Texas and Pacific Railway Co. - 1885 dated $75 Railroad Convertible Coupon Scrip
Inv# RB7429 Bond
$75 Bond Scrip printed by American Bank Note Co., New York Litho. Certificate #5555. Rare! The Texas and Pacific Railway Company (known as the T&P) was created by federal charter in 1871 with the purpose of building a southern transcontinental railroad between Marshall, Texas, and San Diego, California. Under the influence of General Buell, the T&P was originally to be 3 ft 6 in (1,067 mm) gauge, but this was overturned when the state legislature passed a law requiring 4 ft 8+1?2 in (1,435 mm) gauge. The T&P had a significant foothold in Texas by the mid-1870s. Construction difficulties delayed westward progress, until American financier Jay Gould acquired an interest in the railroad in 1879. The T&P never reached San Diego; instead it met the Southern Pacific at Sierra Blanca, Texas, in 1881. Read more at https://en.wikipedia.org/wiki/Texas_and_Pacific_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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