Dakota Pacific Railroad Co. - $1,000 Railway First Mortgage Gold Bond
Inv# RB7373 Bond
$1,000 5% Uncanceled Gold Bond printed by Bufford Engraving Co., Boston. Most coupons remain.
From Reports of Cases Determined in the Appellate Courts of Illinois, Volume 175 dated 1913:
"This Memorandum of Agreement entered into this first day of September, A. D. 1899, between W. T. Coad, President Dakota Pacific Railroad Co., party of the first part, and E. S. Rice, agent, party of the second part, WITNESSETH:
"That whereas, first party has bought and is proposing to buy explosives in considerable quantities. from second party, and desires some accommodation
The Austin Powder Co. v. Crouch, 175 Ill. App. 494.
in respect to payment from first party, and said explosives are to be used in the construction of certain sections of the Dakota Pacific Railroad, and first party desires to secure second party any balance that may be due at any time from first party to second party;
"Therefore, said first party has deposited with second party, first mortgage bonds numbered from 140 to 146, inclusive, of said Railroad Co. as collateral security, to secure payment of any balance at any time due from first party to second party, on account of the sale of explosives, as aforesaid, or otherwise; full and complete authority is hereby given to said second party, his agents and attorneys to sell any or all of said collateral or any additional collateral that may at any time be deposited with said second party at any time said second party may deem it for his best interests so to do at either public or private sale, without notice of the time, place or intention of second party to make such sale; such notice being hereby expressly waived, and to apply the proceeds of such sale or sales to the payment of any indebtedness remaining due from first party to second party including expenses of such sale, and the balance, if any, to remit to the party of the first part.
"Given under our hands and seals the day and year first above written.
DAKOTA PACIFIC RAILROAD Co.,
By WILLIAM T. COAD,
President, (SEAL.)
E. S. RICE, Agent. (SEAL.)"
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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