New Haven, Middletown and Willimantic Railroad - 1871 Railway 7% Mortgage Bond (Uncanceled)
Inv# RB5322 Bond
$500 7% Uncanceled Bond. At least 38 of 40 coupons present. National Bank Note Co-NY. Superb vignette and including several rows of coupons each with a great locomotive. Truly a Classic!!!
The Boston and New York Air-Line Railroad (commonly known simply as The Air Line, known as the New Haven, Middletown and Willimantic Railroad before 1875) was a railroad in Connecticut. Envisioned as a direct route between New Haven and Boston, it was hampered by difficult terrain in eastern Connecticut and did not find much success. The New York, New Haven and Hartford Railroad leased the company in 1882. The tracks between Portland, Connecticut and Willimantic, Connecticut were abandoned in 1965, while the remainder of the line is operated by the Providence and Worcester Railroad.
The first attempt to build an air-line railroad connecting New Haven and Boston began in 1846, with the chartering of the New York and Boston Railroad Company. The railroad began building from New Haven in 1853, but construction quickly stalled and the company failed during the Panic of 1857.
In 1867, a group of investors decided to try again, chartering the New Haven, Middletown and Willimantic Railroad Company. Starting from New Haven, service to Middletown commenced in 1870, while construction between Middletown and Willimantic was completed in 1873. Debt from construction brought the railroad into bankruptcy in 1875; it emerged under the new name Boston and New York Air-Line Railroad.
The Air-Line Railroad was leased by the rapidly growing New York, New Haven and Hartford Railroad in 1882. Read more at https://en.wikipedia.org/wiki/Boston_and_New_York_Air-Line_Railroad
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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