PENNSYLVANIA. PHILADELPHIA. Cert. of 5 Founder Shares. black. No 144. A fine example of this popular piece, signed by Robert Morris, as president. Morris (1734-1806) was born in England, gained his first serious commercial experience in shipping, and, for 39 years, was head of Willing, Morris & Co. Morris may be considered as the financier of the American revolution. It was Morris who found money when Washington's troops were in serious difficulty on the battlefield. He was one of the signers of the declaration of Independence. In 1787 he was a delegate to the constitutional assembly in Philadelphia. In 1782 he founded the first bank of the young nation, the Bank of North America. From 1789-95 he was a U.S. Senator for PA. On Feb. 20, 1795, Morris founded together with Greenleaf and Nicholson the North American Land Company (NALC) to finance their land speculation business. It was the largest land trust ever known in America, more than 6,000,000 acres (24,000 sq.km), most of it valued at about 50 cents an acre. NALC was authorized to issue 30,000 shares of $100 each. The 3 partners guaranteed a 6% annual dividend. An expected loan from Holland never materialized because England and the Dutch declared war on Revolutionary France. The subsequent Napoleonic Wars ruined the market for American lands, and Morris's highly leveraged company collapsed.
Themes: BEFORE 1800, REAL ESTATE
Date: 10 March 1795
Startprice: € 400