International Railroad Co. of Texas - 1871 dated $1,000 U.S. Gold Coin 7% Bond - Unissued & Gorgeous
Inv# RB5070 Bond
$1,000 Unissued Railroad Bond. 4 great vignettes of train in station, cowboy on horse herding cattle, blacks loading bales of cotton, Mexican scene. Operated from 1870 to 1873. Consolidated into the International and Great Northern Railroad. Measures 16" x 28 1/2" with all coupons.
The International – Great Northern Railroad (I&GN), a railroad operating in Texas, was formed on September 30, 1873, through the merger of the International Railroad and the Houston and Great Northern Railroad. Officially incorporated as the International & Great Northern Railroad Company, the I&GN initially operated 177 miles of track from Hearne to Longview. However, its reach expanded to Rockdale in 1874, Austin on December 28, 1876, San Antonio in 1880, and finally, the US-Mexican border town of Laredo on December 1, 1881.
Like other railroads of its era, the I&GN faced numerous financial challenges and underwent receivership multiple times. In December 1880, industrialist Jay Gould acquired control of the I&GN. Due to his control over the Missouri Pacific (Mopac) and the Texas and Pacific Railroad, the three were operated as a unified system, though they retained their separate corporate identities and seniority districts for union workers. Financial difficulties, exacerbated by the Panic of 1907, led the I&GN to enter receivership in 1908. Subsequently, it was sold at foreclosure to a reorganized company, the International & Great Northern Railway Company, on August 31, 1911. Less than four years later, the company faced another receivership, which persisted until its foreclosure sale in July 1922.
The International–Great Northern Railroad, incorporated by the state of Texas on August 17, 1922, fully took over the International & Great Northern Railway on December 31, 1922. In a strategic move to maintain the I-GN within the Mopac fold, the Gulf Coast Lines subsidiary, New Orleans, Texas and Mexico Railway, acquired the I-GN on June 30, 1924. Subsequently, the Gulf Coast Lines were acquired by the Missouri Pacific on January 1, 1925. Finally, on March 1, 1956, all GCL subsidiaries were merged into the parent Missouri Pacific Railroad Company, effectively ending the I-GN’s corporate existence. In the 1960s, many redundant out-of-the-way lines, such as Waco to Marlin and Bryan to Navasota, were abandoned. The latter route was subsequently traversed via trackage rights over the Southern Pacific Railroad between the same two points. The Missouri Pacific was merged into the Union Pacific Railroad in 1997.
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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