1871 Lake Ontario Shore Railroad Town of Oswego New York Interest Bond Coupon - NY Railroad Bond - 1871/1883 LOSRR $17.50 Interest Coupon

This listing is for the photographed 1871 Lake Ontario Shore Railroad Oswego, NY $17.50 Interest Coupon from a $500 Railroad Bond. This coupon was cut from a 500 dollar interest bond from the LOSRR. The complete bond originally included 25 coupons such as these that could each be redeemed for $17.50. The coupons had to be redeemed for their value plus 7% interest on or before April 1883. The bonds were issued and could only be redeemed in a town on the railroad line, in this case the town is Oswego, New York. This coupon was redeemed, having two punch holes near the signature on the coupon. Extremely Fine (XF) grade/condition, some visible folds and other signs of circulation. Clipped coupons from railroad bonds such as this one are rarer finds than the larger interest bond document, making this an excellent addition to any collection!

The Lake Ontario Shore Railroad (LOSRR) was chartered to be built from Suspension Bridge, NY to Oswego, NY in 1858. The Lake Ontario Shore Railroad Company was founded in Oswego, NY in 1868 in an attempt to fund railroad construction and operation. Construction of the railroad began in August of 1871, with the first lines opening to passengers in 1873. Unfortunately, despite funding from railroad bonds issued from the towns along the rail line, the LOSRR experienced financial struggles beginning soon after their opening, likely due to competition from neighboring rail lines in the area. The lines construction only got to Kendall, NY before the LOSRR foreclosed and was sold to the Rome, Watertown, and Ogdensburg Railroad in 1874. 

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1871 Lake Ontario Shore Railroad Town of Oswego New York Interest Bond Coupon - NY Railroad Bond - 1871/1883 LOSRR $17.50 Interest Coupon