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Related Collections 鈽

Railroads

Pennsylvania Railroads

Pittsburgh & Lake Erie Railroad

New York Central Railroad

Penn Central

Pittsburgh

Pennsylvania

Pittsburgh and Lake Erie Railroad Company

SKU: 658
Pittsburgh and Lake Erie Railroad Company Stock Certificate
Pittsburgh and Lake Erie Railroad Company Stock Certificate

Pittsburgh and Lake Erie Railroad Company

SKU: 658
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Images are representative of the piece you will receive



Guaranteed authentic



Over 50 years old



Common stock



1960's



Issued, canceled



American聽Bank Note Company



Machine printed signatures



12" (w) by 8" (h)



NA

The Pittsburgh and Lake Erie Railroad was the creation of William McCreery, a prominent Pittsburgh businessman, merchant, and railroad builder. McCreery had suffered at the hands of Pennsylvania Railroad in a business that had a loss or failed. The Pennsylvania Railroad at the time used discriminatory rates which became a hot issue in Pittsburgh. On May 11, 1870 McCreery and ten other people filed Articles of Association with Pennsylvania Secretary of State. The stated length of the railroad was for 57 miles.

After 2 years the starting group was not very successful at raising the required funds and in 1877 many of the directors were succeeded by a new group of Pittsburgh businessmen. The new group was James I Bennett, David Hostetter, James M. Baily, Mark W. Watson, and James M. Schoonmaker, all influential.

In the spring of 1877, the first rails were laid down in Beaver Falls, which had the largest population other than Pittsburgh. The other reason for this was around February 1877 Jacob Henrici of the Harmony Society had business there. Henrici would also become a director in 1877.

On July 6, 1877, McCreery resigned and Bennett was elected to president with Jacob Henrici becoming a director. Henrici was the key due to his Harmony Society ties which was a communal religious group founded in 1805. In 1880, William Henry Vanderbilt's Lake Shore and Michigan Southern Railway bought stock to the tune of $200,000 in the P&LE. The P&LE would stay in the Vanderbilt's New York Central system until Conrail. Also in 1877, an agreement between the P&LE and the Atlantic & Great Western (Erie) and the Lake Shore and Michigan Southern Railway was reached for routing traffic at Youngstown, Ohio. The final track laying between Pittsburgh and Youngstown was on January 27, 1879.

At the opening in 1879, the P&LE was a poorly built, single track line. Fortunately for the railroad it was an immediate success and money was soon available for improvements.

In 1881, the P&LE became linked with the notorious South Pennsylvania Railroad (South Penn). This would lead to William Henry Vanderbilt to control of the P&LE as a link in the South Penn and the building of the Pittsburgh, McKeesport and Youghiogheny Railroad. The South Pennsylvania Railroad was planned to connect to the PM&Y.

Vanderbilt did this by buying Henry W. Oliver's and the Harmony Society's stock in the P&LE. Then Vanderbilt, aided by Andrew Carnegie, advanced the PM&Y all of the funds to build to Connellsville, Pennsylvania and then lease it to the P&LE for 99 years. The PM&Y in the end was the only part of the South Penn that was built, but it would be an important part of the P&LE. The PM&Y opened in 1883 and leased to the P&LE in 1884. Concurrently in 1883, to get the P&LE ready for the expected new business due to the South Penn linkage, the McKees Rocks shops were built.

The company came under more formal control in the 1887 by the New York Central Railroad. Lake Shore and Michigan Southern Railway's president, John Newell, took over as president of the P&LE in 1887. Under Newell, Reed and Colonel Schoonmaker; the P&LE would become the "Little Giant". From 1887 to 1927, the P&LE would become a heavy duty railroad, with double track all the way from Pittsburgh to Youngstown. The P&LE operated as an independent subsidiary, even after New York Central and Pennsylvania Railroad merged to form Penn Central.

The making of coke in Connellsville had been a big part of P&LE traffic, but by the early 20th century it had lessened. The development of by-products distillation processing of coke had moved to the Pittsburgh area. The P&LE then extended up the Monongahela River to Brownsville, Pennsylvania in 1901. The Pennsylvania Railroad at the same time had extended to Brownsville. Both the PRR and the P&LE had plans to extend even further up the river into West Virginia coke fields. Most likely due to the South Penn, they decided to work together by using the Monongahela Railway.

The Monongahela Railway then was extended south to Martin, Pennsylvania reaching the Kondike Coke fields. Later in 1915 it reached Fairmont, West Virginia.

When Conrail was formed, the Pittsburgh and Lake Erie Railroad again became an independent company because P&LE was owed $15.2 million by Penn Central, and operated as such until its merger into CSX Transportation (CSX).

Are the certificates offered on your site genuine or reproductions?

All of our pieces are genuine - we do not sell reproductions. If you ever find out that one of our pieces is not authentic, you may return it for a full refund of the purchase price and any associated shipping charges.

All of our pieces are genuine - we do not sell reproductions. If you ever find out that one of our pieces is not authentic, you may return it for a full refund of the purchase price and any associated shipping charges.

Are the certificates you sell negotiable on any of today's stock markets or indexes?

Certificates carry no value on any of today's financial indexes and no transfer of ownership is implied. All items offered are collectible in nature only. So, you can frame them, but you can't cash them in!

Certificates carry no value on any of today's financial indexes and no transfer of ownership is implied. All items offered are collectible in nature only. So, you can frame them, but you can't cash them in!

Are the images presented in your product listings of the exact piece I will receive?

It depends. We try to present images of the exact piece you will receive whenever possible. However, when we are offering quantities of a piece, this is impossible. Within every product page we detail whether or not you will be receiving the exact certificate listed, or if the image is a representative example of the one you will receive.聽聽

It depends. We try to present images of the exact piece you will receive whenever possible. However, when we are offering quantities of a piece, this is impossible. Within every product page we detail whether or not you will be receiving the exact certificate listed, or if the image is a representative example of the one you will receive.聽聽

How will you ship my order and how much do you charge?聽

We ship all orders via the United States Postal Service.聽Most domestic orders are shipped via Ground Advantage.聽USPS International, Priority and Express Mail, UPS and聽DHL services are also available, and costs are calculated during checkout.聽Current charges may be reviewed here.

We ship all orders via the United States Postal Service.聽Most domestic orders are shipped via Ground Advantage.聽USPS International, Priority and Express Mail, UPS and聽DHL services are also available, and costs are calculated during checkout.聽Current charges may be reviewed here.

Can I return my purchase?聽

Absolutely. You may return any merchandise, for any reason, within 30 days of the purchase date for a full refund of the purchase price.

We guarantee all of our pieces to be authentic. If you ever determine that a piece is not authentic, it may be returned for a full refund of the purchase price as well as any associated shipping charges.

Absolutely. You may return any merchandise, for any reason, within 30 days of the purchase date for a full refund of the purchase price.

We guarantee all of our pieces to be authentic. If you ever determine that a piece is not authentic, it may be returned for a full refund of the purchase price as well as any associated shipping charges.

Do you buy stocks and bonds?

Yes. We purchase old stocks and bonds as collectible pieces. Feel free to contact us or use our chat system to let us know what you have. We will get back to you as soon as we can!

Yes. We purchase old stocks and bonds as collectible pieces. Feel free to contact us or use our chat system to let us know what you have. We will get back to you as soon as we can!

Do you research stocks and bonds to determine if they are still negotiable?

No we do not. You would need to have a firm that specializes in such a search to determine if your stock or bond remains negotiable. We buy and sell stocks and bonds as collectible pieces only.

No we do not. You would need to have a firm that specializes in such a search to determine if your stock or bond remains negotiable. We buy and sell stocks and bonds as collectible pieces only.

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