The railroad was founded in 1853 in a merger of ten railroads:
In 1900, the Boston & Albany Railroad was consolidated with the New York Central, although it retained a seperate identity.
The New York Central had a distinctive character; unlike its arch rival the Pennsylvania Railroad's mountainous terrain, the NYC was best known as the Water Level Route; most of its major routes, including New York to Chicago, followed rivers and had no significant grades. This influenced many things, including advertising and most notably locomotive design.
Steam locomotives of the New York Central were optimized for speed on that flat raceway of a main line, rather than slow mountain lugging. Famous locomotives of the System included the well-known 4-6-4 Hudsons, and the postwar Niagaras, fast 4-8-4 locomotives often considered the epitome of their breed by steam locomotive aficionados.
Despite having some of the most modern steam locomotives anywhere, the NYC dieselized rapidly, conscious of its by then difficult financial position and the potential relief that more economical diesel power could bring. Very few New York Central steam locomotives still exist. All Hudsons and Niagaras were sent to the scrapper's torch; the only surviving big modern steam are two 4-8-2 Mohawk dual-purpose locomotives.
The financial situation of northeastern railroading soon became so dire that not even the economies of the new diesel locomotives could change things.The Vanderbilt interests,having steadily reduced their shareholdings,lost a proxy fight in 1954 to Robert Ralph Young and his Alleghany Corporation. Unable to keep his promises, Young was forced to suspend dividend payments in January 1958 and committed suicide that month. The New York Central became a fallen flag in 1968 when it joined with its old enemy the Pennsylvania Railroad in the ill-fated merger that produced the Penn Central Railroad.