This is Waterford’s present double-tracked main line and runs from Albany through West Waterford to the Waterford Junction, being only twelve miles in length. It was incorporated on February 20, 1851 as the Albany Northern and being constructed during 1851-1852 then ran from Albany to Eagle Bridge, N.Y. In 1853 it crossed the Hudson River near the old Red, White and Blue House a full three miles from Waterford. It is now the Albany and Vermont Railroad incorporated on October 6, 1899. The Albany & Vermont was leased to the Rensselaer & Saratoga R.R. on June 12, 1860, which in turn leased it to the present Delaware and Hudson Corporation on Mary 11, 1871.

The Albany & Vermont Railroad still exists as a separate entity. Though seemingly a part of the Delaware & Hudson Co. (which owns 37 per cent of its stock) it has paid separate stock dividends since 1860. This financial separation from the D. & H. puzzles non-financiers but perhaps the answer may be obtained in Wall Street. It is only 12 miles long and extends from Albany to the Waterford “junction.”

The original cost was said to be $2,600,000.00 for the 32 miles of its original length. It once ran from Albany, passing though West Troy, Cohoes, Waterford, the Junction, Schaghticoke, Pittstown, Johnsonville, Buskirk and terminating at Eagle Bridge in Washington County. The road was originally built to give Albany rail connections with the north but it did not pay expenses until the merger with the Rensselaer & Saratoga and the Delaware & Hudson. 

https://waterfordmuseum.com/hammersley-ch-19-waterfords-railroads/