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Merchants Union Express Collection [174413]

Currency:USD Category:Collectibles / Wells Fargo & Express Co's Memorabilia Start Price:250.00 USD Estimated At:500.00 - 800.00 USD
Merchants Union Express Collection   [174413]
SOLD
425.00USDto i***y+ buyer's premium (106.25)
This item SOLD at 2024 Jan 28 @ 11:03UTC-8 : PST/AKDT

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1866 handbill, 9.5x7.25", 4" left tear, other paper residue on verso. 3.25x5.75" unused cover with left mount to backing. 1868 receipt, 5.75x8.5", left side mount to backing, some mold. 1867 issued stock, nice wagon vignette. "After the Civil War, the express industry attracted the attention of financial raiders. The first raid, by National Bankers Express Co. in 1866, was thwarted at relatively low cost. American Express quickly reached an agreement with Adams Express and United States Express to neutralize the threat by giving National Bankers Express shares of the established companies and a seat on the American Express board of directors. The second raid had much more serious consequences. Late in 1866, a group of New York merchants established Merchants Union Express Co., to both get into the express business and destroy the three largest express lines--Adams, American, and United States. Merchants Union first hired away the older companies' experienced agents and then invaded their territories. American Express suffered such losses in 1867 that for the first and only time in its history it failed to pay a dividend. On December 21, 1868, the four express companies reached a peace agreement, dividing the express and fast-freight business and pooling and distributing net earnings. American Express got the worst of the deal; Merchants Union acquired rights on railways that had been its bread-and-butter lines (the Hudson River and New York Central railroads) and lost its supremacy in the express business. In 1868, American Express was forced to merge with Merchants Union to form the American Merchants Union Express Company (shortened in 1873 back to the American Express Company). Also in 1868 Wells retired and was replaced as president by William G. Fargo." from referenceforbusiness.com

City: Auburn,
State: New York Auburn New York