Bearer bonds were certificates that represented a bond obligation of, or stock in, a corporation or other intangible property. During Day 1, Alexis Drazen had arranged to pay Alan Morgan $50,000 in bearer bonds in exchange for him shutting down the power to section 26-GG. Shortly after 5:00pm, a CTU agent found the bearer bonds hidden inside a phone book in Alexis's hotel room. Jack Bauer took them to the meeting with Morgan, pretending to be Alexis, but Morgan was shot by Teddy Hanlin before the deal was completed. ("Day 1: 5:00pm-6:00pm")