All Aboard! Railroad Stocks & Bonds

Nice examples!

Here are a couple securities that look like stocks, but aren't. The first is a Certificate of Indebtedness from the Atlanta & West Point Railroad. this is basically a short term loan that the company paid 6% interest on -- a pretty good return in 1902.






The next is a remainder sheet of two similar certificates. Remainder, meaning this is an unissued sheet, without the registrar's signature or revenue stamps. These were released in 1866 by the South Carolina Railroad and underwritten by the State of SC. During Reconstruction after the Civil War, the southern states were cash poor and had to come up with creative ways to invent circulating currency. This was one way to produce small "banknotes" that served as cash, but also accrued 7% interest.

Here's the next batch! The Rock Island Line was a mighty good line -- and this is a mighty nice bond, front and back.

More choo-choos!

And yet more locomotive crowding the station! Last batch for a while.













This last one would look nicer without the chunk removed, but apparently that's how they cancelled these. It still has some very attractive vignettes.

Back in April, I posted an unissued remainder sheet of two odd-denomination railroad scrip certificates. I now have an issued example, showing the second design variety in a $15 denomination. These mini-bonds were small enough that they could function as currency in a cash-strapped state like South Carolina during Reconstruction.