Robert Schuyler signed Illinois Central Rail-Road Co. - 1851 dated $1,000 Autograph Railway Bond
Inv# AG2714 Bond
$1,000 6% Bond signed by Robert Schuyler as President of the Illinois Central in 1851. It is interesting to note that Abraham Lincoln represented the Illinois Central in the 1850's as their attorney. Important!
Robert Schuyler, a prominent 19th-century American financier and railroad magnate, rose to prominence in the early 19th century. Born into the esteemed Schuyler family, he was the grandson of General Philip Schuyler and the nephew of Alexander Hamilton. Renowned for his social and financial respectability, Schuyler became a symbol of Wall Street’s elite. During his peak, he held the esteemed position of president of five different railroads simultaneously, including the New York and New Haven Railroad and the Illinois Central.
However, his reputation was tarnished in 1853 when it was revealed that he had exploited his position as the sole transfer agent of the New York and New Haven Railroad to issue thousands of shares of unauthorized “bogus” stock. To conceal his fraudulent activities, Schuyler meticulously maintained three separate sets of books and embezzled over $137,000. When the truth came to light, he fled to Europe, leaving behind a shattered reputation and a financial panic that deeply eroded public trust in the rapidly growing railroad industry. The consequences of his actions were severe, and he spent the remainder of his life in exile, passing away in France in 1855.
Chartered in 1851, the Illinois Central Railroad (IC) was a pioneering force in American infrastructure, serving as the inaugural federal land-grant railroad in the United States. Often referred to as the “Main Line of Mid-America,” its primary objective was to connect the southern tip of Illinois at Cairo to the northwest corner at Galena, with a crucial branch extending to the rapidly growing city of Chicago. The project was championed by influential figures such as Senator Stephen Douglas and lawyer Abraham Lincoln. Upon its completion in 1856, the IC held the distinction of being the longest railroad in the world. Beyond its primary transportation function, the IC played a significant role as a substantial colonization agent, selling millions of acres of land to settlers and European immigrants. This transformation led to the transformation of the Illinois prairie into a thriving agricultural and industrial hub.
Throughout the 20th century, the IC expanded its reach, eventually establishing a primary north-south corridor that connected the Great Lakes to the Gulf of Mexico. The railroad gained notoriety for its prestigious passenger trains, including the Panama Limited and the City of New Orleans. The latter train became immortalized in folk music. In 1972, the company merged with the Gulf, Mobile & Ohio to form the Illinois Central Gulf (ICG). However, in 1988, the company reverted to its original name after spinning off several of its east-west lines. The railroad’s independent era concluded in 1999 when it was acquired by the Canadian National Railway (CN) for approximately $2.4 billion. Despite this acquisition, the railroad’s legacy continues to be an integral component of the modern North American rail network.
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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