This is a red bond certificate from The Albany and Susquehanna Railroad Company from 1946. Featured a sheet of bond coupons. It has not been cancelled, offered as a collectable. 

The Albany and Susquehanna Railroad Company was a significant regional railroad in New York State, chartered in 1851 to connect the cities of Albany and Binghamton, linking the Hudson River Valley to the Susquehanna River. It played an essential role in opening up the region for commerce, particularly for transporting coal, timber, and agricultural products from central New York to markets in the northeast.

Construction and Completion: Construction began in the 1850s and was completed in 1869, creating a vital rail connection between Albany and Binghamton, a key hub for other rail lines.

Control Battle: The railroad became famous for the fierce control battle in the late 1860s between Jay Gould and Erastus Corning, two major railroad magnates of the era. This fight reflected the importance of smaller, regional railroads as connections to larger systems.

In 1870, the Albany and Susquehanna was leased to the Delaware and Hudson Canal Company, which eventually became the Delaware and Hudson Railroad (D&H). The line continued to be a crucial part of D&H's operations for decades.

Later in 1991, the Delaware and Hudson Railroad, including the former Albany and Susquehanna lines, was purchased by Canadian Pacific Railway. This brought the historic routes under CP’s expansive North American network. 

Today, portions of the original Albany and Susquehanna Railroad route are still active, primarily used for freight transportation. The lines continue to support industries in New York State, including agriculture, manufacturing, and energy.

Modern rail giants like Norfolk Southern Railway and CSX Transportation also operate parts of the D&H and its connections, ensuring that the former Albany and Susquehanna routes remain integral to regional commerce.