Baltimore and New York Railway Co. - $1,000 Bond affliated with the Baltimore and Ohio Railroad
Inv# RB5135 Bond
New Jersey
New York
Ohio
$1,000 Railroad Bond. No vignette. The Baltimore and New York Railway, a railroad line constructed by the Baltimore and Ohio Railroad (B&O) from Cranford, New Jersey, to the western side of the Arthur Kill Bridge in New Jersey, connected with the North Shore Branch of Staten Island Rapid Transit. Initially built to provide the B&O with access to a terminal in New York City, Staten Island, the line is now primarily used by CSX Transportation for freight trains.
In 1883, Erastus Wiman proposed utilizing the barely operational Staten Island Railway as the focal point of his plan to develop the island. Wiman’s comprehensive plan envisioned a system encircling the island, utilizing two miles of the SIRW between Vanderbilt’s Landing and Tompkinsville. Furthermore, he proposed centralizing all ferries from a single terminal, replacing the six to eight terminals that were operational near what is now St. George. Recognizing the potential of Wiman’s plan, Robert Garrett, the president of the Baltimore & Ohio Railroad (B&O), agreed to support it. Consequently, on March 25, 1880, the Staten Island Rapid Transit Railroad Company (SIRTR) was established, and it was officially incorporated on April 14, 1880.
On April 3, 1883, Erasmus Wiman was elected to the board of directors of the Staten Island Railway (SIRTR) and became its president. This marked the beginning of Wiman’s tenure as the railway’s leader. On June 30, 1883, the SIRTR leased the Staten Island Railway West (SIRW) for a 99-year term, effective when the line opened between Clifton and Tompkinsville. This strategic move allowed the SIRTR to expand its operations and gain a stronger presence in the region.
In November 1885, the Baltimore and Ohio Railroad (B&O) acquired a controlling interest in the SIRTR through the purchase of stock. This acquisition gave the B&O significant influence over the SIRTR’s operations and decisions. On November 21, 1885, the B&O leased the SIRTR for another 99 years, further solidifying its control over the railway. This lease granted the B&O access to New York City, enabling it to compete with the Pennsylvania Railroad (PRR) and expand its own operations.
Wiman’s leadership during this period was instrumental in the construction of several important projects. The proceeds from the sale of the SIRTR provided the necessary funds for the construction of the North Shore Branch, a crucial extension of the railway. Additionally, the funds 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 the development of terminal facilities at St. George. These projects transformed the SIRTR and made it a vital transportation link in the region.
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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