1853 New York Central Railroad Bearer Bond Signed by Erastus Corning (May 1853)
Own a landmark piece of American railroad history: this rare New York Central Railroad bearer bond, issued in May 1853, and hand signed by Erastus Corning, founder and president of the New York Central Rail Road Company.
Issued one month after the Consolidation Act of April 22, 1853, this is recognized as the first bond issue of the New York Central—a key milestone in the creation of a unified rail network connecting major New York routes.
Why This Bond Matters (Historic Context)
- Albany to Buffalo connection: Erastus Corning recognized the need to link routes between Albany and Buffalo, New York.
- Consolidation Act: On April 22, 1853, the State Legislature passed the Act enabling the merger of independent railroads into The New York Central Rail Road Company.
- Corning’s leadership: Corning was the majority shareholder and was later elected President.
- Later evolution: In 1867, the New York Central Rail Road Company was purchased by Cornelius Vanderbilt.
Bond Details & Key Features
- Issue date: May 1853
- Type: Bearer Bond
- Original term: 30-year bond
- Face value: $1,000
- Interest: 6% per year
- Signed by: Erastus Corning (hand signed)
- Notable artwork: features multiple railroad scenes, including a map of the Albany–Buffalo routes on the right side
1883 Amendment (Extended Term & Lower Interest)
This bond includes the later amendment from 1883, where the bearer agreed to:
- Extend the term to 1893
- Lower the interest to 5%
1892 Green Extension Bond (Matches Serial Numbers)
It also includes a green $1,000 bond extension issued in 1892, extending payment to 1905.
- Extension issue: 1892
- Extension payment to: 1905
- Matching serial numbers: 898 (matching across the bond set)
More Railroad & Financial Legacy
- Corning’s presidency: Corning served as president for 12 years.
- Market impact: The New York Central Railroad was one of the original members of the Dow Jones Industrial Average, added on July 3, 1884.
