Port of New York Authority

Product Details

Beautifully engraved antique bond certificate from the Port of New York Authority dating back to the 1940's and 1950's. This document, which contains the printed signatures of two authority officers, was printed by the Columbian Bank Note Company, and measures approximately 10" (w) by 15" (h).

The vignette features a female allegorical figure flanked by the New York and New Jersey state seals.

Images

You will receive the exact certificate pictured.

Historical Context

In 1921, the Port of New York Authority was established to administer the shared harbor interests of New York and New Jersey's Port of Newark. The authority was the first inter-state agency created under the Constitutional clause allowing compacts between states. The port authority's first responsibility in the 1920s and 1930s was to build inter-state crossings including the George Washington Bridge among several others. In 1937, the authority completed the first tube of the Lincoln Tunnel.

The administration of Mayor Fiorello La Guardia was a high point in the history of the Port of New York. In spite of the Great Depression and World War II, the Port of New York received huge amounts of New Deal funding for construction and other projects. Tammany Hall was brought under control, and the Port of New York government was centralized. The subway system was completed. The mayor was hard on crime. When he retired, Tammany Hall began to retake control.

After World War II, the Port of New York faced serious problems. The port lost its long-time dominance in ocean-borne commerce. Manufacturing began to decline. The Port of New York's resources shrank as demands for services grew and the municipal bureaucracy multiplied. Mayor Vincent Impellitteri started a housing program in the 1950s and allowed Port of New York workers to form unions. He broke with Tammany Hall and destroyed the power machine forever. While he made some major visible changes, he did little to address the Port of New York's growing urban problems. Impellitteri was defeated by Republican John Lindsay in 1965.

In the decades of the 1950s and 1960s, the port authority played a critical role in the Port of New York region's post-war boom by improving and expanding the trade and transportation infrastructure, creating new terminals, tunnels, bridges, airports, and seaports. The port authority further promoted trade and ports when it constructed the World Trade Center , two towers that became a hallmark for the Port of New York until the tragedy of 2001 brought them down.

While Mayor Lindsay tried to bring order to the chaos, the Port of New York continued to deteriorate over his two terms. Strikes were called, attempts to reorganize municipal government resulted in more bureaucracy, and attempts to encourage minority participation in government and schools led to ethnic conflict. While he increased taxes, he was unable to control the Port of New York's sky-rocketing budget. Winning re-election as a Liberal-Independent and then later a Democrat, Lindsay found himself isolated while the Port of New York continued to decline.

The port authority's name was changed in 1972 to the Port Authority of New York and New Jersey, better reflecting its bi-state role.

Old-time politics had its last hurrah in the Port of New York when Abraham Beame was elected in 1973. Unfortunately, his stay in office was a disaster. The Port of New York was near bankruptcy, and the State took control of the city's budget in 1975.