Sterling Iron and Railway Co. - Unissued Railroad Bond
Inv# RB7504 Bond
Unissued Scrip Bond printed by American Bank Note Co., New York.
The Sterling Iron and Railway Company, which was situated in Ramapo (Rockland County), New York, operated under various names from 1736 until 1923. Early records indicate the original name of the firm was Sterling Forge and Furnace Company. This company can trace its history back to 1736 when Cornelius Board and Timothy Ward obtained 150 acres of the Sterling tract and built a bloomery and forge, turning out the first iron made at Sterling. Four years later, Board sold his interest in Sterling to Ward. Following this transaction, the ownership of the ironworks seems to have been shared by a number of individuals, including William Smith, James Burling, William Hawxhurst, and Abel Noble.
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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