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Philadelphia and Reading Railroad Company, letter including condensed balance sheet, August 1840, requesting funds for track completion.
1840 - This letter, from treasurer Samuel Bradford to Messrs. Thomson Hankey & Co., documents a time before The Philadelphia and Reading Railroad Company became one of the most prosperous corporations of its era.Dated August 1840, the letter requests further finance from the London bank as the company seeks to complete work on their track that year. Included in the letter for the bank's consideration is a condensed ledger of the company's finances at the time. Thus we find a detailed look at the financial work involved in the production of the original 93 mile stretch of track at a critical period in the company's emergence. Chartered in 1833, Philadelphia and Reading Railroad Company was one of the first railroad companies in the U.S., and functioned its way into a prominence which lasted for decades. They grew by purchasing neighboring lines and the eventually the anthracite they were initially shipping. Mr. Bradford's personal stamp (S. B.) is present. Attempting to sell bonds to raise money for iron, Mr. Bradford states that when the public sees the track's excellence, the company and bank will have no problem raising any amount of funds, and capitalists will wonder why they didn't invest in 1939. Further, Bradford mentions the company battling libel from Schuylkill Navigation and Lehigh Company. 4pp, 9x11", with old folds. A closed tear in one margin just into text, with small triangle missing from margin. Mailed via the Steamer President from N York September to London, stamped "Liverpool SHM letter, date stamp 30 SP 30 1840, paid stamp, sml wax seal. Dusty on one fold, another sml closed tear repaired.
      [Bookseller: Antipodean Books, Maps & Prints, ABAA]
Last Found On: 2015-07-07           Check availability:      AbeBooks    

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