1858 ALS by Allegheny Valley Railroad president and Pennsylvania governor, William F. Johnston

Pittsburgh, January 11, 1858. [2]pp. Quarto. Bifolium. Folds; paper residue on verso of final leaf, not affecting legibility; very good.

Letter from the president of the Allegheny Valley Rail Road Co. and former Pennsylvania governor, William F. Johnston, discussing interest payments on AVRR bonds and concern with the money market. Johnston urges his correspondent, J.B. Stubbs, M.D., to hold firm:

"In the present condition of the money market, I do not suppose Rail road bonds of any kind, could be sold at their value. From the fact that the interest has been paid, you can form yr. own estimate of value. The County of Allegheny open'd a judgment of satisfaction to the Stock of AVRR Co. bonds to the amount of $750,000, the Company agreeing to pay interest Do. [of same] For the first year or so, the company paid the interest, but finding its inability to continue to do so, informed the Commissioners of the fact, who thereafter paid the interest Coupons for a year.... I do not doubt, for myself, the eventual liability of the County. Until the question is settled on some form I would not, if I were the holder of any of these bonds, dispose of them at any very large sacrifice. Please consider this letter 'private.'"

From 1848 to 1852, Johnston served as the eleventh governor of Pennsylvania and was a supporter of various railroad and canal construction projects. "Johnston re-entered private life in Kittanning in successful businesses of iron manufacturing, salt boring, extracting oil from bituminous shales, refining petroleum, and as president of Allegheny Valley Railroad built between Kittanning and Pittsburgh. In 1856, he was nominated by the North American Party to run for vice president on a ticket with John Fremont, but decided to withdraw..."¹

Note. 1. Governor William Freame Johnston | PHMC > Pennsylvania Governors [Pennsylvania Historical & Museum Commission] accessed online.