Tennessee Coal, Iron and Railroad Co. signed by J. Malcolm Forbes - 1898 dated Autograph Railway Stock Certificate
Inv# AG1914 Stock
Stock issued to and signed by J. Malcolm Forbes. Printed by American Bank Note Company, New York.
John Malcolm Forbes (1847–February 19, 1904) was a prominent businessman and sportsman from Milton, Massachusetts, born into the affluent Forbes family of Boston. A distinguished yachtsman and Standardbred horse breeder, Forbes is celebrated as one of the most influential figures in harness racing. In 1890, he acquired the stallion Jack, 2:12, and subsequently established Forbes Farm by merging the Hunt, Davenport, and Farrington farms. He also purchased notable horses such as Nancy Hanks for $41,000 and Arion for $125,000. Under his stewardship, Forbes Farm became a leading stud farm, known for improving the quality of light driving horses, a prized commodity before the rise of the automobile. Forbes made headlines by paying Senator Leland Stanford a record $125,000 for the stallion Arion, marking the highest price ever paid for a horse at that time. His other esteemed horses, including Bingen, Peter The Great, and Nancy Hanks, were inducted into the Standardbred Hall of Fame. Although Forbes never raced his horses, his expertise in breeding fast horses left a lasting legacy in the field.
The Tennessee Coal, Iron and Railroad Company (1852–1952), commonly known as TCI or the Tennessee Company, was a major American steel manufacturer with extensive interests in coal and iron ore mining and railroad operations. Originally based in Tennessee, the company shifted most of its operations to Alabama in the late 19th century. TCI owned several satellite towns around Birmingham, including Ensley, Fairfield, Docena, Edgewater, and Bayview, and held a substantial real estate portfolio.
Once the second-largest steel producer in the United States, TCI was included in the inaugural Dow Jones Industrial Average in 1896. However, in 1907, the company merged with its main competitor, the United States Steel Corporation. TCI then operated as a subsidiary of U.S. Steel for 45 years before becoming a division of its parent company in 1952.
The Tennessee Coal, Iron and Railroad Company was initially established as the Sewanee Furnace Company in 1852 by Nashville entrepreneurs aiming to capitalize on Tennessee's abundant coal reserves and the railroad boom of the 19th century. The venture struggled financially, and in 1859, it was sold to New York investors and reorganized as the Tennessee Coal and Rail Company. However, the onset of the Civil War in 1860 led to the company being reclaimed by local creditors.
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.
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