Penn Central Co. - 1968 - $1,000 Railroad Bond
Inv# RB7503 Bond
Pennsylvania
$1,000 6 1/2% Bond printed by American Bank Note Company. 1 row of coupons remain.
Penn Central Company, former U.S. transportation company, formed in 1968 by the merger of the New York Central RR and the Pennsylvania RR. By the early 1970s the railroad was bankrupt; in 1976 the U.S. government created Conrail from the Penn Central and five other failed eastern railroads. In 1994 the company became an insurance firm, American Premier Underwriters. Conrail itself was taken over in 1999 by the CSX and Norfolk Southern railroads.
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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