Mohawk and Malone Railway Co. - 1910's-30's dated $10,000 Railroad Gold Bond
Inv# RB5084B Bond
10,000 3 1/2% Railroad Gold Bond printed by American Bank Note Company, New York. Caribou at top and deer scene at bottom. Great graphics! Very different. Nice for framing. Scarce!!
Dr. William Seward Webb’s Mohawk and Malone Railway traversed the northern Adirondacks at Tupper Lake Junction, situated north of Tupper Lake. As the president of the Wagner Palace Car Company, Webb initiated the project by acquiring the 3 ft (914 mm) narrow gauge Herkimer, Newport, and Poland Railway. This railway operated a 16-mile (26 km) route from Herkimer to Poland. Webb subsequently converted the trackage to 4 ft 8 1?2 in (1,435 mm) standard gauge, eliminating multiple crossings of the West Canada Creek by straightening the track. Subsequently, track was constructed from Tupper Lake to Moira and thence to Montreal, Quebec, forming the Adirondack and St. Lawrence Railroad or the Mohawk and Malone. The railway commenced operations in 1892, extending from Malone Junction to Childwold Station, with a branch line from Lake Clear Junction to Saranac Lake. Following 1893, the railway came under the control of the New York Central and Hudson River Railroad.
In 1913, the Mohawk and Malone Railway merged with the New York Central and Hudson River Railroad to form the “Adirondack Division” of the New York Central. Throughout the first half of the 20th century, the New York Central operated day and night trains on the route, providing service from Utica to Montreal via Lake Clear Junction and Malone. In the post-World War II era, the NYC’s North Star train, later replaced by the Iroquois, offered direct sleeping car service from New York City’s Grand Central Terminal to Lake Placid. In early 1953, the NYC discontinued service north of Malone, extending its route to Montreal. In mid-1957, the company shortened the terminus back to Lake Clear Junction, with all service terminating at the Lake Placid branch that diverged from the division’s main route at Lake Clear Junction. On April 24, 1965, the NYC concluded its operations on the route.
In the 1990s, service on the southern segment of the route between Utica and Thendara was revived with tourist excursions operated by the Adirondack Scenic Railroad. In the 2010s, the state of New York attempted to convert the Utica-Lake Placid segment into a rail trail. However, the latter railroad successfully challenged the rail removal efforts in court, and the New York State Supreme Court ultimately ruled in favor of the railroad on September 26, 2017, nullifying the rail trail plan in its entirety.
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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