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Lotnummer: 1263
NEW YORK. ILION. 6% Bond of $500. black, pink. No 605. Folds. One small edge-split repaired. E.Remington and Sons (1816-1896) was a manufacturer of firearms and typewriters. Founded in 1816 by Eliphalet Remington in Ilion NY in 1873 it started manufacturing the first commercial typewriter. In August 1816, the then 22-year-old Eliphalet Remington II forged his first rifle barrel. His initial experiment proved a success, and the young blacksmith proceeded to make others, to meet the growing demand for sporting rifles in the Mohawk Valley. In 1865, Remington incorporated into a stock company, and began a new venture in 1873, producing Remington brand typewriters. In 1867 Christopher Sholes, Carlos Glidden, and Sam Lewis invented another typewriter. The Sholes and Glidden typewriter was the first device that allowed an operator to type substantially faster than a person could write by hand. The patent was sold for $12,000 to Densmore and Yost, who made an agreement with E. Remington and Sons, to commercialize what was known as the Sholes and Glidden Type-Writer. Remington started production of its first typewriter on March 1, 1873 in Ilion NY. Improvements made to Scholes' typewriter design were based on sewing-machine construction, another business in which it was active at that time. In 1882 a boost in sales came when Wyckoff, Seamans & Benedict bought the world-wide sales rights. Wyckoff began an aggressive marketing campaign which would lead Remington to be the world's largest typewriter manufacturer. The following expansion in sales probably explains the increasing need for money and could also explain the 1882 bond issue. The bond is also signed by the company's president E.Remington. From the 1880s, both business lines (arms and typewriters) each followed its own way. Remington first sold the typewriter business in 1886 to Wyckoff and the name was changed to Remington Typewriter Company in 1905. In 1927 it merged with the Rand Kardex Company and became the Remington Rand Corporation. The latter created the first commercial computer ("UNIVAC") which was delivered to the U.S. Census Bureau and successfully predicted the election of Eisenhower as president in 1952. In 1955 it merged with the Sperry Company to form the Sperry Rand Company, it sold of all its activities except for the computer business and then merged with Burroughs Corp, another computer company, to become the now well-known Unisys corporation. The arms business line was first sold to Marcus Hartley and Partners, a major sporting goods chain. It was combined with one of its subsidiaries, the Union Metallic Cartridge Company. It first profited from World War I, but then had serious financial trouble due to the default in payments by the Imperial Russian Government and it required government involvement to save the company from bankruptcy. During the Great Depression it was sold to Dupont which had made fortune with improvements in gunpowder. In 1993 Remington was sold by Dupont to an investment firm and in 2007 it was announced that Remington Arms would be sold to a private equity firm, Cerberus Capital Management, for $118 million. The news comes after the fact that Remington is millions of dollars in debt and did not report a profit during the years 2003-2005. The decorative share shows a hunter, carrying a Remington rifle, of course, warming his hands over a campfire, and a line of soldiers, under the US flag, firing with cannon and rifles, on an enemy force. An important piece.
REMINGTON, Eliphalet
Datum: 1 November 1882
Kwaliteit: VF
Startprijs: € 1200