Mobile and Alabama Grand Trunk Railroad Co. - 1874 dated $1,000 7% Railway Gold Bond (Uncanceled)
Inv# RB5213 BondThe Mobile and Birmingham Railroad Company, referred to as the Mobile and Birmingham, is a single-track railway located entirely within the state of Alabama, running from Marion Junction, where it connects with the Southern Railway, to Mobile. The railroad property, which is leased to and fully utilized by the Southern Railway, consists of 148.361 miles of main track and 31.944 miles of yard and side tracks, totaling 180.305 miles. Additionally, the company co-owns 0.614 miles of yard and side track, which is jointly used by the Southern Railway and other owners.
The Mobile and Birmingham Railroad was incorporated under the general laws of Alabama (Code of Alabama 1886, Sections 1596-1597) by T. G. Bush, Joseph Price, Cecil Braithwaite, Joshua King, Walter Smith, Richard White, and William F. Dunning, collectively referred to as the purchasers. They filed articles of incorporation with the Secretary of State on July 2, 1895, with the purpose of acquiring the property, rights, and franchises of the Mobile and Birmingham Railway Company, which had been purchased by the group at a foreclosure sale on April 27, 1895. The formal acquisition of the property was completed by deed on July 2, 1895, the same day the organization of the Mobile and Birmingham Railroad was finalized. The Mobile and Birmingham Railway Company was its immediate predecessor.
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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