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New York, Lackawanna & Western Railway Co. - $1,000 4 1/2% Railroad Gold Bond

Inv# RB5091   Bond
State(s): New York
Years: 1922 or 1923
Color: Orange or Green

$1,000 4 1/2% Railroad Bond printed by American Bank Note Company. Was payable in 'Gold Coin of the US'. Rare superb train station vignette. Rare!!! Please specify color.

The Delaware, Lackawanna & Western Railroad (also known as the DL&W or Lackawanna Railroad) was a U.S. Class 1 railroad that connected Buffalo, New York, and Hoboken, New Jersey (and by ferry with New York City), a distance of about 400 miles (640 km). Incorporated in Pennsylvania in 1853 primarily for the purpose of providing a connection between the anthracite coal fields of Pennsylvania's Coal Region and the large markets for coal in New York City the railroad gradually expanded both East and West, eventually linking Buffalo with New York City. Like most coal focused railroads in Northeastern Pennsylvania (e.g. Lehigh Valley Railroad, New York, Ontario and Western Railroad and the Lehigh & New England Railroad), the DL&W was profitable during the first half of the twentieth century, but its margins were gradually hurt by declining Pennsylvania coal traffic especially following the 1959 Knox Mine Disaster and competition from trucks following the expansion of the Interstate Highway System in the 1960s and 1970s. In 1960, the DL&W merged with rival Erie Railroad to form the Erie Lackawanna Railroad which would be taken over by Conrail in 1976.

The "Leggett's Gap Railroad" was incorporated on April 7, 1832, but stayed dormant for many years. It was chartered on March 14, 1849, and organized January 2, 1850. On April 14, 1851, its name was changed to the "Lackawanna and Western Railroad". The line, running north from Scranton, Pennsylvania, to Great Bend, just south of the New York state line, opened on December 20, 1851. From Great Bend the L&W obtained trackage rights north and west over the New York and Erie Rail Road to Owego, New York, where it leased the Cayuga and Susquehanna Railroad to Ithaca on Cayuga Lake (on April 21, 1855). The C&S was a re-organized and partially re-built Ithaca and Owego Railroad, which had opened on April 1, 1834, and was the oldest part of the DL&W system. The whole system was built to 6 ft (1,829 mm) broad gauge, the same as the New York and Erie, although the original I&O was built to standard gauge and converted to wide gauge when re-built as the C&S. Read more at https://en.wikipedia.org/wiki/Delaware,_Lackawanna_and_Western_Railroad

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Condition: Good

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.

Item ordered may not be exact piece shown. All original and authentic.
Price: $60.00