Death Valley Railroad Co., 1914, I/U Sterling Coupon Bond Rarity

Currency:USD Category:Coins & Paper Money / Stock & Bond - Certificates Start Price:450.00 USD Estimated At:600.00 - 1,200.00 USD
Death Valley Railroad Co., 1914, I/U Sterling Coupon Bond Rarity
500.00USD+ buyer's premium + applicable fees & taxes.
This item SOLD at 2023 May 23 @ 17:49UTC-4 : AST/EDT

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Death Valley, California (Offices in Oakland, CA), ND (ca.1915). £100 I/U, 5% First Mortgage Sinking Fund Coupon Bond, Black on red border and underprint, Side view of locomotive L-R at top center, gold foil seal at lower left, coupons attached, S/N 753, VF condition with light toning, NYBNC. Rare bond with popular name. The Death Valley Railroad connected Ryan, California to the Tonopah & Tidewater Railroad at Death Valley Junction. The line followed a path that ran just south of present-day CA-190 from the Junction. In the early 1910's, the ore industry was in decline, and the numerous railroads that were built to tap into this industry required a change in business operations if they were to survive. To that end, in 1914, the Pacific Coast Borax Company began attempting to scout the area around Furnace Creek, CA for richer borax deposits. Once they found some a bit west of their existing mines, plans were put forward to build a narrow gauge railroad from the new mines to connect with the Tonopah & Tidewater Railroad at Death Valley Junction to ship the borax away for processing and packaging. By the end of 1914, the line was built and known as the Death Valley Railroad. This is the first time we have seen and offered this amazing bond.