THE PROPERTY OF A PRIVATE COLLECTOR
MORGAN, John Pierpont (1837-1913), Financier. Printed document signed ("J. Pierpont Morgan" and "H.C. Fahnestock"), an ornately engraved first mortgage bond, in the amount of $1,000, issued by the New Jersey Junction Railroad Co. Signed by Morgan and Fahnestock as Trustees. 1 page, 4to, matted and framed, with a Pach Bros. Photographic portrait of J.P.Morgan.
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MORGAN, John Pierpont (1837-1913), Financier. Printed document signed ("J. Pierpont Morgan" and "H.C. Fahnestock"), an ornately engraved first mortgage bond, in the amount of $1,000, issued by the New Jersey Junction Railroad Co. Signed by Morgan and Fahnestock as Trustees. 1 page, 4to, matted and framed, with a Pach Bros. Photographic portrait of J.P.Morgan.
A PIECE OF J.P. MORGAN'S RAILROAD EMPIRE.
This 4 100-year note is signed by two of the titans of New York financial history, J.P. Morgan and Harris Charles Fahnestock (1835-1914). Fahnestock ran the New York office of Jay Cooke & Co. until the crash of 1873, an event that was a turning point in Morgan's career. From that date onward he supplanted Cooke as the dominant source of government financing. In the 1870s and '80s, Morgan also embarked on his great campaign to discipline the destructive competition in the railroad industry--and thereby restore the faith of investors in the bonds issued by those companies. He consolidated numerous lines and put trusted businessmen on the boards of the new entities he created. Service on many of these boards and trusts allowed young Harris Fahnestock to recoup the fortune he lost in 1873. As for the bondholder, he or she was entitled to interest payments twice a year, on the first of February and the first of August. The verso of the certificate contains a set of coupons redeemable at the New York offices of the New Jersey Junction Railroad Co. Principal was due in 1986. In the interim, the holders could savor the striking Hudson River scene engraved on the certificate, depicting a bustling rail, steam and sail traffic. The view looks northward from the spot on the river known as High Thor, the current location of the Tappan Zee bridge.
A PIECE OF J.P. MORGAN'S RAILROAD EMPIRE.
This 4 100-year note is signed by two of the titans of New York financial history, J.P. Morgan and Harris Charles Fahnestock (1835-1914). Fahnestock ran the New York office of Jay Cooke & Co. until the crash of 1873, an event that was a turning point in Morgan's career. From that date onward he supplanted Cooke as the dominant source of government financing. In the 1870s and '80s, Morgan also embarked on his great campaign to discipline the destructive competition in the railroad industry--and thereby restore the faith of investors in the bonds issued by those companies. He consolidated numerous lines and put trusted businessmen on the boards of the new entities he created. Service on many of these boards and trusts allowed young Harris Fahnestock to recoup the fortune he lost in 1873. As for the bondholder, he or she was entitled to interest payments twice a year, on the first of February and the first of August. The verso of the certificate contains a set of coupons redeemable at the New York offices of the New Jersey Junction Railroad Co. Principal was due in 1986. In the interim, the holders could savor the striking Hudson River scene engraved on the certificate, depicting a bustling rail, steam and sail traffic. The view looks northward from the spot on the river known as High Thor, the current location of the Tappan Zee bridge.