New York City and Westchester Railway Co. - 1888 dated $1,000 Railroad Bond
Inv# RB7405 Bond
$1,000 6% Bond printed by Thalmessinger & Mendham, N.Y. Several rows of coupons remain. N.Y. City pieces are scarce and very popular! Large size measures 16" x 23".
In 1871, the Southern Westchester Railroad was incorporated to run from what was then the southern edge of Westchester County (now the Bronx) at the Harlem River to the Westchester County seat, White Plains, along the same general route as was taken by the NYW&B. By 1875, this enterprise went into foreclosure and was liquidated in 1881. In 1872, the New York, Westchester and Boston Railway Company (NYW&B) was incorporated to serve areas north of New York City, with lines running from the Harlem River to Throgs Neck in the Bronx, and Port Chester and White Plains in Westchester County. The Panic of 1873 denied this venture the financing for construction. It entered receivership on March 20, 1875, not emerging until 1904.
Starting in 1874 portions of Westchester County were made part of New York City, a process that was complete by 1898, with the Bronx in its current configuration. This put much of the NYW&B franchise under the control of the City of New York — meaning the New York Democratic organization, Tammany Hall. In 1901, while the NYW&B still in receivership, the Harlem River & Port Chester Railroad (HR&PC) was incorporated to build a route from the Harlem River to Port Chester, parallel to the NYW&B route and the New York, New Haven & Hartford Railroad (NH) main line. Meanwhile, the NYW&B emerged from receivership on January 14, 1904, and began acquiring additional real estate rights for its route. In 1906 bankers Oakleigh Thorne and Marsden J. Perry bought the stock of the NYW&B on behalf of the Millbrook Company, a holding entity. After the Panic of 1907, the assets of the Millbrook Company were transferred over to the NH for $11 million, becoming a part of that company's emerging consolidated monopoly on rail and water transportation in southern New England. A lawsuit between the Harlem River and Port Chester Railroad (HR&PC) and the NYW&B was settled with the HR&PC franchise being acquired by the NYW&B in early 1909 and the HR&PC being consolidated into the NYW&B the following year. On January 18, 1910, the reorganized entity was consolidated under the control of the NH, but inheriting the business arrangements made while under direct control of financier J.P. Morgan. Read more at https://en.wikipedia.org/wiki/New_York,_Westchester_and_Boston_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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