Central Securities Co. of Asheville, Inc. - 1929 dated $1,000 6% Gold Bond (Uncanceled)
Inv# GB5119
Bond
$1,000 6% Uncanceled Gold Bond, Northern Bank Note Co., Chicago. 18 of 20 coupons remain. Scarce & Popular State. Asheville is a cityin, & the county seat of, Buncombe County, North Carolina. Located at the confluence of the French Broad & Swannanoa rivers, it is the largest city in Western North Carolina, & the state's 11th-most populous city. According to the 2020 census, the city's population was 94,589, up from 83,393 in the 2010 census. It is the principal city in the four-county Asheville metropolitan area, which had a population of 424,858 in 2010, & of 469,015 in 2020.
About the time this bond was issued, The Great Depression hit Asheville quite hard. On November 20, 1930, eight local banks failed. Only Wachovia remained open with infusions of cash from Winston-Salem. Because of the explosive growth of the previous decades, the per capita debt owed by the city (through municipal bonds) was the highest in the nation. By 1929, both the city & Buncombe County had incurred over $56 million in bonded debt to pay for a wide range of municipal & infrastructure improvements, including City Hall, the water system, Beaucatcher Tunnel, & Asheville High School. Rather than default, the city paid those debts over a period of fifty years. Read more at https://en.wikipedia.org/wiki/Asheville,_North_Carolina
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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