ALS as president, three pages on two adjoining sheets, 5.75 x 9, Long Branch, New Jersey letterhead, August 13, 1875. Letter regarding investment in rapid transit stock. In part: “On reflection I fear that I did not make my intentions clear in regard to the matter of ‘Rapid Transit’ stock. As I leave in a few minutes to be absent for five or six days, therefore I write to make my meaning clear. If any thing should be done before my return, and the charter agreed upon is one you think favorably of, subscribe your $100,000.00 worth and I will take care of it for you. If Mr. G. [Rufus H. Gilbert] or any one else, will carry another similar amount for me then this the whole of the first will be for your benefit. Otherwise—if carry for you—we will divide what I carry. If you can carry for yourself then you keep the whole. I assure you that it would afford me much more pleasure to see you have one thousand shares—if it is the success I believe it will be—than to have it myself and you left out.” In fine condition, with show-through from writing to opposing sides. New York-born surgeon and transit expert Rufus Henry Gilbert had obtained a patent for an elevated railway using the principle of pneumatics in 1870 and was still acquiring sufficient capital to begin a project. Grant’s presidency was characterized by rapid industrialization and expanded rail transportation, making this an especially relevant letter.
Ex. Charles Hamilton, January 23, 1975; sale 84, lot 182. Pre-certified PSA/DNA.
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