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Lot 1493: PENNSYLVANIA RAIL ROAD - COMMONWEALTH OF PENNSYLVANIA

Auction No.57 of Antique Stocks & Bonds

by Boone Shares - The Scripophily Center

October 29, 2016

Brussels, Belgium

Live Auction
Sold
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Description: 22 June 1829 5% Bond of $1000. black. No 750. A few small edge-splits. Pen-cancelled. Shows the arms of Pennsylvania. In 1828 the Commonwealth of Pennsylvania was building the Pennsylvania Canal, and issued a number of loans to finance the construction works. This bond is one issued at that time, to a lady of Philadelphia, for $1000, paying 5% per annum, and repayable within 25 years. The term Pennsylvania Canal refers generally to a complex system of transportation infrastructure improvements including canals, dams, locks, tow paths, aqueducts, inclined planes and viaducts. The purpose was to create, through building a canal system, the capability to ship heavy or bulk goods and connect Philadelphia to Pittsburg (391 miles), and, more importantly, beyond that city to the new growthareas and markets in the developing territories reached by the Ohio River, now called the Midwest. The canal system, however, could not cross the Allegheny Mountains, so it was decided to build a railway line to connect the system on two sides of the state. The Pennsylvania Canal system topped 2,100 feet (640 m) in elevation by erecting the Allegheny Portage Railroad, which used five inclined plains on each side of the Eastern Continental Divide at Cresson Pass in Cambria County to actually haul wheeled barges up and over the Allegheny Front and connect Pittsburg to the Susquehanna. When finished in 1834 the trip from Philadelphia to Pittsburgh could be made in 3-5 days, weather conditions depending. This particular bond was issued by the State of Pennsylvania to finance the railroad construction. Extremely early date for US railroad scripophily. Not seen before by us, thus rarity 12.

Condition Report: VF

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