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Related Collections 鈽

Chicago, Milwaukee, St. Paul & Pacific Railroad

Railroads

Illinois Railroads

Wisconsin Railroads

Minnesota Railroads

Missouri Pacific Railroad

Union Pacific Railroad

Milwaukee & Mississippi Railroad

Great Northern Railway

Northern Pacific Railroad

Chicago

Illinois

Milwaukee

Wisconsin

St. Paul

Minnesota

Chicago, Milwaukee, St. Paul and Pacific Railroad Company

SKU: 1334
Chicago, Milwaukee, St. Paul and Pacific Railroad Company Bond Certificate
Chicago, Milwaukee, St. Paul and Pacific Railroad Company Bond Certificate

Chicago, Milwaukee, St. Paul and Pacific Railroad Company

SKU: 1334

$ 65.00
/
  • In stock
  • Inventory on the way

You will receive the exact certificate pictured




Guaranteed authentic




Over 75 years old




General mortgage income bond




January 1, 1944




Issued, canceled




Security Bank Note Company




Machine printed signatures




9 3/4" (w) by 15 3/4" (h)




NA



The Milwaukee Road--more precisely, the Chicago, Milwaukee, St. Paul, and Pacific Railroad, or CMSP&P--has an intriguing history, of which the following is only a brief sketch. When it first opened, it was just one of hundreds of the "Granger" railroads that were connecting "the West" to markets in "the East". Keep in mind that this was before the Civil War, and "West" still meant west of the Appalachian Mountains. There was yet no transcontinental railroad, there were no highways, and such "roads" as existed were little more than muddy strips through the woods and prairies.first train on October 10, 1852, between Chicago and Rock Island, Illinois.

For many years the Milwaukee and Mississippi Railroad (as it was called then) was just a regional railroad connecting the city of Milwaukee (on the shore of Lake Michigan) and the adjoining regions of the state of Wisconsin to Chicago and St. Paul, and thereby to the rest of the country. But at the turn of the century there was such a concentration of economic power--what was euphemistically referred to as "the interests"--that the management of the Milwaukee Road became concerned about their survival.

They were particularly concerned that in a battle between James Hill of the Great Northern Railway, backed by banker J. Pierpont Morgan, and E. W. Harriman of the Union Pacific Railroad, backed by the Standard Oil Trust and the Rockefellers, they might lose their access to the Pacific coast ports. The Milwaukee Road needed its own line to the West coast, but how to build it without being thwarted by their competitors was a problem.

As it turned out, the volume of transcontinental rail traffic became more than the existing railways could handle, and "the interests" had no objection when construction of the Pacific Extension began in 1906. Construction from their existing railhead in South Dakota to Puget Sound proceeded quickly, partly because they were able to work on many sections simultaneously, often using the Northern Pacific tracks to bring in heavy equipment and supplies.

Passenger trains across the entire Milwaukee Road system began running in May of 1911 (and continued running until May of 1961, when passenger service was discontinued.) At first the route was over Snoqualmie Pass, as the Snoqualmie tunnel was not completed until 1915. The 55 mile branch from Cedar Falls to Everett was completed in November of 1911.

One of the hallmarks of the Milwaukee Road was its use of electrically powered locomotives. While it was not entirely electrified (only where it crossed the Cascade and Bitterroot Mountains), nor the only railroad to do so (the Great Northern electrified a short section over Stevens Pass,) the Milwaukee Road embraced electrification to such an extent that was commonly regarded as an "electric" railroad.

The Milwaukee Road was built to be the shortest, fastest, and lowest-cost route to the Northwest, with easier grades and curves than the Great Northern and Northern Pacific. Combined with the lower costs of electric operation, it was able to move freight at lower cost than its competition. Given such an advantage at the core of its business, it is not easy to account for why the Milwaukee Road failed. The end may have started in the 1920's when sheer bad luck, some ill-advised acquisitions, and Director disinterest put it under the control of the banks.

At the end executive management, and the succeeding bankruptcy trustees, seemed hell-bent on suicide.

The Milwaukee Road's final slide into ruin started when it began neglecting maintenance in order to keep dividends up. This started a vicious cycle: as the track deteriorated derailments increased, speeds had to be reduced, and operating expenses zoomed, while customers and revenues declined, leading to further cost-cutting.

Electric operation over the Cascades was terminated in 1971 (and in the rest of the system in 1974.) Management claimed it could not afford the necessary upgrades. But then it spent the money anyway on new diesel locomotives. The justifications claimed are suspect. The diesel locomotives did not perform quite as well as the electrics, and when the last electric run was made in 1974 diesels cost twice as much to operate as the electric locomotives.

The decline continued. At the end of 1977 the Milwaukee filed for bankruptcy. Three years later came the final act of self-decapitation: the Milwaukee abandoned everything west of Miles City (on the eastern edge of Montana.)

Are the certificates offered on your site genuine or reproductions?

All of our pieces are genuine - we do not sell reproductions. If you ever find out that one of our pieces is not authentic, you may return it for a full refund of the purchase price and any associated shipping charges.

All of our pieces are genuine - we do not sell reproductions. If you ever find out that one of our pieces is not authentic, you may return it for a full refund of the purchase price and any associated shipping charges.

Are the certificates you sell negotiable on any of today's stock markets or indexes?

Certificates carry no value on any of today's financial indexes and no transfer of ownership is implied. All items offered are collectible in nature only. So, you can frame them, but you can't cash them in!

Certificates carry no value on any of today's financial indexes and no transfer of ownership is implied. All items offered are collectible in nature only. So, you can frame them, but you can't cash them in!

Are the images presented in your product listings of the exact piece I will receive?

It depends. We try to present images of the exact piece you will receive whenever possible. However, when we are offering quantities of a piece, this is impossible. Within every product page we detail whether or not you will be receiving the exact certificate listed, or if the image is a representative example of the one you will receive.聽聽

It depends. We try to present images of the exact piece you will receive whenever possible. However, when we are offering quantities of a piece, this is impossible. Within every product page we detail whether or not you will be receiving the exact certificate listed, or if the image is a representative example of the one you will receive.聽聽

How will you ship my order and how much do you charge?聽

We ship all orders via the United States Postal Service.聽Most domestic orders are shipped via Ground Advantage.聽USPS International, Priority and Express Mail, UPS and聽DHL services are also available, and costs are calculated during checkout.聽Current charges may be reviewed here.

We ship all orders via the United States Postal Service.聽Most domestic orders are shipped via Ground Advantage.聽USPS International, Priority and Express Mail, UPS and聽DHL services are also available, and costs are calculated during checkout.聽Current charges may be reviewed here.

Can I return my purchase?聽

Absolutely. You may return any merchandise, for any reason, within 30 days of the purchase date for a full refund of the purchase price.

We guarantee all of our pieces to be authentic. If you ever determine that a piece is not authentic, it may be returned for a full refund of the purchase price as well as any associated shipping charges.

Absolutely. You may return any merchandise, for any reason, within 30 days of the purchase date for a full refund of the purchase price.

We guarantee all of our pieces to be authentic. If you ever determine that a piece is not authentic, it may be returned for a full refund of the purchase price as well as any associated shipping charges.

Do you buy stocks and bonds?

Yes. We purchase old stocks and bonds as collectible pieces. Feel free to contact us or use our chat system to let us know what you have. We will get back to you as soon as we can!

Yes. We purchase old stocks and bonds as collectible pieces. Feel free to contact us or use our chat system to let us know what you have. We will get back to you as soon as we can!

Do you research stocks and bonds to determine if they are still negotiable?

No we do not. You would need to have a firm that specializes in such a search to determine if your stock or bond remains negotiable. We buy and sell stocks and bonds as collectible pieces only.

No we do not. You would need to have a firm that specializes in such a search to determine if your stock or bond remains negotiable. We buy and sell stocks and bonds as collectible pieces only.

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