Erastus Corning - Erie and North East Rail-Road Company - Stock CertificateInv# AG1862A Stock
Stock issued to and signed by Erastus Corning. Only 1 found! Rare!
Erastus Corning, railroad executive; U.S. Congressman. Long active in the financial and political affairs of New York state, Corning very early grasped the potential of railroads, and served as the first and only president of the Utica & Schenectady Railroad from 1833-53. In 1851, Corning was instrumental in petitioning the state legislature pass a law which would permit two or more companies to consolidate in order to form a single company. Such a law was passed in 1853, at which time Corning became the first president of the New York Central system, a position he held from May 1853-April 1864. He maintained close ties to numerous railroads for many years after leaving the New York Central presidency. Corning served in the U.S. House of Representatives 1857-59 and 1861-63, and Corning, NY is named in his honor.
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.