The New York Central Railroad Company

Transcription

1 The New York Central Railroad Company Report of the Board of Directors to the Stockholders for the year ended December 31, 1933 NEW YORK CENTRAL BUILDING 230 Park Avenue New York

2 ORGANIZATION OF THE NEW YORK CENTRAL RAILROAD COMPANY DECEMBER 31, 1933 DIRECTORS FREDERICK W. VANDERBILT WILLIAM K. VANDERBILT HAROLD S. VANDERBILT EDWARD S. HARKNESS BERTRAM CUTLER JACKSON E. REYNOLDS PATRICK E. CROWLEY MYRON C TAYLOR CHARLES B. SEGER JAMES SIMPSON GORDON ABBOTT GEORGE F. BAKER FREDERICK E. WILLIAMSON ROBERT F. LOHEE EDWARD B. GREENE The annual meeting of the stockholders for the election of directors is held in the city of Albany, New York, on the fourth Wednesday in May EXECUTIVE COMMITTEE WILLIAM K. VANDERBILT JACKSON E. REYNOLDS HAROLD S. VANDERBILT PATRICK E. CROWLEY CHARLES B. SEGER MYRON C. TAYLOR FREDERICK E. WILLIAMSON OFFICERS President Executive Vice President Vice President, Law Vice President, Personnel Vice President, Improvements and Development Vice President, Accounting Vice President, Purchases and Stores Vice President, Freight Traffic Vice President and General Manager, Lines East of Buffalo Vice President and General Manager, Lines West of Buffalo Vice President in charge of Boston & Albany Railroad Vice President and General Manager in charge of Michigan Central Lines Vice President and General Manager in charge of C C C & St L Lines Vice President Secretary Treasurer Comptroller FREDERICK E. WILLIAMSON RAYMOND D. STARBUCK JACOB ARONSON JOHN G. WALBER RICHARD E. DOUGHERTY WILLIAM C. WISHART WILLIAM C. BOWER CHARLES J. BRISTER DANIEL W. DINAN WILLIAM F. SCHAFF HOWARD M. BISCOE HENRY SHEARER CHARLES S. MILLARD TIMOTHY W. EVANS EDWARD F. STEPHENSON EDWARD L. ROSSITER LEROY V. PORTER Treasurer, 466 Lexington Avenue t New York, transfers stock; pays dividends on stock; transfers registered bonds; pays interest on coupon and registered bonds Central Hanover Bank and Trust Co., New York, registers stock Messrs. Morgan Grenfell d- Company, 23 Great Winchester Street, London, E. C. 2, England, act as London correspondents

3 REPORT To the Stockholders of THE NEW YORK CENTRAL RAILROAD COMPANY: The Board of Directors herewith submits its report for the year ended December 31, 1933, with statements showing the income account and the financial condition of the company. The year's business While there was a slight improvement in freight traffic, there were substantial reductions in passenger and other classes of traffic. Operating revenues amounted to $283,341,102.37, a decrease of $10,295, (3-51%). Revenue freight handled amounted to 91,248,346 tons, an increase of 4,925,500 tons (5-70%). Freight revenues were $194,286,543.57, an increase of $958, ( 50%). As shown in the appended statement of commodities handled (pp ), there were increases in the movement of corn, cotton, vegetables and miscellaneous products of agriculture, products of mines, pulpwood and miscellaneous forest products, automobiles and other manufactured articles, but decreases were general throughout the list of other commodities. Some of the commodities in which the larger increases occurred, with accompanying increases in revenue, were: Tons Increase Revenue Increase Bituminous coal 41,811,479 2,599,001 $48,801,287 $2,270,961 Iron ore 2,298,805 1,614,322 1,218, ,920 Products of mines, n.o.s. 1,831, ,418 2,332, ,477 Lumber, shingles and lath 1,092, ,684 2,546, ,328 Iron and steel articles, rated 5th class 1,853, ,556 5,799,935 1,498,414 Automobiles, auto trucks and parts 641, ,750 3,282, ,115 Beverages 129,107 78, , ,965 Manufactures and miscellaneous 7,223,364 1,000,017 26,140,518 3, The company carried 45,018,512 revenue passengers, a decrease of 5,762,676, divided as follows: interline passengers 134,140, a decrease of 7-09%, local passengers 43,487, a decrease of -37%, and commutation passengers 5,585,049, a decrease of 15%. Revenue from passengers amounted to $53,231,807.96, a decrease of $6,920, (11-50%). Net railway operating income was $33,269,162.45, an increase of $12,456, Operations for the year resulted in an income deficit of $5,412,513.71, after charges for depreciation and retirements of $6,439,095 and $8,200,278, respectively. 3

4 4 Annval Report INCOME ACCOUNT FOR THE YEAR INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES. BIG FOUR LINES, AND ALL OTHER LEASED LINES. Year ended Year ended OPERATING INCOME Dec. 31, 1933 Dec. 31, 1932 Increase Decrease 11, miles 11,43832 miles miles RAILWAY OPERATIONS operated operated Railway operating revenues $283,341, $293,636, $10,295, Railway operating expenses 207,923, ,176, ,253, NET REVENUE PROM RAILWAY OPERATIONS $75,417, $66,459, $8,958, Percentage of expenses to revenues (73-38) (77-37) (3-99) Railway tax accruals $26,456, $30,083, $3,627, Uncollectible railway revenues 173, , $82, RAILWAY OPERATING INCOME $48,787, $36,285, $12,502, Equipment rents, net debit $11,592, $11,281, $311, Joint facility rents, net debit 3,925, ,190, $264, NET RAILWAY OPERATING INCOME $33,269, $20,812, $12,456, MISCELLANEOUS OPERATIONS Revenues $683, $745, $61, Expenses and taxes 548, , , NON-OPERATING MISCELLANEOUS OPERATING INCOME $134, $61, $72, INCOME TOTAL OPERATING INCOME $33,403, $20,874, $12,529, Income from lease of road $131, $126, $4, Miscellaneous rent income 4,182, ,785, $602, Miscellaneous non-operating physical property 2,594, ,545, , Separately operated properties profit 385, , , Dividend income 6,594, ,817, , Income from funded securities and accounts 5,081, ,218, , Income from unfunded securities and accounts 2,079, ,562, , Income from sinking and other reserve funds 185, , Release of premiums on funded debt 30, , , Miscellaneous income 121, , , DEDUCTIONS TOTAL NON-OPERATING INCOME $21,387, $23,622, $2,234, FROM GROSS INCOME GROSS INCOME $54,791, $44,497, $10,294, Rent for leased roads $26,423, $25,659, $763, Miscellaneous rents 1,250, ,504, $254, Miscellaneous tax accruals 400, ,515, ,114, Separately operated properties loss 41, , , Interest on funded debt 28,153, ,348, , Interest on unfunded debt 3,792, ,988, , Amortization of discount on funded debt 471, , Maintenance of investment organization 11, , , Miscellaneous income charges 131, , , TOTAL DEDUCTIONS FROM GROSS INCOME. $60,203, $62,753, $2,549, NET DEFICIT $5,412, $18,256,400 OS $12,843, Sinking and other reserve funds $65, $65, Miscellaneous appropriations of income 4, , TOTAL APPROPRIATIONS OF INCOME $70, $70, DEFICIT FOR THE YEAR $5,412, $18,326, $12,914,036 41

5 5 The New York Central Railroad Company Profit and loss account BALANCE TO CREDIT OF PROFIT AND LOSS, DECEMBER 31, 1932 $238,624, ADDITIONS: Profit on road and equipment sold 49, $238,673, DEDUCTIONS: Deficit for the year 1933 $5,412, Depreciation prior to July 1, 1907 on equipment retired during the year 486, Loss on property retired 2,087, Surplus appropriated for investment in physical property (reinvestment of proceeds of property sold) 4,628, Sundry adjustments (net), unrefundable overcharges, uncollectible accounts, etc. 76, ,692, BALANCE TO CREDIT OF PROFIT AND LOSS, DECEMBER 31, 1933 $225,981, Mileage operated The total mileage operated by the company at the end of the year, compared with mileage operated December 31, 1932, was as follows: Miles Miles Increase Decrease Main line and branches 3, , Leased lines and lines operated under contract 6, , '56 Trackage rights , , The decrease of miles in main line and branches is due to the abandonment of the Mahopac Falls Branch, 2-05 miles, and miles of the Cowanesque Valley Branch, reclassification of 5-99 miles of the Belmar Branch as side tracks, and to remeasurements, -02 mile. The decrease of 3-56 miles in lines operated under lease or other contract is accounted for as follows: Abandonment of the Air Line Branch (Michigan), 5-40 miles, and the Gladwin Branch, 4-69 miles, transfer to yards and sidings of the Lake Mahopac Branch, -49 mile, and remeasurement -24 mile, a total of miles, partially offset by the reclassification of 4-36 miles from second main to first main track, the operation by the company of that portion of the Zanesville Terminal Railroad between Spangler and West Zanesville, 2-79 miles, and extension of track at Eddy's, Ont., -11 mile, a total of 7-26 miles. The increase of 1-70 miles in trackage rights is accounted for as follows: Additional trackage rights over the Baltimore and Ohio Railroad at Cincinnati -28 mile, trackage rights over the Cincinnati Union Terminal Company at Cincinnati 2-71 miles, and trackage rights over Cherry Tree and Dixonville Railroad at Manver -16 mile, a total

6 6 Annual Report of 3-15 miles, partially offset by the abandonment of trackage rights over the Lantzy Branch of the Pennsylvania Railroad at a connection with the Beech Creek Extension Railroad, 1-45 miles. Operating expenses were as follows: Operating expenses Group Amount Increase Decrease Maintenance of way and structures $25,737, $2,548, Maintenance of equipment 58,883, ,902, Traffic expenses 5,898, , Transportation expenses 101,722, ,823, Miscellaneous expenses 3,787, , General expenses 11,913, , Transportation for investment credit 20, $24, Total $207,923, $19,253, The decrease of $19,253, in operating expenses represents a reduction of 8-48%, as compared with a decrease of 3-51% in operating revenues, and resulted in an operating ratio of as compared with in The reductions in wages and salaries which became effective on February 1, 1932, were continued throughout 1933 and there were further reductions in personnel and days worked. These and other economies and reduced charges for depreciation and retirement of equipment were factors contributing to the decreased charges to operating expenses. Expenses for maintenance of way and structures decreased $2,548, (9-01%). While there were minor increases in the track accounts, the larger items being for rail, other track material and ballast, there were substantial decreases in most of the other accounts of the group. Expenses for maintenance of equipment decreased $5,902, (9-11%). As the result of a more extensive program of repairs, steam locomotive repairs increased $1,495, and freight car repairs increased $1,023, There were 1,536 locomotives and 18,162 freight cars which received classified repairs, as compared with 1,194 locomotives and 11,130 freight cars in Charges for equipment depreciation and retirements were reduced by $7,540, and $943,016.17, respectively. Traffic expenses decreased $890, (13-11%) as the result of reduced salaries and personnel and reduction in the cost of tariffs and stationery. Transportation expenses decreased $8,823, (7-98%), there having been substantial decreases in nearly all accounts of the group. The cost of miscellaneous operations decreased $409, (9-76%), principally due to decreased expense and curtailment of dining car operation. General expenses decreased $702, (5-57%), decreases of $1,150, in wages and salaries and $101, for law expenses having been partly offset by an increase of $613, in payments for pensions.

7 7 The] New York Central Railroad Company Railway tax accruals Railway tax accruals, details of which will be found on page 32, were.$26,456,636.66, a decrease of $3,627, There were substantial reductions in assessed valuations and decreases in rates of taxation in a majority of the taxing districts, which, with an adjustment on account of over-accruals in former years, resulted in a decrease of $2,824, in taxes on real and personal property. There were decreases of $159, in special franchise taxes, which depend somewhat on earnings; of $182, in state taxes on gross income by reason of a smaller taxable income; of $321, in capital stock taxes assessed by the several states, due principally to adjustment of over-accruals for such taxes in 1932 and prior years. There was also a decrease of $539, due to the inclusion in Rentals for Leased Lines, in compliance with requirements of the Interstate Commerce Commission, in federal income taxes payable by the company under lease covenants in respect to rental income of certain leased lines, whereas such payments had in previous years been included in Railway Tax Accruals. These decreases were partly offset by accruals amounting to $385, for new taxes which became effective during the year, such as the Federal capital stock tax, the Indiana quarterly income tax, sales taxes in New York, Michigan and Illinois, New York City emergency excise tax on gross income (paid under protest), and the various Federal processing taxes. There were net increases in sundry other items of taxation amounting to $14, Equipment rents The net debit to equipment rents amounted to $11,592,638.33, an increase of $311, Rentals received for the use of the company's equipment on foreign roads increased $835,141.60, while rentals paid to others for use of equipment increased $1,146, Joint facility rents There was a net debit to joint facility rents of $3,925,975.01, a decrease of $264, Non-operating income Non-operating income amounted to $21,387,448.18, a decrease of $2,234, The more important items contributing to this result were as follows: Miscellaneous rent income decreased $602,889.35, due to the cancellation of leases and adjustment or deferment of rentals made necessary by business conditions, particularly in the Grand Central Terminal Area. Revenues from non-operating physical property decreased $950,891.11, due principally to a change in method of accounting in connection with taxes assessed against the company account of improvements on property in the Grand Central Terminal Area and collectible from tenants, which were formerly credited to this account but are now cleared, both as to charges and credits, through a suspense account.

8 s Annual Report There was an increase of $245, in profit from separately operated properties resulting from the increased revenues from the operation of The Pittsburgh, McKeesport and Youghiogheny Railroad and the Central Indiana Railway. Dividend income decreased $222, principally as a result of smaller dividends received on the capital stock of The Mahoning Coal Railroad Company and The Reading Company, and none in 1933 from some small holdings. Income from funded securities decreased $137, Interest received upon advances to others decreased $391,531.96, due to reduction of such advances, while interest receivable accrued on bonds, partially by reason of acquisition on May 1, 1933, of $7,000,000 of Boston and Albany Railroad Company 6% 10 year bonds, increased $240,337.06, and there were increases in other items amounting to $14, Income from unfunded securities and accounts decreased $482, There was a decrease of $115, in interest upon funds in interest-bearing deposits, due to the discontinuance of interest on demand deposits in banks, a decrease of $352, due to an adjustment in 1932 incident to the purchase of an interest in the Nicholas Fayette and Greenbrier Railroad Company and a net decrease of $14, in other items. Deductions from gross income Deductions from gross income amounted to $60,203,814.03, a decrease of $2,549, Rent for leased roads increased $763,291.83, of which $580, is due to the inclusion in this account, under requirements of the Interstate Commerce Commission, of federal taxes upon the income of lessor companies, such payments having been charged as railway tax accruals in the accounts of former years, $403, to the increased revenues of lines the rental for which is based upon such revenues, and $16, to increases in rents for various tracks. These increases were partly offset by a decrease of $236, in interest on the obligations of lessor companies due to the retirement of certain of such obligations. Interest on funded debt amounted to $28,153,486.57, a decrease of $195, There was a decrease of $654, in interest on mortgage bonds and equipment obligations, due to retirements of such obligations, which was partly offset by a net increase of $459, in interest upon notes and advances, principally upon additional loans from Reconstruction Finance Corporation and advances by the State of New York for grade eliminations. Interest on unfunded debt decreased $195,652.58, resulting from lower interest rates on loans from banks and others.

9 9 The New York Central Railroad Company Miscellaneous rents decreased $254,796.40, resulting from reductions in rates of taxation, the cancellation of certain leases, the transfer of certain West Side properties in the City of New York, on which taxes were charged, to road investment account and sundry minor adjustments. Miscellaneous tax accruals decreased $2,114,918.64, principally as a result of the change herein before mentioned in method of accounting for taxes payable by tenants account of improvements on property in the Grand Central Terminal Area. Such taxes, formerly charged to this account and offset by credits to miscellaneous rent income and income from non-operating physical property, are now charged to a suspense account, payments by tenants being credited to the same account. Taxes assumed by the company decreased as a result of reduced rates of taxation. Deficit for the year As reflected in the foregoing statement of the income account, results for the year show a deficit of $5,412,513.71, which was charged to profit and loss. Stockholders The following table shows the number of stockholders of the company at the end of each year since the consolidation: Total In United States Abroad Average Average Average Date Number holding Number holding Number holding December 31, , , , December 31, , , December 31, , ,771 92H December 31, , , December 31, , , December 31, , , December 31, , , December 31, , , December 31, , , December 31, , , December 31, , ,238 94^ December 31, , , December 31, , , December 31, , , December 31, , , December 31, , , December 31, , , , December 31, , , , December 31, , , ,497 63

10 10 Annual Report Changes in funded debt The changes in the funded debt of the company, in detail, were as follows: The amount on December 31, 1932 $670,158, has been increased as follows: Three year notes issued to the Reconstruction Finance Corporation, dated as follows: February 15, 1933 $500, May 1, ,000, May 26, ,000, May 26, , ,478, State of New York, advances for grade crossing eliminations 589, $680,226, and has been reduced as follows: Payment of real estate mortgage on New York City property, matured October 15, 1933 $40, State of New York, installments for grade crossing eliminations 2, Payments falling due during the year on the company's liability for principal installments under equipment trust agreements as follows: Trust No. 43 of January 15, 1920, January 14, , N Y C R R Co Trust of 1920, April 15, ,153, NYC Lines Trust of 1922, June 1, , NYC Lines 4^ Per Cent Trust of 1922, September 1, , NYC Lines Trust of 1923, June 1, , NYC Lines Trust of 1924, June 1, , NYC Lines 4J^ Per Cent Trust of 1924, September 15, , NYC Lines Trust of 1925, May 15, , N Y C R R Trust of 1929, April 14, ,100, N Y C R R Second Trust of 1929, December 1, , N Y C R R Trust of 1930, May 15, , ,083, leaving the funded debt on December 31, 1933 $671,143, Dividends No dividends were declared or paid during the year. Property investment accounts Changes in the property investment accounts for the year, as shown on pages 25 27, were as follows: Road and general expenditures Equipment Miscellaneous physical property Improvements on leased railway property $6,609, Increase 18,741, Decrease 141, Increase 661, Decrease a net decrease of $12,652,243 90

11 11 The New York Central Railroad Company Acquisition of Short Line Railroads There still remains pending before the Interstate Commerce Commission a proceeding with reference to the acquisition by this company of the Chicago, Attica and Southern Railroad. By the order of the Commission of November 7, 1933, this company was released from any obligation to acquire and operate the Boyne City, Gaylord and Alpena Railroad. Loans from Reconstruction Finance Corporation Upon loans authorized by Reconstruction Finance Corporation in 1932, referred to in the annual report for that year, additional advances were received by the company during 1933, as follows: For completion of parts of the West Side Improvement Project, New York City, $1,500, For equipment repairs, 978, There remain to be advanced on these loans, to reimburse the company for expenditures made in 1933, the following amounts: For the West Side Improvement Project, $899, For equipment repairs, 1,521, On May 1, 1933, the company borrowed $7,000,000 from the Corporation for the payment of that principal amount of 4% Boston and Albany Railroad Company Improvement Bonds of 1908, guaranteed, as to principal and interest, by the company, which became due on that date. Reference is made elsewhere in this report to bonds issued by Boston and Albany Railroad Company to refund the matured bonds. Loans from the Railroad Credit Corporation On March 29, 1933, the company borrowed $2,000,000 and on May 29, 1933, an additional $1,710,000 from the Railroad Credit Corporation. During the period July 15, to December 30, 1933, inclusive, there were credits upon the note for $2,000,000, dated December 27, 1932, referred to in the annual report for 1932, representing this company's proportion of distributions by the Corporation, amounting to $733,709.09, and on December 12, 1933, a cash payment of $176, was made by the company on that note. On December 30, 1933, the company took up the three outstanding notes by giving its renewal note for $4,800,000, being the amount of the then remaining indebtedness.

12 J 2 Annual Report Issue of bonds by Boston and Albany Railroad Company In accordance with the provisions of the lease under which the company holds the properties of Boston and Albany Railroad Company, that company delivered to this company $7,000,000, principal amount, of its 6% Refunding Bonds of 1933, due May 1, 1943, issued for the refunding of that amount of its 4% Improvement Bonds of 1908, which matured May 1, The Refunding Bonds, guaranteed as to principal and interest by this company, were pledged by this company as part of the collateral security for loans from Reconstruction Finance Corporation, which include a loan of $7,000,000, previously referred to in this report, to enable this company to provide for the payment of the maturing bonds above mentioned. Amendment of By-Laws On November 15, 1933, the Board of Directors approved certain changes in the by-laws of the company to become effective upon their approval by the stockholders. One of the changes postpones the date of the annual meeting of stockholders, beginning in 1935, from the fourth Wednesday in January to the fourth Wednesday in May. The other change would eliminate the requirement that the stock transfer books of the company be closed for twenty days prior to meetings of stockholders and would empower the Board of Directors either to close the books, or in lieu thereof, to fix a record date for determination of stockholders entitled to vote at meetings, to receive payment of dividends, allotments of rights, etc. Closed Depositary Banks Due to the distressed banking conditions existing in the early part of the year which resulted in the declaration of the general bank holiday, several of the company's depositaries were closed. A total of $1,502, of the company's funds were impounded in these closed institutions, the major amounts being in the First National Bank of Detroit, Michigan, and the Union Trust Company of Cleveland, Ohio. The liquidation or reorganization of these banks has progressed, and during the year a total of $665, of the impounded funds has been released to the company. It is impossible to estimate what the ultimate recovery will be from the balance of the funds still impounded. Hotel and other properties in the Grand Central Terminal Area In view of the curtailment in the revenues of hotels and apartment houses located in the Grand Central Terminal Area growing out of the existing financial conditions, it has been necessary in many instances to make deferments in the rentals due under the leases of such hotels and apartment houses. One of the leased properties, the building at 385 Madison Avenue, has been taken over in the interest of this Company and The New York, New Haven and Hartford Railroad Company during the year 1933.

13 13 The New York Central Railroad Company Line abandonments During the year four unproductive branches (27 miles of road) were abandoned, also the line of Kankakee and Seneca Railroad Company, Kankakee to Seneca, 111., about 42 miles, the capital stock of which is owned one-half each by the Chicago, Rock Island & Pacific Railway Company and The Cleveland, Cincinnati, Chicago and St. Louis Railway Company. Applications are pending before public authorities for authority to abandon another branch and investigation is being made of several other branches in connection with possible abandonment. West Side Improvements, New York City Material progress was made during the year in the work of removal of the tracks from their cross and longitudinal occupation of the City streets to a privately owned right of way at grade separated from the streets. In the territory from 30th Street southerly to 18th Street the new elevated structure has been completed, including connections to the new United States Parcel Post Building under construction at West 30th Street and 10th Avenue which will be completed during the early part of Work is underway on the elevated structure southerly of 18th Street and on the new St. Johns Park freight terminal located at Spring Street, to be completed in the early summer of 1934, at which time the new facilities south of 30th Street will be placed in service. When these facilities shall have been finished approximately 85 per cent (in terms of cost) of the entire West Side Improvement will have been completed. There remains the completion of the balance of the project between 30th Street and 60th Street, the elimination of grade crossings at 79th and 96th Streets and the covering of the tracks between 70th and 79th Streets, in connection with the development by the City of its express highway. A substantial portion of the cost of the remaining work to be done will be financed by funds provided under the provisions of the Grade Crossing Elimination Act. On account of economic conditions, curtailments have been made in the amount of work contemplated under the original plan, without sacrificing, however, the original purposes, namely the removal of the tracks from the longitudinal occupation of streets, elimination of grade crossings and the improvement of railroad freight terminal facilities. Elimination of Grade Crossings at Syracuse, N. Y. Pursuant to orders from the public authorities, w r ork is under way for the elimination of 59 street grade crossings in the City of Syracuse under the plan contemplating the removal of the main line tracks from the occupation of City streets and the construction of a new elevated main line generally following the old route of the West Shore Railroad to the north. The present work covering the first stage of the program, including grading and street approaches, was begun during the latter part of the year. The larger portion of this improvement is being done under the provisions of the statutes covering grade crossing elimination work under which the railroad bears 50% of the expense, the state 49% and the city 1%. The company's portion of the elimination of grade crossing work will be financed by borrowing from the State for such work.

14 14 Annual Report New passenger terminal at Cincinnati, Ohio In March a new passenger terminal for the use of all Cincinnati railroads was completed and put in operation with suitable dedicatory ceremonies. This permitted the abandonment of the old station facilities of the Central Union Depot and Railway Company. Nyando, N. Y., to Cornwall, Ontario Toll Highway An arrangement was entered into with the Cornwall-Northern New York International Bridge Corporation for the occupation of a portion of this company's right-of-way and for the utilization of the company's bridges over the St. Lawrence River at Cornwall for a new tollway to facilitate highway traffic between northern New York and Ottawa, Canada. The reconstruction of this company's bridges at the expense of the Bridge Corporation, in order to accommodate vehicular traffic along with the railroad traffic, was completed during the year. This company is to receive a portion of the gross revenue realized from the toll charges upon the highway traffic. Other improvements On account of the economic situation, expenditures for improvements other than grade elimination projects were restricted, except as to the completion of projects heretofore reported, such additional improvements as were required in order to maintain safe operation, and a few mechanical installations to accomplish substantial savings. Under order of public authorities the elimination of two grade crossings and the reconstruction of one highway bridge were undertaken. A program has been developed with the Public Works Administration looking to the carrying out of elimination of grade crossing work and bridge reconstruction work so that all or a part of the cost will be met with Federal funds, resulting in certain instances in relieving this company of expense that otherwise would be incurred if the work were done under statutory apportionment. Under this program two bridge reconstruction projects were under way during the year. Negotiations are active on 10 eliminations of grade crossings and 13 bridge reconstruction projects. Pensions During the year 659 employees were retired and pensioned; 379 at the age of seventy, 270 for disability, 10 on service pension. The total amount paid in pensions during 1933 was $3,391,

15 15 The New York Central Railroad Company Valor medals Since 1926 the company has presented valor medals in recognition of employees who, at the risk of their lives, saved others. During 1933, valor medals were issued to the following: Frederick D. Karn, Conductor, Cleveland, Ohio; Bernard J. Deegan, Switchman, Chicago, Illinois. Changes in organization February 1, 1933, Henry A. Stahl, Assistant Treasurer, retired. May 1, 1933, Charles C. Paulding retired as Vice-President, Law, at his request, continuing as Advisory Counsel. May 1, 1933, Jacob Aronson was appointed Vice-President, Law; Crosby J. Beakes appointed General Counsel. September 1, 1933, W. J. Fripp, Vice-President, Lines East of Buffalo, retired; D. W. Dinan was appointed Vice-President and General Manager, Lines East of Buffalo; W. F. Schaff was appointed Vice-President and General Manager, Lines West of Buffalo. March 14, 1933, Robert F. Loree was elected a director to fill the vacancy caused by the death of Warren S. Hayden. April 12, 1933, Edward B. Greene was elected a director to fill the vacancy caused by the resignation of William N. King. The Board wishes to express its appreciation of the loyal and efficient service of the officers and employees of the company during the year. For the Board of Directors, President.

16 16 Annual Report COMPARATIVE CONDENSED GENERAL BALANCE SHEET, DECEMBER 81, 1938 and 1982 ASSETS 1932 INVESTMENTS 1933 Comparison $689,869, Investment in road $696,479, $6,609, Inc Investment in equipment 183,783, Trust 184,078, , Inc 248,031, Owned 228,994, ,037, Dec 159,163, Improvements on leased railway property 158,501, , Dec 15, Deposits in lieu of mortga ged property sold 21, , Inc 29,318, Miscellaneous physical property Investments in affiliated companies 29,459, , Inc $156,103, Stocks $156,103, Dec 9,116, Bonds 8,991, , Dec 35,521, Notes 35,398, , Dec 157,448, Advances 158,284, , Inc 358,189, Other investments 358,777, $587, Inc $28,001, Stocks $28,056, , Inc 1,382, Bonds 8,059, ,677, Inc 1,101, Notes 1,101, ,186, Advances 17,365, , Inc 305, Miscellaneous 465, , Inc 47,978, ,048, $7,070, Inc $1,716,350, TOTAL INVESTMENTS $1,711,362, $4,987, Dec CURRENT ASSETS $22,655, Cash 10, Demand loans and deposits 60, Time drafts and deposits 388, Special deposits 15, Loans and bills receivable 2,487, Traffic and car-service balances receivable 3,310, Net balance receivable from agents and conductors 13,430, Miscellaneous accounts receivable 29,385, Material and supplies 3,867, Interest and dividends receivable 365, Rents receivable 139, Other current assets $76,115, TOTAL CURRENT ASSETS $20,682, , , , , ,499, ,624, ,048, ,902, ,976, , , $74,715, $1,973, Dec 5, Dec 3, Inc 11, Inc 44, Inc 987, Dec 314, Inc 381, Dec 1,517, Inc 109, Inc 31, Dec 21, Dec $1,400, Dec $208, ,012, ,379, $22,600, Working fund advances Insurance and other funds Other deferred assets DEFERRED ASSETS TOTAL DEFERRED ASSETS $199, ,030, ,541, $28,771, $8, Dec 17, Inc 6,161, Inc $6,170, Inc $78, , ,098, UNADJUSTED DEBITS Rents and insurance premiums paid in advance Securities acquired from lessor companies (per^contra) Other unadjusted debits $96, , ,722, $18, Inc 623, Inc $10,301, TOTAL UNADJUSTED DEBITS $10,944, $642, Inc $1,825,367, $1,825,792, $425, Inc

17 17 The New York Central Railroad Company COMPARATIVE CONDENSED GENERAL BALANCE SHEET, DECEMBER 81, 1938 and 1982 LIABILITIES 1932 STOCK 1933 Comparison $499,259, Capital stock $499,259, $45 50 Dec 4,880, Premium on capital stock 4,880, $504,139, TOTAL CAPITAL STOCK $504,139, $45 50 Dec Funded debt unmatured LONG TERM DEBT $67,909, Equipment obligations $58,868, $9,040, Dec 568,901, Mortgage bonds 568,901, ,560, Debenture bonds 17,560, ,600, Collateral trust bonds 25,078, ,478, Inc 188, Miscellaneous obligations 734, , Inc $670,158, $671,143, $984, Inc 16, Non-negotiable debt to affiliated companies 7, , Dec $670,175, TOTAL LONG TERM DEBT $671,150, $975, Inc $1,174,315, TOTAL CAPITALIZATION $1,175,290, $975, Inc CURRENT LIABILITIES $67,900, Loans and bills payable $69,200, $1,300, Inc 5,475, Traffic and car service balances payable 4,586, , Dec 15,210, Audited accounts and wages payable 15,577,11S , Inc 1,705, Miscellaneous accounts payable 1,759, , Inc 2,415, Interest matured unpaid 2,442, , Inc 162, Dividends matured unpaid 158, , Dec 139, Funded debt matured unpaid 135, , Dec 5,648, Unmatured interest accrued 5,594, , Dec 2,754, Unmatured rents accrued 2,838, , Inc 7,128, Other current liabilities 7,419, , Inc $108,541, TOTAL CURRENT LIABILITIES $109,712, $1,170, Inc DEFERRED LIABILITIES $14,715, Liability to lessor companies for equipment $14,715, ,003, Other deferred liabilities 31,177, $2,174, Inc $43,719, TOTAL DEFERRED LIABILITIES $45,893,102 2S $2,174, Inc UNADJUSTED CREDITS $15,465, Tax liability $16,931, $1,466, Inc 207, Premium on funded debt 176, , Dec 4,204, I nsurance and casualty reserves 4,351, , Inc 2,551, Accrued depreciation road 2,551, ,260, Accrued depreciation equipment 161,685, ,574, Dec 3,539, Accrued depreciation miscellaneous physical property 3,501, , Dec 125, Liability to lessor companies for securities acquired (per contra) 125, ,629, Other unadjusted credits 70,779, ,149, Inc $255,984, TOTAL UNADJUSTED CREDITS $260,103, $4,118, Inc CORPORATE SURPLUS $2,482, Additions to property through income and surplus $7,110, $4,628, Inc 1,701, Miscellaneous fund reserves 1,701, ,624, Profit and loss balance 225,981, ,642, Dec $242,807, TOTAL CORPORATE SURPLUS $234,793, $8,014, Dec $1,825,367, $1,825,792, $425, Ine

18 18 Annual Report CAPITALIZATION DECEMBER 31, 1933 Capital stock Number of shares authorized 5,000,000 Total par value authorized $500,000, Number of shares issued Consolidation certificates of 1SG9 not converted Fractional stock scrip: Consolidations , In Exchange The CCC & St. L. Ry. Co. common stock 00. 4,992, Par value outstanding Consolidation certificates of 1809 outstanding Fractional stock scrip: Consolidation $1, In Exchange The CCC & St. L. Ry. Co. common stock $499,252, , , ,992, $409,259, Par value per share $ Dividend for the year On November 13, 1929, the Board of Directors of the company adopted resolutions for an increase in the authorized capital stock of the company to $700,000,000 which increase was authorized and consented to at a meeting of the stockholders of the company held on February 5, Certificate of such s has not yet been tiled in all of the States of incorporation. Funded debt None MORTGAGE BONDS N Y C & H R R R Co gold debentures Kalamazoo & White Pigeon R R Co first N Y C & H R R R C o gold debentures Gouverneur & Oswegatchie R R Co first Indiana Illinois & Iowa R R Co first Chicago Indiana & Southern R R Co 50 year Jamestown Franklin & Clearfield R R Co first NYC&HRRRCo-Spuyten Duyvil & Pt Morris first Cleveland Short Line Railway Co first Carthage & Adirondack Railway Co first Sturgis Goshen & St Louis Railway Co first Mohawk & Malone Railway Co first New York & Putnam R R Co first consolidated Lake Shore & Michigan Southern Ry Co gold mtge N Y C & H R R R C o gold mortgage N Y C & II R R R Co-Lake Shore coll gold N Y C & H R R R Co-Mich Central coll gold N Y C R R Co 4% consolidation mtge series A Mohawk & Malone Railway Co consolidated N Y C R R Co refund and imp series A N Y C R R Co ref and imp series B N Y C R R Co ref and imp series C Date of issue Date of maturity Amount of authorized issue Amount issued and now outstanding Rate of interest Payable on t he first day of 1904 May 1, 1934 $48,000, $48,000, % Nov and May 1889 Jan. 1, , , % July and Jan 1912 Jan. 1, ,188, ,188, % July and Jan 1892 June 1, , , % Dec and June 1900 July 1,1950 4,850, ,850, % Jan and July 1906 Jan. 1, ,150, ,150, % July and Jan 1909 June 1, ,000, ,000, % Dec and June 1909 June 1, ,500, ,500, i% Dec and June 1911 Apl. 1, ,800, ,800, % Oct and Apl 1892 Dec. 1, ,100, ,100, % June and Dec 1889 Dec. 1, , , % June and Dec 1892 Sept. 1,1991 2,500, ,500, % Mch and Sept 1894 Oct. 1, ,987, ,987, % Apl and Oct 1897 June 1, ,000, ,000, i% Dec and June 1897 July 1, ,000, ,000, i% Jan and July 1898 Feb. 1, ,578, ,514, % Aug and Feb 1898 Feb. 1, ,550, ,336, % Aug and Feb 1913 Feb. 1, ,000, ,064, % Aug and Feb 1902 Mch. 1,2002 3,900, ,900, j% Sept and Mch 1913 Oct. 1, ,000, ,000, % Apl and Oct 1920 Oct. 1, ,494, ,494, % Apl and Oct 1921 Oct. 1, ,000, ,000, % Apl and Oct Total $748,405, Less securities reacquired or nominally issued and held by or for the company: N Y C R R Co refunding and improvement mtge bonds series B $4,494, N Y C R R Co refunding and improvement mtge bonds series C 175,000, N Y C & H R R R Co-Lake Shore collateral gold bondsf 10, ,504, Total mortgage bonds actually outstanding $568,901, t Deposited with Citv of New York and included in Balance Sheet account " Insurance and other funds" Secured by N Y C & H It R R Co consolidation mortgage dated June 20, 1913 Additionally secured by N Y C R R Co mortgage dated January 15, 1915

19 19 The New York Central Railroad Company CAPITALIZATION {concluded) Funded debt {concluded) Date of Date of Amount of Amount issued and Rate of DEBENTURE BONDS issue maturity authorized issue now outstanding interest Payable on N Y C R R C o twenty-year 6% convertible 1915 May 1, 1935 $100,000, $12,060, % Nov 1 and May 1 N Y C & H R R R C o 1900 July 1,2000 5,500, ,500, % Jan 1 and July 1 Total debenture bonds actually outstanding $17,560, COLLATERAL TRUST BONDS Reconstruction Finance Corporation Note 1932 May 16, ,500, $1,500, % Nov 16, May 16 Reconstruction Finance Corporation Note 1932 June 30, ,100, ,100, % Dec 30, June 30 Reconstruction Finance Corporation Note 1932 July 15, , , % Jan 15, July 15 Reconstruction Finance Corporation Note 1932 Aug. 1, ,500, ,500, % Feb 1, Aug 1 Reconstruction Finance Corporation Note 1933 Feb. 15, , , % Aug 15, Feb 15 Reconstruction Finance Corporation Note 1933 May 1, ,000, ,000, % Nov 1, May 1 Reconstruction Finance Corporation Note 1933 May 26, ,000, ,000, % Nov 26, May 26 Reconstruction Finance Corporation Note 1933 May 26, , , % Nov 26, May 26 Total collateral trust bonds actually outstanding $25,078, EQUIPMENT TRUST OBLIGATIONS Equipment trust notes (Trust No. 43) Equipment trust certificates (N Y C R R) Equipment trust certificates (NYC Lines) Equipment trust certificates (NYC Lines) Equipment trust certificates (N Y C Lines) Equipment trust certificates (N Y C Lines) Equipment trust certificates (NYC Lines) Equipment trust certificates (N Y C Lines) Equipment trust certificates (N Y C R R) Equipment trust certificates (N Y C R R) Equipment trust certificates (N Y C R R) 1920 Jan. 15, ,829, $1,845, % July 15, Jan Apl. 15, ,297, ,306, % Oct 15, Apl June 1, ,580, ,288, % Dec 1 and June Sept. 1, ,535, ,276, % Mch 1 and Sept June 1, ,930, ,310, % Dec 1 and June June 1, ,745, ,898, % Dec 1 and June Sept. 15, ,720, ,088, i% Mch 15, Sept May 15, ,010, ,138, % Nov 15, May Apl. 15, ,500, ,100, % Apl 15, Oct Dec. 1, ,175, ,195, % June 1 and Dec May 15, ,059, ,424, % May 15, Nov 15 Total equipment trust obligations actually outstanding $58,868, MISCELLANEOUS OBLIGATIONS State of New York, Financial Aid in Connection with Various Completed Grade Crossing Elimination Projects Various dates 734, $734, Various rates and dates Total funded debt actually outstanding $671,143, TRUSTEES: Bankers Trust Company, New York Central Union Trust Company of New York (now Central Hanover Bank and Trust Company) American Exchange Irving Trust Company, New York (now Irving Trust Company) Guaranty Trust Company of New York Guaranty Trust Company of New York and John B. Cockrum of Indianapolis, Indiana Guaranty Trust Company of New York and William A. Wildhack of Montrose, California Illinois Trust and Savings Bank (now Continental Illinois National Bank and Trust Company, of Chicago), and Joseph D. Oliver, (deceased) Metropolitan Trust Company (now Manufacturers Trust Company), New York United States Trust Company, New York United States Trust Company, New York, and John H. Holliday, Indianapolis, Indiana

20 20 Annual Report INVESTMENTS DECEMBER 31, 1933 IMPROVEMENTS ON LEASED OR CONTROLLED RAILWAY PROPERTY Amsterdam Chuctanunda & Northern R R $19, Bailev Run Sugar Creek & Athens Ry 2, Battle Creek & Sturgis Railway 20, Bav Citv Belt Line Railroad Beech Creek Railroad 4,193, Beech Creek Extension Railroad 1,762, Boston & Albany Railroad 4,062, Central Railroad of Indianapolis _ 30 55* Chicago Kalamazoo & Saginaw Railway 4, Cincinnati Lafayette & Chicago Railroad 87, Cincinnati Northern Railroad 51, Cincinnati Sandusky & Cleveland Railroad 32,245 53* Cleveland Cincinnati Chicago & St Louis Railway 6,627, Columbus Hope & Greensburg R R Detroit Hillsdale <fc Southwestern Railroad 187, Detroit Manufacturers Railroad * Erie & Kalamazoo Railroad 163, Evansville Indianapolis & Terre Haute Railway 25, Evansville Mt Carmel & Northern Railway 33, Fort Wavne & Jackson Railroad 432, Genesee Falls Railway 10, Grand Central Terminal Improvements 50,184, Hudson River Connecting Railroad 759, Hudson River Bridges at Albany 1, Improvements to piers 1,529, Improvements to leased ticket offices 98, Indiana Harbor Belt Railroad 2,355 18* Joliet & Northern Indiana Railroad 30, Kalamazoo Allegan & Grand Rapids Railroad 182, Kanawha & Michigan Railway 2,679, Kanawha & West Virginia Railroad 162, Lake Erie Alliance & Wheeling Railroad 1,842, Lansing Manufacturers R R 11, Mt Gilead Short Line 11, Michigan Central Railroad 1,060, New Jersey Junction Railroad 571, New York & Harlem Railroad 34,844, New York State Realty & Terminal Co property 2,339, New York stock yards 591, North Brookfield Railroad * Ottawa & New York Railway 287, Pittsfield & North Adams Railroad 4, Point Pleasant Bridge 5, St Joseph South Bend & Southern Railroad 2, St Lawrence & Adirondack Railway 761, Titusville & Cambridge Springs Railroad : Toledo & Ohio Central Railway 9,339, Troy & Greenbush Railroad 241, Trustee Central Mfg District Chicago et al 121, Vernon Greensburg & Rushville Railroad 16, Ware River Railroad 39, Wallkill Valley Railroad 223, West Shore Railroad 32,113, Zanesville & Western Railway 645,648 39* Total $158,501, INVESTMENTS IN Mib ELLANEOUS PHYSICAL PROPERTY New York Central Building, 45th-46th Streets, Park Avenue, New York $14,387, Hotel Biltmore building, New York 2,800, Substructural work Gravbar building, New York $640, "Park Avenue, New York 210, Park Avenue, New York 305, Park Avenue, New York 2»^1287 1,436,725 80» C r c d i t Carried forward $18,624,439 70

21 21 The New York Central Railroad Company INVESTMENTS (continued) INVESTMENTS IN MISCELLANEOUS PHYSICAL PROPERTY (concluded) 277 Park Avenue, New York 290 Park Avenue, New York 299 Park Avenue, New York 300 Park Avenue, New York 320 Park Avenue, New York 340 Park Avenue, New York 379 Madison Avenue, New York 385 Madison Avenue, New York Apartment house, 33 East 48th Street, New York Hotel Commodore building, New York Hotel Roosevelt, New York Hotel Waldorf Astoria Barclay Park Building, 115 East 48th Street, New York Vanderbilt Concourse Building, New York Yale Club building, New York Brought forward 8388, , , , , , , , , , , , , , $is.«2u:t:> 7ii 2,441, LAND ASD BUILDINGS At Cleveland, Ohio At Chicago, Illinois Keating to Browns, Pennsylvania Beech Creek Extension Railroad Tonawanda, New York American and Canadian Niagara Bridge Co Adjacent to Newark Ave Freight Terminal, Jersey City, New Jersey At New York, New York. At Collinwood, Ohio At sundry other locations Stock Yards, East Buffalo, New York Putnam Bridge across Harlem River, New York Elevator, Schneider, Indiana Commercial tracks and sidings Special assessments, paving and construction of highways and sewers Property released from operation, held for disposition Total $976, , , , ,298 7:: 2,609, , , ,211, ,432, , , , , , $29,459, INVESTMENTS IN AFFILIATED COMPANIES STOCKS Bailey Run Sugar Creek & Athens Railway Co Battle Creek & Sturgis Railway Co Beech Creek Railroad Co Beech Creek Extension Railroad Co Be Cans Cam Cher Chic; CI n Tt nal Company m Nil.gara Bridge Company lian Pacific Car & Passenger Transfer Co Ltd y Tree, & Dixonville Railroad Co go Kalamazoo & Saginaw Railway Co go River & Indiana Railroad Co Clearfield Hituminous Coal Corporation Cleveland Cincinnati Chicago & St Louis Ry Co common Cleveland Cincinnati Chicago & St Louis Ry Co preferred Cleveland Union Terminals Company Detroit Terminal Railroad Co Detroit Toledo & Milwaukee Railroad Co Federal Valley Railroad Co Fort Wayne Union Railway Co Fulton Chain Railway Co Genesee Falls Railroad Co Hudson River Bridge Company at Albany Hudson River Connecting Railroad Corporation Indiana Harbor Belt Railroad Co Jefferson Coal Company Lake Erie Alliance & Wheeling Railroad Co * First Installment of ten per cent paid Total outstanding $205, , ,000, ,179, , , , , , , , ,028, ,998, , ,000,001) nil 1,060, S , , , , , ,600, ,500, ,000, by this company Shares Par value 2,057 $205, , , ,790 5,179, , , , ,400 00* 2, , , , , , , , , , ,286, ,166 8,510, , , , , , , , ) 20, , , , , , , ,800 2,280, , , ,000 3,000, Carried forward $71,093,383 33

22 22 Annual Report INVESTMENTS [continued) INVESTMENTS IN AFFILIATED COMPANIES STOCKS (conch Lake Erie & Pittsburg Railway Co Lansing Manufacturers Railroad Lansing Transit Railway Co Mahoning Coal Railroad Co common Mahoning Coal Railroad Co preferred Merchants Despatch Transportation Co Michigan Central Railroad Co Middleport <fc Northeastern Ry Co New Jersey Junction Railroad Co New York & Harlem Railroad Co common New York & Harlem Railroad Co preferred New York State Realty & Terminal Company Nicholas Fayette & Greenbrier Railroad Co Ottawa & New York Railway Co Owasco River Railway Pittsburgh & Lake Erie Railroad Co Pittsburgh McKeesport & Youghiogheny R R Co Railway Express Agency, Inc Raquette Lake Railway Co Securities Corporation of the New York Central Railroad St Lawrence & Adirondack Railway Co Toledo & Ohio Central Railway Co common Toledo <fe Ohio Central Railway Co preferred Toledo Terminal Railroad Co Toronto Hamilton & Buffalo Railway Co Trestle Realty Corporation Troy Union Railroad Co West Shore Railroad Co Sundry inactive corporations Total Held by I Total outstanding Shares Brought forward 21,500 14,300,000 on 100, , ,500, , ,000, ,738, , , ,656, ,343, , ,471, ,000, , ,182, ,959, ,000 shares 250, ,615, ,846, ,701, ,000, ,415, , , ,000, ,000 ) shares ,532 9,620 40, , , ,298 23,112 1,000 37,359 10, ,984 31, ,500 1,000 16,150 58,463 37,014 3,872 20,120 2, ,000 10,025 $71,093, ,150, , , , , ,000, ,631, , , ,714, ,155, , ,735, ,000, , ,099, ,585, No par value 250, No par value 1,615, ,846, ,701, , ,012, , , ,000, ,002, $157,519, INVESTMENTS IN AFFILIATED COMPANIES BONDS Beech Creek Railroad Co second mortgage Beech Creek Extension Railroad Co consolidated mortgage Cherry Tree & Dixonville Railroad Co first mortgage, series A Cherry Tree & Dixonville Railroad Co debenture certificates Chicago Kalamazoo & Saginaw Railway Co first mortgage Cleveland Cincinnati Chicago & St Louis Railway Co general mortgage Fort Wayne Union Railway Co general mortgage Lake Erie & Pittsburg Railway Co first mortgage Merchants Despatch Incorporated equipment trust certificates of 1931 Ottawa & New York Railway Co first mortgage Ottawa & New York Railway Co second mortgage Toledo & Ohio Central Railway Co first preference income St Marys Division Toledo Terminal Railroad Co first mortgage Webster Coal & Coke Company consolidated first mortgage Total $1,000, ,964, ,210, , , ,740, , ,620, ,625, , , , ,800, ,015, $500, ,964, , , , , , ,810, ,625, , , , , , $10,347, INVESTMENTS IN AFFILIATED COMPANIES NOTES Boston Terminal Company Hudson River Connecting Railroad Corporation Kanawha & Michigan Railw r ay Company Lake Erie Alliance & Wheeling Railroad Co Lake Erie & Pittsburg Railway Co New Jersey Junction Railroad Co New York & Harlem Railroad Co Owasco River Railway Pittsburgh McKeesport & Youghiogheny Railroad Co Toledo & Ohio Central Railway Co Toronto Hamilton & Buffalo Railway Co Troy Union Railroad Co Zanesville & Western Railway Co Total Held by this company par value $9, ,550, , , , , , , , ,246, , , , $36,025,171 89

23 23 The New York Central Railroad Company INVESTMENTS {continued) Held by INVESTMENTS IN AFFILIATED COMPANIES ADVANCES this company par value Boston Terminal Company $26, Canada Southern Railway Co 942, Central Indiana Railway Co 11, Cherry Tree & Dixonville Railroad Co 216, Cincinnati Northern R R Co 416, Cincinnati Union Terminal Co. 72, Clearfield Bituminous Coal Corporation 2,800, Cleveland Cincinnati Chicago & St Louis Railway Co 14,646, Cleveland Union Terminals Co 23,687, Dayton Union Railway Co 578, Detroit Manufacturers Railroad Co 13, Federal Valley R R Co 9, Kanawha & Michigan Railway Co 3,572, Kankakee & Seneca Railroad Co 1, Lansing Manufacturers Railroad 158, Lansing Transit Railway Co 10, Lake Erie & Pittsburg Railway Co 195, Louisville and Jeffersonville Bridge and Railroad Company 90, Mackinac Transportation Co Michigan Central Railroad Co 10,711, Middleport & Northeastern Railway Co 3, Muncie Belt Railway Co 30, New York & Harlem Railroad Co 2,940, New York State Realty & Terminal Co 36,115, Niagara River Bridge Company Nicholas Fayette and Greenbrier Railroad Company 76, Owasco River Railway 5, Peoria & Eastern Railway Co 933, Pittsburgh McKeesport & Youghiogheny Railroad Co 17,156, Railroad Credit Corporation 6,552, Railway Express Agency Incorporated 949, Securities Corporation of the New York Central Railroad 31,622, Toledo & Ohio Central Railway Co 3,491, Trestle Realty Corporation 63, Union Depot Co, Columbus, Ohio 174, Zanesville & Western Railway Co 10, Total $158,284, OTHER INVESTMENTS STOCKS Shares Kansas Oklahoma & Gulf Railway Co preferred 4-98 $ Mahoning State Line Railroad Co 34 1, National City Bank of Cleveland 1,810 36, New York State Railways first preferred Pittsfield & North Adams R R Co , Reading Company common 262,900 13,145, Reading Company first preferred 136,800 6,840, Reading Company second preferred 300,300 15,015, Rutland Railroad Co preferred 23, ,352, Syracuse Northern Electric Railway Incorporated , Sundry inactive companies , OTHER INVESTMENTS BONDS Total $37,524, Boston and Albany Railroad Company 10 year refunding bonds of 1933 $7,000, Cortlandt Water Co first mortgage 290, Kanawha & Hocking Coal & Coke Company first mortgage 642, Mortgages on real estate 97, New York New Haven & Hartford Railroad Co convertible debentures 6% 114, Sundry inactive companies 184, Total $8,327,514 29

24 24 OTHER INVESTMENTS NOTES Annual Report INVESTMENTS {concluded) Held by this company par value Cleveland & Youngstown Railway Co $855, Kanawha & Hocking Coal & Coke Co 28, Schenectady Railway Co 264, Western Reserve University 217, Total $1,365, OTHER INVESTMENTS ADVANCES Boston & Albany R R Co $2,525,069 OS Barclay Park Corporation 1,793, Bowman Biltmore Hotel Corporation 1,819, Hotel Waldorf Astoria Corporation 5,000, Mahoning State Line Railroad Co New York New Haven & Hartford Railroad Co 915, New York United Hotels, Inc 1,631, Park Avenue Improvement Company, Inc 192, Park Lane Corporation 1,164, Yale Leasing Corporation 102,103 SO 33 East 48th Street Realty Corporation 210, Madison Avenue, Inc 285, Park Avenue Company, Inc 1,526, Park Avenue Company, Inc 198, Total $17,365, OTHER INVESTMENTS MISCELLANEOUS H. J. & L. N. Vermeulin Land Contract $45, Geo. F. Alger Co Land Contract 19, Geo. W. Mellen Land Contract 1, Memberships in commercial exchanges 8, City of Chicago Tax anticipation warrants 344, The City Savings Holding Company (Alliance, Ohio) 17, Other items 29,437 S4 Total $465, Summary of investments Road and equipment $1,109,552, Improvements on leased or controlled railway property 158,501, Deposits in lieu of mortgaged property sold 21, Miscellaneous physical property 29,459, Investments in affiliated companies Stocks, par value $157,519, ledger value $156,103, Bonds, par value 10,347,5S8 3S ledger value 8,991, Notes, par value 36,025,171 S9 ledger value 35,398, Advances 158,284, ,777, Other investments Stocks, par value $37,524,894 S9 ledger value $28,056, Bonds, par value 8,327, ledger value 8,059, Notes, par value 1,365,S53 03 ledger value 1,101, Advances 17,365, Miscellaneous 465, ,048, Total investments $1,711,362,354 71

25 25 The New York Central Railroad Company EXPENDITURES FOR ADDITIONS AND BETTERMENTS during 1933 Owned railway Leased railway Engineering $440, $54,402 flfi Land for transportation purposes 1,629, ,133 04* Grading 1S ,740 37* Tunnels and subways * 1, Bridges, trestles and culverts 82,610 62* 29,912 03* Elevated structures 1,045, Ties 56,779 99* 64,892 53* Rails 76, ,930 66* Other track material 159, , Ballast 158,949 10* 21,829 85* Track laying and surfacing 3,216 78* 10,197 99* Right-of-way fences 10,592 41* 4,992 26* Snow and sand fences and snow sheds * 1,834 36* Crossings and signs 18, , Station and office buildings 2,473, ,469 18* Roadway buildings 12,682 20* 24,970 31* Water stations 42,539 45* 125,623 77* Fuel stations 51,660 85* 11,279 03* Shops and enginehouses 222,175 81* 88,932 49* Wharves and docks 9, ,376 32* Coal and ore wharves 10, , Gas producing plants Telegraph and telephone lines 2,205 29* 4, Signals and interlockers 34,234 73* 88,593 91* Power plant buildings 1, , Power sub-station buildings 43, , Power transmission systems 1,672 41* Power distribution systems * 22, Power line poles and fixtures 1, ,597 17* Underground conduits 28, * Miscellaneous structures 18, ,719 51* Paving 18 Roadway machines 25, , Roadway small tools * Assessments for public improvements 11, , Reconstruction of road purchased * i Other expenditures road * Shop machinery 16,756 04* 156,878 30* Power plant machinery 58, Power sub-station apparatus 26,074 97* 94, Total road expenditures $5,515, $669,622 86* EQUIPMENT t Steam locomotives Other locomotives Freight-train cars Passenger-train cars Motor equipment of cars Floating equipment Work equipment Miscellaneous equipment $5,738,128 38* 54,688 30* 10,862,273 20* 1,945,012 58* ,222 80* 124,971 36* 12,144 21* Total equipment expenditures $18,741,924 23* GENERAL EXPENDITURES Taxes $80, $1, Interest during construction 1,013, , Other expenditures general Total general expenditures $1,094, $8, Expenditures for the year $12,132,440 46* $661,428 76* Investment in road and equipment as of December 31, ,121,685, ,163, Totals to December 31, 1933 $1,109,552, $158,501, * Credit t Including trust equipment

26 2(5 Annual Report EXPENDITURES FOR ADDITIONS AND BETTERMENTS (continued) Analysis of changes in Equipmemt Investment account EQUIPMENT ADDED, including betterments Steam locomotives Other locomotives Freight-train cars Passenger-train cars Motor equipment of cars Work equipment Miscellaneous equipment EQUIPMENT RETIRED Steam locomotives Freight-train cars Passenger-train cars Work equipment Floating equipment Miscellaneous equipment TOTALS TOTALS TRUST OWNED TOTAL $54, $449, $504, , ,122 99* 54,688 30* 258, , , , , , , $314, $875, $1,189, ,242, $6,242, $19, ,124, ,143, ,946, ,946, , , , , , , $19, $19,912, $19,931, Net increase in trust equipment $295, Net decrease in owned equipment 19,037, Net decrease in equipment investment $18,741, The expenditures for improvements to leased or controlled railway property, tabulated by accounts on the preceding pages, were made on the following-named properties: Bailey Run Sugar Creek & Athens Railway $49, Battle Creek & Sturgis Railroad Bay City Belt Line Beech Creek Railroad 47,857 98* Beech Creek Extension Railroad 3,654 41* Boston & Albany Railroad 41,617 90* Canada Southern Bridge Company 78 29* Chicago Kalamazoo & Saginaw Railway 1, Cincinnati Lafayette & Chicago Railroad 2,012 16* Cincinnati Northern Railroad 8,070 14* Cincinnati Sandusky & Cleveland Railroad 6,527 80* Cleveland Cincinnati Chicago & St Louis Railway 88,157 18* Columbus Hope & Greensburg Railroad * Detroit Hillsdale & South Western Railroad Detroit Manufacturers Railroad Detroit Toledo & Milwaukee Railroad 45,824 29* Erie & Kalamazoo Railroad Evansville Indianapolis & Terre Haute Railway 24, * Credit Carried forward $167,154 73*

27 27 The New York Central Railroad Company EXPENDITURES FOR ADDITIONS AND BETTERMENTS (concluded) Brought forward $167,154 73* Evansville Mt Carmel & Northern Railroad 5,810 71* Fort Wayne & Jackson Railroad 5,398 30* Genesee Falls Railway 1,609 33* Grand Central Terminal Improvement 6, Hudson River Connecting Railroad 7, Improvements on leased piers 1, Improvements to leased ticket offices Indiana Harbor Belt Railroad 2,355 18* Joliet & Northern Indiana Railroad 2,758 02* Kalamazoo Allegan & Grand Rapids Railroad > i * Kanawha & Michigan Railway 11, Kanawha & West Virginia Railroad * Lake Erie Alliance & Wheeling Railroad 5, Lansing Manufacturers Railroad 3, Michigan Central Railroad 271,903 07* New Jersey Junction Railroad 83,807 09* New York & Harlem Railroad 162, New York State Realty and Terminal Company property 143,373 00* North Brookfield Railroad * Ottawa & New York Railway Pittsfield & North Adams Railroad St Joseph South Bend & Southern Railroad 1, St Lawrence & Adirondack Railway 8,307 18* Toledo & Ohio Central Railway 33, Troy & Greenbush Railroad * Vernon Greensburg & Rushville Railroad * Wallkill Valley Railroad 1,146 61* Ware River Railroad 2, West Shore Railroad 203,284 27* Zanesville & Western Railway » Credit Total for year $661,428 76* Expenditures on Miscellaneous Physical Property 385 Madison Avenue-Building, New York West Crescent Fuel Co. Facilities, East Toledo Sundry items $441, Less Land adjacent to Newark Avenue Freight Terminal, Jersey City, New Jersey $89, Buffalo Stock Yards 71, Kankakee & Seneca-Salvage 64, Land & Buildings, Cleveland, Ohio 33, American & Canadian Land-American Niagara Railroad Corporation and Canadian Niagara Bridge Company, Tonawanda, New York 13, Land adjacent to Orange Avenue Spur, Cleveland, Ohio 11, Sundry items 16, , Increase for the year 1933 $141, Investment in Miscellaneous Physical Property as of December 31, ,318, Total Investment to December 31, 1933 $29,459,761 54

28 28 Annual Report DETAIL OF RAILWAY OPERATING REVENUES INCLUDING ALL LEASED LINES REVENUES FROM Freight TRANSPORTATION Excess baggage Parlor and chair car Mail Express Other passenger train Milk Switching Special service train Other freight train Water transfers freight Water transfers passenger Water transfers vehicles and live stock Water transfers other 1933 $194,286, ,231, , ,818, ,236, , ,611, ,223, , , , , , , $193,328, ,151, , ,602, ,317, , ,515, ,979, , , , , , , Increase $958, , , , Decrease $6,920, , , ,080, , ,903, , , , , Total $274,602, $284,366, $9,764, INCIDENTAL AND JOINT FACILITY Dining and buffet $2,284, $2,443, $158, Hotel and restaurant 50, , , Station, train and boat privileges 541, , , Parcel room 60, , , Storage freight 337, , , Storage baggage 22, , , Demurrage 482, , , Telegraph and telephone 6, , Grain elevator 31, , , Power 1,545, ,539, $5, Rents of buildings and other property 1,854, ,271, , Miscellaneous 1,609, ,106, , Joint facility Cr. 381, , , Joint facility Dr. 471, , , Total $8,738, $9,269, $531, Total railway operating revenues $283,341, $293,636, $10,295, DETAIL OF RAILWAY OPERATING EXPENSES MAINTENANCE OF WAY AND STRUCTURES Superintendence Roadway maintenance Tunnels and subways Bridges, trestles and culverts Bridges, trestles and culverts depreciation Elevated structures Ties Rails Other track material Ballast Track laying and surfacing Right-of-way fences Snow and sand fences and snowsheds Crossings and signs Station and office buildings Station and office buildings depreciation Roadway buildings Water stations Fuel stations Shops and enginehouses Grain elevators Storage warehouses INCLUDING ALL LEAKED LINES $2,650, ,775, , , , ,422, , ,525, , ,873, , , , ,202, , , , , , , $3,125, ,873, , , , , ,532, , ,433, , ,367, , , , ,383, , , , , , , , Carried forward $20,998, $22,476, $6, , , , , , , $475, , , , , , , , ,672 OS 264, , , , , ,024 27

29 29 The New York Central Railroad Company DETAIL OF RAILWAY OPERATING EXPENSES {continued) MAINTENANCE OF WAY AND STRUCTURES {concluded) Brought forward $20,998, $22,476, Wharves and docks 181, S42 13 Wharves and docks depreciation 17,469 4S Coal and ore wharves 68, , Coal and ore wharves depreciation 60, Gas producing plants Telegraph and telephone lines 285, , Signals and interlockers 2,278, ,146, Power plant dams, canals and pipe lines Power plant buildings , Power substation buildings 5, ,095 81* Power transmission systems 33, , Power distribution systems 394, , Power line poles and fixtures 13, , Underground conduits 29, , Miscellaneous structures , Paving 57, , Roadway machines 295, , Small tools and supplies 377, , Removing snow, ice and sand 601, ,679 OS Assessments for public improvements 13, , Injuries to persons 333, , Insurance 192, , Stationery and printing 33, ,325 IS Other expenses 11, , Maintaining joint tracks, yards and other facilities--dr. 1,680, ,815,716 6S Maintaining joint tracks, yards and other facilities--cr. 2,200, ,478, Total $25,737, S28,2S6,24S 54 Increase $50, , , ,396 S3 3, , , , Decrease $17, , , , ,215 7»> , , , , , , , , , , , $2,548, MAINTENANCE OF EQUIPMENT Superintendence Shop machinery Power plant machinery Power substation apparatus Steam locomotives repairs Steam locomotives depreciation St earn li >comoti ves retirements Elect ric locomot ives repairs Elect ric locomotives depreciation Freight-train cars- repairs Freight- rain cars depreciation Freight- rain cars retirements Passeng< r-train cars repairs Passenger-train cars depreciation Paspenger-t rain cars ret irements Motor equipment of cars repairs Motor equipment of cars depreciation Floating equipment repairs Floating equipment depreciation Floating equipment retirements Work equipment repairs Work equipment depreciation Work equipment retirements Miscellaneous equipment repairs Miscellaneous equipment depreciation Miscellaneous equipment retirements Injuries to persons Insurance Stationery and printing Other expenses Maintaining joint equipment Dr. Maintaining joint equipment Cr. Total $1,855, $2,092, $236, ,244, ,081, $163, , , , , , , ,012, ,516, ,495, ,357, ,930, , , ,493, ,770, J , , , , ,347 IS 12,231, ,207, ,023, ,911, ,742, ,830,23S 99 4,613, ,132, , , ,386, , ,400, ,752, ,352, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , S , , , , , , , , , , , , $58,883, $64,786, $5,902,961 37

30 30 Annual Re-port DETAIL OF RAILWAY OPERATING EXPENSES {continued) TRAFFIC EXPENSES Superintendence Outside agencies Advertising Traffic associations Fast freight lines Industrial and immigration bureaus Insurance Stationery and printing Other expenses 1933 $2,330, ,323, , , , , , $2,610, ,535, , ,170 5S 3, , , , , Increase $1, , Decrease $279, , , , , ,7S5 60 Total $5,898, $6,788, $890, TRANSPORTATION EXPENSES Superintendence $2,919, $3,433, Dispatching trains 1,327, ,516, Station employees 15,214, ,088, Weighing, inspection and demurrage bureaus 229, S36 96 Coal and ore wharves 487, , Station supplies and expenses 1,586, ,676, Yardmasters and yard clerks 3,934, ,045, Yard conductors and brakemen 7,908, ,279, Yard switch and signal tenders 1,367, ,518, Yard enginemen 5,099, ,297, Yard motormen 483, , Fuel for yard locomotives 1,948, ,236, Yard switching power produced 100, , Water for yard locomotives 285, ,603 7* Lubricants for yard locomotives 62, , Other supplies for yard locomotives 75, ,019 lili Enginehousc expenses yard 1,520, ,634, Yard supplies and expenses 357, , Operating joint yards and terminals--dr. 5,390, ,178, Operating joint yards and terminals--cr. 3,507, ,080, Train enginemen 10,224, ,744, Train motormen 493, ,491 lit Fuel for train locomotives 9,812, ,597, Train power produced 448, ,021 Oil Water for train locomotives 1,295, ,283, Lubricants for train locomotives 500, , Other supplies for train locomotives 210, , Enginehouse expenses train 3,346, ,687, Trainmen 12,059, ,933, Train supplies and expenses 5,552, ,225, Signal and interlocker operation 2,348, ,653, Crossing protection 1,743, ,849, Drawbridge operation 152, , Telegraph and telephone operation 522, , Operating floating equipment 2,232, ,368, Stationery and printing 556, , Other expenses 297, , Operating joint tracks and facilities--dr. 1,142, ,237, Operating joint tracks and facilities--cr. 1,251, ,400, Insurance 121, , Clearning wrecks 173, , Damage to property 151, , Damage to live stock on right of way 7, , Loss and damage freight 1,298, ,466, Loss and damage baggage 11, , Injuries to persons 1,474, ,519, $170, , , , , , , , $514, , ,874, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Total $101,722, $110,546, $8,823,951 85

31 ol The New York Central Railroad Company DETAIL OF RAILWAY OPERATING EXPENSES (concluded) MISCELLANEOUS OPERATIONS Increase Dining and buffet service Hotels and restaurants Grain elevators Stockyards Producing power sold Other miscellaneous operations Total $2,936,0S2 04 5S.S , , , $3,787, $3,267, , , , , $4,197, Decrease $330, , , , , GENERAL EXPENSES Salaries and expenses of general officers $1,001, $1,243, $242, Salaries and expenses of clerks and attendants 5,908, ,817, , General office supplies and expenses 645, , , Law expenses 849, ,947 48, 101, Insurance 7, , , Pensions 2,737, ,124, $613, Stationery and printing 228, , , Valuation expenses 18, , , Other expenses 425, , , General joint facilities Dr. 155, , , General joint facilities Cr. 65, , , Total $11,913, $12,615, $702, TRANSPORTATION FOR INVESTMENT CR. $20, $44, $24, Total railway operating expenses $207,923, $227,176, $19,253, RATIO OF RAILWAY OPERATING EXPENSES, BY GROUPS, TO RAILWAY OPERATING REVENUES Maintenance of way and structures Maintenance of equipment Traffic expenses Transportation expenses Miscellaneous operations General expenses Transportation for investment Cr. Total SEPARATELY OPERATED PROPERTIES Pittsburgh, McKeesport and Youghiogheny Railroad, this company's proportion, one-half, of profit $379, Central Indiana Railway Company, this company's proportion, one-half, of profit 6, $385, Raquette Lake Railway, loss $15, Kankakee and Seneca Railroad, loss Federal Valley Railroad, loss 8, Mackinac Transportation Company, loss 16, Owasco River Railwav, loss , Net profit on separately operated properties $343,727 48

32 ON CAPITAL STOCK State of New York New York Central Railroad Company New York & Harlem Railroad Company West Shore Railroad Company Hudson River Bridge Company at Albany Wallkill Valley Railroad Company Troy & Greenbush Railroad Association St Lawrence & Adirondack Railway Company Hudson River Connecting Railroad Corporation Niagara River Bridge Company Commonwealth of Pennsylvania New York Central Railroad Company Beech Creek Railroad Company Beech Creek Extension Railroad Company Shenango Valley Railroad Company Stewart Railroad Company 32 Annual Report RAILWAY TAXES ACCRUED INCLUDING ALL LEASED LINES Total Total State of Illinois New York Central Railroad Company (including leased lines) 1933 $372, , , , , $407, $53,909 72* 25, , $25,800 97* $8, $446, , , , , $481, $186, , , $212, $9, Comparison $73, Dec 06 Inc Dec Dec Dec Inc Inc $73, Dec $239, Dec 1, Inc $238, Dec $ Dec Commonwealth of Massachusetts Boston & Albany Railroad Company $12, $20, $8, Dec Slate of West Virginia Kanawha & Michigan Railway Company Kanawha & West Virginia Railroad Company Point Pleasant Bridge Company ON GROSS EARNINGS Stale of New York Stale of Ohio Slate of Indiana Commonwealth of Pennsylvania State of West Virginia RAILROAD COMMISSIONERS' ASSESSMENTS Slate of Ohio Slate of West Virginia SALES State of Michigan State of Illinois Stale of New York $1, $1, Total $3, $3, Total capital stock taxes $405,S73 55 $727, $321, Dec $169, , , , $209, , , $39, Dec 105, Dec 24, Inc Inc Dec Total $490, $672, $182, Dec $8, * $7, , $ Inc 1, Dec Total $8, $8, $ Dec $2, $2, Inc Inc Inc Total $3, $3, Inc GROSS INCOME CITY OF NEW YORK $11,07S 14 $11, Inc CANADIAN PROVINCIAL Canada Southern Railway St Lawrence & Adirondack Railway Company Ottawa & New York Railway Company Detroit River Tunnel Company New York Central Railroad Company $46, , $46, , $ Inc 6 50 Dec Total $51, $50,131 9S $ Inc CANADIAN GOVERNMENT INCOME TAX $60, $42,37S 79 $17, Inc FEDERAL GOVERNMENT TAXES Capital stock Income tax Emergency revenue tax Co-ordinator $329,63S 50 3, , , $543,005 SS 9, $329, Inc 539, Dec 20, Inc 17, Inc Total $380, $552, $172, Dec ON THE VALUE OF REAL AND PERSONAL PROPERTY (including leased lines) $23,737, $26,562, $2,824, Dec ON SPECIAL FRANCHISES (including leased lines) $1,308, $1,468, $159, Dec 'Credit. Total railway taxes accrued $26,456, $30,083, $3,627, Dec

33 33 The New York Central Railroad Company JOINT FACILITY RENT ACCOUNT INCLUDING ALL LEASED LINES Comparison Amount paid for use of facilities maintained by other companies $8,882, $9,223, $341, Dec Amount received for use of facilities maintained by this company 4,956, ,032, , Dec Net debit $3,925, $4,190, $264, Dec HIRE OF EQUIPMENT ACCOUNT INCLUDING ALL LEASED LINES PAID Locomotives Passenger-train cars Freight-train cars Kent for floating equipment Work equipment 1933 $325, ,733, ,531, , * $368, ,601, ,406, , Comparison $42, Dec 131,331 -II Inc 1,064, Inc Inc 7, Dec Total $24,621, $23,475, $1,146, Inc RECEIVED Locomotives Passenger-train cars Freight-train cars Floating equipment Work equipment $166, ,070, ,719, , , $189, ,883, , , , $22, Dec 186, Inc 694, Inc Inc 23, Dec Total $13,028, $12,193, $835, Inc Net debit balance $11,592, $11,281, $311, Inc Adjuated for comparative purpoera DEDUCTIONS FROM GROSS INCOME Interest on funded debt MORTGAGE BONDS Carthage & Adirondack Railway Co first mortgage bonds Chicago Indiana & Southern Railroad Co fifty-year gold bonds Cleveland Short Line Railway Co first mortgage bonds Gouvcrneur & Oswegatchie Railroad Co first mortgage bonds Indiana Illinois & Iowa Railroad Co first mortgage bonds Jamestown Franklin & Clearfield Railroad Co first mortgage bonds Kalamazoo & White Pigeon Railroad Co first mortgage bonds Lake Shore & Michigan Southern Railway Co gold mortgage bonds Mohawk & Malone Railway Co consolidated mortgage bonds Mohawk & Malone Railway Co first mortgage bonds N Y C R R Co consolidation mortgage bonds, series A N Y C & H R R R Co gold debentures of 1904 N Y C & H R R R Co gold debentures of 1912 N Y C & H R R R Co gold mortgage bonds N Y C & H R R R Co-Lake Shore collateral gold bondsf N Y C & H R R R Co-Michigan Central collateral gold bonds N Y C R R Co refunding and improvement mortgage bonds, series A NYCRRCo refunding and improvement bonds, series Ct N Y C & H R R R Co-Spuyten Duyvil & Port Morris first mortgage bonds New York & Putnam Railroad Co first consolidated mortgage bonds Sturgis Goshen & St Louis Railway Co first mortgage bonds 4% $44, % 606, , H% 5% 15, % 194, % 440, % 20, % 1,750, % 136, % 100, % 2,722, % 1,920, % 367, % 3,290, % }% 676, % 5,175, % 4,250, % S7, % 159, % 9, $23,282, DEBENTURE BONDS N Y C R R Co twenty-year 6% convertible of 1915 N Y C & H R R R Co of 1900 t Interest accrued only on amount actually outstanding 6% $723, % 192, Carried forward 916, $24,198,720 33

34 34 Annual Report DEDUCTIONS FROM GROSS INCOME (continued) Interest on funded debt (concluded) EQUIPMENT TRUST OBLIGATIONS Equipment trust notes of January 15, 1920 Equipment trust certificates of April 15, 1920 Equipment trust certificates of June 1, 1922 Equipment trust certificates of September 1, 1922 Equipment trust certificates of June 1, 1923 Equipment trust certificates of June 1, 1924 Equipment trust certificates of September 15, 1924 Equipment trust certificates of May 15, 1925 Equipment trust certificates of April 15, 1929 Equipment trust certificates of December 1, 1929 Equipment trust certificates of May 15, 1930 Brought forward 6% 7% 5% 41% 5% 5% 41% 41% 41% 41% 41% $113, , , , , , , , , , , $24,198, ,972, MISCELLANEOUS FUNDED OBLIGATIONS Interest at 5% on mortgage on real estate, New York City Various interest on New York State Elimination of Grade Crossing bonds NON-NEGOTIABLE DEBT TO AFFILIATED COMPANIES Chicago River & Indiana Railroad Company, advances Merchants Despatch Transportation Company, advances New York State Realty & Terminal Company, advances Clearfield Supply Company COLLATERAL TRUST BONDS Reconstruction Finance Corporation notes Total interest on funded debt $1, , $6,164 3S 4, , , ,232 ss 949, $28,153, BATTLE CREEK AND STURGIS RAILWAY Interest at 3% on $79,000 First mortgage bonds Rent for leased roads BEECH CREEK RAILROAD Interest at 4% on $5,000,000 First mortgage bonds Interest at 5% on $1,000,000 Second mortgage bonds Dividend at 4% on 120,000 shares of capital stock ($50 per share) Federal tax on corporate income BEECH CREEK EXTENSION RAILROAD Interest at 31% on $3,500,000 First mortgage bonds Interest at 4 % on $3,964,000 Consolidated mortgage gold bonds BOSTON AND ALBANY RAILROAD Interest at 3}% on $3,858,000 Refunding bonds of 1902 Interest at 5 % on $3,627,000 Refunding bonds of 1913 Interest at 31% on $1,000,000 Terminal bonds Interest for 4 months at 4 % on $7,000,000 Improvement bunds of 1908 Interest at 4 % on $4,500,000 Improvement bonds of 1909 Interest at 4 % on $2,000,000 Improvement bonds of 1910 Interest at 4J% on $1,000,000 Improvement bonds of 1912 Interest at 5 % on $2,015,000 Improvement bonds of 1913 Interest at 5 % on $1,000,000 Improvement bonds of 1917 Interest at 45% on $5,700,000 Improvement bonds of 1928 Interest for 8 months at 6% on $7,000,000 Refunding bonds of 1933 Cash rental Federal tax on corporate income Organization expenses NORTH BROOKFIELD RAILROAD Cash rental $200, , , , $122, , $3,792, , $2, , , PITTSFIELD AND NORTH ADAMS RAILROAD Cash rental Federal tax on corporate income Organization expenses WARE RIVER RAILROAD Dividend at 7% on 7,500 shares of capital stock Federal tax on corporate income Organization expenses PROVIDENCE WEBSTER AND SPRINGFIELD RAILROAD 25% of the gross earnings for the year ended December 31, 1933 $22, , , s 7.", , , Total rent for Boston and Albany and its leased roads Carrieil forward 3,888, $4,699,225 96

35 BIG FOUR LINES 35 The New York Central Railroad Company DEDUCTIONS FROM GROSS INCOME {continued) Rent for leased roads {continued) Brought forward CLEVELAND CINCINNATI CHICAGO AND ST LOUIS RAILWAY Interest at 4% on $2S,579,000 General mortgage gold bonds $1,143, Interest at 5% on $4,161,000 General mortgage gold bonds 208, Interest adjustment on Foreign debenture bonds, matured Interest at 6% on $1,052,000 Refunding and improvement mortgage bonds, series "C" 63, Interest at 5% on $20,000,000 Refunding and improvement mortgage bonds, series "D" 1,000, Interest at 4 % on $44,000,000 Refunding and improvement mortgage bonds, series "E" 1,9X0, Interest at 4% on $5,000,000 Cairo Vincennes and Chicago Ry First mortgage bonds 200, Interest at 4% on $4,000,000 Cincinnati Wabash & Michigan Division mortgage bonds 160, Interest at 4% on $1,103,500 Springfield and Columbus Division First mortgage bonds 44, Interest at 4% on $650,000 White Water Valley Division mortgage bonds 26, Interest at 4% on $5,188,000 Cincinnati Indianapolis St Louis & Chicago Ry General First mortgage bonds 210, Interest at 6% on $3,205,000 Cleveland Columbus Cincinnati & Indianapolis Ry General consolidated mortgage bonds 192, Interest at 4% on $3,000,000 Chicago Indianapolis & St Louis Short Line Ry First mortgage bonds 120, Interest at 4% on $8,321,000 St Louis Division First collateral trust mortgage bonds 335, Interest at 4% on $5,000,000 Springfield Division Purchase money lien 200, Dividend at $10 per share on minority common capital stock 74, Dividend at $5 per share on minority preferred capital stock 74, Interest at 6% on equipment trust certificates of January 15, , Interest at 7% on equipment trust certificates of April 15, , Interest at 5% on equipment trust certificates of June 1, , Interest at 4j% on equipment trust certificates of September 1, , Interest at 5% on equipment trust certificates of June 1, , Interest at 5% on equipment trust certificates of June 1, , Interest at 4^% on equipment trust certificates of September 15, , ' Interest at 4J% on equipment trust certificates of May 15, , $6,769, CINCINNATI NORTHERN RAILROAD Interest at 4% on $1,000,000 First mortgage bonds $40, Interest at 5% on equipment trust certificates of June 1, , Interest at 5% on equipment trust certificates of June 1, , Dividend at $12 per share on minority capital stock 5, , CINCINNATI SANDUSKY AND CLEVELAND RAILROAD Dividend at 6% on 8,577 shares of preferred capital stock ($50 par value) 25, CENTRAL RAILROAD OF INDIANAPOLIS Cash rental 5, PEORIA AND EASTERN RAILWAY Under operating contract 227, Total rent for Cleveland Cincinnati Chicago & St Louis Ry and its leased and operated roads DETROIT HILLSDALE AND SOUTH WESTERN RAILROAD Dividend at 4% on 13,500 shares of capital stock Federal tax on corporate income Organization expenses ERIE AND KALAMAZOO RAILROAD Cash rental FORT WAYNE AND JACKSON RAILROAD Cash rental Federal tax on corporate income Organization expenses HUDSON RIVER CONNECTING RAILROAD Cash rental equal to Dividend at 6% on 2,500 shares of capital stock Interest at 6% on non-negotiable debt KALAMAZOO ALLEGAN AND GRAND RAPIDS RAILROAD Interest at 5% on $840,000 First mortgage bonds Dividend at 6% on 6,100 shares of capital stock Federal tax on corporate income LAKE ERIE ALLIANCE & WHEELING RAILROAD Dividend at 4% on 30,000 shares of capital stock MAHONING COAL RAILROAD 40% of the gross earnings for the year ended December 31, 1933 Carried forwaril $54, , $4,699, ,099, , , $126, , , , $15, ,473, ,488, $42, , , , , , $14,627,848 78

36 36 Annual Report DEDUCTIONS FROM GROSS INCOME (continued) Rent for leased roads (continued) MICHIGAN CENTRAL LINES MICHIGAN CENTRAL RAILROAD Interest at 3J% on $18,000,000 First mortgage bonds Interest at 4^% on $11,634,000 Refunding and improvement mortgage bonds, series "C Interest at 4% on $1,500,000 Grand River Valley Railroad First mortgage bonds Interest at 3^% on $1,692,000 Jackson Lansing and Saginaw Railroad First mortgage bonds Interest at 4% on $2,600,000 Michigan Air Line Railroad First mortgage bonds Interest at 4% on $1,500,000 Joliet and Northern Indiana Railroad First mortgage bonds Interest at 5% on $700,000 Kalamazoo and South Haven Railroad First mortgage bonds Interest at 3% on $49,000 Bay City and Battle Creek Railway First mortgage bonds Interest at 4% on $3,100,000 Toledo Canada Southern and Detroit Railway First mortgage bonds Dividend at $50 per share on Michigan Central Railroad minority stock Interest at 7% on equipment trust certificates of April 15, 1920 Interest at 5% on equipment trust certificates of June 1, 1922 Interest at 4«% on equipment trust certificates of September 1, 1922 Interest at 5% on equipment trust certificates of June 1, 1923 Interest at 5% on equipment trust certificates of June 1, 1924 Interest at 4 % on equipment trust certificates of September 15, 1924 Interest at i\% on equipment trust certificates of May 15, 1925 BATTLE CREEK AND STURGIS RAILWAY Interest at 3% on $421,000 First mortgage bonds CANADA SOUTHERN RAILWAY Interest at 5% on $29,235,000 First and refunding mortgage bonds Interest at 4% on $130,000 Leamington and St Clair Railway First mortgage bonds Dividend at 3% on 150,000 shares of capital stock DETROIT MANUFACTURERS RAILROAD Cash rental Federal tax on corporate income Organization expenses DETROIT HIVEK TUNNEL Interest at 4J% on $18,000,000 First mortgage bonds Cash rental JOLIET AND NORTHERN INDIANA RAILROAD Dividend at 5% on 3,000 shares of capital stock ST JOSEPH SOUTH BEND AND SOUTHERN RAILROAD Cash rental CHICAGO KALAMAZOO AND SAGINAW RAILWAY Interest at 4% on $468,000 First mortgage bonds ILLINOIS CENTRAL RAILROAD Rental of 16th St property Total rent for Michigan Central and its leased roads NEW JERSEY JUNCTION RAILROAD Interest at 4% on $1,700,000 First mortgage bonds NEW YORK AND HARLEM RAILROAD Interest" at 3$% on $12,000,000 Gold mortgage bonds Dividend at 10% on 200,000 shares of capital stock ($50 per share) Federal tax on corporate income OHIO CENTRAL LINES TOLEDO AND OHIO CENTRAL RAILWAY Interest at 5% on $3,000,000 First mortgage bonds Interest at 5% on $2,500,000 First mortgage bonds, Western Division Interest at 5% on $2,000,000 General mortgage bonds Interest at 4% on $500,000 First mortgage bonds, St Marys Division Interest at 6% on equipment trust notes of January 15, 1920 Interest at 7% on equipment trust certificates of April 15, 1920 Interest on non-negotiable debt to affiliated companies Other interest Cash rental ZANESVILLE AND WESTERN RAILWAY Interest at 4% on $2,000,000 First mortgage bonds Interest on non-negotiable debt to affiliated companies KANAWHA & MICHIGAN RAILWAY Interest at 4% on $2,469,000 First mortgage bonds Interest at 6% on equipment trust notes of January 15, 1920 Interest at 6% on notes to Gauley Coal Land Corporation Interest on non-negotiable debt to affiliated companies Cash rental Rental of Middleport and Northeastern Railway KANAWHA AND WEST VIRGINIA RAILROAD Interest at 5% on $2,067,000 First mortgage bonds Total rent for the Ohio Central Lines Brought forward $630, , , , , , , , , , , , , , , , , $2,193, $1,461, , , $15, , $810, , Slot) , , , , , , $80, , $98, , , , , Carried forward 12, ,916, l.\«25 t.s 1,050, , , Itl.tHS. 21) $420, ,000, , $1,704, , , $14,627, ,292, , ,552, ,591, $24,132,085 04

37 37 ST The New York Central Railroad Company DEDUCTIONS FROM GROSS INCOME (concluded) Rent for leased roads (concluded) LAWRENCE A ADIRONDACK RAILWAY Interest at 5% on $SOO,000 First mortgage bonds Interest at 6% on $400,000 Second mortgage bonds Cash rental for line leased from Canadian National Railway Co TROY AND GREENBUSH RAILROAD Rental at 7% on 5,500 shares of capital stock ($50 per share) Federal tax on corporate income WALLKILL VALLEY RAILROAD Dividend at 3H% on 3,300 shares of capital stock WEST SHORE RAILROAD Interest at 4% on $48,794,500 First mortgage bonds VARIOUS COMPANIES for siding, team and yard tracks Total rent for leased roads Brought forward $40, , , $19, , $24,132, , , ,951, ,981 79* $26,423, * Includes 56, account of Michigan Central Lines NOTE: The company received a return of $6,017, representing dividends and interest on its holdings of securities of lessor companies MISCELLANEOUS TAXES TAXES CHARGED TO " MISCELLANEOUS OPERATIONS ' On the value of real and personal property Emergency revenue tax 1933 $57, $64, Comparison $6, Dec 4 63 Inc Total $57, $64, $6, Dec MISCELLANEOUS TAX ACCRUALS On miscellaneous physical property On income from securities owned $389, , $2,487, , $2,098, Dec 16, Dec Total $400, $2,515, $2,114, Dec EQUIPMENT OWNED OR LEASED BY THE NEW YORK CENTRAL RAILROAD COMPANY NOT USED IN ITS OWN SERVICE Cincinnati Union Terminal Co. Chicago River & Indiana R R Indiana Harbor Belt R R Dow Chemical Co Total STEAM At beginning of year LOCOMOTIVES FREIGHT TRAIN BOX CARS CARS Added At end of year Merchants Despatch, Inc Indiana Harbor Belt R R REFRIGERATOR CARS 10, , Total 10,276 9,926 Merchants Despatch, Inc PASSENGER TRAIN CARS BAGGAGE AND EXPRESS CARS Merchants Despatch, Inc REFRIGERATOR CARS 84 WORK EQUIPMENT Newton Steel Co M OF W 22 Dow Chemical Co CABOOSE CARS

38 38 Annual Report SECURITIES OF LESSOR RAILWAY COMPANIES. RETURN UPON WHICH IS PROVIDED FOR BY RENTALS PAYABLE BY THE NEW YORK CENTRAL RAILROAD COMPANY AND INCLUDED BY THE LATTER IN ITS DEDUCTIONS FROM GROSS INCOME FOR 1933 AS "RENT FOR LEASED ROADS." (See pages ) Not held by The New York Central Railroad Principal of Company as ownstock Designation of securities Maturing or bonds er or lessee Battle Creek & Sturgis Ry. Co. Beech Creek R. R. Co. Beech Creek Extension R. R. Co. Boston & Albany R. R. Co. North Brookfield R. R. Co. Pittsfield & North Adams R. R. Co. Providence Webster & Springfield R. R. Co Ware River Railroad Co. Clev., Cin., Chicago & St. Louis Ry. Co. Cairo Vincennes & Chicago Rv. Co. Clev., Col., Cin. & Ind. Ry. Co. Cin., Ind., St. Louis & Chicago Ry. Co. Chi., Ind. & St. Louis Short Line Ry. Co. Central Railroad Co. of Indianapolis Cincinnati Northern Ry. Co. Cincinnati, Sandusky & Clev. R. R. Co. Detroit, Hillsdale & South Western R. R. Co. Erie *fc Kalamazoo R. R. Co. Fort Wayne & Jackson R. R. Co. Hudson River Connecting R. R. Corp. Kalamazoo, Allegan & Grand Rapids R. R. Co. Lake Erie Alliance & Wheeling R. R. Co. First mortgage bonds, 3% Capital stock First mortgage bonds, 4% Second mortgage bonds, 5% First mortgage bonds, 3j% Consolidated mortgage bonds, 4% Capital stock Improvement bonds, 4% Improvement bonds, 4% Improvement bonds, 4^% Improvement bonds, 5% Improvement bonds, 5% Refunding bonds, 6% Terminal bonds, 3 % Refunding bonds, 3^% Refunding bonds, 5% Improvement bonds, 4j% Capital stock Capital stock Capital stock Capital stock Common stock Preferred stock, 5% White Water Valley Div. mortgage bonds, 4% Springfield & Col. Div. first mortgage bonds, 4% Springfield Div., purchase money lien, 4% Refunding & Imp. mortgage bonds series C, 6% Refunding & Imp. mortgage bonds series D, 5% Refunding & Imp. mortgage bonds series E, 4 % St. Louis division trust bonds, 4% Cin. Wabash & Mich. Div. mtg. bonds, 4% General mortgage gold bonds, 4% General mortgage gold bonds, 5',' Equipment trust certificates, various First mortgage bonds, 4% General consolidated mortgage bonds, 6% General first mortgage bonds, 4% First mortgage bonds,!' J Capital stock Capital stock First mortgage bonds, 4% Equipment trust certificates, 5% Preferred stock, 6% Capital stock Capital stock Preferred stock, 5j% Capital stock Capital stock First mortgage bonds, 5 r? ; Capital stock Dec. 1, 1989 July July April April May May July July June May Jan April Oct Aug July 1, 1940 Sept. 1, 1940 April 1,1940 Jan. 1, 1941 July July Nov. July June June 1, , , , 1993 Various Jan. 1, 1939 Jan. 1, 1934 Aug, 1, 1936 April 1, 1953 July 1, 1951 Various July 1, , ,000, ,000, ,000, ,500, ,964, , ,500, ,000, ,000, ,015, ,000, ,000, ,000, ,858, ,627, ,700, , , , ,028,800 00* 9,998,500 00* 650, ,103, ,000, ,052, ,000,00( ,000, , ,000, ,579, ,161, ,463, ,000, ,205, ,188, ,000, , ,000,000 00* 1,000, , , ,350, , ,291, , , , ,000, , ,948, ,000, , ,500, ,000, ,500, ,000, ,000, ,015, ,000, ' 1,000, ,858, ,627, ,700, , , , , , ,481, , ,103, ,052, ,271, ,688, ,160, ,928, ,513, ,161, ,463, ,000, ,205, ,1,88, ,995, , , , , , ,350, , ,291, , ,000 00

39 39 The New York Central Railroad Company SECURITIES OF LESSOR RAILWAY COMPANIES, RETURN UPON WHICH IS PROVIDED FOR BY RENTALS PAYABLE BY THE NEW YORK CENTRAL RAILROAD COMPANY AND INCLUDED BY THE LATTER IN ITS DEDUCTIONS FROM GROSS INCOME FOR 1933 AS "RENT FOR LEASED ROADS." (Sec pages ) (Continued) Mahoning Coal R. 11. Co. Michigan Central R. R. Co. Kalamazoo & South Haven R. R. Co. Michigan Air Line R R. Co. Jackson, Lansing & Saginaw R. R. Co. Toledo, Canada Southern & Detroit Ry. Co, Juliet & Northern Indiana R. R. Co. Grand River Valley R. R. Co. Bay City & Battle* Creek Ry. Co. Canada Southern Ry. Co. Detroit Manufacturers R. R. Detroit River Tunnel Co. Joliet & Northern Indiana R. R. Co. St. Joseph, So. Bend & Southern R. R. Co. Chicago, Kalamazoo & Saginaw Ry. Co. New Jersey Junction R. R. Co. New York & Harlem R. R. Co. Ohio Central Lines Toledo & Ohio Central Ry. Co. Zanesville & Western Ry. Co. Kanawha & Michigan Ry. Co. Kanawha & West Virginia R. R. Co. St. Lawrence & Adirondack Ry. Co. Trov & Greenbush R. R. Association WallkiU Valley R. R. Co. West Shore R. R. Co. Designation of securities Not held by The New York Central Raitroad Principal of Company as own- Maturir Maturing stock or bonds er or lessee Common stock 1,500, , Preferred stock, 5% 661, , First mortgage bonds, 5% July 1, ,500, ,500, Capital stock 18,736,400 00* 105, First mortgage bonds, 3i% May 1, ,000, ,000, Refunding & Imp. mortgage bonds series C, l\% Jan. 1, ,634, ,634, Equipment trust certificates, various Various 9,865, ,865, First mortgage bonds, 5% Nov. 1, , , First mortgage bonds, 4% Jan. 1, ,600, ,600, First mortgage bonds, 3i% Sept. 1, ,692, ,692, First mortgage bonds, 4% Jan. 1, ,100, ,100, First mortgage bonds, 4% July 10, ,500, ,500, First mortgage bonds, r, Sept. 1,1959 1,500, ,500, First mortgage bonds, 3% Dec. 1, , , Capital stock 15,000, ,655, First & refunding mortgage bonds, 5% Oct. 1, ,235, ,500, Leamington & St. Clair first mort. bonds, 4% Oct. 1, , , Capital stock 300, , Capital stock 3,000, First mortgage bonds, i\% May 1, ,000, ,000, Capital stock 300, Common stock 500, , Preferred stock, 5% 250, , First mortgage bonds, 4% July 1, First mortgage bonds, 4% Feb. 1, ,700, ,700, Common stock 8,656, ,941, Preferred stock 1,343, , Gold mortgage bonds, 3J% May 1, ,000, ,000, Common stock 5,S46, Preferred stock 3,701, General mortgage bonds, 5', June 1, ,000, ,000, First mortgage bonds, 5% July 1, ,000, ,000, First mortgage bonds (Western division), 5% Oct. 1,1935 2,500, ,500, First mortgage bonds (St. Mary's division), 4% Feb. 1, , , Equipment trust certificates, various Various 292, , First mortgage bonds, 4% Nov. 1, ,000, Capital stock 9,000, First mortgage bonds, 4% April 1,1990 2,469, ,469, Equipment trust certificates, 6% Jan. 15, , , First mortgage bonds, 5% Julv 1,1955 2,067, ,477, First mortgage bonds, 5% July 1, , , Second mortgage bonds, 6% Oct. 1, , , Capital stock 275, , Capital stock 330, First mortgage bonds, 1', Jan. 1, ,794, ,768, * Rent for leased roads includes return only upon stock not held by The New York Central Railroad Company as owner or lessee

40 40. Annual Report EQUIPMENT IN SERVICE INCLUDING ALL LEASED LINES Locomotives For freight service For passenger service For switching service Electric locomotives Oil electric Diesel Freight-train cars Box cars Container cars Refrigerator cars Flat cars Stock cars Coal cars Cement cars Caboose cars Totals Totals DECEMBER 31, 1932 DECEMBER 31, 1933 Average Held under Average tractive Installed Retired Held under lease or tractive power during during equipment other form power Number (lbs) Number Owned trusts of title (lbs) 2,281 57, ,120 1, , , ,898 1,175 42, , , , , , ,478 4, ,141 1, ,231 - Average Average capacity capacity tons tons 112, , ,390 44,215 16,933 44, , , , ,464 4, , , ,310 2, , , ,441 74,112 26,212 16,052 31, , ,236 1, , , ,923 79,591 34,481 80, Passenger-train cars Coaches Coaches, electric motor Coaches, automotive Combination passenger cars Combination passenger cars, electric'motor Combination passenger cars,*automotive Other combination cars Other combination cars, electric motor Other combination cars, automotive Dining cars Baggage and express cars Baggage and express cars, electric motor Postal cars Other passenger-train cars Totals Average Average seating seating capacity capacity 1, , , , , ,696 2,590 1,029 1,077 - Company service equipment Officers' and pay cars Ballast cars 2, ,196 1, Derrick cars Steam shovels Wrecking cars Other company service cars 8, ,662 6,016 1,646 Totals 10, ,048 10,321 7,907 2,414 Marine Department Ferry boats Tugs, steel Steam-lighters Diesel propelled lighter Hoisting-barges Barges, scows and grainboats Car floats Oil storage barges for company use Coal and pumping barge Totals (owned) DECEMBER 31, 1932 Average capacity tons tons tons tons cars 4 5,000 bbls tons DECEMBER 31, 1933 Average capacity 350 tons 450 tons 263 tons 325 tons 13 cars 5,000 bbls 150 tons

41 41 The New York Central Railroad Company TABLE OF TRACKS MAIN LINE OWNED New York Central Railroad " BRANCHES OWNED 30th Street Branch Putnam Branch Yonkers Branch Schenectady Detour Branch Troy & Schenectady Branch Hoffman's Connection Branch Dolgeville Branch Adirondack Branch Saranac Branch Ottawa Branch Ogdensburg Branch Clayton Branch Rome Branch Syracuse Junction Branch Watertown Branch Phoenix Branch Ontario Branch Rochester Branch Sackets Harbor Branch Cape Vincent Branch Dexter Branch Carthage Branch Sanfords Branch Oswegatchie Branch St Joseph Lead Branch DeKalb Branch Auburn Branch Canandaigua Branch Lyons-Newbury Branch Penn Yan Branch Corning Branch Cowanesque Valley Branch Antrim Branch Falls Branch Charlotte Branch Cambria Branch Attica Branch Tonawanda Branch Gardenville Branch Buffalo Belt Branch Niagara Branch Wonalancet Branch Dupont Branch Lockport Branch Catskill Mountain Branch Stony Clove and Kaaterskill Branch Hunter Branch Valley Branch Youngstown Branch Oil City Branch Clearfield Branch Belmar Branch Low Grade Line Cleveland Short Line Norwalk Branch Detroit Branch Old Road DECEMBER 31, 1933 State New York 1462' W of State Line sta N.Y. W of State Line sta ' E of Conneaut Penn E of Conneaut 16462' W of Edgerton Ohio W of Edgerton 4311' E of East Side Ind E of East Side Chicago III Total main line owned Spuyten Duyvil St John's Park N.Y. Sedgwick Ave, New York Putnam Jet " Van Cortlandt Getty Square, Yonkers " Carman South Schenectady " Schenectady Troy " Hoffman's Rotterdam Junction " Little Falls Salisbury Center " Herkimer Malone Junction " Lake Clear Junction Saranac Lake " Tupper Lake International Boundary " Utica Ogdensburg " Rivergate Clayton 8 Rome Richland " East Syracuse Syracuse Junction " Syracuse Massena " Woodard Fulton " Pulaski Suspension Bridge " Windsor Beach State St, Rochester * Watertown Junction Sackets Harbor " Watertown Junction Cape Vincent " Dexter Junction Dexter " Watertown Newton Falls " Main St, Watertown Roots " G & O Junction Edwards " Emeryville Balmat " DeKalb Junction Ogdensburg " Syracuse Junction Brighton, Rochester " Canandaigua Batavia " Lyons 205' S of Lawrenceville " S of Lawrenceville Newberry Junction Penn Dresden Penn Yan N.Y. Corning Junction Corning " C V Junction Westfield Penn Wellsboro Junction Antrim " Ames St Jet, Roch Suspension Bridge N.Y. Jay St Jet, Rochester Charlotte " Cambria Pekin " Batavia Attica " Batavia North Tonawanda " Depew Bay View " William St, Buffalo.North Buffalo Junction " Seneca St, Buffalo Lewiston " North Buffalo Junction Harriet " Wonalancet Branch Industries " North Tonawanda Lockport Junction " Kingston Point Oneonta " Phoenicia Kaaterskill " Kaatersk ill-junction Hunter " Dunkirk 650' S of Fentonville " S of Fentonville Titusville Penn Ashtabula Harbor Andover Ohio Andover 3582' E of Simons " E of Simons Oil City Penn Polk Junction Rose Siding " Franklin Belmar a Carson Mann Ohio Collinwood Belt Junction " Elyria Junction Millbury Junction " Air Line Junction 4352' N of Alexis " N of Alexis D & M Junction, Detroit Mich Air Line Junction Vulcan Ohio Palmyra 6965' E of Vistula Mich E of Vistula Elkhart Ind Carried forward MILES OF MAIN TBACK Yards and First Second Third Fourth sidings Total * , , * 1, ,26909 _ _ _ _ _ _ _ , I.59S-0O 4, ' Includes: 2*43 fifth track and 2-43 sixth track on the Hudson-electric division 8-85 fifth track on the Mohawk and Syracuse divisions 3-55 compromise track Buffalo G-17 west-bound fast freight tracks in De Witt yard t Includes 6-38 miles 1st main and 6-40 miles 2nd main owned jointly with C R I ft P Ry

42 BRANCHES OWNED {concluded) Monroe Branch Fayette Branch Jackson Branch Lansing Branch Grand Rapids Branch Mishawaka Branch Goshen Branch Kankakee Branch Danville Branch M C Connecting Branch Dune Park Branch Churchill Branch Bradley Branch Depue Branch Benton Harbor Branch Connections and wyes 42 Annual Report TABLE OF TRACKS (continued) State Brought forward Lenawee Junction Monroe Mich Grosvenor 12063' W of Morenci " W of Morenci Fayette Ohio Lenawee Junction Jackson Mich Jonesville North Lansing " White Pigeon Kalamazoo " Elkhart Mishawaka Ind Goshen 12458' N of Twin Lake " N of Twin Lake Sturgis Mich South Bend 38' E of Illinoi Ind E of Illinoi Seatonville Junction 111 Ladd Junction N Y C Junction " Indiana Harbor 7524' S of Allison Ind S of Allison Danville 111 At South Bend Ind Gibson Dune Park " Ladd Churchill 111 Kankakee Bradley " Depue Junction Depue " St Joseph Junction Various places Various places Benton Harbor Mich N.Y. Penn Total branches owned Total main line and branches owned First 2, MILES OP MAIN TKACK Second Third Fourth Yards and sidings 1, Total 4, , , , , , * 3, , LINES OPERATED UNDER LEASE Oil CONTRACT AFFILIATED Bailey Run. Sugar Creek & Athens Rwy Battle Creek & Sturgis Rwy Beech Creek Extension R R Cleveland, Cincinnati, Chicago & St Louis Ry and subsidiaries Detroit, Toledo & Milwaukee R R Hudson River Connecting Railroad Lake Erie, Alliance & Wheeling R R Mahoning Coal R R and subsidiaries Michigan Central R R and subsidiaries Middleport & Northeastern Ry New Jersey Junction Railroad New York and Harlem Railroad Nicholas Fayette & Greenbrier R R Ottawa and New York Rwy St Lawrence and Adirondack Rwy Toledo & Ohio Central Rwy and subsidiaries Kanawha & Michigan Rwy and subsidiaries West Shore R R and subsidiary Total lines operated under lease or contract affiliated LINES OPERATED UNDER LEASE OR CONTRACT NOT AFFILIATED Beech Creek Railroad Boston & Albany R R & subsidiaries Canadian National Rwys Central Railroad of Indianapolis Delaware, Lackawanna & Western R R Detroit, Hillsdale & South Western R R Dillonvale & Smithfield Rwy Erie & Kalamazoo Railroad Fort Wayne & Jackson Railroad Genesee Falls Railway Illinois Central Railroad Kalamazoo, Allegan & Grand Rapids R R Mt Gilead Short Line Rwy New York, Chicago & St. Louis R R St Joseph, So Bend & Southern R R Titusville & Cambridge Springs R R Troy & Greenbush Railroad Total lines operated under lease or contract not affiliated Total lines operated under lease or contract MILES OF MAIN TRACK Yards and First Second Third Fourth sidings Total ,535-96* t - 1, , , , , , , , , , , , , , , , * See preceding page CD Operated through stock ownership as a siding without formal contract' <t> *18 mile 8t Marion, Ind., owned jointly with T St L & W R R, and -20 mile in Carmi, 111., owned jointly with L & N R R t Other main track Includes 43/100ths of a mile eastbound fast freight track at Unionville Includes 1*11 miles at Speedway, Ind., owned jointly by the P & E and B &. O, and -43 mile at Danville owned jointly by the P & E and C & E I R R, also 15 mile owned jointly by the P & E and I C R R at Champaign, III Includes -70 mile owned jointly by the M C R R, I C R R, C & N W Ry and C B & Q R R, and 1-37 miles at Joliet, 111. owned jointly by the M C R R and C R I & P Ry 0 Includes -42 mile at Cheboygan, Mich, owned jointly by the M C R R and the D & M R R, and -09 mile at Kalamazoo, Mich, owned jointly by the C K & S and G T W Ry, also "09 mile at Woodbury, Mich, owned jointly by the C K & S and P M R R Owned jointly with the Chesapeake and Ohio Ry Co