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New York Merchants Union Express with President Ross and Knapp Signatures [130193]

Currency:USD Category:Collectibles / Autographs Start Price:150.00 USD Estimated At:300.00 - 500.00 USD
New York Merchants Union Express with President Ross and Knapp Signatures   [130193]
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#114 for 10 shares to William Furniss of Ogdensburg, New York. Great underprint “Capital Sock / 200,000 / shares.” Signed by secretary JN Knapp and president EP Ross (very faded, but readable. Left edge has condition issues. Not cancelled. The iconic Merchants Union Express vignette of express wagon pulled by four horses full of deliveries with a train car and clipper ship in background. The reverse even has a fancy border! In 1866, Merchants Union hired away older companies experienced agents and 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 (Adams, American, Merchants, and United States) reached a peace agreement, dividing the express and fast-freight business and pooling and distributing net earnings. 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.

Date: 1867
Country (if not USA):
State: New York
City: New York
Provenance: Ken Prag Collection