$40.00 CAD– Sold Out
Cincinnati, Wilmington & Zanesville Railroad Co share certificate, with very nice image of steam engine at top.
Dated Cincinnati Ohio July 25, 1856
Issued to Caleb Hitchcock, 2 shares at $50 each. His name in text on back.
Signed by Erasmus Gest. He was a surveyor, engineer, railroad magnate, and street railway entrepreneur. He was born in Cincinnati, Ohio from a pioneer Quaker family.
Certificate has vertical and horizontal folds. Left side has nicks, tiny set of holes, and small piece missing.
8 x 9 ¾"
Cincinnati, Wilmington & Zanesville Railroad Co
The railway began to have financial difficulties almost from the beginning. The company was unable to comply with the conditions of the mortgage, having taken out first, second and third mortgage bonds. The monies were expended in the construction and equipment of the road. On February 22, 1857, a court decision was made through a Receiver in the case, to exercise authority to take possession of the road and property, and to "operate the road for the interest of all parties concerned." The court ordered on June 10, 1863, that the mortgaged property be sold, with such sale to go toward all debts and liabilities. The sale was confirmed October 17, 1863, the buyer being Charles Moran of New York.
...Erasmus Gest was selected as the new President and Superintendent. The newly organized company now saw daylight at the end of the tunnel. In a period of 26 months a balance of $80,000 was placed to the credit of the road and invested in rolling stock and improvements. In due time a failure in the payment of its obligation caused its downfall.
(Courtesy of Academy Stamp and Autograph)