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Auction: SW1014 - Bonds & Share Certificates of the World
Lot: 345

The North American Company. 100 Shares $100 each, New York, 26 May 1893, #11364. In 1890, the Oregon and Transcontinental (see lot 334), which was controlled by Henry Villard, took advantage of new legislation and re-incorporated as a holding company in New Jersey and became the North American Company. The company invested in many public utilities and public transport companies. By 1940, North American Company was a US$2.3 billion holding company directly and indirectly up to 80 companies such as Union Electric Company of St. Louis, Missouri, Washington Railway and Electric Company and North American Light and Power Company. North American Company was broken up in 1946, largely to comply with the Public Utility Holding Company Act of 1935. North American's stock was one of the twelve component stocks of the May 1896 original Dow Jones Industrial Average. The share is issued to and signed by Henry Villard at the back. Henry Villard (1835-1900), born in the Kingdom of Bavaria, immigrated to United States without the knowledge of his parents. He even changed his name to avoid being sent back to Europe. Years later, back in Germany, he engaged in the negotiation of American railroad securities. After the Panic of 1873, he joined several committees of German bond holders and returned to the United States to represent his constituents and started gaining control several US transportation companies and amalgamated them under the name of the Oregon Railroad and Navigation Company. In 1881, Villard was elected president of the reorganised Northern Pacific Railroad. Villard also aided Thomas Edison to form the Edison General Electric Company, the forebear of General Electric and was its president until 1893. EF.

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