5542

Philadelphia, Newtown and New York Railroad Bond

Currency:USD Category:Coins & Paper Money / Stock & Bond - Transportation Start Price:75.00 USD Estimated At:150.00 - 300.00 USD
Philadelphia, Newtown and New York Railroad Bond
SOLD
40.00USDto m*****1+ buyer's premium (10.00)
This item SOLD at 2018 Dec 09 @ 12:29UTC-8 : PST/AKDT
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#5687 $100 6% bond signed by President Sichel. "The Newtown Railroad was chartered on April 2, 1860, as the Philadelphia & Montgomery County Railroad Company. The Newtown's early history was a part of the competition to control rail traffic between New York City and Philadelphia. By the 1860s, there were two lines running between Philadelphia and New York by the New Jersey Rail Road and Transportation Company (NJRR) and the Camden & Amboy Railroad (C&A). On February 1, 1867, the C&A and NJRR were informally joined as the United New Jersey Railroad and Canal Companies (UNJ). The Pennsylvania Railroad (PRR) approved a lease of the UNJ on May 15, 1871, and the UNJ approved May 19. The lease was made December 1 and the PRR began operating the UNJ that day. The PRR thereby established a monopoly on New York-Philadelphia rail traffic. A rival line, the National Railway, was planned, but the PRR's influence in the Pennsylvania and New Jersey legislatures hindered its development. Pennsylvania's legislature passed a bill on January 29, 1873, to change the railroad's name to Philadelphia, Newtown & New York Railroad Company and authorized it to extend its railroad to a bridge to be constructed across the Delaware River to connect with the Mercer & Somerset Railway. In that same year on October 22, the PRR leased the line in order to block the National's path." from wikipedia. All coupons attached. Tattered top. Prag Collection State: City: Date: 1873 HWAC# 84241