Company History: The Erie Railroad was chartered as the New York and Erie Railroad in April 1832 to connect the banks of the Hudson River to the shores of Lake Erie. Restrictions were placed on the line and it had to stay in New York and could not connect with lines from other states. This railroad went through many name changes. It also encountered numerous problems determining the route. The first survey of a potential route was completed in December 1834. The route was changed many times before the line was completed in 1851. On May 15 the first train from New York arrived in Dunkirk carrying the President of the United States, Millard Fillmore, and members of his cabinet. Numerous leases allowed the Erie to finally expand its routes into other states.
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The Erie Railroad (AAR reporting marks ERIE) was a railroad that operated in New York State, New Jersey, Pennsylvania, Ohio, Indiana, and Illinois, connecting New York City with Lake Erie, and extending west to Cleveland, Ohio and Chicago. In 1960 it merged with the Delaware, Lackawanna and Western Railroad to form the Erie Lackawanna Railroad, becoming part of Conrail in 1976.
It first started out as the New York and Erie Rail Road. It was chartered on April 24, 1832 to connect the Hudson River at Piermont, north of New York City, west to Lake Erie at Dunkirk. On February 16, 1841 the railroad was authorized to cross into the northeast corner of Pennsylvania on the west side of the Delaware River. Construction began in 1836, and it opened from Piermont to Goshen on September 23, 1841. After some financial problems, construction resumed in August 1846, and the next section, to Port Jervis, opened on January 7, 1848. Further extensions opened to Binghamton December 27, 1848, Owego January 1, 1849, and the full length to Dunkirk May 19, 1851.
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.
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