Kalamazoo and Schoolcraft Rail Road Co. - 1860's-70's circa Michigan Railway Stock Certificate
Inv# RS5508 Stock
Unissued Stock printed by Gazette Steam Print. Clipped corners but otherwise nice. On June 9, 1866, the Kalamazoo and Schoolcraft Railroad was established in Michigan. Its charter permitted the construction of a 14-mile (23 km) railway from Kalamazoo to Schoolcraft, which was completed on May 3, 1867. Following the completion of the Schoolcraft and Three Rivers line on the same day, the railway extended from Kalamazoo to White Pigeon, reaching the Indiana border. The Kalamazoo and White Pigeon Railroad was created on August 14, 1869, through the merger of the expanded St. Joseph Valley Railroad and the Kalamazoo and Schoolcraft Railroad.
On October 1, 1869, the Lake Shore and Michigan Southern Railway (LS&MS), formed from the merger of the Michigan Southern and the Cleveland, Painesville and Ashtabula Railroad on April 6, 1869, leased the K&WP indefinitely. The lease required LS&MS to take over the K&WP's debt and acquire its equipment at market value. In 1877, the New York Central and Hudson River Railroad gained a controlling interest in the LS&MS. Subsequently, on April 29, 1914, the restructuring and refinancing of the New York Central and Hudson River resulted in the dissolution of all subsidiary companies, leading to their integration into the newly formed New York Central Railroad. The K&WP officially merged into the New York Central on January 1, 1915.
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.
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