Peoria and Eastern Railway - 1890 dated $1,000 Railroad Bond
Inv# RB5708 Bond
$1,000 Bond. American Bank Note Co., NY. Ink spot at back of bond otherwise Excellent Condition. The Peoria and Eastern Railway was incorporated on February 21, 1890, for the purpose of constructing or acquiring a railway between Pekin, Illinois, and Indianapolis, Indiana. The following day, the company acquired such a railroad from Charles H. Coster and Samuel Spencer, who had purchased the railroad in a foreclosure sale of the Ohio, Indiana and Western Railway, which had become insolvent the previous year. On the same day, the company entered into an agreement with the Cleveland, Cincinnati, Chicago and St. Louis Railway, surrendering operation and control of the railroad to that company, also known as the "Big Four". Read more at https://en.wikipedia.org/wiki/Peoria_and_Eastern_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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