New York Central Railroad Company
Agreement Between the Albany and Schenectady Rail Road Company,...
Albany, New York
As railroads began to show their financial worth and competition began to increase, smaller railroads realized they had to expand or be consumed. In 1853, with the New York and Erie Railroad in operation as a single railroad between New York and Lake Erie, the competing lines along the Erie Canal realized they had to combine to be competitive. Thus, the New York Central was created and the industry began to see the value of consolidation.