Canada Southern Railway - 1893 dated Canadian Railroad Stock Certificate - Green Rare Type

Superb engraving by National Bank-Note, NY. The Canada Southern Railway (reporting mark CASO), also known as CSR, was a railway in southwestern Ontario, Canada, founded on February 28, 1868 as the Erie and Niagara Extension Railway. Its name was changed to Canada Southern Railway on December 24, 1869. The 1868 Act specified that it was to be constructed at a broad gauge of 5 ft 6 in (1,676 mm), but that requirement was repealed in the 1869 Act, thus allowing construction at the standard gauge of 4 ft 8+1⁄2 in (1,435 mm). The railway was leased to the Michigan Central Railroad (MCR) for 99 years in 1883; in 1929 it was subleased to the New York Central Railroad (NYC). Its successors Penn Central (formed 1968) and Conrail (formed 1976) later exercised control before being sold to CN/CP in 1985. The line was originally conceived by Kenyon Cox (brother of Jacob Dolson Cox, Governor of Ohio), Daniel Drew, Sidney Dillon and John F. Tracy to connect with the Wabash Railroad and establish a railway network extending from Lake Erie to the Mississippi River. The Panic of 1873 was responsible for the failure of several large railroads in North America, together with their financial backers. In addition to the CSR, the Missouri, Kansas & Texas Railroad, Northern Pacific Railroad, Chesapeake & Ohio Railroad and New York and Oswego Midland Railroad were also affected.

The CSR's banker, Kenyon, Cox & Co. (of which Drew was general partner) failed, and its bonds were subsequently protested, although some observers felt that the move was unnecessary. CSR subsequently became insolvent, as it was unable to redeem the bonds. Within two years, it was taken over by the railroad magnate Cornelius Vanderbilt at essentially no cost other than taking on the guarantee of them. When Cornelius died in 1877, his son, William Henry Vanderbilt, became head of the Vanderbilt railroad empire. The younger Vanderbilt took steps to separate the various railroad properties he controlled. On 1 January 1883, the New York Central Railroad (NYC) was able to lease the CSR to another Vanderbilt railroad company, the Michigan Central Railroad (MCR), on a 21-year renewable term. Vanderbilt, who owned all three companies, ensured that each one operated independently, through its own autonomous president and board of directors. In 1929, MCR subleased CSR to NYC, its parent company. Read more at https://en.wikipedia.org/wiki/Canada_Southern_Railway

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