Port Royal and Augusta Railway - 1882 dated $500 Georgia Railroad Bond
Inv# RB5330 Bond
$500 Bond. Nice Graphics by Franklin Bank Note, NY. A Popular State. The Port Royal and Augusta Railway was a railroad in South Carolina that operated during the latter part of the 19th century. The Port Royal Railroad Company received its charter in 1856, and the railway line was finalized in 1870. In 1873, the Georgia Railroad extended financial support to the Port Royal Railroad Company; however, the company defaulted in November 1873. Consequently, the railroad was sold to the Georgia Railroad through foreclosure in June 1878, with the Union Trust Company of New York acting as Trustees. The Georgia Railroad subsequently reorganized it under the name Port Royal and Augusta Railway, leading to the company's expansion.
In 1881, the Georgia Railroad leased its rail lines for a duration of 99 years to Colonel William M. Wadley, who allocated half of the interest to the Louisville and Nashville Railroad and the remaining half to the Central Rail Road and Banking Company of Georgia. In the same year, the Central Rail Road and Banking Company of Georgia obtained controlling stock in the Port Royal and Augusta Railway.
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