Cleveland and Toledo Rail-Road Co. signed by Rufus H. King - Stock CertificateInv# AG1932 Stock
Stock issued to and signed on back by Rufus H. King. Rare!
Rufus H. King (January 20, 1820 – September 13, 1890) was a U.S. Representative from New York. Born in Rensselaerville, New York, King completed preparatory studies and was graduated from Wesleyan University. He studied law. He was admitted to the bar in 1843 and commenced practice in Catskill, New York. King was elected as an Opposition Party candidate to the Thirty-fourth Congress (March 4, 1855 – March 3, 1857). He was not a candidate for renomination in 1856. He resumed the practice of law. He served as president of the Catskill National Bank from 1865 to 1867. On the consolidation of that bank with the Tanners' National Bank, King continued on the board of directors. He served as presidential elector on the Republican ticket in 1860. He served as delegate to the Republican National Convention in 1868 and 1880. He died in Catskill, New York, September 13, 1890. He was interred in Catskill Village Cemetery.
The Junction Railroad was chartered March 2, 1846, to build from Cleveland west to Toledo. The Toledo, Norwalk and Cleveland Railroad was chartered March 7, 1850, to build from Toledo east to Grafton on the Cleveland, Columbus and Cincinnati Railroad. The latter company opened on January 24, 1853, finally forming a continuous Buffalo-Chicago line. On September 1 the two companies merged to form the Cleveland and Toledo Railroad, with the Junction Railroad becoming the Northern Division and the Toledo, Norwalk and Cleveland the Southern Division. The Northern Division opened from Cleveland west to Sandusky on October 24, 1853, and the rest of the way to Toledo on April 24, 1855. The Northern Division was abandoned west of Sandusky due to lack of business, but the track was relaid in 1872, merging with the Southern Division at Millbury, east of Toledo. In 1866 the Southern Division east of Oberlin was abandoned and a new line was built to Elyria on the Northern Division, ending the use of the Cleveland, Columbus and Cincinnati Railroad.
In October 1867, the Cleveland, Painesville and Ashtabula Railroad leased the Cleveland and Toledo Railroad. The CP&A changed its name to the Lake Shore Railway on March 31, 1868, and on February 11, 1869, the Lake Shore absorbed the Cleveland and Toledo. On April 6 the Michigan Southern and Northern Indiana Railroad and Lake Shore merged to form the Lake Shore and Michigan Southern Railway, which absorbed the Buffalo and Erie Railroad on June 22, giving one company the whole route from Buffalo to Chicago. The main route passed through Dunkirk, NY, Erie, PA, Ashtabula, OH, Cleveland, OH, Toledo, OH, Waterloo, IN and South Bend, IN. An alternate route (the Sandusky Division) in Ohio ran north of the main line between Elyria and Millbury (not all track was laid until 1872). From Toledo to Elkhart, the Old Road ran to the north, through southern Michigan, and the through route was called the Air Line Division or Northern Indiana Air Line. Along with various branches that had been acquired (see below), the Monroe Branch ran east from Adrian, MI to Monroe, where it intersected the leased Detroit, Monroe and Toledo Railroad. At some point the original line to Toledo was abandoned west of the branch to Jackson, MI (Palmyra and Jacksonburgh Railroad), with the new connection at Lenawee Junction, the crossing between that branch and the line to Monroe.
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.