Northern Alabama Coal, Iron and Railway Co. - 1900 dated $1,000 5% Gorgeous Railroad Gold Bond (Uncanceled)
Inv# RB5195 Bond
New Jersey
$1,000 5% Gold Bond. Uncanceled. Superb triple vignette at top and mining scene at bottom. American Bank Note Co. Many coupons. Excellent Condition! Exceptional! In relation to this railroad, Hiram Bond (May 10, 1838 – March 29, 1906) was a corporate lawyer, investment banker, and investor involved in various businesses, including gold mining and the coal industry. Born in Farmersville, Cattaraugus County, New York, Bond later became known for his ethical conduct as the Master of Bankruptcy for Virginia during the Reconstruction era. Despite being a Radical Republican, he was respected in the South, including by many former Confederates, which helped facilitate his involvement in the coal mining industry in northern Alabama.
In 1887, Bond purchased a house in Decatur, Alabama, and helped establish the Decatur Land Improvement and Furnace Company, where he served as vice president and general manager. The company was formed in partnership with Major Eugene C. Gordon, the brother of Georgia Governor John Brown Gordon. Bond subsequently became involved with the Tennessee Coal, Iron, and Railroad Company (TCI), a major industrial enterprise that resulted from a combination of various coal, coke, and iron operations in Tennessee and northern Alabama.
From 1889 to 1891, Hiram Bond served as the Chief Operating Officer of TCI, working alongside John C. Brown, a former Confederate general and Governor of Tennessee, who was also an officer of the company. TCI's largest shareholders were divided into two groups: one led by Southerner John H. Inman and another led by New York State Republican Boss Thomas C. Platt. After the death of Governor Brown, Platt became president of the company. However, the Northern faction's discomfort with the practice of convict leasing and the company's poor initial stock performance eventually allowed the Southern faction, led by Inman, to gain control.
Bond was eventually removed from his position by the Inman group, but by that time, he had already begun pursuing other ventures in different locations. Bond's career was marked by his involvement in various industries and his ability to navigate the complex political and business landscapes of his time.
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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