Salem and Pennsgrove Traction Co - $1,000 Railroad Gold Bond (Uncanceled)
Inv# RB5341 Bond$1000 6% Gold Uncanceled Bond. No coupons remain. National Bank Note - Philadelphia, PA.
The Salem and Penns Grove Traction Company owned a line from Salem to Penns Grove, New Jersey, connecting the ends of two branches of the Pennsylvania Railroad (later Pennsylvania-Reading Seashore Lines). The company was chartered in 1915, and W. W. Hepburn was the first president. Streetcars were discontinued in 1933, and were replaced by buses that had run since 1930, now New Jersey Transit route 468 (Penns Grove-Salem-Woodstown).
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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