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Commercial Cable Co., 1897 Specimen Bond

Currency:USD Category:Coins & Paper Money / Stock & Bond - Certificates Start Price:140.00 USD Estimated At:200.00 - 300.00 USD
Commercial Cable Co., 1897 Specimen Bond
SOLD
450.00USD+ buyer's premium + applicable fees & taxes.
This item SOLD at 2019 Jun 20 @ 16:45UTC-4 : AST/EDT
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The auction will take place on June 20th, 2019 at AIA's office located at 1060 Main Street, Suite 202, River Edge, NJ 07661 beginning at 10:30 AM.
New York. $1,000 Specimen 4% First Mortgage Gold Bond, Black print on blue border and under tint on horizontal format, Image of Earth at top with cable wires connecting continents, Specimen overprints and POC's, VF-XF condition, FBNC. The Commercial Cable Company was founded in New York in 1884 by John William Mackay and James Gordon Bennett, Jr. Their motivation was to break the then virtual monopoly of Jay Gould on transatlantic telegraphy and bring down prices (particularly for Bennett's newspaper empire). The technology was well established by this time, and they were able to lay cables from Waterville in Ireland to Canso, Nova Scotia, without the major technical problems of the first Transatlantic telegraph cable. Onward connections to New York City and beyond were initially overland and later submarine. Connections from Waterville to Weston-super-Mare in England and Le Havre in France were soon established by the submarine route after initial use of landlines from Waterville onward to mainland Britain. Commercial Cable also had a relationship with the German Atlantic submarine cable system.