Lot 512
Accessory Transit of Nicaragua $1000 Bond. Organized by Cornelius "Commodore" Vanderbilt. 1855, New York, Accessory Transit of Nicaragua bond. Signed by Charles Morgan and George A. Hoyt. Extra Fine.
Organized by the famous Cornelius "Commodore" Vanderbilt to move passengers and freight through Nicaragua.
Charles Morgan, who signed this certificate, was an American shipping and railroad magnate. He became the largest ship owner in the United States, holding a virtual monopoly over transportation from New York to Texas. Morgan ran a line of sailing vessels to the West Indies, and had a regular line of mail steamers between New Orleans and Galveston, Texas.
Shortly after this bond was issued the "war of the three commodores," erupted between Charles Morgan, Cornelius Vanderbilt and George Law. Accessory Transit competed openly with the Law-Aspinwall mail subsidy lines. Morgan and Garrison, on the other hand, manipulated the Transit's stocks in such a way that they profited while Vanderbilt sustained heavy losses. Vanderbilt was said to have stormed at them, "I will not sue you because the law takes too long. I will ruin you." Vanderbilt did manage to unseat Morgan and Hoyt from the Board of Directors, but another headache immediately developed in the form of William Walker, who invaded Nicaragua with the support of Morgan and his associate! Vanderbilt sent his own mercenaries to Costa Rica, where they obtained a small force of native troops. The end result was Walker's defeat and Vanderbilt was back in business in Nicaragua.
Estimated Value $750 - 1,250.
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| Realized $431 |
