Lot 1517: MAXWELL LAND GRANT AND RAILWAY
29 October 2016
Brussels, BelgiumLive Auction
Description: June 1870 NEW MEXICO. 7% Bond of £100=1200 Dutch Guilders. brown, black. No 2754. Heavy folds with some splits, repaired. Allegorical vignette of a lady 'Agriculture'. Formed in London 1870, to buy a vast area of land in new Mexico from Lucien Bonaparte Maxwell ; the company collapsed within 10 years, but was reorganised, with involvement in mining, timber, coal and much else, mostly in New Mexico and Colorado. Maxwell, who started out as a frontier hunter, was the largest individual landowner in US history, owing over 1,800,000 acres in the area which later became the state of New Mexico. A bond series was issued amounting to £700,000 (7000 x £100). The land grant, an amazing 1,800,000 acres, including all mines, farms, mills, etc., formed the security for this bond issue. Interestingly, this bond was probably hardly sold in the US since it is expressed in British pounds and Dutch Guilders and the interest was payable in London and Amsterdam, and not in the US. Signed by Thomas Scott as trustee and William J. Palmer as President. The latter was a Union Brigadier Generalin the Civil War and a prominent Western U.S. narrow gauge developer who founded Colorado Springs. Extremely rare bond of a very important railway annex land grant. Rarity 9.
Condition Report: F-VF