Washington Terminal Co. - 1905 dated $5,000 Railroad Gold Bond - Great Railway History!

Railroad Bond printed by American Bank Note Company, Philadelphia. Various Denominations. Great eagle vignette. A railroad terminal affiliated with the B&O Railroad. Rare!!!

The Washington Terminal Company (WTC), established in 1901 as a joint venture between the Baltimore and Ohio Railroad (B&O) and the Pennsylvania Railroad (PRR), was created to address the logistical challenge posed by multiple competing rail terminals in Washington, D.C. By forming this neutral and separate entity, the rival companies could fairly fund and coordinate the construction of Union Station, which opened in 1907. The WTC was responsible for not only the monumental station building, designed by Daniel Burnham, but also the extensive infrastructure surrounding it, including the First Street Tunnel and the Ivy City engine service facilities. During its peak years, particularly during World War II, the company provided crucial switching and support services for several major railroads, including the Chesapeake and Ohio and the Southern Railway.

While the golden age of passenger rail declined in the mid-20th century, the Washington Terminal Company continues to operate as an active legal entity today. In 1981, Amtrak assumed control of the company’s operations and currently holds a 99.7% interest in it. Despite being nearly entirely owned by Amtrak, the WTC remains a separate corporation that shares ownership of the Union Station complex with the United States Department of Transportation. Notably, the WTC specifically retains ownership of the station’s platforms and tracks. This unique legal status has recently been relevant in rail access disputes, as the WTC is not exempt from certain federal commerce acts that typically apply to Amtrak, ensuring continued access for regional carriers like the Virginia Railway Express.