Nov 29, 2012 - Sale 2296

Sale 2296 - Lot 91

Price Realized: $ 1,920
?Final Price Realized includes Buyer’s Premium added to Hammer Price
Estimate: $ 2,000 - $ 3,000
TRANSFERRING STOCK TO CYRUS W. FIELD MORSE, SAMUEL F.B. Autograph Letter Signed, "S.F.B.M," to the Director of the American Telegraph Company, requesting that he issue to Cyrus W. Field a portion of Morse's stock in the American Telegraph Company. 1 1/2 page, square 16mo, ruled paper, written on the recto and verso of a single sheet; loss to upper left corner affecting a couple of words. New York, 29 October 1859
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Additional Details

"I having transferred to Cyrus W. Field, Esq. one half the Stock to which I am entitled in the American Tel Company, by my Subscription of Ten thousand and dollars [sic], made to purchase the Stock, at par, of those Stockholders of the Mag[netic] Tel. Co. who preferred to sell at that rate their Stock, rather than assent to the Consolid. arrangement, therefore, be pleased to issue to Mr. C.W. Field, such an amount of stock in the American Tel. Co. as I should be entitled to for one half . . . of my said subscription of $10,000, including any accrued dividends."
On September 1, 1859, Morse, Kendall and other major stockholders of the Magnetic Telegraph Company accepted an offer from the American Telegraph Company of $500,000 in American stock in exchange for the same in Magnetic. On October 12, 1859, American reorganized under New Jersey law, appointing Zenas Barnum (of Magnetic) to be its president, and with Morse on its board of directors.