Philadelphia, Reading and New England Railroad Co. - 1892 dated $1,000 Railway Bond (Uncanceled)
Inv# RB5722
Bond
Pennsylvania
$1,000 4% Gold Uncanceled Bond printed by American Bank Note Co., Phila. with two great vignettes! Most coupons attached. Rare!
The Reading Company (RDG) bought the CNE&W and Poughkeepsie Bridge Company from D&NE in January 1892, extending RDG's influence to New England via the Pennsylvania, Poughkeepsie & Boston Railroad. The two companies merged on August 1, 1892 to form the Philadelphia, Reading & New England Railroad (PR&NE). RDG proved unable to handle its new acquisitions, and PR&NE defaulted on its interest payments in May 1893. The final reorganization came on January 12, 1899 with the formation of the Central New England Railway (CNE)
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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