amended so ''That the power of the Directors to pass by-laws, and to repeal and amend the same, be amended so as to require the concurrence of at least three of such said directors; and that Article 'Eight', of the original articles of incorporation be amended, so as to read as follows: - 'Eighth: The Directors of said Company shall have full power and authority to make all necessary & prudential by-laws deemed proper or desirable for the management, conduct & control of its affairs, business concerns and property; the same not to be inconsistent with the laws of the State of Colorado, or of the United States...''
On 12 February 1889, these changes were formally approved via signatures by Meyer, Benjamin and Daniel, who also decided to buy a ''certain track of land in Pueblo County, Colorado containing one hundred acres more or less and now surveyed and occupied as a site for your Smelter...for $350,000...'' Signed by ''Meyer Guggenheim'', ''Benj Guggenheim'', ''Daniel Guggenheim'' and ''E.R. Holden.''
Beginning in 1889, changes to the Board of Directors began: Morris (also known as Murry throughout the ledger) Guggenheim replaced his brother Daniel as a Director, and Meyer Guggenheim resigned, replaced by his son William. Later that year on 23 July 1889, Morris was elected President, replacing E.R. Holden, to which ''Murry Guggenheim, President'' and ''Benj. Guggenheim, Secty'' attest.
On 26 November 1889, the shares of the company were delineated again, with Meyer owning 12,493 shares and each of the five brothers (Daniel, Morris, Benjamin, Simon and William) each holding one share. Also at this time, all five brothers were elected Directors, as were two additional brothers: Isaac and Solomon Guggenheim.
In the next ten years, the historic growth of the company is documented in the various contracts they made with other mining companies, and the expansion of their operations into Mexico. A bond of $25,000 was taken out in 1896, with Morris Guggenheim acting as agent. In a special meeting on 5 May 1899, Meyer Guggenheim pays back a loan to the company: ''Whereas Mr. Meyer Guggenheim has been indebted to The Philadelphia Smelting and Refining Company for certain funds advanced by said Company to said Meyer Guggenheim, and Whereas said indebtedness has been duly paid and discharged, Now, Therefore, Resolved That Mr. Meyer Guggenheim is hereby released and discharged from all indebtedness owning by him to this Company...''
The brothers' shares are expanded in a meeting on 28 November 1899, whereby Daniel and Benjamin each own 1,786 shares, and Simon and William each own 1,785 shares. And in May 1900, the company's operations move to New York.
Finally, in a typed entry for the last meeting on 8 April 1901, the historic sale of most of the company's assets is documented, as is the transfer of funds to ''M. Guggenheim's Sons''. In part, ''WHEREAS, Isaac Guggenheim, Daniel Guggenheim, Morris Guggenheim, Solomon Guggenheim, Benjamin Guggenheim, Simon Guggenheim, and William Guggenheim are the owners of all the capital stock of this corporation and are its sole creditors and, WHEREAS they likewise constitute the firm of M. Guggenheim's Sons and as such firm are about to enter into a contract with the American Smelting & Refining Company for the sale to said Company...'' The document continues, ''and in furtherance of said contract the consideration for such conveyance and transfer shall be paid directly to the said firm of M. Guggenheim's Sons...all of the real estate and personal property of this company of every kind...including all easements, concessions, franchises, exemptions, contracts and rights of every kind, ores, bullion, supplies, bills receivable, cash and book accounts together with all fixed plant, tools, machinery, leases owned by the company and all the good will thereof, excepting however all mines and mining properties belonging to this company and the personal property and contracts exclusively used in connection with or relating to or affecting the said mining properties...''
Entire ledger is handwritten apart from the last meeting documenting the sale, and two additional typed pages noting stockholder meetings. Ledger therefore comprises 91 handwritten pages and four typed pages. Handwritten pages measure 13.75'' x 8.5'', bound in quarter leather boards with gilt embellishments and marbled endpapers. Ledger is complete with the exception of pages 21-30. Some loss to spine, tape repair on endpapers and some loose pages. Pages themselves are near fine, very legible with beautiful penmanship, and very well-preserved with only nominal age wear.
Link to all images for the ledger.