Chicago and Canada Southern Railway - 1873 dated $140 Railroad Bond
Inv# RB5028 Bond
Indiana
Ohio
$140 Railroad Bond. Railroad station vignette. Unusual denomination of $140. Coupons below. Scarce! The Chicago and Canada Southern Railway was a planned extension of the Canada Southern Railway west from Grosse Ile, Michigan to Chicago, Illinois. The line was only built to Fayette, Ohio, and was later split between the Detroit, Toledo and Ironton Railway and Lake Shore and Michigan Southern Railway.
In 1873 the Canada Southern Railway reached Michigan from Buffalo, New York via a train ferry and the Canada Southern Bridge Company across Grosse Ile. To continue west to Chicago, the Chicago and Canada Southern Railway was chartered July 11, 1871. The line had only reached Fayette, Ohio (though grading was done further west) in September 1873 when the Panic of 1873 had its full effect and construction was halted. Building the road to Chicago was suspended for the winter of 1873–74. The next spring, the railroad's management hired General John S. "Jack" Casement, who had built part of the Union Pacific, as the railroad contractor for construction from Fayette to Chicago. However, the company's financial situation never did improve and Casement did no work on the track.
Some time after the Canada Southern was reorganized, the Chicago and Canada Southern was sold on November 22, 1888, to the Detroit and Chicago Railroad, owned by the Lake Shore and Michigan Southern Railway. Read more at https://en.wikipedia.org/wiki/Chicago_and_Canada_Southern_Railway
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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