1927 PHILLIPPINE RAILWAY COMPANY Stock Certificate RARE & SCARCE!! Panay Railway

Description

This auction is for:
1927 Philippine Railway Company Stock
Certificate
Extremely rare and scarce Philippine Railway stock! Orange, 40 share certificate issued to Maurice Goodman on May 13, 1927. Founded in 1905, with a syndicate of American businessmen including Cornelius Vanderbilt 3rd. See history below. Scarce and impossible to find stock!
In December 1905, a
syndicate
composed of William Salomon and Company,
International Banking Corporation
, Heidelbach, Ickelheimer and Company,
Cornelius Vanderbilt III
,
Charles M. Swift
, H. R. Wilson, and J. G. White and Company was the sole bidder for the right to construct railroads on Cebu, Panay and
Negros
. In 1906, the syndicate was awarded the concession and the
Philippine Railway Company
was incorporated in the state of
Connecticut
,
United States
on March 5, 1906
.
On May 28, 1906, the Philippine government formally passed an act granting the company the concession
.
The company became part of a "Manila syndicate", a collection of Philippine infrastructure companies including the Manila Electric Railway and Light Company, the Manila Construction Company, and the Manila Suburban Railways Company. Later the
Philippine Railways Construction Company
was added.
Construction began on a railroad from Iloilo City to Roxas City in Capiz with crews working from both cities and meeting in the middle in 1907.
[3]
Crews working from the north and south met at the railway track's highest elevation in a flag stop near Passi's border with Dumarao, later called Summit. Operations began immediately upon completion.
In 1937, after three decades of operations, the railroad had not yet earned a profit.
In 1939, three individuals were convicted in a fraud scheme involving bonds from the then Philippine Railway Company. In 1937, bonds in the "sick, sugary-hauling road" were selling for about US and were about to mature apparently worthless. The price of the bonds then rose rapidly to a share because of rumors that the Philippine Commonwealth would buy them for . Philippine Commonwealth President Manuel Quezon denied the rumor and the bonds crashed. The U.S. Securities and Exchange Commission launched an investigation and William P. Buckner Jr. and William J. Gillespie, members of the bondholders protective committee, were convicted of mail fraud and conspiracy. Also convicted of a lesser charge was Filipino Felipe Abreu Buencamino, whip of the Philippine Assembly and confidant of President Quezon, who allegedly received ,000 (equivalent to 2,477 in 2021) to cooperate with the plan.
In 1974, then President Ferdinand Marcos entrusted its ownership, management and operations to Philippine Veterans Investment Development Corporation (PHIVIDEC) under DBP BR No. 3463, s. of 1974 as amended by BR No. 3593, s. of 1974. In consideration of DBP's transfer of the railway to PHIVIDEC and pursuant to a Deed of Assignment dated December 12, 1974, PHIVIDEC issued to DBP shares of stocks worth ₱5 million, PHIVIDEC spun off its transport division and organized a subsidiary corporation, Phividec Railways, Inc. In 1976, DBP extended to Phividec Railways, Inc. a ₱5.500 million Industrial Loan and a ₱4.000 million Guaranty Loan for the rehabilitation of the railroad tracks and acquisition of additional rolling stocks, as well as, major equipment. As security for the subject loan accommodation, Phividec Railways, Inc. mortgaged some of its assets in favor of DBP. On March 8, 1977, Phividec Railways, Inc. mortgaged in favor of DBP certain machinery and equipment located in Iloilo City and parcels of land.
On May 12, 1979, then President Marcos approved the sale of PHIVIDEC's share in the Phividec Railways, Inc. to the Philippine Sugar Commission (PHILSUCOM). This covered the conversion of its ₱45 million DBP loan into equity either in the form of cumulative preferred shares or common shares with defined representation. Pursuant thereto, an agreement to sell 4,200,000 PHIVIDEC shares was entered into on May 25, 1979 by PHIVIDEC and PHILSUCOM, subject among others, the assumption by the latter of the obligations of the former with DBP and to guarantee the payment of such financial accommodations. Thereafter, Phividec Railways, Inc. changed its corporate name to Panay Railways, Incorporated (PRI).
In compliance, thereto, PRI issued stock certificates aggregating to ₱53.727 million on various dates, the latest of which was issued on June 19, 1984. Despite the prohibition contained in the aforementioned Deed of Undertaking, PRI obtained a loan from the Traders Royal Bank (TRB) in the amount of ₱20.000 million and executed a Real Estate Mortgage on April 20, 1982. In July 1985, PRI ceased operation due to mounting losses and cash flow problems.
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PAYMENT AND SHIPPING
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escription details shown above before bidding.
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Shipping within the U.S. is by USPS First Class Mail (.00 for packages weighing 13 ounces or less) – shipping for packages weighing over 13 ounces will be shown on your invoice. If another shipping method is requested, a revised invoice will be sent.
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Combined shipping cost will be offered for multiple items won – please wait for invoice before paying, or if specific shipping method or insurance is requested.
Multiple items will be shipped together in one package; large stocks and bonds may be shipped folded along existing fold lines.
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Items typically shipped within two days of payment.
RETURNS AND GUARANTEE
:
Buyer satisfaction and authenticity of certificate is guaranteed – returns are accepted with 14 days of purchase (buyer pays return shipping cost unless item received is not as described in this listing).
All certificates are originals, I do not sell reproductions. Stocks may have pinholes, tears, etc. Certificate shown is exact certificate you will receive, we don't use stock photos. Stock certificates may give paper cuts, use care when handling. Stock certificates are sold as collectibles only, no actual market value is to be expected.