Philadelphia and Sunbury Railroad Co. - Pennsylvania $500 (Uncanceled) Bond
Inv# RB7051 Bond
$500 12% Uncanceled Bond. Philadelphia, Pennsylvania. In relation to the Philadelphia and Sunbury Railroad, the Philadelphia and Erie Railroad was a railroad that operated in the U.S. state of Pennsylvania between 1861 and 1907. It was subsequently merged into the Pennsylvania Railroad (PRR).
The Sunbury and Erie Railroad Company (also known as the Erie and Sunbury Railroad) was chartered by the Commonwealth of Pennsylvania in 1837, to build a rail line connecting towns between Sunbury and Erie, Pennsylvania. Due to financial problems, the company did not begin construction until the state passed enabling legislation, which including reducing tax assessments, in 1852. By December 1854, 28.5 miles (45.9 km) of track were completed between Milton (a junction with the Catawissa Railroad) and Williamsport. The line reached Sunbury in 1855, a total of 40 miles (64 km). The company continued to experience financial problems, exacerbated by the Panic of 1857. The tracks reached Lock Haven in 1859. To speed completion of the line, the Sunbury & Erie also started building towards the southeast from Erie. That portion of the line reached Warren, a distance of 66 miles, by 1859; little construction occurred in 1860 amid the politics leading to the American Civil War.
In 1861 the Pennsylvania General Assembly passed additional legislation to strengthen the company's financial position, and changed the company name to the Philadelphia and Erie Railroad (P&E). Other, related legislation authorized various railroad companies to lease the lines of other companies, and the PRR entered into a 999-year lease with the Philadelphia & Erie in 1862. That same year the PRR assumed control of the P&E. Labor shortages due to the Civil War further delayed construction. Read more at https://en.wikipedia.org/wiki/Philadelphia_and_Erie_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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