Morris Canal and Banking Co. - 1869 dated Unissued New Jersey Banking and Canal Stock Certificate
Inv# BS1133 Stock
Unissued Stock Scrip Certificate. On December 31, 1824, the New Jersey Legislature chartered the Morris Canal and Banking Company, a private corporation charged with the construction of the canal. The corporation issued 20,000 shares of stock at $100 a share, providing $2 million of capital, divided evenly between funds for building the canal and funds for banking privileges. The charter provided that New Jersey could take over the canal at the end of 99 years. In the event that the state did not take over the canal, the charter would remain in effect for 50 years more, after which the canal would become the property of the state without cost. Read more at https://en.wikipedia.org/wiki/Morris_Canal
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.
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