Callaway Mining and Manufacturing Co. - $1,000 Bond
Inv# MB5120A Bond
Callaway county's first railroad, which was one of the first completed in the state, was built between the years 1855 and 1857, and extended from Cote Sans Dessein back into the county a distance of about seven miles to a large cannel coal mine. The road was built by the Callaway Mining and Manufacturing Company, which was chartered by the general assembly in 1847, and was composed of Pennsylvania men. The company planned to mine cannel coal extensively and also to extract oil from the coal and sell it for commercial uses. To this end the railroad was built, a mine opened, an oil factory erected, and a number of houses constructed for the use of employees. After the railroad was built, the product of the mine was shipped on a steamboat owned by the company. The enterprise proved to be a wild dream of riches, for the demand for the coal was small, while the oil-producing scheme was impracticable.
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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