This is a blue bond certificate from the New York Central and Hudson River Railroad Company issued in 1912, due in 1942 with cancellation holes, signatures and stamps present. 

The New York Central and Hudson River Railroad Company was formed in 1869 through the consolidation of two major railroads: the New York Central Railroad and the Hudson River Railroad

Cornelius Vanderbilt merging his Hudson River Railroad with the New York Central Railroad on November 1, 1869. This merger extended the system south from Albany along the east bank of the Hudson River to New York City, creating a powerful railroad network.

Under Vanderbilt's leadership, the New York Central and Hudson River Railroad became one of the most significant railroads in the northeastern United States. It operated a "Water Level Route" that made it competitive with its main rival, the Pennsylvania Railroad.

The company's network served most of the Northeast, including extensive routes in New York, Pennsylvania, Ohio, Michigan, Indiana, Illinois, and Massachusetts, as well as parts of Ontario and Québec in Canada

• In 1885, the company acquired the New York, West Shore, and Buffalo Railway, which paralleled the western side of the Hudson River. This acquisition allowed the railroad to control freight and passenger movement on both sides of the river
• On July 1, 1900, the Boston & Albany Railroad was leased by the New York Central and Hudson River Railroad, further expanding its reach

In 1914, the New York Central and Hudson River Railroad merged with the Lake Shore & Michigan Southern Railway. This consolidation led to a name change, and the company became known simply as the New York Central Railroad

The New York Central and Hudson River Railroad Company, and its successor the New York Central Railroad, played a crucial role in the development of rail transportation in the United States. It was one of the reasons New York City became such an important financial center

The company continued to grow through various mergers and reorganizations:

• In 1968, the New York Central merged with its former rival, the Pennsylvania Railroad, to form Penn Central
• Penn Central declared bankruptcy in 1970, leading to the creation of Conrail in 1976 with government support
• Today, much of the former New York Central system is operated by CSX Transportation and Norfolk Southern Railway