Commercial Cable Co. - 1897 dated Various Denominations Bond
Inv# GB5772 Bond
Various denominations Interim Bond Certificate. Glue residue at left.
The company was formed in 1883 by John Mackay, a mining magnate, and James Gordon Bennett, owner of the New York Herald, to compete with Western Union which held a virtual monopoly in the transatlantic telegraphic business. Cables were laid from Ireland to Nova Scotia, with connections to New York and the rest of the United States as well as those in Europe being mainly overland.
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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