00 Richmond & York River Rail Road Company Coupon Bond

Description

00 Richmond & York River Rail Road Company Coupon Bond
Offered for your consideration is an attractive and historic bond issued just after the Civil War to help repair the damage caused to the railroad by that conflict. Headlined, “
Office of the Richmond & York River Rail Road Company
”, this piece features two evocative vignettes representing the hoped for progress of the era. The one at the viewer’s left depicts a period steam locomotive with associated rolling stock, smoke billowing from its stack, while the one at the right features a paddlewheel steamer bravely struggling through a turbulent sea (interestingly, this ship is very similar to those used in blockade running during the future Civil War). These two scenes are neatly separated by the location of the office, in the “
CITY OF RICHMOND, VIRGINIA
”, with a statement that the bond was “
Convertible into Capital Stock and Secured by Mortgage of 0,000.
”. A lengthy financial obligation states (in part) that “Know all men by these presents, that t
he Richmond & York River Rail Road Company is indebted to
John Tabb
or bearer in the sum of ONE THOUSAND DOLLARS, … on the 1
st
day of January 1877, with Interest thereon, at the rate of Eight per centum per annum …
”. This statement continues, indicating that “
… This bond is issued by authority of the Stockholders of said Company …
” and that it was “
… secured by a Mortgage on the Road, and all its property, and is convertible at the pleasure of the holder thereof into Stock of the Company …
”. It was signed and sealed “
… this 1
st
day of
January
1857 …
”, with the signature of “
Alex Dudley
” as “
Prest
” below. An additional statement at the conclusion indicates that this piece was issued “
By order of the Board of Public Works of Virginia, it is hereby certified that the above Bond is issued in accordance with and by authority of an act of the Legislature of Virginia, passed March 15
th
1856, entitled ‘An act for the relief of Railroad and other Companies, and to regulate the terms on which they may borrow money’
”, followed by the signature of “
Thomas H. DeWitt
” in his capacity as “
Secry. Board of Public Works
”. All of the foregoing elements are enclosed in a decorative border, with fancy scrollwork throughout, and neatly separated from the twenty-two remaining interest coupons. Each of these coupons is valued at “
… Forty Dollars …
” and is signed at the conclusion by “
A W Morton
”. The back features a short, partly-printed recapitulation of the important points of the bond (name of the issuer, bond number, denomination, due date), followed by a stamped statement from 1859 which indicates that “
By order of the Board of Directors, One Hundred Thousand Dollars of the Bonds secured by the Mortgage within mentioned have been cancelled, and this Bond can be exchanged for a Registered Bond, bearing the same rate of Interest, at the pleasure of the holder thereof
”, guaranteed by the signature of “Alex Dudley / President”. An additional statement reads “
We hereby Certify that the within Bond, No
296
is a part of a loan of Five Hundred Thousand Dollars covered by the Mortgage therein refered to
”, followed by the signatures of three “
Trustees
”. This attractive bond was a “
Lith. of Ritchie & Dunnavant Richmond, Va
.” and “
Eng. by C. Ludwig
”, as evidenced by their imprint at the bottom center (both of these gentlemen worked for the Confederacy during the Civil War). This piece would look great prominently displayed in an office or den.
The Richmond and York River Railroad Company
was incorporated in 1853, with the state of Virginia subscribing to 60 per cent of the capital stock. On March 29, 1861, the line opened from Richmond to West Point, on the York River, a total of 39 miles (West Point was a port at the head of the York River). Initially, the line made a profit transporting supplies for the Confederacy, but it was wrecked during the Peninsula Campaign of 1862, and lay abandoned for several years. It was rebuilt after the close of the war, reopening in 1867. The company defaulted on its payments and its mortgages were foreclosed in December, 1872. Under a deed dated July 4, 1873, the line was reorganized under the general law of Virginia as the Richmond, York River and Chesapeake Railroad. Following several financial difficulties and corporate issues, the line (along with others) began operations as part of the Southern Railway Company on July 1, 1894.
The presently offered specimen exhibits signs of moderate period use and subsequent long term storage. Toning is present across the entire surface, imparting to the paper an off-white to beige color. A few scattered foxing spots are noted for accuracy, as these are small and do not seriously affect the overall eye appeal of the piece.
In common with virtually all documents of this type, several horizontal and vertical folds are present (these folds occurred when the bonds were placed in safes or the cubbyholes of desks). The contrast is sharp and bold, with all printed and manuscript material fully legible. Minor ink show through is noted at the manuscript additions, though the paper is still intact. Sixteen small punch cancellations are present, probably a result of the redemption mentioned in the statement on the back. Interestingly, ink transfer from the main title is visible, obviously occurring when the bond was folded for storage (there is also some ink transfer from another bond on the back. Measuring approximately 14½ x 17¼ inches, this historic piece would make a great addition to any railroad bond collection or an interesting companion to the 1866 issue among our other listings.
A charge of .95 will be added to the winning bid for postage and insurance.
If you have any questions concerning this item, please ask before purchasing.
Buy or Bid with Confidence – American Coins & Collectibles President Richie Self has worked 6 years as a paper money grader/authenticator. He has contributed to numerous reference books within the industry, as well as being a co-author of “The Comprehensive Catalog and History of Confederate Bonds, 2
nd
Edition” with Douglas B. Ball, Ph.D., Henry F. Simmons, M.D., Ph.D. and James R. Desabaye. Mr. Self is a life member of the American Numismatic Association, the Society of Paper Money Collectors, as well as numerous regional numismatic associations. He is an authorized submitter to NGC, PCGS, and PMG, a diamond founding member of Coin Dealers Helping Coin Dealers and a supporter of the Industry Council for Tangible Assets. American Coins and Collectibles can be found at many of the state and local coin shows.
American Coins and Collectibles
Shreveport, LA