Sunday, March 30, 2014

Non Missouri and pretty


Sometimes you lose track of your collected pieces. This attractive stock I never listed on my website because I didn't remember buying it. I actually lost the information on where I bought it. It is listed as the only one in Cox. I plan to put it on eBay or trade it for that right piece for my collection.

Sunday, March 23, 2014

A small Missouri stock


It's not the most attractive certificate I own but it is a rare and possible unique. It's the only one listed in Cox (BOO-308-s-30). The company only issued 250 shares of stock making finding examples a daunting task.






History of the road: The Boone County and Jefferson City Railroad Company was incorporated in Jan. 30, 1857 to build a line from Columbia Missouri to the Pacific Railroad at or above Jefferson City. The Civil War delayed any work on the project. The corporation organized on Oct. 5, 1865. Only a few days before the charter expired. The stockholders met on Dec. 16, 1865 and elected D.H. Hickman as president and George C. Pratt as chief engineer. Construction was commenced May 21, 1866 and the road was completed from Centralia to Columbia Oct 29, 1867 a distance of 22 miles.

David Henry Hickman

The capital structure consisted: $12,500 in cash from stock subscription, $200,000 in Boone County subscription in 8 per cent bonds and $300,000 for 8 per cent mortgage bonds.
For a total capital of $512,500.

Before work commenced a contract had been made with the North Missouri Railroad by which the latter was to operate the road and pay the BC & JC one-third of gross earnings from all business going to and from the leased property. The rent was to pay the interest on the mortgage bonds. On Jan. 12, 1869 the North Missouri Railroad ceased to pay rent and the BC & JC could not pay interest on it's bonds. The road was sold in April 23, 1873 under foreclosure for $30,000.

links of interest:

reference:
  • History of Boone County Missouri 1882-Western Historical Co.


Sunday, March 16, 2014

A rare cable car stock

click on image to enlarge

This Missouri company's stock is the only example in Cox. The People’s Cable Railway of Kansas City. For most people when you mention cable cars they think of San Francisco. But the truth is a number of US cities had cable cars. This Kansas City company was charted in March 8, 1887 with a capital stock of $750,000. The line opened for business May 29, 1888. It ran for a distance of 6.8 miles using standard gauge . By 1896 it operated 35 cars.

The company could not pay its obligations and was sold in foreclosure in 1896. A new company was formed the Brooklyn Avenue Railway. This company was purchased in 1899. Electric cars replaced the cable cars in Dec. 1899.
 
Robert Gillham
Engineer Robert Gillham was the designer, builder and for a time the president for the People Cable Railway. He also built two additional Kansas City street rail line. These were the K.C. Cable Railway and the Inter-State Consolidated Rapid Transit. His biography is here.

links of interest: How cable cars work.

reference:
  • Poor's Manual 1891
  • Johnston Electric & Street Directory 1894
  • American Street Railway Investments 1898


      

Sunday, March 9, 2014

A big bond, a big loss for investors


click on image to enlarge
Another Missouri piece added. I prefer to collect stock certificates over bonds mainly because of their size. This is one of the largest bonds I’ve seen 17 inches width by 21 inches in height . With a quantity of six in Cox  it's not common. An interesting piece so I decided to add to my collection even for my preference for stock certificates and it's the only example from this company in Cox.

HISTORY OF THE COMPANY: The bond has  interesting title for a railroad that never reached Illinois or Texas and was a failure  in its home state of Missouri. The history of this corporation started in April 27, 1869 when the company known as the Cape Girardeau & State Line Railroad was chartered. It’s purpose was to build a line from Cape Girardeau Missouri to the Arkansas border. The city of Cape Girardeau voted to take a hundred and fifty thousand dollars worth of the bonds and the township of Cape Girardeau the same amount. With all the bonds sold work began. With mismanagement however, the money was exhausted.

Governor Thomas C. Fletcher
A new plan was purposed to build the road by contract. An agreement was entered with former Missouri Governor Thomas Clement Fletcher (governor 1865-1869) and his business associates to build the road. For their services they were to receive a deed to the roadbed, provided the work was completed by December 1, 1871 a total distance of twenty-five miles. Governor Fletcher then proceeded to organize a company known as the Illinois, Missouri, & Texas Railway and issued bonds in the amount of $1,500,000 secured by mortgages on both companies. The bonds could not all be sold and it was impossible to secure the money to finish the project. A considerable amount of work was done in building bridges and laying ties and building the road bed. All these decayed and the roadbed was washed away by the rains as the project was abandoned for next ten years. 
 
reference:

Sunday, March 2, 2014

A railroad that never was.


       
                                                        click on image to enlarge
One of two listed in Cox. This was a good idea build a line between Warrensburg and Marshall Missouri. A distance of approximately 38.2 miles. A hundred thousand dollars of bonds were issued by the county of Johnston and an additional forty thousand from private investors in the county to help build the railroad. Grading work started and progress 13 miles until no more money could be raised. The project was abandoned.
 Many years of court battles between the county of Johnston and the bond holders followed. In the end the bond holder did better than the owner of the shares. The shares holders received nothing but worthless paper. At least it makes an interesting piece for my collection.


ref: The History of Johnston County Missouri.