Issued to Thomas Morrison Carnegie Jr. - Andrew Carnegie's Nephew - United States Steel Corporation $5,000 Gold Bond - 1926 dated Blue Color Steel Bond - Very Rare Type
Inv# AG1022G Bond
T. Morrison Carnegie (Andrew Carnegie’s nephew) issued and signed a United States Steel Corporation $5,000 bond dated April 2, 1926. Approximately one or two other instances of this bond are known to exist. Bond measures 13.25” wide x 9.25” tall
When Thomas Morrison Carnegie Jr. was born on 6 January 1874, in Pittsburgh, Allegheny, Pennsylvania, United States, his father, Thomas Morrison Carnegie Sr., was 29 and his mother, Lucy Coleman, was 26. He married Virginia Dilworth Beggs on 27 October 1898, in The Bronx, New York City, New York, United States. They were the parents of at least 2 sons. He immigrated to Vermont, United States in 1895 and lived in Manhattan, New York City, New York, United States in 1920 and New York City, New York County, New York, United States in 1925. He died on 22 September 1944, in Camden, Georgia, United States, at the age of 70, and was buried in Carnegie Cemetery, Dungeness, Camden, Georgia, United States.
Mr. T. Morrison Carnegie's Obituary: https://www.nytimes.com/1944/09/23/archives/obituary-1-no-title.html
In 1901, J. P. Morgan established U.S. Steel through the amalgamation of Carnegie Steel, Federal Steel, and National Steel for a sum of $492 million, which is equivalent to approximately $18 billion in contemporary terms. During its zenith, U.S. Steel, then widely recognized on Wall Street as “The Corporation,” gained prominence primarily for its expansive size rather than its efficiency or innovative capabilities. In 1901, the company stood as the undisputed largest steel manufacturer in the nation, producing approximately two-thirds of the country’s steel production. Additionally, U.S. Steel operated the largest commercial fleet on the Great Lakes through its Pittsburgh Steamship Company. Consequently, due to substantial debts incurred during its formation, primarily stemming from Andrew Carnegie’s requirement for gold bonds in exchange for his share, and concerns regarding potential antitrust lawsuits, U.S. Steel adopted a cautious approach to its operations.
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.
Ebay ID: labarre_galleries