1853 New York Central Railroad Co Bond Certificate

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1853 New York Central Railroad Co Bond Certificate - Signed by Erastus Corning - Pair

1853 New York Central Railroad Co Bond Certificate - Signed by Erastus Corning

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Vintage Stock Certificate

Product Code: 1152-22

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This rare New York Central Railroad Bearer Bond was issued in 1853 and is signed by founder Erastus Corning. Erastus Corning saw the need to connect the routes between Albany and Buffalo, New York. In the 1850s he organized the merger of several other railroads to do just this. After a few years of lobbying and dealing the State Legislature passed the Consolidation Act on April 22, 1853 allowing the merger of these independent railroads and form the The New York Central Rail Road Company. Corning was the majority shareholder and was subsequently elected President.

This Bearer Bond issue is from May, 1853. Just one month after the passing of the Consolidation Act making it the first Bond Issue of the New York Central Rail Road. It is hand signed by Erastus Corning. Attached below is a later amendment from 1883 where the bearer agreed to extend the term to 1893 and lower the interest to 5%. It features several railroad scenes most notably a map of the routes between Albany and Buffalo on the right side. It is a 30 year bond for $1000 and paid 6% per year.

It also includes the green $1000 bond extension issued in 1892 extending payment to 1905. They have matching serial numbers: 4571.

Corning served as President of the Railroad for 12 years. The New York Central Rail Road Company was eventually purchased by Cornelius Vanderbilt in 1867.

The New York Central Railroad was one of the original members of the Dow Jones Industrial Average added July 3, 1884.