New York, Lackawanna & Western Railway Co. - $1,000 4 1/2% Railroad Gold Bond
Inv# RB5091 Bond
$1,000 4 1/2% Railroad Bond printed by American Bank Note Company. Was payable in 'Gold Coin of the US'. Rare superb train station vignette. Rare!!! Please specify color.
The Delaware, Lackawanna & Western Railroad, also known as the DL&W or Lackawanna Railroad, was a U.S. Class 1 railroad that connected Buffalo, New York, and Hoboken, New Jersey (via ferry to New York City). Spanning approximately 400 miles (640 km), the railroad initially focused on providing a connection between Pennsylvania’s anthracite coal fields and the bustling coal markets of New York City. Over time, it gradually expanded its network, eventually linking Buffalo to New York City. Like many coal-oriented railroads in Northeastern Pennsylvania, such as the Lehigh Valley Railroad, the New York, Ontario and Western Railroad, and the Lehigh & New England Railroad, the DL&W experienced profitability during the early 20th century. However, its margins gradually declined due to a decline in Pennsylvania coal traffic, particularly after the devastating 1959 Knox Mine Disaster. Additionally, competition from trucks intensified after the expansion of the Interstate Highway System in the 1960s and 1970s. In 1960, the DL&W merged with its rival Erie Railroad to form the Erie Lackawanna Railroad, which was subsequently acquired by Conrail in 1976.
The “Leggett’s Gap Railroad” was officially incorporated on April 7, 1832, but it remained dormant for several years. After being chartered on March 14, 1849, and organized on January 2, 1850, the railroad underwent a name change on April 14, 1851, to the “Lackawanna and Western Railroad.” The L&W’s main line stretched northward from Scranton, Pennsylvania, to Great Bend, a location just south of the New York state border. This line officially opened on December 20, 1851. From Great Bend, the L&W acquired trackage rights north and west over the New York and Erie Rail Road, enabling it to reach Owego, New York. In April 21, 1855, the L&W leased the Cayuga and Susquehanna Railroad (C&S) to Ithaca, located on Cayuga Lake.
The C&S was a reorganized and partially rebuilt version of the Ithaca and Owego Railroad, which had initially opened on April 1, 1834. This railroad constituted the oldest component of the Delaware and Lackawanna Railroad (DL&W) system. Notably, the entire DL&W system was constructed using a broad gauge of 6 feet (1,829 mm), which was the same as the New York and Erie Rail Road. However, the original I&O had been built on standard gauge and later converted to wide gauge when it underwent the re-building process as the C&S.
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