NOT SOLD (BIDDING OVER)
0.00USD+ applicable fees & taxes.
This item WAS NOT SOLD. Auction date was 2022 Oct 25 @ 11:00UTC-4 : AST/EDT
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New York...., Lot includes 3 pieces: Wagner Palace Car Co. 1888, 100 Shares I/C Stock Certificate, S/N 462, Black text with brown border and underprint, LaSalle Street Station at top left, Train with long line of cars passing by group of men at center, and Grand Central Station at top right. Cut out signatures at bottom, VF condition, ABNC. Issued to John W. Sterling (May 12, 1844 – July 5, 1918), a founding partner of Shearman & Sterling LLP and major benefactor to Yale University. Signed by William Seward Webb as president. William Seward Webb (January 31, 1851 – October 29, 1926) was a businessman, and inspector general of the Vermont militia with the rank of colonel. He was a founder and former president of the Sons of the American Revolution. In 1883, Webster Wagner, the president of the Wagner Palace Car Company, was crushed between two of his own railroad cars. Vanderbilt owned a controlling interest in the company, and asked his new son-in-law to take over the firm. William Seward invited his brother H. Walter Webb to join him, which started them both on careers in the railroad business. The Wagner Palace Car Company was subsequently merged with the Pullman Company. Webb later became president of the Fulton Chain Railway Company, the Fulton Navigation Company, and the Raquette Lake Transportation Company. He was the builder and president of the Mohawk and Malone Railway. His railroads were instrumental in opening the Adirondacks to the tourism rush of the mid- to late 19th century; Lot also includes an 1891 document from Louisa P. Morgan appointing Drexel, Morgan & Co. of New York to collect dividends and interest in her name from the Wagner Palace Car Company; Final piece is also an 1891 document, addressed to the Treasurer of the Wagner Palace Car Co., stating that the company should send dividends and interest to the powers of attorney (Drexel, Morgan & Co.) for Miss Louisa P. Morgan and J.P. Morgan Jr., both children of J.P. Morgan. This piece is also signed by J.P. Morgan Jr. at the bottom right. John Pierpont Morgan (April 17, 1837 – March 31, 1913) was an American financier and banker who dominated corporate finance on Wall Street throughout the Gilded Age. As the head of the banking firm that ultimately became known as J.P. Morgan and Co., he was a driving force behind the wave of industrial consolidation in the United States spanning the late 19th and early 20th centuries. Over the course of his career on Wall Street, J.P. Morgan spearheaded the formation of several prominent multinational corporations including U.S. Steel, International Harvester and General Electric. He and his partners also held controlling interests in numerous other American businesses including AT&T, Western Union and 24 railroads. Due to his financial dominance, Morgan came to wield enormous influence over the nation's lawmakers and finances. During the Panic of 1907, he organized a coalition of financiers that saved the American economy from collapse. As the Progressive Era's leading financier, J.P. Morgan's dedication to efficiency and modernization helped transform the shape of the American economy. Adrian Wooldridge characterized Morgan as America's "greatest banker". Morgan died in Rome, Italy, in his sleep in 1913 at the age of 75, leaving his fortune and business to his son, John Pierpont Morgan Jr, mentioned in this piece. Fascinating trio of documents, related to one of the most prolific American businessmen in history, as well as his family and companies. (John E. Herzog Collection)
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