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Baltimore and New York Railway Co. - $1,000 Bond affliated with the Baltimore and Ohio Railroad

Inv# RB5135   Bond
State(s): Maryland
New Jersey
New York
Ohio
Years: 1889

$1,000 Railroad Bond. No vignette. The Baltimore and New York Railway was a railroad line built by the Baltimore and Ohio Railroad (B&O) from Cranford, New Jersey, to the western side of the Arthur Kill Bridge in New Jersey, connecting with the North Shore Branch of Staten Island Rapid Transit. The line was built to provide the B&O access to a terminal in New York City, in Staten Island. Today, the line is used by CSX Transportation for freight trains.

In 1883, Erastus Wiman proposed using the barely operational Staten Island Railway as the centerpiece of his plan to develop the island. Wiman's plan called for a system encircling the island using two miles of the SIRW between Vanderbilt's Landing and Tompkinsville. His plan also called for the centralization of all ferries from one terminal, replacing the six to eight terminals active near what is now St. George. Wiman approached Robert Garrett, president of the Baltimore & Ohio Railroad (B&O), to back the plan, and Garrett agreed. To this end the Staten Island Rapid Transit Railroad Company (SIRTR) was organized on March 25, 1880 and incorporated on April 14, 1880.

On April 3, 1883, the SIRTR gained control of the Staten Island Railway, as Erasmus Wiman was elected to its board of Directors of the Railroad and became the railway's president. On June 30, 1883, the SIRTR leased the SIRW for a term of 99 years, to become effective when the line opened between Clifton and Tompkinsville. A controlling interest in the SIRTR was obtained by the B&O in November 1885 through purchases of stock. On November 21, 1885, Robert Garrett, President of the B&O, leased the SIRTR to the B&O for 99 years, which gave the B&O access to New York, allowing it to compete with the Pennsylvania Railroad (PRR). Wiman needed the proceeds of the sale to pay for the construction of the North Shore Branch. The funds also helped pay for the construction of a bridge over the Kill Van Kull, the acquisition of 2 miles (3.2 km) of waterfront property, and for terminal facilities at St. George. Read more at https://en.wikipedia.org/wiki/Baltimore_and_New_York_Railway

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Condition: Excellent

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.

Item ordered may not be exact piece shown. All original and authentic.
Price: $15.00