American merchant and financier Erastus Corning (1794-1872) was an early leader in the development of railroads in New York State and the first president of the New York Central Railroad. He became a notable political figure in the Democratic party.

Erastus Corning was born on Dec. 14, 1794, in Norwich, Conn. He was an all-round entrepreneur; at one time or another and frequently simultaneously he was a merchant, iron manufacturer, railroad contractor, railroad president, banker, land speculator, and politician. Each phase of his multifaceted career connected with and strengthened the others.

Corning was among those who early recognized the economic growth possibilities inherent in the new railroad. He was already a prominent businessman when he helped organize the Utica and Schenectady Line in 1833. As president, he was paid no salary; instead he sold it iron and steel products. The multiplicity of railroads between Albany and Buffalo, N.Y., reduced efficiency...