$1,000 Bond City of New York dated 1960's-70's - For Rapid Transit Railroad Purposes - Indian Vignette
Inv# RB5625 Bond
$1,000 Red-Orange Bond. Printed by American Bank Note Company. Rapid transit or mass rapid transit (MRT), also known as heavy rail, metro, subway, tube, or underground, is a type of high-capacity public transport generally found in urban areas. Unlike buses or trams, rapid transit systems are electric railways that operate on an exclusive right-of-way, which cannot be accessed by pedestrians or other vehicles of any sort, and which is often grade-separated in tunnels or on elevated railways.
Modern services on rapid transit systems are provided on designated lines between stations typically using electric multiple units on rail tracks, although some systems use guided rubber tires, magnetic levitation (maglev), or monorail. The stations typically have high platforms, without steps inside the trains, requiring custom-made trains in order to minimize gaps between train and platform. They are typically integrated with other public transport and often operated by the same public transport authorities. However, some rapid transit systems have at-grade intersections between a rapid transit line and a road or between two rapid transit lines.
The world's first rapid transit system was the partially underground Metropolitan Railway which opened as a conventional railway in 1863, and now forms part of the London Underground. In 1868, New York opened the elevated West Side and Yonkers Patent Railway, initially a cable-hauled line using static steam engines. Read more at https://en.wikipedia.org/wiki/Rapid_transit
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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