CORNELIUS VANDERBILT II - BOND SIGNED 03/01/1881 - HFSID 4057
Sale Price $850.00
CORNELIUS VANDERBILT II
Cornelius Vanderbilt II signs a bond for $5,000.
Bond signed: "C Vanderbilt, Vice" [President], 1p, 12¾x9. New York, 1881 March 10. First mortgage bond for The Michigan Central Railroad Company, $5,000 principal, due in 1931 at five percent interest, payable in March, June and September. Certificate No. 425, issued to "The Nat'l Bank of Commerce, N.Y.". "Secured by First Mortgage of the Detroit and Bay City Rail Road Co. Countersigned by the Asst. Treas. of the Michigan Central Railroad Company and the President of the Union Trust Company of New York as Trustee. Vanderbilt, the son of William Henry Vanderbilt, began his career in the family's railroad empire under the watchful eye of his grandfather and namesake "Commodore" Cornelius Vanderbilt. The "Commodore", who had begun purchasing railroad stock in 1862, was in control of an extensive system of New York railroads by 1877. In 1867, Cornelius II had started as Assistant Treasurer of the New York & Harlem Railroad. By 1880, he had risen to his father's former position as Vice President. After his father died in December 1885, Cornelius became Chairman of the Board of his father's corporations and took control of the family investments. He is also noted for his philanthropies, including an estimated $1.5 million to Yale University. Holes touch signatures. Lightly shaded at blank margins. Cancellation stamp at upper right. Overall, fine condition.
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