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Auction: 10USA - NYC Currency and Stock & Bond Auction
Lot: 1061

United States Steel (NJ) 1901. #667. $100,000. 5% Gold Bond. Red. Rail yard with factory in distance. Purple stamped CANCELLED/ JAN 26 1912/ J. P. M. & CO. Two POC. Issued to Andrew Carnegie. ABN. Unfolded EF. This bond was part of $480,000,000 paid by J.P. Morgan for the Carnegie Co. and its holdings, which were then reorganized into United States Steel corporation, the world´s first billion dollar corporation. For his part of the payment Carnegie would only accept 5% gold bonds; he took no stock as he did not want to be the major stockholder in a company that he was not personally running. Carnegie never signed any of these bonds; they were stored in a vault built especially for them. Whenever he wanted to redeem any bonds he signed a power of attorney form and his representative would take care of the details. An important piece of American financial history and a classic piece of sscripophily. Estimate US$ 300-500

Sold for
$350