|Stock / Share Certificates|
Archives International Auctions / AIA Sale 58 - SESSIONS 1 & 2 - U.S., Chinese & WW Banknotes, Scripophily, Coins and Security Printin - 08/04/2020 / Coins & Paper Money / Stock & Bond - Certificates / Lot 1190
Hudson & Manhattan Railroad Co., 1907 Specimen Bond - New York & New Jersey. $1,000 Specimen 4 1/2% 1st Mortgage Gold Coupon Bond, Black print on green border and under tint, Cutaway side view of subway under Hudson River at top, Specimen overprints and POC's, VF-XF condition, ABNC. The routes of the PATH system were originally operated by the Hudson & Manhattan Railroad (H&M). The railroad's Uptown Hudson Tubes first opened in 1908, followed by the Downtown Hudson Tubes in 1909, and the system was completed by 1911, with 16 stations. The H&M system had reached its peak in 1927, with 113 million passengers, and soon started to decline with the advent of vehicular travel. In 1937, two new stations in Harrison and Newark were built, replacing three existing stations. Two other stations in Manhattan were closed in the mid-20th century. The H&M went into bankruptcy in 1954. It operated under bankruptcy protection until 1962, when the Port Authority took it over and renamed it PATH-Port Authority Trans-Hudson.