853

Atlantic Mississippi & Ohio Rail Road Co. 1871, I/C Bond Signed by Confederate General William Mahon

Currency:USD Category:Coins & Paper Money / Stock & Bond - Certificates Start Price:75.00 USD Estimated At:130.00 - 250.00 USD
Atlantic Mississippi & Ohio Rail Road Co. 1871, I/C Bond Signed by Confederate General William Mahon
PLEASE CONTACT US TO REGISTER FOR LIVE BIDDING OR ABSENTEE BIDDING AT:

PH: 1-201-944-4800
FAX: 1-201-839-3336
Web: www.archivesinternational.com
Email: info@archivesinternational.com

Snail Mail: Archives International Auctions
1060 Main Street, Suite 202, River Edge, NJ 07661

The auction will take place on April 7th and 8th, 2020. It will be a live Internet - Phone Bidding - Absentee Bidding auction
Atlantic, Mississippi and Ohio Railroad (AM&O), 1871, $1000 7% First Mortgage Coupon Bond with Imprinted Revenue, was formed in 1870 in Virginia from 3 east-west railroads which traversed across the southern portion of the state. Organized and led by former Confederate general William Mahone (1826-1895), the 428-mile (689 km) line linked Norfolk with Bristol, Virginia by way of Suffolk, Petersburg, Lynchburg, and Salem. The AM&O was promoted as a trade link to the west, and further expansion was envisioned with the goal of increasing Virginia's Ohio Valley and Mississippi Valley commerce. It was heavily backed by investors from England and Scotland. The AM&O went into receivership after the U.S. Financial Panic of 1873. After several years of continuing financial problems, Mahone's relationship with the bondholders soured, and he was removed as trustee, but was permitted to continue to lead operations. Finally, in 1881, the AM&O was sold at auction. It was acquired by other U.S. interests based in Philadelphia who outbid Mahone. They were already building Shenandoah Valley Railroad and had a new commodity in mind: bituminous coal. The AM&O was renamed to Norfolk and Western Railway (N&W). Norfolk & Western Railway was expanded west into the coalfields, and later into a much large system, eventually tapping the Ohio Valley and Mississippi Valley commerce as earlier promised Virginia. The N&W was combined with the Southern Railway, another profitable carrier, to form Norfolk Southern Corporation (NS) in 1982. Today, much of the former Atlantic, Mississippi and Ohio Railroad remains in service for Norfolk Southern.