Sutro Tunnel Co. - 1880's dated Stock Certificate - Available in Green, Red or Blue - Please Specify Color
Inv# ID1012 Stock
Stock printed by the National Bank Note Co., New York. Available in Green, Red or Blue. Please specify color. The Sutro Tunnel serves as a drainage conduit linked to the Comstock Lode in Northern Nevada. It originates in Virginia City, Nevada, and discharges approximately six miles southeast near Dayton, Nevada. The concept for the tunnel was introduced by Adolph Sutro in 1860, who advocated for its construction to facilitate deeper mineral exploration within the Comstock. Prior to this, flooding and insufficient pumping capabilities had hindered exploration efforts. By 1865, Sutro's proposal received endorsement from both state and federal legislative bodies. Initially, the mining stakeholders of the Comstock supported the initiative; however, they later opposed it due to concerns that an alternative access route to the Comstock's mineral resources would jeopardize their monopoly over gold and silver mining and milling operations in the area.
Despite this opposition, Sutro established the Sutro Tunnel Company and issued stock certificates to secure funding for the tunnel's construction, which commenced in 1869. Financial backing also came from local miners who were encouraged by the potential for enhanced safety in mining operations. This sentiment was notably amplified by Sutro following the Yellowjacket mine disaster, which resulted in the tragic loss of numerous miners who were unable to escape the flames.
In 1873, Arthur De Wint Foote was involved in the tunnel's construction but was dismissed the following year after encountering a significant influx of water in Shaft No. 2. The main tunnel was ultimately completed in 1878, by which time the Comstock mines had progressed to greater depths, utilizing improved pumping technology, although they were also experiencing a decline in yield. Additional lateral tunnels were constructed to improve drainage and ventilation. Upon the tunnel's completion, Adolph Sutro promptly divested his interests in the tunnel company and relocated to San Francisco, where he later served as mayor and developed the Sutro Baths, along with a smaller tunnel leading to them. The Sutro Tunnel set a precedent for the excavation of extensive drainage and access tunnels in the United States, paving the way for subsequent projects such as the Argo Tunnel in Idaho Springs, Colorado, the Leadville and Yak tunnels in Leadville, Colorado, and the Roosevelt Tunnel in the Cripple Creek district of Colorado.
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.
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