Monday, April 14, 2014

Not easy to build a bridge

click to enlarge image


I generally collect only uncancelled certificates but I made an exception on this one. Only one listed and the cancellation mark does not mutilate the certificate.

History of the Company:This company was chartered in April 3,1889 to build a toll bridge and terminal for railroads and carriage traffic across the Missouri River. The toll fees were to pay the interest on the bonds and dividend on the stock.The bridge was to span between Jackson and Clay counties in Missouri. The work was to be finished the following year.

The finance as of June 1891 were capital stock of $1,475,000 and a bond debt of $975,000. The bonds were 1st mortgage 6 per cent $500 coupon bonds. Every bond purchased came with 2 1/2 share of stock. Probably my example was from an unlucky bond buyer of this company. The overly optimistic completion date for the project was not met. The road of 8 miles was finished but the bridge was not when the company fell into the control of receivers in August 1891. The bridge was still uncompleted when the company was sold in foreclosure in 1893 to the Kansas City and Atlantic Railroad.

reference:
  • Evening Transcript Nov. 21, 1889
  • Poor's Manual of Railroads 1891
  • Poor's Manual of Railroads  1893
  • Poor's Manual of Railroads 1895

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