This $1000 GBW&StP second-mortgage bond carried an 8% interest rate.

The Green Bay, Winona & St. Paul Railroad purchased the assets of the bankrupt Green Bay & Minnesota on January 20, 1881.  The purchase was funded with $10 million in stock, $1.6 million in a first mortgage at 6% and $3.8 million in a second mortgage at 8%.

Actual business did not match the optimism of the new railroad; in January 1885 the GBW&StP defaulted on interest payments.  The railroad floated in and out of of receivership throughout the 1880s.  In 1895 a lawsuit by a holder of five shares of GBW&StP stock brought the railroad to its knees and the railroad was forced into bankruptcy, emerging as the Green Bay & Western the following year.