1669

John Mackay-Related (Comstock Millionaire) Telegraph Stocks (126437)

Currency:USD Category:Coins & Paper Money / Stock & Bond - Industrial Start Price:50.00 USD Estimated At:100.00 - 300.00 USD
John Mackay-Related (Comstock Millionaire) Telegraph Stocks  (126437)
SOLD
60.00USD+ (13.20) buyer's premium + applicable fees & taxes.
This item SOLD at 2020 Dec 17 @ 18:56UTC-8 : PST/AKDT
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Lot of 6, two different John Mackay companies. 1) The Commercial Cable Company. Two Interim Bond Certificates. One issued in 1897, stamp cancelled. The other not issued but signed by the vice president. Has map vignette showing telephone lines stretching from London to the East Coast US, labelled the "Mackay-Bennett System." 2) The Mackay Companies. Four certificates, three different. Issued 1922-1925, punch cancelled. One with foreign revenue imprint. Allegorical vignette. Comstock millionaire John Mackay founded the Postal Telegraph & Cable Company in the 1880s. Mackay's original purpose was to provide a domestic wire network to directly link with the Atlantic Cable. Mackay built the Postal network by the purchase of existing firms that were insolvent. The company was initially called The Pacific Postal Telegraph Cable Co. Under president Albert Brown Chandler, the Postal network was able to achieve sufficient economy of scale to compete with Western Union, occasionally controlling as much as 20% of the business.

Date: 1897-1925
Country (if not USA):
State: New York
City: New York City
Provenance: Ken Prag Collection

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