LOS ANGELES CONSOLIDATED ELECTRIC RAILWAY COMPANY $1000 GOLD BOND. California.
LOS ANGELES CONSOLIDATED ELECTRIC RAILWAY COMPANY $1000 GOLD BOND

LOS ANGELES CONSOLIDATED ELECTRIC RAILWAY COMPANY $1000 GOLD BOND

Number 9 of 3,000 possible $1,000 gold bonds issued in 1890 and signed by Moses Sherman, the railway company’s president, who is also the namesake for the community of Sherman Oaks, which he helped establish. Following his successful land developments in Arizona, Sherman moved to Los Angeles in 1890 and founded the Los Angeles Consolidated Electric Railway in downtown Los Angeles. He received a 50-year franchise from the city and sold the six percent bonds to help build his streetcar railroad, which bolstered his real estate investments. He made millions in his land deals and sold the electric railway company in 1904 to Henry Huntington for a reported $6 million.

This lithograph document was printed in black and green by the H.S. Crocker Company on off-white parchment, with an ornate terracotta border around an engraved vignette of operating machinery and a railway car. Attached to the bond are one full sheet and a partial sheet of redemption coupons. The bearer was to cut out the interest coupons and redeem them on a specific date at the Bank of California in San Francisco for $30 in gold coins. A stamped cancellation indicates that $402.27 of principal had been paid from the proceeds of the sale of property serving as security for the bond.

The bond and coupon sheets (11” x 17 ¾”) are gathered along the top edge with brown cloth tape. Folded in half, likely as issued, and especially crisp and clean. Item #73900

Price: $300.00

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