Morris Canal & Banking Company of 1844
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Product Details
Beautifully engraved antique stock certificate from the Morris Canal & Banking Company of 1844 dating back to the 1860's. This document, which is signed by the company President and Secretary, was printed by Latimer Bros. & Seymour and measures approximately 9 5/8" (w) by 6" (h).
This piece has four beautiful vignettes, which include three fantastic canal scenes and the New Jersey State Seal.
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Historical Context
Seeking to improve transportation between the coal mines of Pennsylvania, the iron forges of Morris County, New Jersey and the great marketplace of New York City, the state legislature chartered the "Morris Canal and Banking Company" in 1824 to build an artificial waterway between the Hudson and Delaware rivers. When completed in 1837, the canal measured 109 miles in length and over 1,000 feet in elevation, and contained 23 inclined planes and 34 locks. Unfortunately, the company went bankrupt soon thereafter due to construction cost overruns and the depression of the late 1830s. Reorganized under new ownership, the canal company prospered briefly.
Total tonnage hauled increased from 58,259 in 1845 to a peak of over 900,000 in 1866. However, newly built railroads began to cut deeply into the canal's business. The company felt obligated to lease the entire canal to the Lehigh Valley Railroad Company (LVRR), which used the right-of-way to construct an extension to its rail network in Pennsylvania. By the late 1880s, long-distance traffic on the Morris Canal had ceased altogether.
As evidence mounted of the canal's obsolescence, the LVRR began to press for the right to abandon its moneylosing canal operation. In 1923, after years of dickering between a variety of competing interests, the state arranged a settlement transferring all property, stock, bonds, and rights of the canal company to the State of New Jersey, with the exception of valuable real estate in Phillipsburg and Jersey City, which was retained by LVRR. The state then sold most of the canal property and dismantled corresponding canal works. It continues to administer property at several lakes and reservoirs for use as park land and water supply resources.
Additional Information
Certificates carry no value on any of today's financial indexes and no transfer of ownership is implied. All items offered are collectible in nature only. So, you can frame them, but you can't cash them in!
All of our pieces are original - we do not sell reproductions. If you ever find out that one of our pieces is not authentic, you may return it for a full refund of the purchase price and any associated shipping charges.