1955 New York Central Railroad 25 Year $1000 Collateral Trust Bond VG+

Description: 1955 New York Central Railroad 25 Year $1000 Collateral Trust Bond VG+ What You See Is What You Get Lot NYC3211 - ON OFFER: One $1000 New York Central Railroad Company 6% Collateral Equipment Trust bond issued to underwrite equipment purchases. Twenty-five year term. The bond was printed in green by the Security Banknote Company on heavy bond paper. Usual center folds from storage and staple holes. Vignette depicts an allegorical goddess. It measures approx. 9"x15". Much crispness remains, VG+. Clean. Punch cancelled, suitable for framing. See scans. This infrequently seen bond is an interesting piece of American financial history. A decorative bit of Americana, it comes ready for mounting and display. Hand selected from among thousands of certificates, these bonds make a great gift for the history buff, railroadiana collector, or model train enthusiast in your life. Shipped FOLDED via USPS Ground Advantage, with tracking. YES! Will combine multiple lots - Except where noted: First lot ships at standard rate, all others in same order ship free. Thanks for looking! Please see my other items for more historical curios, stocks and bonds. Q: What am I buying, and why would I want it? A: New York Central Railroad, 25 Year term 1955 6% Collateral Trust Bond. Issued in the first year after the railroad had been wrested away from the founding Vanderbilt family by the man called by his biographer, "The Populist of Wall Street" one Mr. Robert Young. Young was a peculiar Wall Street operator who loved trains and hated Eastern bankers. Indeed, the only name the little Texan had for them was, "damned'bankers." For years he had pursued the Central, and twice tried to gain control. His second campaign in 1953-54 was amazing for the marketing that went into it and introduced many modern methods. Young took his case to television and appeared on Meet the Press, he published full page ads in all the major papers, and went barnstorming across the country in his proxy battle against the Vanderbilt's and their "damned'bankers." And he won. Ironically, the price of his winning entailed that he surrender control of another railroad he owned, but which he didn't think was as important as the Central; it was the Chesapeake and Ohio, the forerunner of today's CSX. Young's singular vision was to build a transcontinental system luxuriously catering to the needs of the riding public, and it blinded him to the obvious. For all of his stock market savvy, he couldn't see that travel by rail was a dying institution. That lack of foresight and the steady downward spiral of the Central contributed in no small way to his eventual suicide in January 1958. It was a sad ending to a brilliant career. In 1968, after a futile decade wasted in trying to go it alone, the New York Central ruefully merged with its archrival, the Pennsylvania Railroad, to form the ill fated Penn Central which promptly went bankrupt in 1970. Six years later, with most of the rest of the northeastern rail system in bankruptcy, Congress created Conrail out of six of the failed companies, and the last vestiges of the NYC were wiped away. In another one of those strange twists of fate, with the 1998 sale of Conrail to CSX Transportation and the Norfolk Southern companies, the remains of the NYC would be divvied up between the successors to most of the railroads that it had once owned. The wheel had come full circle. You will hold history in your hands.

Price: 4.99 USD

Location: Camden, New Jersey

End Time: 2024-11-05T02:30:01.000Z

Shipping Cost: 5 USD