New York and Oswego Midland Railroad - 1868 dated $500 Railway Bond
Inv# RB7009 Bond
$500 Bond printed by Corlies, Macy & Co., NY. Ink stain at top right corner. The New York, Ontario and Western Railway, commonly known as the O&W or NYO&W, was a regional railroad founded in 1868. The last train ran from Norwich, New York to Middletown, New York in 1957, after which it was ordered liquidated by a U.S. bankruptcy judge. It was the first notable U.S. railroad with its mainline entirely abandoned. The railroad began life as the New York and Oswego Midland Railroad, organized by Dewitt C. Littlejohn of Oswego, NY in 1868. Its mainline extended from Weehawken, New Jersey, across the Hudson River from New York City, to Oswego, New York, a port city on Lake Ontario. It had branch lines to Kingston, Port Jervis, Monticello, Delhi, Utica and Rome, New York and Scranton, Pennsylvania. The part south of Cornwall, New York, was operated over the New York Central Railroad's West Shore Railroad via trackage rights.
In 1866, the New York and Oswego Midland Railroad was chartered under the direction of Dewitt C. Littlejohn, who envisioned a railroad serving a direct connection from the docks opposite New York City to Lake Ontario at Oswego. Construction on the line north of Middletown began in 1868 and was completed in 1873. Branches were also constructed to Ellenville, Delhi and New Berlin, New York; a branch was begun to Auburn from Norwich, but it only was constructed to Scipio Center before being sold to the Utica, Ithaca and Elmira Railroad in 1876. Access to New York City was provided by the Middletown, Unionville and Water Gap Railroad and the New Jersey Midland Railway beginning in 1872. On September 3, 1869, the NY&OM began using the Pennsylvania Railroad's station at Exchange Place in Jersey City, New Jersey, which provided its passengers with ferry access to the Cortlandt Street Ferry Depot in lower Manhattan and the Desbrosses Street Ferry. With the Panic of 1873, the company began to fold, and it severed its ties with the NJM and the MU&WG. Read more at https://en.wikipedia.org/wiki/New_York,_Ontario_and_Western_Railway
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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