Aurora, Elgin and Chicago Railroad Co. - $1,000 Railway Gold Bond dated 1901
Inv# RB7305 Bond
$1,000 5% Gold Bond printed by Western Bank Note Co. Several coupons remain.
The first known attempt to create an electric railway between the metropolis of Chicago and the Fox Valley settlement of Aurora was in late 1891. By this time, passengers in Aurora and Elgin were served by steam engines. Elgin was served by the Milwaukee Road, Geneva and West Chicago served by the Chicago and North Western Railway, St. Charles served by the Chicago Great Western, and Aurora was served by the Chicago, Burlington and Quincy (CB&Q). However, it was thought that an electric line would greatly facilitate interurban travel, as there would be no freight trains to slow passenger trains. A group of investors founded the Chicago & Aurora Interurban Railway with a $1 million investment. However, the railroad was unable to secure additional funds; it failed to meet an 1893 construction deadline and effectively ceased operation thereafter. A second attempt came two years later with the Chicago, Elgin & Aurora Electric Railway.
Plans called for the railroad to run through Turner (now West Chicago), Wheaton, and Glen Ellyn. Like its predecessor, the railroad failed to acquire the necessary funds for construction. Yet another group incorporated the DuPage Interurban Electric Railway in 1897, but was met with a similar fate. Small electric lines opened in the 1890s that connected the municipalities of the Fox River Valley. A profitable streetcar railway stretched from Aurora north to Carpentersville. The success of this railway inspired investors to again attempt an electric connection to Chicago. A group led by F. Mahler, E. W. Moore, Henry A. Everett, Edward Dickinson, and Elmer Barrett formed independent railway lines that were projected to stretch from Aurora and Elgin to Chicago. These two companies were incorporated on February 24, 1899. The Everett-Moore group was Ohio's largest interurban railroad company and had experience administrating several lines around Cleveland, most notably the Lake Shore Electric Railway. These two companies, the Aurora, Wheaton & Chicago Railway and Elgin & Chicago Railway, were incorporated on February 24, 1899. Read more at https://en.wikipedia.org/wiki/Chicago_Aurora_and_Elgin_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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