[Presidential] Hoover, Herbert, Group of 2 Typed Letters, signed

Lot 142

About Seller

2400 Market St
Philadelphia, PA 19147
United States

Established in 1805, Freeman’s Auction House holds tradition close, with a progressive mind-set towards marketing and promotion, along with access to a team of top experts in the auction business. And now with offices in New England, the Southeast, and on the West Coast, it has never been easier to ...Read more

Bid Increments

Price	Bid Increment
$0	$25
$500	$50
$1,000	$100
$2,000	$200
$3,000	$250
$5,000	$500
$10,000	$1,000
$20,000	$2,000
$30,000	$2,500
$50,000	$5,000
$100,000	$10,000

About Auction

Live

Books & Manuscripts

By Freeman's

Feb 18, 2021

Set Reminder 2021-02-18 10:00:00 2021-02-18 10:00:00 America/New_York Bidsquare Bidsquare : Books & Manuscripts https://www.bidsquare.com/auctions/freemans/books-manuscripts-6379 A collection of important books and manuscripts curated by Darren Winston, Head of Department Books, Manuscripts, Photographs & Photobooks at Freeman's. Freeman's info@freemansauction.com

View Full Catalog (168)

Lot Description

[Presidential] Hoover, Herbert
Group of 2 Typed Letters, signed
New York, June 2, 1913. 3 pp. 11 x 8 1/2 in. (279 x 215 mm). Typed letter, signed by Hoover ("H C Hoover"), as a consulting engineering expert, to mining magnate and philanthropist, Adolph Lewisohn; additional lengthy MS. postscript by Hoover on p. 3. "Received" ink stamp, dated Jun 3-1913, at top right corner of each page. On Hoover's personal stationery; creasing from original folds; hole punch in top left corner of each page, staple holes along top edge.

Together with:

(London), September 2, 1913. 1 p. 10 1/4 x 8 1/4 in. (260 x 209 mm). Typed letter, signed by Hoover ("H C Hoover"), to Messrs. Adolph Lewisohn & Sons. On Hoover's personal stationery; faint "Received" ink stamp at top right, dated September 10, 1913; creasing from original folds. Lot includes a postcard portrait of Hoover.
Future thirty-first president Herbert Hoover writes to mining magnate Adolph Lewisohn about buying into a stock scheme and revealing the possibility of a merger between United Oil Company of California and General Petroleum Company: "I enclose herewith a printed statement with regard to the General Petroleum Company. You will notice in this statement that the estimates are based on the present production, although eighteen (18) drilling rigs are running at the present moment and in the oridinary course of time should double the present production within another twelve months; this double production being about the amount the Company can handle with its pipe line, storage and refinery equipment. Therefore, the profits under this stimulated position are a very much larger figure than are given in this present statement." He continues on about the nature of the stock option, adding: "The object of this is the possible necessity of clearing the decks of this issue in case the financing of the merger of this Company together with the Union Oil Company is brought forward before the maturity of the notes. As I explained to you, the General Petroleum Company has an option to purchase the control of the Union Oil Company."
Shipping Info
- No lot may be removed from Freeman’s premises until the buyer has paid in full the purchase price therefor including Buyer’s Premium or has satisfied such terms that Freeman’s, in its sole discretion, shall require. Subject to the foregoing, all Property shall be paid for and removed by the buyer at his/ her expense within ten (10) days of sale and, if not so removed, may be sold by Freeman’s, or sent by Freeman’s to a third-party storage facility, at the sole risk and charge of the buyer(s), and Freeman’s may prohibit the buyer from participating, directly or indirectly, as a bidder or buyer in any future sale or sales. In addition to other remedies available to Freeman’s by law, Freeman’s reserves the right to impose a late charge of 1.5% per month of the total purchase price on any balance remaining ten (10) days after the day of sale. If Property is not removed by the buyer within ten (10) days, a handling charge of 2% of the total purchase price per month from the tenth day after the sale until removal by the buyer shall be payable to Freeman’s by the buyer. Freeman’s will not be responsible for any loss, damage, theft, or otherwise responsible for any goods left in Freeman’s possession after ten (10) days. If the foregoing conditions or any applicable provisions of law are not complied with, in addition to other remedies available to Freeman’s and the Consignor (including without limitation the right to hold the buyer(s) liable for the bid price) Freeman’s, at its option, may either cancel the sale, retaining as liquidated damages all payments made by the buyer(s), or resell the property. In such event, the buyer(s) shall remain liable for any deficiency in the original purchase price and will also be responsible for all costs, including warehousing, the expense of the ultimate sale, and Freeman’s commission at its regular rates together with all related and incidental charges, including legal fees. Payment is a precondition to removal. Payment shall be by cash, certified check or similar bank draft, or any other method approved by Freeman’s. Checks will not be deemed to constitute payment until cleared. Any exceptions must be made upon Freeman’s written approval of credit prior to sale. In addition, a defaulting buyer will be deemed to have granted and assigned to Freeman’s, a continuing security interest of first priority in any property or money of, or owing to such buyer in Freeman’s possession, and Freeman’s may retain and apply such property or money as collateral security for the obligations due to Freeman’s. Freeman’s shall have all of the rights accorded a secured party under the Pennsylvania Uniform Commercial Code.