Lake Ontario Shore Rail Road Co. - $1,000 Railway Bond - Town of Wolcott - Numerous Coupons Still Attached
Inv# RB7399 Bond
$1,000 7% Bond for the City of Wolcott, County of Wayne, State of New York. Numerous coupons still attached.
The Lake Ontario Shore Railroad (LOSRR) was a short-lived common carrier railroad in New York that was absorbed by the Rome, Watertown and Ogdensburg Railroad.
The LOSRR was chartered to be built from Suspension Bridge, New York to Oswego, New York in 1858. The Lake Ontario Shore Railroad Company was founded in Oswego on March 27, 1868. Under Chief Engineer James Ross, work commenced in August 1871 in Red Creek, New York. Tracks were open to Oswego, New York in 1873.
Despite heavy support from on-line and planned on-line communities, the LOSRR was unable to handle its great financial obligations. Reasons include a lack of manufacturing industries, bypassing Rochester, New York and close competition with the New York Central Railroad. Construction only got as far as Kendall, New York. On September 22, 1874 the railroad was sold in court under foreclosure to the Rome, Watertown and Ogdensburg Railroad, who reorganized the railroad as the Lake Ontario Railroad Company on September 29. On October 22, this company and the RW&O made an agreement to consolidate, which was filed with the New York Secretary of State on December 23, 1875.
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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