Union Traction Co. of Indiana - 1899 dated $1,000 Railroad Gold Bond
Inv# RB7331 Bond
$1,000 5% Gold Bond printed by American Bank Note Company, Philadelphia. Some coupons remain. The late 1890s was a time of horse-drawn carriages and wagons pulled along unpaved streets and roads, so the arrival of the town streetcar was appreciated. Some of these trolley lines eventually expanded into the countryside and, by 1911, had grown into hundreds of miles of interurban lines networked across Indiana. "When before we had moved by horse and carriage, we now rode on plush seats to places 20 miles (32 km), 30 miles (48 km), even 50 miles (80 km) distant."
The Indiana Railroad was created on July 2, 1930, when Midland Utilities purchased the Union Traction Company of Indiana (UTC) and transferred ownership to the IR. Union Traction (UTC) was the largest interurban system in Indiana with 410 miles (660 km) of interurban trackage and 44 miles (71 km) of streetcar lines in Anderson, Elwood, Marion and Muncie. UTC had been created in 1897 to operate an initial line between Anderson and Alexandria, and came under the control of the Schoepf-McGowan Syndicate in 1902. UTC purchased or leased several neighboring interurban lines in short order: the Elwood and Alexandria was bought in 1903, the Indiana Northern in 1905, and the Indiana Muncie Hartford and Fort Wayne was leased in 1906. In 1906, UTC also purchased all of the Dayton and Muncie's trackage in Indiana. Read more at https://en.wikipedia.org/wiki/Indiana_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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