Richmond, Nicholasville, Irvine and Beattyville Railroad - 1889 dated Railway Gold Bond (Uncanceled)
Inv# RB5337
Bond
$1000 6% Gold Uncanceled Bond. 56 of 40 coupons remain. Franklin Bank Note Co.-NY. Exceptional!!! Rare!!! This railroad operated from 1888 to 1899. It was part of the Louisville and Nashville Railroad (reporting mark LN), commonly called the L&N, which was a Class I railroad that operated freight and passenger services in the southeast United States.
Chartered by the Commonwealth of Kentucky in 1850, the road grew into one of the great success stories of American business. Operating under one name continuously for 132 years, it survived civil war and economic depression and several waves of social and technological change. Under Milton H. Smith, president of the company for 30 years, the L&N grew from a road with less than three hundred miles (480 km) of track to a 6,000-mile (9,700 km) system serving fourteen states. As one of the premier Southern railroads, the L&N extended its reach far beyond its namesake cities, stretching to St. Louis, Memphis, Atlanta, and New Orleans. The railroad was economically strong throughout its lifetime, operating freight and passenger trains in a manner that earned it the nickname, "The Old Reliable". Read more at https://en.wikipedia.org/wiki/Louisville_and_Nashville_Railroad
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.
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