| Type | Bond |
|---|---|
| Represented Quantity | 1 |
| Nominal | 1000 US-$ |
| Coupon Rate | 6% |
| Place of Issue | Connecticut, United States of America |
| Date of Issue | September 1, 1916 |
| Printing Firm | American Bank Note Company |
| Language | English |
| Year of Acquisition | 2016 |
| Condition | EF |
Description
The Palma Sugar Company was incorporated in 1903 in Connecticut (which was an unusual choice). The short-lived company owned the Palma mill in the Oriente province of Cuba. In 1916 the company invested heavily in expansion and over-extended itself. Unable to meet its financial obligations by 1918 the mill ended up being controlled by its largest creditor - the West India Sugar Finance Corp. As a result of the expansion the mill became one of the largest in Cuba and survived the revolution and may still be operating today.
Quite typical design for this first mortgage gold bond. The vignette shows an archaic ox-cart and unsually no one working with it. Stamped “Specimen” and punchholes. 00000-numbered.
This was the bond issue that broke the company…