Lancaster Development Company stock certificate c1902 (Pennsylvania)

Great area developer piece with no vignette but significant local history. Unissued and not cancelled.  Circa 1902 from early issued examples. Dated 190_. Approximately 9 x 7 inches. 

Lancaster Development Company was chartered in May, 1902—authorized capital $60,000.00, divided in l,200 shares of $50.00 each. Only $12.50 per share or $15,000.00 was paid into the Treasury, the balance of money required was borrowed on mortgage and notes of the Company.

The primary object of the incorporators was to secure land having railroad facilities and holding the same for manufacturing and building sites at fair and reasonable prices. The matter of financial profit to the stockholders was of secondary consideration.

The original Board of Directors and officers were as follows: Richard M. Reilly, President; M. T. Garvin, Vice President; Allan A. Herr, Secretary and Treasurer; Paul Heine, P. T. Watt, H. S. Williamson, Chas. A. Fondersmith.

The Company purchased in all about 148 acres of land costing approximately $95,000.00; built a sewer system costing $10,700.00; laid water mains costing $7,800.00, and opened and graded nearly 3 miles of streets. Two successful lot sales were held and the following industries have been located on the lands sold by the company: The great Armstrong Linoleum Plant, The Lancaster Steel Products Co. later owned by the General Motors Co., The Sterling Plant of the Bearings Co. of America, The General Products Co., The Sherrick-Shope Brick Co., The Lancaster Duntile Co., The Atlantic Refining Co., a large coal and lumber yard and a planing mill.

In addition to the above there are 113 substantial brick dwellings supplied with water and sewage facilities and a Public School House

Lancaster, PA, was founded in 1709 as "Hickory Town" by German immigrants and officially named after Lancaster, England by John Wright in 1729. It was the temporary capital of the United States from September 27, 1777, during the Revolutionary War and served as the capital of Pennsylvania from 1799 to 1812. Today, it is known as the "Red Rose City" and is famous for its rich Pennsylvania Dutch (Amish) heritage and role in the Underground Railroad.

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