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Auction: SW1014 - Bonds & Share Certificates of the World
Lot: 342

The Accessory Transit Co. Bond $1000, New York, 30. November 1855. #50. Commodore Cornelius Vanderbilt laid the foundation of his shipping empire with the Accessory Transit Co. of Nicaragua. In spring 1853 the $500,000 North Star, the most luxurious yacht of its time, was completed. As affairs were going well, Vanderbilt prepared for a grand tour of Europe in May 1853 with all his relatives. He appointed Charles Morgan and Commodore Cornelius Garrison to protect his interests and as his authorized representatives in the Accessory Transit Company during the time his trip. But Morgan and Garrison abused their position and deceived Vanderbilt. They issued these bonds to gain personal control of the Accessory Transit. What followed, is historically called the Transit War. When the Commodore returned from Europe in the fall of 1853, he wrote the legendary letter, in which he threatened Morgan and Garrison: I will not sue, but ruin you. Cornelius Vanderbilt started to buy up shares and loans of Accessory Transit. After three years, in 1856, Vanderbilt had regained full control. Now he was able to start the counterattack and to destroy Morgan’s and Garrison’s business. He renegotiated transit rights with Nicaragua and assured himself the rights for the next 50 years. Later Vanderbilt started to pull out of the shipping business and started the construction of his legendary railroad network and to became the wealthiest man in the USA. With original signature of Charles Morgan. VF.

Estimate
SFr600 to SFr800