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Grand Junction Rail Road and Depot Company 1853 - Early Convertible Bond  

Grand Junction Rail Road and Depot Company 1853 - Early Convertible Bond

Product #: granjunrailr

Normal Price: $475.00
Our Sales Price: $395.00

(You Save: 17%)

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PRODUCT DESCRIPTION  
Beautiful certificate from the Grand Junction Rail Road and Depot Company issued in 1853. This historic document has an ornate border around it with wonderful early vignettes of two harbor scenes. This item is hand signed by the company’s president and treasurer and is over 164 years old. 26 coupons attached on bottom.

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Certificate Vignettes


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Certificate


This bond was issued from Boston, Massachusettes. It is a $1,000 Bond with a 6% yield which was convertible into Capital Stock, at par, within 14 years from the date of issue. The certificate looks much nicer than the scan indicates. This is a very interesting certificate and one of the earliest convertible bonds we have seen.

The railroad (full name Grand Junction Railroad and Depot Company) was chartered April 24, 1847 to connect the railroads entering Boston from the north and west with its wharves in East Boston. This was a rechartering of the Chelsea Branch Railroad, incorporated April 10, 1846.

The first section to open was from East Boston to the Boston and Maine Railroad in Somerville, opened in 1849. It began at a huge waterfront yard complex on Boston Harbor, occupying the space east of the Eastern Railroad terminal and west of the Boston, Revere Beach and Lynn Railroad terminal. The line headed north with two tracks (minimum) just east of the Eastern Railroad's line, crossing at-grade and splitting to the west just south of Curtis Street, with a crossover track between the two lines south of the crossing (allowing Eastern Railroad trains from their terminal to use the Grand Junction). In 1905, the Grand Junction Railroad in East Boston was rebuilt into a below-grade two-track line, and the Eastern Railroad line was truncated to just north of the split.

Next the Grand Junction crossed Chelsea Creek into Chelsea. It passed north of downtown Chelsea and through outlying areas of Everett before crossing the Mystic River into Somerville and running along the east side of the Boston and Maine Railroad's main line towards Boston. It soon crossed the border into Charlestown, part of Boston. Just south of Cambridge Street, the Grand Junction junctioned with and crossed the B&M. After crossing the B&M, the extension immediately crossed the Mystic River Branch of the Boston and Lowell Railroad, just before crossing back into Somerville. In Cambridge it crossed under the old B&L mainline (with track connections) and merged with the Fitchburg Railroad.

In March 1852 the line was leased to the Eastern Railroad between the B&M in Somerville and Salem Turnpike (now called Broadway) in Chelsea. The Eastern Railroad, then ending in East Boston, used the line for downtown Boston access, building a cutoff in 1854 from their main line to the Grand Junction in Chelsea, and building a new line splitting from the Grand Junction just west of the B&M and B&L Mystic River Branch crossing and running just west of the B&M into downtown. The Saugus Branch Railroad, bought by the Eastern April 30, 1852, was realigned in 1855 at its south end to feed into the Grand Junction rather than the B&M.

The rest of the line was built in 1856, connecting to the Boston and Worcester Railroad in Allston, now part of Boston. Instead of merging with the Fitchburg Railroad, it continued west along its north side for a bit (passing under the Boston and Lowell Railroad's new alignment) before turning south, crossing the Fitchburg Railroad at-grade onto its own alignment through Cambridge. A track connection was provided with the Fitchburg Railroad, connecting the East Boston-bound Grand Junction to the Fitchburg-bound Fitchburg.

After running through Cambridge along what was once the shore of the Charles River and is now a rough border between the main campus of the Massachusetts Institute of Technology and the rest of Cambridge, the line crossed the river diagonally on a bridge under the Essex Street Bridge (now the Boston University Bridge) and joined with the Boston and Worcester Railroad (after 1867, the Boston and Albany Railroad).

The line was reorganized as the East Boston Freight Railroad in 1862, and the Boston and Albany bought the property in 1869. It passed with the B&A into larger companies - the New York Central Railroad, Penn Central and Conrail. On February 28, 1955 the counterweight fell off the Chelsea Creek drawbridge, taking the bridge permanently out of service; subsequently B&A trains reached East Boston from Chelsea using B&M trackage rights via Revere. B&A service to East Boston ended around 1972.

History from Wikipedia and OldCompany.com (old stock certificate research service)

Product #: granjunrailr

Normal Price: $475.00
Our Sales Price: $395.00

(You Save: 17%)

Qty:
 

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