CORNELIUS VANDERBILT II - BOND SIGNED 03/10/1881 - HFSID 4074
Sale Price $1,020.00
CORNELIUS VANDERBILT SIGNS BOND TO EXPAND HIS RAILROAD
CORNELIUS VANDERBILT II. Bond Signed: "C Vanderbilt, Vice" [President], 1p, 12½x8¾". 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. 345, issued to [Illegible]. "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. Cornelius Vanderbilt II, as Vice President of The Michigan Central Railroad Company, signed this $5,000.00 bond issued in1881, two years before he became Chairman of the Board of both that railroad and the New York Central and Hudson River. The Michigan Central was part of the vast New York Central system acquired by his grandfather. "Commodore" Cornelius Vanderbilt. That railroad network eventually grew to over 10,000 miles, reaching from Montreal, Boston, and New York to Michigan's Straits of Mackinac: Chicago, Illinois and St. Louis Missouri. He began working with the financial emptier built by his grandfather "Commodore" Cornelius Vanderbilt in 1867 as Assistant Treasurer of the New York & Harlem Railroad. He eventually became its President (1886-1899), and served as President or Director of the Board for more than 30 different Vanderbilt railroads. In 1885, he inherited his position as head of the Vanderbilt family empire and became chief director of its investments and philanthropic activities. Holes touch signatures. Overall, fine condition. Framed in Gallery of History style: 32¼x24¼.
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