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Baltimore and Drum Point Railroad - 1888 dated $1,000 Railway Gold Bond (Uncanceled)

Inv# RB5166   Bond
State(s): Maryland
New York
Years: 1888
Color: Green and Black

$1,000 6% Bond was payable in Gold Coin of the U.S. Uncanceled. Many coupons attached. American Bank Note. Superb Condition! Extremely Rare!

The Baltimore and Drum Point Railroad is a ghost railroad planned to connect eastern Maryland, the city of Baltimore and the port at Drum Point, Maryland. First conceived in 1856 and chartered in 1868, work didn't begin until 1873 but was halted a year later by the Panic of 1873. Work began again in 1888, and by 1891, 25 of the 34 miles had been prepared for tracks, trestles were constructed across the St. Leonard's and Hunting Creeks, locally cut railroad ties were in place and 8000 tons of steel rails were on their way from Pittsburgh. But the project was halted again when citizens of Anne Arundel County successfully sued to cancel the funding. They won on a technicality as the bond issue referendum to finance it was advertised for only 59 days rather than the requisite 60 days. Other efforts were made to restart the project with the last coming in 1924, but by then four railroads were already operating in the area and were under significant pressure due to the advent of highways and cars. Read more at https://en.wikipedia.org/wiki/Baltimore_and_Drum_Point_Railroad

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: $273.50