New York Central Railroad bond 1961 (New York)

Famous NY RR. Nice vignette of classical female figure seated with NYC logo and country scene in the background. Various denominations. Vertical format. Dark red border. Issued and cancelled. Dated 1961. Light folds from storage. Measuring approximately 9.5 x 14 inches. 

The New York Central Railroad was a historic American railway (1853-1968) famous for connecting New York City with Chicago and the Midwest, known for its luxury passenger trains like the 20th Century Limited and powerful Hudson steam locomotives, offering high-speed service via its "Water Level Route," but eventually merging into Penn Central due to financial challenges.

Albany industrialist and Mohawk Valley Railroad owner Erastus Corning managed to unite many early railroads together into one system, and on March 17, 1853, executives and stockholders of each company agreed to merge. The merger was approved by the state legislature in 1853, the New York Central Railroad was formed. After forming, the NYC consumed many other smaller lines.

Cornelius Vanderbilt obtained control of the Hudson River Railroad in 1864, soon after he bought the parallel New York and Harlem Railroad. Vanderbilt's other lines were operated as part of the railroad included the New York and Harlem Railroad, Lake Shore and Michigan Southern Railway, Canada Southern Railway, and Michigan Central Railroad.

In 1914, the operations of eleven subsidiaries were merged with the New York Central & Hudson River Railroad, re-forming the New York Central Railroad. From the beginning of the merger, the railroad was publicly referred to as the New York Central Lines. In the summer of 1935, the identification was changed to the New York Central System, that name being kept until the merger with the Pennsylvania Railroad in 1968.

On February 1, 1968, the New York Central merged with the bankrupt Pennsylvania Railroad and renamed Penn Central Transportation Company (PC). Conrail, officially the Consolidated Rail Corporation, created by the U.S. government to salvage Penn Central and the other bankrupt railroads' freight business, beginning its operations on April 1, 1976. Conrail would go on to achieve profitability by the 1990s and was sought by several other large railroads in a continuing trend of mergers, eventually having its assets absorbed by CSX and Norfolk Southern in 1999.

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