1873 Chicago Saginaw & Canada RR Bond Certificate. Beautiful scripophily bond from Michigan logging railroad with vignette of workers riding logs in river. The Chicago Saginaw & Canada Railroad was a short-line Michigan lumber road that operated for a decade in the late 19th century, then fell on hard times. The company was placed first into receivership, then bankruptcy. This bond was the principle railroad gold bond used in the recent infamous Gold Bond Scam. This scam was based on the fraudulant statement that the uncancelled bonds of old, bankrupt 19th century railroad companies were very valuable and could be redeemed for gold including the accrued interest on the bond. These bonds were sold for $40,000 and more to unsophisticated investors. Unfortunatley, the Chicago Saginaw & Canada RR filed for bankruptcy in the ninteenth century, and their bonds have value only as a very beautiful collectible. EF condition.