Erie and the North East Railroad Co. - 6 Percent Bond
Inv# RB7085 Bond
The Buffalo and State Line Railroad was incorporated October 13, 1849 and opened January 1, 1852 from Dunkirk, New York west to Pennsylvania. The rest of the line from Dunkirk to Buffalo opened on February 22. The Erie and North East Railroad was chartered April 12, 1842 to build the part from the state line west to Erie, Pennsylvania, and opened on January 19, 1852.
On November 16, 1853, an agreement was made between the two railroads, which had been built at 6 foot broad gauge, to relay the rails at standard gauge to match the Franklin Canal Company's railroad on the other side of Erie, and for the Buffalo and State Line to operate the Erie and Northeast. This would result in passengers no longer having to change trains at Erie, and on December 7, 1853, the Erie Gauge War began between the railroads and the townspeople.
On February 1, 1854 the relaying was finished and the first train passed through Erie. On May 15, 1867 the two companies between Buffalo and Erie merged to form the Buffalo and Erie Railroad.
The Erie Railroad (reporting mark ERIE) was a railroad that operated in the northeastern United States, originally connecting New York City — more specifically Jersey City, New Jersey, where Erie's Pavonia Terminal, long demolished, used to stand — with Lake Erie. It expanded west to Chicago with its 1941 merger with the former Atlantic and Great Western Railroad, also known as the New York, Pennsylvania and Ohio Railroad (NYPANO RR). Its mainline route proved influential in the development and economic growth of the Southern Tier of New York State, including cities such as Binghamton, Elmira, and Hornell. The Erie Railroad repair shops were located in Hornell and was Hornell's largest employer. Hornell was also where Erie's mainline split into two routes, one north to Buffalo and the other west to Cleveland.
On October 17, 1960, the Erie merged with former rival Delaware, Lackawanna & Western Railroad to form the Erie Lackawanna Railroad. The Hornell repair shops were closed when Conrail took over, and repair operations moved to the Lackawanna's Scranton facility; this had a devastating effect on Hornell from which it has never recovered. (The repair shops have subsequently been used, intermittently, for the assembly of railroad and transit cars.) It is now run by Alstom. Much of the former Erie line between Hornell and Binghamton was damaged in 1972 by the floods of Hurricane Agnes, but the damage was quickly repaired and this line is today a key link in the Norfolk Southern Railway's Southern Tier mainline. What was left of the Erie Lackawanna became part of Conrail in 1976. In 1983 Erie remnants became part of New Jersey Transit rail operations, including parts of its Main Line. Today most of the surviving Erie Railroad routes are operated 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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