Poughkeepsie, Hartford and Boston Railroad Co. - 1876 dated $25 Railway Bond
Inv# RB7448 BondNew York
$25 Second Mortgage Bond printed by Eagle Printing House, Poughkeepsie. Small size measures 8 " x 5".
The Poughkeepsie & Eastern Railway was the first railroad to run east from Poughkeepsie, New York, & was taken over by the New York, New Haven & Hartford Railroad & assigned to the Central New England Railway in 1907.
On June 24, 1874 the company went into receivership. It was sold in April 1875 & reorganized May 15 as the Poughkeepsie, Hartford & Boston Railroad. It again went bankrupt & on January 26, 1884 the Hartford & Connecticut Western Railroad bought the section southeast of Boston Corners, to which they already had track rights. The rest was sold in late 1886 & on January 22, 1887 it was reorganized as the New York & Massachusetts Railway. Profit was still hard to come by, & it entered receivership for a third time in February 1893. It was sold under foreclosure March 2 & reorganized April 13 once under the name, the Poughkeepsie & Eastern Railway Company. Yet again, on June 17, 1898, the company went into receivership.
On July 12, 1904 P&E had a wreck at Salt Point when a passenger train was mistakenly switched to a siding where a freight train was waiting. The conductor on the passenger train was injured. In 1907 the New York, New Haven & Hartford Railroad bought it & on June 25 merged it into the Central New England Railway. Read more at https://en.wikipedia.org/wiki/Poughkeepsie_and_Eastern_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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