FOR THE PHILADELPHIA, WILMINGTON & BALTIMORE RAILROAD COMPANY

10 x 5 1/4, imprinted form, filled out in ink. Office of J.E. Thayer & Brother, Tansfer Agents in Boston, For The Philadelphia, Wilmington and Baltimore Railroad Co. By virtue of Warrants to this Agency, we hereby Certify that P.G. Munro is entitled to one Share in the Capital Stock of the Philadelphia, Wilmington and Baltimore Railroad Company, transferable Only on the books, at the Transfer Office in the City of Boston, in person or by Attorney, upon the surrender of this Certificate. In Witness whereof, we have hereunto affixed our signatures, in the City of Boston, Oct. 3, 1864. J.E. Thayer Bro. Twenty five cents George Washington, Internal Revenue tax stamp is affixed to lower left, which has been stamped J.E.T. & Bro., O.[ct] 6, 1864. Light wear and age toning.

The Philadelphia, Wilmington and Baltimore Railroad played an important role during the Civil War. It was heavily used to carry troops and ship supplies for the Union war effort, and was vital as the only direct line running between Philadelphia, New York and Washington.

J.E. Thayer was a very prominent person in the Boston financial district. He helped to establish the Boston Stock Exchange in 1834, and was active in organizing the Boston Board of Trade. J.E. Thayer & Brother was organized in Boston in 1839 when Thayer's younger brother Nathaniel was admitted into the firm. They engaged in a wide variety of banking and brokerage activities.