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Transcripts For FBC Maria Bartiromos Wall Street 20240713

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[ thunder rumbles ] [ bird caws ] im jamie colby in tucson, arizona. Wagon trains used to pass right through here on their way to california during the gold rush, and one of the roughandready pioneers who helped settle this area left behind a very strange inheritance. Im here to get the skinny on it. My names jock taylor. In 2009, i inherited a wooden trunk full of family heirlooms going back more than a century. Now im told i could pocket a small fortune. I meet jock, a 60yearold electrical engineer, at his home here in tucson. Hi, im jamie. Im jock. I heard you have something very unusual from your greatgreat grandfather. I certainly do. Come on in. Jock shows me that inheritance an old trunk thats been passed down through the family for more than a century. The trunk contained the family bible, a very ornate saddle blanket, a pair of old jeans jeans . Who keeps jeans . Theyve been in the trunk for so long, i dont think that my mother really knew what else to do with them. According to family lore, all the items in the trunk, including the jeans, once belonged to this man, jocks greatgreat grandfather, Solomon Warner, one of tucsons original pioneers. Very distinguished. Old solomons story, and the story of those dungarees, begins far from tucson in upstate new york, where hes born in 1811. As a young man, he heads west, in search of adventure and wealth. A lot of farm boys or smalltown boys in new york couldnt wait to get away from home. Jim turner has written several books on the history of arizona and its important pioneers like Solomon Warner. He worked on steamboats in the 1830s, and then he went to the gold rush. After that, he went to south america, looking for gold there. But the gold thing doesnt pan out. Solomon returns to america in 1853, still searching for a way to strike it rich. The following year, the United States completes the Gadsden Purchase from mexico, adding nearly 30,000 square miles, including tucson, along our southern border. Solomon sees a new frontier to be conquered. What makes pioneer status . The willing to risk. Theres a saying, the cowards didnt come, and so you had to be brave to come out to the frontier. A big, powerful man, 61 2 tall, solomon hauls 13 mules loaded with merchandise into the New Territory and opens a general store in tucson, then just a small town of less than 1,000 people. He was the first to sell American Goods in tucson. Who were his customers . The butterfield stage came through tucson, and whatever you wanted, you had to buy it from Solomon Warner. As the town grows, so do warners riches, but his business interests are interrupted when civil war breaks out in 1861. Tucson was under the confederacy and captain Sherod Hunter asked all of the citizens to swear an oath to the confederacy. What about Solomon Warner . Was he game . He wouldnt do it, and when he wouldnt do it, they confiscated all of his goods. Solomon retreats to mexico, then returns to tucson after the war to reclaim his store. But another kind of bloodshed breaks out along his trade routes. This is, after all, the wild, wild west. Was that an easy thing to do in those days, getting goods back and forth . It was dangerous. Several times, he had been shot by arrows from indians when he was bringing dry goods back and forth. Sounds like a hollywood character in the making. It was amazing that not only did he survive apache attacks, he lived to be 89. When solomon dies in 1899, tucsons in mourning. There was a great ceremony because he was a revered citizen at that time. After solomons death, his son, john, packs up some of his fathers belongings into a trunk that bears the family name, and over the years, the cedar chest gets handed down through the generations. John Solomon Warner, when he passed away, it went to his only daughter, josefina, and then everything that she had went to my mother, elva. Why has the family held on to it . Its an heirloom. My mother always used it for storing ancient family relics. She was very proud of it. The trunk stays in elvas living room until she passes away in 2009. Then her son jock, one of four heirs, moves the crate to his home and takes an inventory of its contents, including those old blue jeans. Whatd they look like . They were very weird jeans. They didnt have belt loops, and they only had one pocket on the back. They looked like a pair of old blue jeans that had been washed once and then folded and put away. Werent they worn out . They are in likenew condition. Like brandnew . Like brandnew. And on the back of those spotless jeans, a famous marking. They had the leather patch on the back that said levis on them. Thats right levis, the most iconic blue jeans of all time. Did you just take the jeans out of the trunk and try them on . Actually, theyre way too big for me. They come up almost to my chest. Jock assumes jeans that big probably belonged to old solomon. But he cant say for sure what went into and came out of that chest in the 110 years since his greatgreat grandpas death. Any proof of purchase . Not that i know of. A picture of him wearing them . No. You sure its not just family lore . I dont know. What could they be worth . A bundle, says this prospector, who actually mines for ancient blue jeans. True vintage denim can be worth thousands of dollars. For a reason you might not expect. All the earlier jeans that they had went up in smoke. Thats next. But first, our strange inheritance quiz question. The answer after the break. We trust usaa more than any other company out there. They give us excellent customer service, every time. Our 18 year old was in an accident. Usaa took care of her car rental, and getting her car towed. All i had to take care of was making sure that my daughter was ok. If i met another veteran, and they were with another insurance company, i would tell them, you need to join usaa because they have better rates, and better service. Were the gomez family. Were the rivera family. Were the kirby family, and we are usaa members for life. Get your Auto Insurance quote today. [ wind howls ] so, whats the bestselling bluejean brand after levis . Its a, wrangler. The original cowboy brand has been outfitting rodeo stars and stars on rodeo drive since 1904. In 2009, jock taylor inherits a wooden trunk thats been in the family for over a century. It was purchased by his greatgreat grandfather, Solomon Warner, who founded the First American store here in tucson back in 1853. He had that pioneer spirit. He saw the opportunity here, and he could see that the city had potential to grow. Inside that trunk is a pair of vintage levis blue jeans. So, they were pretty ratty . No, they actually were very wellpreserved. Its cedar, and it protected the jeans very well. If theyre indeed solomons from way back when, the jeans are also a remarkably wellpreserved relic of a completely different pioneer success story. Mike harris, author of jeans of the old west, knows all about that. How did this whole levi boom start . Well, in 1870, jacob davis, who was a tailor in reno, nevada, he was approached by a woman who was married to a woodcutter. Turns out that her woodcutter husband constantly rips through his pants pocket. Its a common problem. Whether concealing a pistol or hauling heavy gold nuggets, the weak pockets just cant handle the stress. So jacob davis gets the idea. He saw the rivets on his workbench, and he decided to put those in the pocket corners. Adding rivets to pockets its one of those seatofthepants innovations that make america great. The result . Stronger dungarees that can stand up to the tough work thrown at them by the miners and laborers of the day. And after about a year, he was getting so many orders, he couldnt fill them. Davis, who needs capital and manpower, goes into business with wealthy San Francisco merchant levi strauss. On may 20, 1873, american blue jeans are born. A pair costs about a buck. Levis markets their denim overalls as the uniform of the working class. Who bought them at the time . Miners in the west, farmers, mechanics anybody that did hard labor would have bought levis back then. Thats because workers love how tough and durable the pants are, as this pair from 1890 proves. From the 1800s . I mean, they feel like they could be right now. They really could withstand a lot. Absolutely. So it was all about strength . It was all about strength. Now, heres something really important to remember in this strange inheritance tale. In 1906, the epic San Francisco earthquake devastates the levis headquarters. Their building, it was completely leveled. Along with all of levis records and inventory. The first 30 years of the companys history gone. Of course, for the next century and more, the company thrives. Indeed, the pants it manufactures become an american icon. Think about it. Is there anything the world loves more about america than blue jeans . Theyre right up there with blockbuster movies, fastfood burgers, and rock n roll. So you probably arent surprised theres a demand for vintage jeans. But i bet you would be surprised how far some people will go to meet that demand. True vintage denim can be worth thousands of dollars, and finding any levis pre1900 is a massive rarity. Thats the holy grail. Thats what were all looking for. Brit eaton is a modernday prospector who scours old west barns, ghost towns, and mining sites not for precious metals, but antique overalls. My gold is what the gold miners were wearing while they were seeking their gold. In order to be a great denim hunter, you have to be ruthless, relentless, and rugged. Ive rappelled into pits, ive killed rattlesnakes to get by. There are so many potential dangers. Exploring abandoned mineshafts can be treacherous, but often worth the risk. Finding things in mines is the equivalent of biggame hunting. You find a time capsule just sitting there in the middle of nowhere. The feeling of seeking something is a true american sort of pioneer feeling. Youre literally filling a gap in in history. And thats a good way to pose the question facing our heir, jock taylor. Does his strange inheritance fill a gap in history, or are they closer to the jeans that fill the gap at the mall . They were in such great shape that i thought, why are they showing me new jeans . Stay tuned for p. S. I. Pants seam investigation next. Heres another quiz question for you. The answer when we return. I get it all the time. Have you lost weight . Of course i have ever since i started renting from national. Because national lets me lose the wait at the counter. And choose any car in the aisle. 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A cedar box inherited by jock taylor of tucson, arizona, contains a cache of old family heirlooms that he assumes have been sitting in the trunk since his greatgreat grandfather Solomon Warner passed away in 1899. Including this curious item a pair of seemingly neverworn levis jeans. How many years do you think those jeans may have been in that trunk . In excess of 110 years. So jock and his wife, pat, take the levis to a traveling appraisal show here in town with high expectations. They walk up to the table of daniel buck soules, owner of daniel buck auctions. They had a pillowcase, and i had no idea what they had. And when they pulled out these jeans, they were in such great shape that i thought, why are they showing me new jeans . So, you were suspicious at first . Oh, absolutely. But it wasnt until i really started looking at them that i went, okay, these are a little bit better than i think they are. Just how much better . Daniels detective work begins with the obvious these belong in the bigandtall department waist, 44, length, 37. He had to be 66, 68. He was a mountain of a man. Next, he examines the leather tag. Does this identify the jean in some way . It does. They started adding this around 1886, but they still use that. Even to today, its still there. That sets the base. The jeans are no older than 1886, but they could have been made any time after that. So daniel turns his attention to those famous pocket rivets. One of the problems they actually had was the placement of the rivets. If you were a cowboy and on a saddle, the outside rivets would wear on saddles. What you find is they had to cover these with cloth at one point. Those covered rivets first appear in 1937, but jocks are exposed, meaning the overalls are at least older than world war ii. Daniel searches the waistline for more clues. Theres no belt loops. Theres no belt loops because of the fact at this time, they only had suspenders, and it wasnt until 1922 that they actually added the belt loops. Were back to the roaring twenties, and the pockets reveal one more thread to the story. When levis first started manufacturing jeans, you had the two front pockets and the single back pocket, and this other pocket, which is for change or a pocket watch. And it wasnt until around 1901 they added the fifth pocket in the back. Which is missing on jocks jeans. So now weve narrowed it down to that 15year window between 86 and 01. Finally, daniel spots a stamp on the inside of the pocket that helps age the overalls all the way to 1893. Jeans historian mike harris is amazed. How unique is this pair . To find an 1893 pair of levi very scarce. This could be one of two examples known, so its very rare. If one shows up, then its quite valuable. And to find an 1893 pair inperfectcondition . Unheard of. So how much cash could jock expect for his strange inheritance . Size really does matter when it comes to vintage levis. Find out next. Whats your strange inheritance story . Wed love to tell it. Send me an email or go to our website, strangeinheritance. Com. She wanted a roommate to help with the cooking. But she wanted someone who loves cats. So, we got griswalda. Dinners almost ready. But one thing we could both agree on was getting geico to help with our renters insurance. Yeah, switching and saving was really easy drink it all up. Good could have used a little salt. Visit geico. Com and see how easy saving on renters insurance can be. Now you can, with shipsticks. Com no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. Sending your own clubs ahead with shipsticks. Com makes it fast easy to get to your golf destination. 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So, what are they worth . 10,000 . Keep going. 20,000 . And more. The reasons not just that there are vintage bluejean collectors around the world. Its also because of the levistrauss company itself, whose headquarters were destroyed in the 1906 San Francisco earthquake, along with the archives of their early denim. Are they trying to get these historic jeans back . They actually are. So when a good pair of jeans do come on the market, they are out there trying to purchase them. The last pair of blue jeans that sold from the 1880s, its my understanding that levis paid six figures for them. A hundred thou for an old pair of jeans . Jock reaches out to levis. They said that they were probably the oldest unworn pair of levis they had ever seen. And jock says they offer him 50,000 for them. Its a lot of dough, but the familys expecting more. They discuss it, then turn down the offer. If levi strauss is valuing a rippedup, torn pair thats maybe a year or two older at 100,000, i would think that a pair thats never been worn from the same era would be at least worth that much. So jock tells auctioneer Daniel Soules to set a date to sell greatgreat grandpas pants to the highest bidder. Its a risk, thats true, but when you consider that its the only unworn pair of blue jeans of that era, i think, yeah, its a oneofakind item. I think the most they could possibly get from a collector is 40,000. Denim hunter brit eaton believes jock and his family are thinking too big for their britches. The vintage denim market is incredibly volatile. I think if levi strauss is willing to pay 50,000 for them, take the money and run. Is he right . November 5, 2016 is the date were to find out. Then, just before the levis go up on the block, daniel postpones the sale due to technical glitches. A few days later, hes talking to a buyer from japan, but the jeans are not a good fit. At 44 waist and 37 length, the jeans were too big for them. They were planning on purchasing them to wear. So that deal fell through. It was very depressing. Size really does matter when it comes to vintage levis. If its either too little or too big, its going to be harder to establish a value, or just not as valuable. Levis would not comment on any negotiations with jock, but we do know he has at least one sizable offer very much on the table. Theres absolutely a market for jocks levis. I personally would be willing to pay 35,000 for them. Ill make that mark in blood right now if you want. What would ol Solomon Warner do . Jocks pretty sure his greatgreat granddaddy would tell him to sit tight. Hes positive the frontier merchant is somewhere off in the sunset, grinning. For him to know that his jeans that he left after his passing were worth 50,000, i think he would think the world has gone crazy. Now, thats some tailormade close from an heir not only left big shoes to fill, but a big pair of pants to boot. Everybody has a pair of their favorite supercomfortable, wornout jeans, right . These are mine. I cant believe im wearing them on a shoot, but i wonder what old levi strauss would think of Clothing Stores selling preripped denim, often at two or three times the cost of a pristine pair. Whats up with kids these days too lazy to wear out their own jeans . Im jamie colby. Thanks for watching strange inheritance. And remember you cant take it with you. You want thrills, youll get them all at the roller derby. Talk about hell on wheels shes the paragon, the symbol for roller derby. I wear hot pants all the time. She was a star. I mean, theres no doubt about it. A star who leaves an attic full of roller derby history. Let me see this. Theyre very, very, very small. To her lifelong fan. This is anns last jersey. Why did she leave you her inheritance . The answer its a little tricky. Whoopsy. [ laughs ] [ door creaks ] [ wind howls ] [ thunder rumbles ] [ bird caws ]

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