Western Maryland Railroad - 1858 dated $500 Railway Bond
Inv# RB5711 Bond
$500 Bond. Printed by James M. Anderson & Son. Very Rare! The Western Maryland Railway (reporting mark WM) was an American Class I railroad (1852–1983) which operated in Maryland, West Virginia, and Pennsylvania. It was primarily a coal hauling and freight railroad, with a small passenger train operation. The WM became a property of the Chessie System holding company in 1973, although it continued independent operations until May 1975 after which time many of its lines were abandoned in favor of parallel Baltimore and Ohio Railroad lines. In 1983 it was fully merged into the Baltimore & Ohio Railroad, which later was also merged with the former Chesapeake and Ohio Railroad into the Chessie System in 1987, which is now renamed as CSX Transportation.
The original main line began with the chartering of the Baltimore, Carroll and Frederick Railroad in 1852, with the intent of building a rail line from Baltimore west to Washington County, Maryland. The Maryland General Assembly changed the name of the company to the Western Maryland Rail Road Company in 1853, and construction began from Owings Mills in 1857. An existing Northern Central Railway branch line terminating at Owings Mills was used to connect into Baltimore. The railroad was completed to Westminster in 1861 and Union Bridge in 1862. Further expansion was delayed because of the Civil War. Westward construction resumed in 1868 under Chief Engineer Joseph S. Gitt, and the line was completed to Hagerstown in 1872. This section became the East Subdivision. The company's first major car shops were established at Union Bridge. Read more at https://en.wikipedia.org/wiki/Western_Maryland_Railway
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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