Erie Railroad Co. - 1955 dated $1,000 Railway Bond - Extremely Historic Railroad - The Great Battle Between Cornelius Vanderbilt VS Daniel Drew, James Fisk & Jay Gould
Inv# RB5059 Bond
Pennsylvania
$1,000 5% Railroad Bond printed by Columbian Bank Note Company. Two male figures sitting on each side of Erie RR logo. Rare!!
The Erie Railroad, designated by the reporting mark ERIE, was a significant railway that functioned in the northeastern region of the United States. It initially established a connection between New York City—specifically Jersey City, New Jersey, where its former terminal has since been demolished—and Lake Erie. The railroad extended its reach westward to Chicago following its merger in 1941 with the Atlantic and Great Western Railroad, which was also known as the New York, Pennsylvania and Ohio Railroad (NYPANO RR). The mainline of the Erie Railroad played a crucial role in fostering development and economic prosperity in the Southern Tier of New York State, impacting cities such as Binghamton, Elmira, and Hornell. The repair facilities of the Erie Railroad were situated in Hornell, making it the largest employer in the area. Additionally, Hornell served as the junction where the mainline diverged into two routes: one leading north to Buffalo and the other west to Cleveland.
On October 17, 1960, the Erie Railroad merged with its former competitor, the Delaware, Lackawanna & Western Railroad, resulting in the formation of the Erie Lackawanna Railroad. The repair shops in Hornell were subsequently closed when Conrail assumed control, leading to the relocation of repair operations to the Lackawanna facility in Scranton. This transition had a profoundly negative impact on Hornell, from which the community has struggled to recover. The repair shops have since been intermittently utilized for the assembly of railroad and transit vehicles and are currently operated by Alstom. In 1972, much of the former Erie line between Hornell and Binghamton suffered damage due to the floods caused by Hurricane Agnes; however, repairs were swiftly undertaken, and this line now serves as a vital component of the Norfolk Southern Railway's Southern Tier mainline. The remnants of the Erie Lackawanna were incorporated into Conrail in 1976, and in 1983, portions of the Erie became part of New Jersey Transit rail operations, including segments of its Main Line. Presently, the majority of the remaining routes of the Erie Railroad are managed by the Norfolk Southern Railway.
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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