Hestonville, Mantua and Fairmount Passenger Railroad Co. - 1894 $500 Railroad Bond
Inv# RB7497 Bond
$500 5% Gold Bond printed by Huston Ashmead Smith Co., Phila. with the attached extension contract. Also available without the attached contract.
The Hestonville, Mantua & Fairmount Railway incorporated as a horsecar line in 1859 to provide service from West Philadelphia to downtown Philadelphia (Hestonville is the name of a hamlet that was at about 52nd Street and Girard Avenue near the Old Cathedral Cemetery.) The line crossed over the Schuylkill River via the Fairmount Wire Bridge at first and then via the stronger span that replaced it by 1874. They were replaced by the 1960s era Spring Garden Street Bridge. The railway entered Fairmount Park at three points along the way and had its offices at 4300 Lancaster Avenue. By 1886, the line ran to the east, all the way to Front and Arch Streets. This horsecar route, called the “Arch Street Line,” may have been responsible for the central section of the Smythe’s Stores building at the northwest corner of Front and Arch being removed in 1913 to allow for a trolley turnabout. The Hestonville railway later operated routes on Race and Vine Streets, for a total of about 24 miles of trackage around Philadelphia. The Union Traction Company leased the entire railway for 999 years on February 1, 1890.
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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