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Florida Railroad Company Eight Per Cent. Free Land Bonds. These Bonds are in sums of $1000 each to bearer, redeemable in the City of New York on the 1st March, 1891, with Coupons attached, also payable in the City of New York, on the 1st of March and 1st September. 1st. They are secured by a first and only Mortgage and Deed of Trust to Jas. T. Soutter, Esq., President Bank Land, situated within 15 miles of the line of the road, donated by the State of Florida and the Federal Government; and also on about 3000 Acres, situated in the towns of Fernandina and Cedar Keys, the eastern and western termini of said road, comprehending all the water front of both ports. Those lands and lots can only be sold by the Trustees. 2d. By a sinking fund, created by an annual installment of one per cent. on the amount of Bonds issued. 3d. By a second Mortgage upon the Road and its equipments and franchises-the first lien being for $10,000 per mile. The Trustees, in default of payment of principal or interest, to an amount equal to one year's interest, have power to take possession of the Roadway, its Depots, Stations, Franchises and Equipments, without any judicial or other preliminary process whatever, and sell, lease or otherwise dispose of the same, as may in their discretion be most advantageous to the Bondholders. At Fernandina the Company owns, clear of all incumbrance [sic], the whole site, some 3,000 Acres, and including the whole water front of the harbor. The harbor is one of the finest south of New York, and has four feet more water than Charleston. At Cedar Keys the Company owns, also without any incumbrance [sic], the whole available water front, and all the land adjacent, comprising several hundred acres. Both these locations are admirably suited for commerce, and are healthy and of delightful climate. The lands consist in part of Sugar and Cotton lands, and part of Lumber and Naval Store lands, chiefly the latter. The Sugar lands are of high value. The Cotton lands are all very valuable, producing the long staple or Sea Island Cotton, very abundantly and profitably. The Bonds are receivable at par in the purchase of these lands, and for the town lots at their appraised value. The entire amount to be issued of these Bonds is $1,500,000. The whole road is under contract, to be completed by first of October next, (viz: 1857.) Forty miles are ready for iron, and grading progressing upon the next section. All the bridges required on the road are completed, and a locomotive is now running over the principal one. The iron for fifty miles has been received, and is being rapidly laid. A large wharf for the Company has been built at Fernandina, with a depth of 22 feet at low tide.
Subject - Corporate
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Florida Railroad Company bond prospectus. 1856 (circa). State Archives of Florida, Florida Memory. <https://www.floridamemory.com/items/show/212418>, accessed 4 December 2020.
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Florida Railroad Company bond prospectus. 1856 (circa). State Archives of Florida, Florida Memory. Accessed 4 Dec. 2020.<https://www.floridamemory.com/items/show/212418>.
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