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new Wilmington, Charlotte and Rutherford Railroad Co. - 1867 dated $1,000 Bond

Inv# RB7522   Bond
New Item!
State(s): North Carolina
Years: 1867

$1,000 8% Bond printed by National Bank Note Co., New York. Very attractive bond with 51 coupons at bottom.

The Wilmington & Charlotte Railroad was incorporated on February 13, 1855, to construct a railroad between Wilmington and Rutherfordton within North Carolina. Its name was changed to the Wilmington, Charlotte & Rutherford Railroad on the next day - February 14, 1855. Construction of the Wilmington, Charlotte & Rutherford Railroad was done in two phases and began in 1857. Work was started at Wilmington to connect to Charlotte. At the same time work began at Charlotte to connect to Rutherfordton. For several months construction of the railroad was halted making the end of the line Brevard's Station. At this temporary end of the line a wye was constructed for a train turn around. During the months that construction of the railroad was delayed, hacks or horse-drawn carriages were provided for travelers to Lincolnton or surrounding areas. The railroad was completed to Lincolnton in April of 1861. The Wilmington to Charlotte stretch of the railroad was stopped in 1861 after reaching Rockingham.* [see below] The beginning of the U.S. Civil War brought a halt to further construction of the railroad, with exception of a stretch of road leading from Lincolnton to Cherryville, which was completed in November of 1862. The 78.8 mile tangent from a point near East Arcadia, in Bladen County, to Laurel Hill, in Scotland County, is still considered the longest stretch of straight track in this country. Considerable damage to this railroad during the U.S. Civil War was attributed to the Confederate Army, which stripped much of the rail for use on other more important lines. Upon the fall of Wilmington in February of 1865, the company's trestle over the Big Swamp, several miles east of Lumberton, was ordered burned by the army of the Confederacy. After the war, the railroad was rebuilt, and new construction was resumed in 1870, with nine miles of new track was laid between Rockingham and the Great Pee Dee River. Entrance into Wilmington was gained in 1867 over the Wilmington Railway Bridge Company, which was jointly owned by the Wilmington, Charlotte & Rutherford Railroad and the Wilmington, Columbia & Augusta Railroad. This company owned bridges across both the Cape Fear River and the North East River, together with about 2-1/2 miles of track between Navassa and Hilton in Brunswick County. After the Civil War, the railroad went into receivership. On April 10, 1873, the Wilmington, Charlotte & Rutherford Railroad was reorganized as the Carolina Central Railroad and the next year the road was completed to Charlotte.

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Condition: Excellent

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.

Item ordered may not be exact piece shown. All original and authentic.
Price: $250.00