May 2018 Auction Ends Thursday, May 31st, 5pm Pacific
This lot is closed for bidding. Bidding ended on 5/31/2018
Very scarce and important Guggenheim company document from 1888 at the beginning of their mining empire, signed by three members of the Guggenheim family: patriarch Meyer Guggenheim, whose signature remains elusive apart from this document; Daniel Guggenheim, who took over the family's business after his father's death in 1905; and Benjamin Guggenheim (signed three 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''. Benjamin Guggenheim's signature is considered scarce, but can be found, unlike that of Meyer Guggenheim.
Seven page document is from the business ledger of the Denver Smelting and Refining Company from May-June 1888, consisting of pages 21-28 of the ledger. Based in Colorado, the Guggenheim family made its fortune through this company, established in January 1888 according to its Articles of Incorporation. In pages 21-23 of this ledger, business of the company is recorded, including revenues and expenditures, but the more important section is pages 24-27, where the Articles of Incorporation for the company are amended to change its name to the ''Philadelphia Smelting and Refining Co.'', and the very purpose of the company is amended to ''provide for the construction of works and factories for the treatment of ores and mineral substances''. Its revised mission continues, ''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...To purchase, sell and generally deal in ores and other minerals and metallic substances...To purchase or otherwise acquire and hold such lands and easements in lands...'' The document enumerates the shares of the company, with the vast majority belonging to Meyer Guggenheim, and is signed at the conclusion by the shareholders: ''Meyer Guggenheim'', ''Daniel Guggenheim'', ''Benj. Guggenheim'' (signs twice) and ''E.R. Holden'' (signs twice). The full 7 pages has been transcribed, giving detailed insight into the beginnings of one of the greatest companies in the history of America.
Additionally, pages 21-23 are important in their own right, and read in part, ''Record of Proceedings of the Board of Directors of the Denver Smelting and Refining Company held at the office in Denver, May 31 - 1888, being the regular quarterly meeting. The meeting was called to order by the President and the following Directors were found present. [Vice President] Richard Cline, [President] E.R. Holden and Benj Guggenheim. / Minutes of the last meeting having been read by the Secretary, and no objection offered, they stood approved. / The President then respectfully submitted his report which was as follows.
Deposits to May 31 - 13,000.00
Expenditures [to] date - 9,113.78
Balance on hand - 3,886.22
On motion of Richard Cline recorded by Benj. Guggenheim a vote being taken the...report stood approved...The Manager takes pleasure in stating that all the contracts of any magnitude have been awarded to the various contractors...'' The ledger then lists details of contracts, including capacity of smelting furnaces, and also details of nearby railroad construction. The ledger continues, ''...I also desire to say that I regret very much that we are not smelting ore at the present time for the reason that ore is more plentiful and the prices are much better than they have been in the past few years...I will use every effort and energy within my power to complete the works in the earliest possible time...A motion was then offered by Benj. Guggenheim...that the action of the Manager in the purchase of stock to the extent of $3500 in the Pueblo [?] association be approved...[signed] E.R. Holden. Pres. [and] Benj. Guggenheim Secty''. Seven pages penned in elegant penmanship, likely handwritten by Richard Cline, measure 8.25'' x 13.5'' on four sheets of lined ledger paper. Light toning, otherwise in near fine condition.
Incredibly Scarce & Important Guggenheim Mining Ledger Signed by Patriarch Meyer Guggeneheim, Successor Daniel Guggenheim & Thrice-Signed by Benjamin Guggenheim, Who Died on the Titanic
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