Michigan Central Railroad Co. issued to Cornelius Vanderbilt Jr. - 1885 dated $5,000 Railway Bond
Inv# AG1883 Bond
$5,000 5% Bond printed by American Bank Note Co., New York. Issued to Cornelius Vanderbilt. Not signed. (1843-1899) Noted Financier and Head of the House of Vanderbilt in the third generation. He was the favorite grandson of Cornelius Vanderbilt, who left him $5 million, and the eldest son of William Henry Vanderbilt, who left him close to $70 million. In his turn he succeeded them as head of the New York Central and related railroad lines in 1885.
He had a reputation as something of a workaholic, though a stroke in 1896 compelled him to reduce his active business involvement. Though retired from active control he took an advisory role in the many properties in which he, and the family, had made investments. Regarded as a capable and conservative railroad manager, and a splendid accountant; mastering the intricacies of the banking system during his association with the Shoe and Leather Bank of New York.
Cornelius "Corneil" Vanderbilt II (November 27, 1843 – September 12, 1899) was an American socialite and a member of the prominent United States Vanderbilt family. He was the favorite grandson of Commodore Cornelius Vanderbilt, who bequeathed him $5 million, and the eldest son of William Henry "Billy" Vanderbilt (who bequeathed him about $70 million) and Maria Louisa Kissam. In his turn, he succeeded them as the chairman and the president of the New York Central and related railroad lines in 1885. Cornelius Vanderbilt II was born on November 27, 1843, on Staten Island, New York to William Henry Vanderbilt (1821–1885) and Maria Louisa Kissam. Vanderbilt established a reputation for a strong work ethic while clerking at the Shoe and Leather Bank in New York City. This endeared him to his grandfather, the 'Commodore,' who was a strong believer in personal industry. Vanderbilt was active in numerous organizations, including the Saint Nicholas Society of the City of New York, YMCA, Red Cross, Salvation Army, Trinity Church, St. Bartholomew's Church, Sunday Breakfast Association, and the Newport Country Club. Read more at https://en.wikipedia.org/wiki/Cornelius_Vanderbilt_II
The Michigan Central Railroad (reporting mark MC) was originally incorporated in 1846 to establish rail service between Detroit, Michigan, and St. Joseph, Michigan. The railroad later operated in the states of Michigan, Indiana, and Illinois in the United States and the province of Ontario in Canada. After about 1867 the railroad was controlled by the New York Central Railroad, which later became part of Penn Central and then Conrail. After the 1998 Conrail breakup, Norfolk Southern Railway now owns much of the former Michigan Central trackage. At the end of 1925, MC operated 1871 miles of road and 4139 miles of track; that year it reported 4304 million net ton-miles of revenue freight and 600 million passenger-miles. Read more at https://en.wikipedia.org/wiki/Michigan_Central_Railroad
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.
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