Issued to William E. Corey - United States Steel Corporation $20,000 Gold Bond - 1901 dated Brown Color Steel Bond - Very Rare Type
Inv# AG1022E Bond
A historic bond, dated 1901—the same year Carnegie divested his company—represents a remarkable $20,000 5% United States Steel Gold Bond issued to William E. Corey. The scarcity of any Carnegie stocks and bonds is well acknowledged; previously, two signed Andrew Carnegie examples of this bond were sold to collectors for $125,000 each. The bond is stamped and hole-cancelled, showcasing exceptional graphics and a striking brown hue, and is in pristine condition. Extremely Historic!
William Ellis Corey (May 4, 1866 – May 11, 1934) served as president of Carnegie Steel Company from 1901 to 1903 and then as president of U.S. Steel from 1903 to 1911. He was born in Braddock, Pennsylvania. In 1883, he married Laura Cook, whom he had met while she was working for his family. They had one son, Allan Corey.
In 1906, Laura filed for divorce in Reno, Nevada, alleging that William had abandoned her in May 1905. She was granted custody of Allan and received a settlement of $3,000,000, which is equivalent to approximately $104,989,000 today. After the divorce, William married actress Mabelle Gilman on May 14, 1907, while Laura remarried Lenn A. Duckworth in 1914. William resigned from his position as president of U.S. Steel in 1911, and he and Mabelle divorced in 1923.
He passed away in Manhattan, New York City, on May 11, 1934. The city of Fairfield, Alabama, was originally named in Corey's honor in 1910 by the Tennessee Coal, Iron and Railroad Company (TCI), which established the city as a model community for workers at its nearby Fairfield Works. However, due to the unfavorable attention surrounding Corey's divorce, U.S. Steel, which had acquired TCI, decided to rename the city after Corey's hometown in Connecticut.
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.
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