Philadelphia Baltimore and Washington Railroad $10,000 bond 1924 (Pennsylvania)

Nice RR bond. Bust vignette of a man believed to be the the company's first president. Unissued and not cancelled.  Dated 1924 in the text. Typical folds from storage (1 vertical).  Approximately 13.5 x 9 inches. 

The Philadelphia, Baltimore, and Washington Railroad (PB&W) was a railroad that operated in Pennsylvania, Delaware, Maryland, and the District of Columbia from 1902 until 1976. A key component of the Pennsylvania Railroad (PRR) system, its 131 miles of main line ran between Philadelphia and Washington.  The PB&W main line is now part of the Northeast Corridor, owned by Amtrak.

The railroad was formed in 1902 when the Pennsylvania Railroad merged two of its southern subsidiaries, the Philadelphia, Wilmington and Baltimore Railroad and the Baltimore and Potomac Railroad. In 1907, the PB&W became a co-owner of the new Washington Terminal Company, which operated the new Washington Union Station.

The PB&W acquired six railroad companies:

• 1906: South Chester Railroad
• 1913: Baltimore and Sparrow's Point Railroad
• 1916: Philadelphia and Baltimore Central Railroad
• 1916: Columbia and Port Deposit Railway
• 1916: Elkton and Middletown Railroad
• 1956: Pittsburgh, Cincinnati, Chicago, and St. Louis Railroad

In 1968, Pennsylvania Railroad and its longtime rival New York Central Railroad merged to form the Penn Central Railroad. The PB&W remained a separate legal entity, although controlled and operated by the new company. The Penn Central declared bankruptcy in 1970 but continued to operate trains until 1976, when the company's railroad assets were sold under the Railroad Revitalization and Regulatory Reform Act. Under the new law, Congress authorized the sale of the PB&W right-of-way between Philadelphia and Washington, and related assets (Washington Terminal Company), to Amtrak. Other PB&W assets, including almost all the PCC&StL (Pan Handle), were sold to the new Consolidated Rail Corporation (Conrail).

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