Androscoggin and Kennebec Railroad Co. - Unissued Bond
Inv# RB5003A Bond
Early $1,000 Unissued Railroad Bond of the rare state of Maine. No vignette but interesting format. All coupons remaining. Rare!!
The Androscoggin and Kennebec Railroad (A&K) is a historic U.S. railroad which operated in Maine.
The Androscoggin and Kennebec Railroad Co. received a charter on March 28, 1847, and by January 1850 had built a line between Waterville, Maine, and Danville, Maine (now Auburn). At Waterville, the A&K connected with the Penobscot and Kennebec Railroad (P&K). At Danville, the A&K connected with the Atlantic and St. Lawrence Railroad, which opened in 1853 and was subsequently sold to Grand Trunk Railway.
In 1846, the year that the P&K was chartered, a law was enacted permitting both the P&K and A&K to consolidate under a new name. The legislation was not acceptable to both companies, thus the A&K was chartered in 1847. The P&K and A&K did not merge until after the contentious section of the previous merger legislation was repealed on September 9, 1862. The following month on October 28, 1862, the A&K and P&K merged to form the Maine Central Railroad.
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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