Morris and Essex Railroad Co. - 1900 dated $1,000 Railway Gold Mortgage Bond
Inv# RB5085 Bond
$1,000 3 1/2% Railroad Bond printed by American Bank Note Company, New York. Was payable in 'US Gold Coin'. Superb train vignette. Great!!! Rare!!! Also available Uncancelled at a higher price.
The Morris and Essex Railroad, a railroad spanning northern New Jersey, later became part of the main line of the Delaware, Lackawanna and Western Railroad. Incorporated on January 29, 1835, the M&E aimed to construct a line from Newark in Essex County to and beyond Morristown in Morris County. The inaugural section, from Newark west to Orange, opened on November 19, 1836. To facilitate connectivity, an agreement was signed on October 21, whereby the New Jersey Rail Road provided service from Newark east to Jersey City via the Bergen Hill Cut. Initially, the connection between the two lines was located in downtown Newark. The M&E turned south on Broad Street to meet a branch of the NJRR at Market Street. Service to Paulus Hook in present-day Jersey City commenced on October 14, 1836, allowing passengers to transfer to the Jersey City Ferry and cross to lower Manhattan at nearby ferry slips.
On January 1, 1838, the M&E extended its route to Morristown. Later that year, on October 29, an agreement was signed to relocate the NJRR connection to the foot of Centre Street. This involved passing through the northeast side of Park Place and joining the NJRR alignment along the Passaic River. Consequently, the track on Broad Street was removed.
On August 1, 1843, through car service commenced, utilizing horse power along the streets between Broad Street station and the foot of Centre Street. In 1848, the service extended westward to Dover, while in 1854, it reached Hackettstown. The full distance to Phillipsburg was completed in 1866.
The NJRR constructed a new alignment, including a bridge over the Passaic River, which was opened on August 5, 1854. This alignment terminated at East Newark Junction, connecting with the NJRR main line in Harrison. This new alignment eliminated the street running in downtown Newark, and the tracks were removed the following year after a lawsuit was filed by Newark.
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.
Ebay ID: labarre_galleries