Albany and Schenectady Railroad Co. - circa 1850's Railway Stock Scrip Order - Unissued
Inv# RS5255 Stock
Unissued Stock Scrip Order.
The Albany and Schenectady Railroad Co., originally chartered as the Mohawk and Hudson Railroad, holds a prominent place in American transportation history. It was the first permanent steam railroad in New York State and one of the earliest in the United States. Incorporated in 1826, the company’s primary objective was to provide a faster and more efficient bypass for Erie Canal passengers around the challenging Cohoes Falls section of the canal. This journey previously took an entire day.
On September 24, 1831, the 16-mile line between the Hudson River at Albany and the Mohawk River at Schenectady commenced public service. The historic inaugural run of the locomotive DeWitt Clinton marked this momentous occasion. Initially, the track ended outside the cities to avoid steep grades. To overcome this obstacle, a system of inclined planes and stationary engines was employed to move cars. Stagecoaches covered the remaining distance until the route was fully connected into the downtown areas in 1841.
The success of the Albany and Schenectady Railroad quickly demonstrated the superiority of rail over canal for passenger travel. It significantly reduced the travel time and spurred rapid expansion of other rail lines in the Mohawk Valley. This solidified Schenectady’s status as an early rail “hub.” On April 19, 1847, the company was renamed the Albany and Schenectady Railroad. By 1847, it had become a crucial link in a burgeoning network of independent short-line railroads across New York.
The company’s ultimate destiny was sealed on May 17, 1853, when it consolidated with nine other vital rail lines under the leadership of Erastus Corning. This consolidation formed the powerful New York Central Railroad Company. The New York Central Railroad Company established a unified rail route from Albany to Buffalo and beyond. This pivotal moment shaped the future of transportation in New York and contributed to the development of a vast national rail system that dominated American travel and commerce for over a century.
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.
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