Morris County Traction Co. - 1905 dated $1,000 New Jersey Railroad Bond
Inv# RB7007 Bond
$1,000 5% Gold Bond printed by Dennison & Sons, NY. Rare! Several coupons remain. Great!
The Morris County Traction Company (MCT), a prominent electric trolley system in northern New Jersey, operated from 1904 to 1928. Established in 1899 with an ambitious vision of a 200-mile network, the company launched its inaugural service in downtown Dover on July 1, 1904. At its peak around 1920, the MCT transported nearly 7.7 million annual passengers across a 50-mile system. Its routes connected major towns like Morristown, Summit, and Boonton, eventually extending eastward to Newark and westward to the popular resort at Bertrand Island on Lake Hopatcong.
Despite its high ridership, the company faced persistent financial challenges and operational difficulties. These included weather-related disruptions and frequent collisions with increasingly common automobiles. In 1923, the MCT entered receivership and was eventually sold to Public Service Coordinated Transport in 1927. On February 4, 1928, the last trolley completed its run as the system transitioned fully to motorbus service. Today, the company’s legacy lives on through physical landmarks such as the Traction Line Recreation Trail in Morristown and a paved path along the Boulevard in Mountain Lakes.
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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