Buffalo, Rochester and Pittsburgh Railway Co. - 1900's-30's dated $5,000 Railroad Mortgage Bond
Inv# RB5023A
Bond
Pennsylvania
$5,000 4 1/2% Railroad Bond. Superb vignette of a busy railroad station with steam locomotive. Elaborate engraved border by American Bank Note Co, NY.
The Buffalo, Rochester and Pittsburgh Railway (reporting mark BR&P) was one of the more than ten thousand railroad companies founded in North America. It lasted much longer than most, serving communities from the shore of Lake Ontario to the center of western Pennsylvania.
By the middle of the 19th century, American industry had found the means of both utilizing the bituminous coal of western Pennsylvania and transporting it economically from the mines to those who needed it. Initially, this meant steam power, in both the railroad locomotives and the factories. The immediate consequence was the need for a railroad line to haul coal from the hills of Pennsylvania to the cities of Rochester and Buffalo as well as the smaller towns and villages. The needs of the latter motivated them to invest, both individually and municipally, in the new rail companies that arose almost as profusely as spring flowers. Read more at https://en.wikipedia.org/wiki/Buffalo,_Rochester_and_Pittsburgh_Railway
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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