New York Central & Hudson River RR 4 1/2% Refunding & Improvement Bond Series A. This bond was issued by the New York Central Railroad subsidiary, New York Central and Hudson River Railroad Company, to finance the construction of Grand Central Terminal in 1913. The design of the new terminal is prominently featured on the top of the first sheet (shown here). This bond paid $22 every six month for one hundred years, however, payment stopped with the October 1970 cycle due to the bankruptcy of NYC&HRRR successor, Penn Central Railroad. The bond itself was printed by the American Bank Note Company of New York, in the Banknote Building next to the Bruckner Expressway in the Bronx.