The New York Central Railroad Company

Report of the Board of Directors to the Stockholders for the year ended December 31, 1932

NEW YORK CENTRAL BUILDING 230 Park Avenue New York ORGANIZATION OF THE NEW YORK CENTRAL RAILROAD COMPANY

DECEMBER 31, 1932

DIRECTORS

FREDERICK W. VANDERBILT WARREN S. HAYDEN JAMES SIMPSON WILLIAM K. VANDERBILT JACKSON E. REYNOLDS GORDON ABBOTT HAROLD S. VANDERBILT PATRICK E. CROWLEY GEORGE F. BAKER EDWARD S. HARKNESS MYRON C. TAYLOR FREDERICK E. WILLIAMSON BERTRAM CUTLER CHARLES B. SEGER WILLIAM N. KING

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 January

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 FREDERICK E. WILLIAMSON Executive Vice President RAYMOND D. STARBUCK Vice President, Law and Public Relations CHARLES C. PAULDING Vice President, Personnel JOHN G. WALBER Vice President, Improvements and Development RICHARD E. DOUGHERTY Vice President, Accounting WILLIAM C. WISHART Vice President, Purchases and Stores WILLIAM C. BOWER Vice President, Freight Traffic CHARLES J. BRISTER Vice President, New York Central Railroad, East WILLIAM J. FRIPP Vice President in charge of Boston & Albany Railroad HOWARD M. BISCOE Vice President and General Manager in charge of Michigan Central Lines HENRY SHEARER Vice President and General Manager in charge of C C C & St L Lines CHARLES S. MILLARD Vice President TIMOTHY W. EVANS Secretary EDWARD F. STEPHENSON Treasurer EDWARD L. ROSSITER Comptroller LEROY V. PORTER

Treasurer, 1>66 Lexington Avenue, 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 & Company, 23 Great Winchester Street, London, E. C, England, act as London correspondents 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, 1932, with statements showing the income account and the financial condition of the company. The year's business The continued unfavorable business conditions throughout the year are reflected in the substantial decreases in freight and passenger traffic. Operating revenues were $293,636,140.28, a decrease of $88,554,042.61 (23-17%). Revenue freight handled amounted to 86,322,846 tons, a decrease of 27,428,104 tons (24-11%), the revenue therefrom being $193,328,131.69, a decrease of $52,568,955.65 (21-38%). As shown by the appended statement of commodities handled (pp. 44-47), there were some increases in the movement of vegetables, sugar beets, packing house products, dressed poultry and dairy products, but decreases were general throughout the remainder of the list. Some of the commodities in which major decreases occurred, with accom• panying loss of revenue, were: Tons Decrease Revenue Decrease Bituminous coal 39,212,478 7,604,198 $46,530,326 $7,826,232 Anthracite coal 4,565,682 871,985 5,422,607 1,310,451 Gravel, sand and crushed stone 2,241,827 2,882,252 1,684,271 1,975,182 Petroleum, refined and all other gasolines 3,422,373 615,514 9,252,494 1,660,809 Lumber, shingles and lath 926,395 658,612 2,195,744 1,625,391 Iron and steel articles, rated 5th class 1,314,392 1,128,300 4,301,521 2,908,851 Cement 1,326,672 943,594 2,143,291 1,421,851 Automobiles, auto trucks, parts and tires 862,655 561,605 7,216,761 4,002,641 Manufactures and miscellaneous 6,223,347 2,312,403 23,041,885 7,269,056

The company carried 50,781,188 revenue passengers, a decrease of 12,385,723, the distribution being: interline passengers 498,422, a decrease of 20-86%, local pas• sengers 3,494,430, a decrease of 23-09% and commutation passengers 8,392,871, a decrease of 18-39%. Revenue from passengers amounted to $60,151,921.88, a decrease of $26,152,586.08 (30-30%). Net railway operating income was $20,812,987.33, a decrease of $7,262,591.23. Operations for the year resulted in an income deficit of $18,256,400.08, after deduction of charges for depreciation and retirements amounting to $23,123,110.56, as compared with net income of $2,430,101.13 in 1931. 3 Annual Report

INCOME ACCOUNT FOR THE YEAR

INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES.

Year ended Year ended OPERATING INCOME Dec. 31, 1932 Dec. 31, 1931 Increase Decrease 11,438-32 miles 11,388-48 milea 49-84 mites RAILWAY OPERATIONS operated operated Railway operating revenues $293,636,140 28 $382,190,182 89 $88,554,042 61 Railway operating expenses 227,176,620 18 307,065,680 57 79,889,060 39 NET REVENUE PROM RAILWAY OPERATIONS $66,459,520 10 $75,124,502 32 $8,664,982 22 Percentage of expenses to revenues (77-37) (80-34) (2-97) Railway tax accruals $30,083,641 76 $32,215,328 92 $2,131,687 16 Uncollectible railway revenues 90,672 27 102,942 29 12,270 02 RAILWAY OPERATING INCOME $36,285,206 07 $42,806,231 11 $6,521,025 04 Equipment rents, net debit $11,281,581 30 $11,772,767 61 $491,186 31 Joint facility rents, net debit 4,190,637 44 2,957,884 94 $1,232,752 50 NET RAILWAY OPERATING INCOME $20,812,987 33 $28,075,578 56 $7,262,591 23

MISCELLANEOUS OPERATIONS Revenues $745,324 36 $909,761 13 $164,436 77 Expenses and taxes 683,470 06 828,709 31 145,239 25 MISCELLANEOUS OPERATING INCOME $61,854 30 $81,051 82 $19,197 52 TOTAL OPERATING INCOME $20,874,841 63 $28,156,630 38 $7,281,788 75

NON-OPERATING INCOME Income from lease of road $126,361 35 $162,612 99 $36,251 64 Miscellaneous rent income 4,785,431 96 5,993,993 85 1,208,561 89 Miscellaneous non-operating physical property 3,545,802 10 3,664,353 75 118,551 65 Separately operated properties—profit 139,478 82 336,321 20 196,842 38 Dividend income 6,817,340 28 16,143,262 36 9,325,922 08 Income from funded securities and accounts 5,218,299 23 5,504,934 06 286,634 83 Income from unfunded securities and accounts 2,562,572 74 3,566,470 35 1,003,897 61 Income from sinking and other reserve funds 186,308 55 187,565 87 1,257 32 Release of premiums on funded debt 33,410 41 31,056 76 $2,353 65 Miscellaneous income 207,175 31 144,670 01 62,505 30 TOTAL NON-OPERATING INCOME $23,622,180 75 $35,735,241 20 $12,113,060 45 GROSS INCOME $44,497,022 38 $63,891,871 58 $19,394,849 20

DEDUCTIONS FROM GROSS INCOME Rent for leased roads $25,659,829 82 $26,383,108 64 $723,278 82 Miscellaneous rents 1,504,886 57 1,495,709 56 $9,177 01 Miscellaneous tax accruals 2,515,288 29 1,936,442 32 578,845 97 Separately operated properties—loss 93,906 98 114,193 86 20,286 88 Interest on funded debt 28,348,689 95 28,159,311 42 189,378 53 Interest on unfunded debt 3,988,230 47 2,067,979 83 1,920,250 64 Amortization of discount on funded debt 471,457 35 508,949 31 37,491 96 Maintenance of investment organization 18,251 04 14,922 25 3,328 79 Miscellaneous income charges 152,881 99 781,153 26 628,271 27 TOTAL DEDUCTIONS FROM GROSS INCOME $62,753,422 46 $61,461,770 45 $1,291,652 01 NET DEFICIT (INCOME FOR 1931) $18,256,400 08 $2,430,101 13 $20.t;xr,,50i 21

Sinking and other reserve funds $65,418 35 $119,913 33 $54,494 98 Income appropriated for investment in physical property — 100 00 100 00 Miscellaneous appropriations of income 4,731 69 833 46 $3,898 23 TOTAL APPROPRIATIONS OF INCOME $70,150 04 $120,846 79 $50,696 75 DEFICIT FOR THE YEAR (SURPLUS FOR 1931) $18,326,550 12 $2,309,254 34 $20,635,804 46 5

The New York Central Railroad Company

Profit and loss account

BALANCE TO CREDIT OF PROFIT AND LOSS, DECEMBER 31, 1931 $267,691,835 49

ADDITIONS: Profit on securities sold (net) $25,416 97 Profit on property sold (net) 5,056,763 89 5,082,180 86

$272,774,016 35 DEDUCTIONS: Deficit for the year 1932 $18,326,550 12 Depreciation prior to July 1, 1907 on equipment retired during the year 384,220 71 Loss on property retired 510,340 33 Unamortized discount on funded debt 13,100,659 54 Accounting adjustments in connection with sundry properties in Grand Central Terminal area 1,677,902 33 Sundry adjustments (net), unrefundable overcharges and uncollectible accounts 149,822 22 34,149,495 25

BALANCE TO CREDIT OF PROFIT AND LOSS, DECEMBER 31, 1932 $238,624,521 10

Mileage operated

The total mileage operated by the company at the end of the year compared with mileage operated December 31, 1931, was as follows:

1932 1931 Increase Decrease Miles Miles Miles Miles Main line and branches 3,853-53 3,727-12 126-41 Leased lines and lines operated under contract 6,806-09 6,907-12 101-03 Trackage rights 778-70 754-24 24-46

Totals 11,438-32 11,388-48 49-84

The increase of 126-41 miles in main line and branches is the result of the acquisition of the Ulster and Delaware Railroad, 128-88 miles. Partly offsetting this additional mileage, are 2-31 miles of the Churchill Branch in Illinois, operation of which was assumed in 1932 by the Chicago and North Western Railway Company, and -16 mile abandoned at Benton Harbor, Michigan. The decrease of 101-03 miles in lines operated under lease or other contract is accounted for as follows: 9-02 miles of the Findlay Branch of the Cincinnati, Sandusky and Cleveland Railway were abandoned and -51 mile reclassified as yards and sidings; 84-00 miles of the Detroit, Toledo and Milwaukee Railroad were abandoned and 6-83 miles reclassified as yards and sidings; on the Michigan Central Railroad, 27-26 miles of the Twin Lakes Branch, 13-78 miles of the Bagley Branch and 42-65 miles of the East Jordan Branch were abandoned and 4-36 miles of the Air Line Branch reclassified as second track; 14-89 miles, being the entire line of the St. Clair and Western Railroad, and 5-52 miles of the Cannelsville Branch of the Zanesville and Western Railway were abandoned; 13-00 miles of the Cleveland, Cincinnati, Chicago and St. Louis Railway, between Cleveland and Berea, Ohio, were reclassified as fourth track, there was a decrease of -13 mile in the mileage of the St. Lawrence and Adirondack Railway, due to shortening the track in connection with the construction of the new canal between Valley- 6

Annual Report field and Beauharnois, Canada, the remaining decrease of -05 mile being due to remeasure- ments. Partly offsetting these decreases is the addition of 103-79 miles on the Nicholas, Fayette and Greenbrier Railroad and 12-90 miles of the Michigan Railroad acquired by the Michigan Central Railroad Company; the reclassification of 3-72 miles of the Toledo Branch of the Michigan Central Railroad as first main track; and the addition of -56 mile of track of the Canadian National Railway, due to the construction of the new canal. The increase of 24-46 miles in trackage rights is accounted for as follows: acquisition of 27-36 miles on the Toledo Terminal Railroad, offset in part by decreases resulting from reclassification of 1-58 miles of the tracks of the Cleveland Union Terminals Company and -38 mile at Argo on the Indiana Harbor Belt, due to removal of wye; abandonment of •91 mile on the Pennsylvania Railroad at a connection with the Beech Creek Extension Railroad; and a decrease of -03 mile due to remeasurement.

Operating expenses Operating expenses were as follows:

Group Amount Increase Decrease Maintenance of way and structures $28,286,248 54 $20,105,604 57 Maintenance of equipment 64,786,861 43 16,723,063 67 Traffic expenses 6,788,434 85 2,074,395 63 Transportation expenses 110,546,896 83 35,754,652 09 Miscellaneous operations 4,197,334 56 2,053,232 87 General expenses 12,615,284 45 3,382,216 28 Transportation for investment — credit 44,440 48 $204,104 72 Total $227,176,620 18 $79,889,060 39

The decrease in operating expenses represents a reduction of 26-02%, as compared with the decrease in operating revenues of 23-17%. The operating ratio was 77-37 as compared with 80-34 in the preceding year. Reductions ranging from 10 to 20% in all salaries of more than $350 per month which became effective during the previous year, the general reduction of 10% in wages which became effective February 1, 1932, a further reduction of 5% in all salaries in excess of $300 per month which became effective July 1, 1932 and reductions in personnel and days worked were factors contributing largely to the decreased cost of operation. In accounts comprising the maintenance of way and structures group, there was a decrease of $20,105,604.57 (41-55%), largely appearing in accounts for roadway mainte• nance, elevated structures, track laying and surfacing, tie and rail renewals, station and office buildings and signals and interlockers. The cost of maintaining equipment decreased $16,723,063.67 (20-51%). A restricted program of repairs, reduced depreciation charges, and reduction in salaries and wages and in the cost of materials resulted in substantial decreases in all important accounts except retirements. Charges for depreciation and retirements together totalled $23,123,¬ 110.56, a decrease of $3,276,362.46. Due to the retirement of 644 locomotives, 9193 freight, 195 passenger and 837 work cars as against 44 locomotives, 2872 freight, 3 pas- 7

The New York Central Railroad Company senger and 159 work cars during 1931, a substantially larger proportion of these charges was made for retirements, which increased $8,702,472.46. The decrease of $2,074,395.63 (23-40%), in traffic expenses resulted from the reduc• tions in salaries and wages, reduced personnel and decreased cost of tariffs. Transportation expenses decreased $35,754,652.09 (24-44%), due to diminished traffic and reductions in personnel, salaries and wages, there having been substantial decreases in all important accounts in the group. The cost of miscellaneous operations decreased $2,053,232.87 (32-84%), the largest decrease being in the cost of dining car operation, due to the curtailment of that service. General expenses decreased $3,382,216.28 (21-14%), as a result of reduced salaries and wages, reduced personnel, fewer days worked and a reduction in pensions and in valuation expenses. As a result of less construction and improvement work, the credit for transportation of men and material decreased $204,104.72.

Railway tax accruals

Railway tax accruals, details of which will be found on page 32, were $30,083,641.76, a decrease of $2,131,687.16. Taxes on real and personal property decreased $1,759,275.77, due to lower rates of taxation, taxes on gross earnings decreased $128,466.47, due to diminished earnings, special franchise taxes decreased $131,130.83 and Canadian income taxes decreased $199,173.35. These decreases were offset in part as follows: Federal income taxes (payable by the company, under lease covenants, in respect of rental income of certain leased Lines) increased $70,235.27, due to the increased rate of taxation, capital stock taxes increased $7,398.68 and other taxes increased $8,725.31.

Equipment rents

The net debit to equipment rents amounted to $11,281,581.30, a decrease of $491,186.31. Rentals received for the use of the company's equipment on foreign roads decreased $540,725.76, while rentals paid to others for use of equipment decreased $1,031,912.07.

Joint facility rents

There was a net debit to joint facility rents of $4,190,637.44, an increase of $1,232,752.50. An increase of $160,589.03 in rentals paid was mainly due to payments on account of the use, jointly with the Chesapeake and Ohio Ry. Co., of the Nicholas, Fayette and Greenbrier Railroad which was opened for operation January 7, 1932, and to additional payments to the Rutland Railroad Company in adjustment of accounts of former years for use of its line between Norwood and Malone, N. Y., offset in part by smaller payments 8

Annual Report

in connection with other joint facilities, due to diminished use. A decrease of $1,072,163.47 in rentals received was due to adjustments in connection with former years, to a decrease in taxes, a proportion of which are chargeable to tenants, and to the diminished use of the company's facilities by others.

Non-operating income

Non-operating income amounted to $23,622,180.75, a decrease of $12,113,060.45. The more important items contributing to the decrease are as follows: Miscellaneous rent income decreased $1,208,561.89, of which $1,057,568.38 resulted from the deferment of rentals and taxes payable by tenants in respect of properties in the Grand Central Terminal area, made necessary by unfavorable conditions. A net decrease of $150,993.51 in other rentals is due to cancellation of leases and reductions in rental rates in certain cases. There was a decrease of $196,842.38 in profit from separately operated properties in connection with The Pittsburgh, McKeesport and Youghiogheny Railroad, resulting from diminished revenues from the operation of that property. Dividend income decreased $9,325,922.08. Of this decrease $6,959,170. was due to the inclusion in such income for 1931 of extra dividends upon the stock of the Chicago River and Indiana Railroad Company, the Merchants Despatch Transportation Com• pany, The Pittsburgh and Lake Erie Railroad Company, New York State Realty and Terminal Company and the Detroit Terminal Railroad Company, as compared with one extra dividend only received in 1932, being that of $95,477. on the stock of The Toledo and Ohio Central Railway Company. $2,462,229.08 of the decrease resulted mainly from reductions in regular dividends upon the company's stockholdings. Income from funded securities decreased $286,634.83, principally in interest on advances to affiliated companies, no interest having been accrued on advances to the New York and Harlem Railroad Company during the year and for ten months only on advances to Merchants Despatch Incorporated, the decrease being offset in part by interest upon equipment trust certificates of Merchants Despatch Incorporated acquired by the Company in December, 1931. Income from unfunded securities and accounts decreased $1,003,897.61. Approxi• mately $800,000. annual interest on advances account buildings in Grand Central Ter• minal Zone, credited to this account in prior years, was carried in suspense during 1932, and there was a decrease of $426,000. in interest upon funds in interest-bearing deposits, by reason of less funds in such deposits, and in miscellaneous items. No interest was accrued upon advances to the Securities Corporation of ,the New York Central Railroad, a wholly owned subsidiary as against $504,369.83 in 1931. These decreases were offset in part by increases of $205,427. in interest during construction, $352,559.94 in interest upon advances to the Nicholas Fayette and Greenbrier RR Co. and $223,054.54 in interest upon advances to other companies. 9

The New York Central Railroad Company

Deductions from gross income Deductions from gross income amounted to $62,753,422.46, an increase of $1,291,652.01. Rent for leased roads decreased $723,278.82, of which $350,623.35 was due to the retirement of obligations of lessor companies, with accompanying decrease in interest payable as rental, $358,841.78 to diminished revenues of lines the rental for which is based upon such revenues and $14,313.69 to decreases in sundry items. Interest on funded debt amounted to $28,348,689.95, an increase of $189,378.53. Interest on mortgage bonds increased $148,333.34, due to the inclusion of interest for twelve months on $75,000,000. of Refunding and Improvement Bonds issued and sold April 1, 1931 as compared with interest thereon for nine months of last year, offset in part by decreased interest on other issues retired, at maturity, during the year. There was a net increase of $447,516.98 in interest on notes and advances, principally on loans from the Reconstruction Finance Corporation, while interest on equipment obligations decreased $406,471.79, due to the payment of maturing installments. Interest on unfunded debt increased $1,920,250.64 due to additional loans from banks and others during the year and to larger accruals for interest upon loans contracted in the later months of 1931 by reason of the longer period involved.

Deficit for the year As appears in the foregoing statement of the income account, results for the year show a deficit of $18,256,400.08, as compared with net income of $2,430,101.13 for 1931. After appropriations of income amounting to $70,150.04 for sinking and other funds, there was a total deficit of $18,326,550.12 which was carried 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, 1915 25,042 100 22,270 104 2,772 64 December 31, 1916 22,532 111 21,836 112 696 56 December 31, 1917 27,102 92 26,771 92^ 331 69 December 31, 1918 28,693 87 28,395 87 298 69 December 31, 1919 30,445 82 30,180 82 265 67 December 31, 1920 32,396 77 32,173 77 223 64 December 31, 1921 34,328 73 33,824 73 504 70 December 31, 1922 34,319 78 33,843 78 476 70 December 31, 1923 34,946 77 34,502 77 444 70 December 31, 1924 36,282 84 35,856 84 426 66 December 31, 1925 40,660 94 40,238 94^ 422 64 December 31, 1926 61,580 62 61,174 62 406 69 December 31, 1927 54,530 77 54,146 77 384 72 December 31, 1928 52,875 88 52,529 88 346 68 December 31, 1929 52,722 88 52,356 88 366 70 December 31, 1930 56,635 88 56,282 88 353 68 December 31, 1931 62,719 80 61,317 81 1,402 63 December 31, 1932 63,714 78 62,204 79 1,510 67 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, 1931 $667,161,669 32 has been increased as follows: Three year notes issued to the Reconstruction Finance Corporation, dated as follows: May 16, 1932 $1,500,000 00 June 30, 1932 11,100,000 00 July 15, 1932 500,000 00 August 1, 1932 2,500,000 00 15,600,000 00 Real estate mortgage on New York City property, due October 15, 1933 40,000 00 State of New York, advances for grade crossing eliminations 148,043 29 $682,949,712 61 and has been reduced as follows: Little Falls and Dolgeville R. R. Co. First Mortgage Bonds matured July 1, 1932 $250,000 00 Pine Creek Railway Co First Mortgage Bonds matured December 1, 1932 3,500,000 00 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 15, 1932 922,700 00 N Y C R R Co Trust of 1920, April 15, 1932 1,153,167 33 NYC Lines Trust of 1922, June 1, 1932 572,000 00

NYC Lines i}/2 Per Cent Trust of 1922, September 1, 1932 569,000 00 NYC Lines Trust of June 1, 1923, June 1, 1932 462,000 00 NYC Lines Trust of 1924, June 1, 1932 983,000 00

NYC Lines ±y2 Per Cent Trust of 1924, September 15, 1932 848,000 00 NYC Lines Trust of 1925, May 15, 1932 734,000 00 N Y C R R Co Trust of April 15, 1929, April 15, 1932 1,100,000 00 N Y C R R Co Trust of December 1, 1929, December 1, 1932 745,000 00 N Y C R R Co Trust of 1930, May 15, 1932 952,000 00 12,790,867 33 leaving the funded debt on December 31, 1932 $670,158,845 28 an increase of $2,997,175.96. Dividends No dividends were declared or paid during the year.

Property investment accounts Changes in the property investment accounts for the year, as shown in detail else• where in this report, were as follows: Road $27,672,778 57 Increase Equipment 19,214,199 19 Decrease Miscellaneous physical property 106,458 82 Decrease Improvements on leased railway property 401,515 04 Increase a net increase of $8,753,635 60 11

The New York Central Railroad Company

Emergency freight rates Under the increases in freight rates, permitted by the Interstate Commerce Commission in Ex Parte 103, which became effective January 4, 1932, the company received additional freight revenue amounting to $6,073,751.13, of which $5,982,644.87 was deposited with the Railroad Credit Corporation under the Marshalling and Distribut• ing Plan, referred to in the annual report for 1931.

Acquisition of Short Line Railroads The Interstate Commerce Commission having fixed the commercial value of the Ulster and Delaware Railroad at the sum of $2,500,000., the acquisition of the railroad at that price was effected on February 1, 1932. During the year, the company sold to the Lehigh Valley Railroad Company one- half of the capital stock of the Owasco River Railway, at a sum equal to one-half of the cost to the company of the acquisition of the entire capital stock plus interest. This sale was in pursuance of the arrangement in contemplation at the time of the purchase of the stock by this company in the preceding year. There still remain pending before the Interstate Commerce Commission proceed• ings with reference to the acquisition of the Boyne City, Gaylord & Alpena Railroad and the Chicago, Attica and Southern Railroad.

Discount on funded debt There remained on the books of the company at the close of the year unamortized discount on funded debt amounting to $13,100,659.54 which, upon authority of the Board of Directors, was eliminated from the accounts by the appropriation of surplus for its extinguishment. Retirement of bonded debt at maturity The company paid and retired during the year bonds for the aggregate principal amount of $3,750,000. theretofore constituting a part of its funded debt, consisting of $250,000. of Little Falls and Dolgeville Railroad Company first mortgage 3% bonds, due July 1, 1932, and $3,500,000. of Pine Creek Railway Company first mortgage 6% bonds, due December 1, 1932. Discontinuance of London Stock Registry Effective July 1, 1932, the London, England, registry of stock of the company was discontinued, there having been such a shrinkage in the shares on that registry during the World War and subsequently as to make the service unnecessary. Messrs. Morgan Grenfell & Co., who acted as the company's fiscal agents, will continue as London cor• respondents for the company. Bank and other loans Loans and bills payable totalling $58,500,000. at the end of 1931 were increased during the year by additional bank loans amounting to $7,400,000. and by a loan of $2,000,000. from the Railroad Credit Corporation. 12

Annual Report

Loans from Reconstruction Finance Corporation

The Reconstruction Finance Corporation, with the approval of the Interstate Com• merce Commission, authorized loans to the company aggregating $20,499,000., of which $15,600,000. was advanced during the year. The amounts authorized and advanced upon these loans and the purposes thereof were as follows: A loan of $4,399,000., of which $2,000,000. was advanced during the year, was author• ized for the completion of parts of the West Side Improvement Project, New York City. A loan of $13,600,000., all of which was advanced during the year, was authorized for the payment of certain fixed charges due in June, July and August, 1932. A loan of $2,500,000., none of which has as yet been advanced, was authorized for the repairing of certain equipment.

Loan from the Railroad Credit Corporation

On December 27,1932, the company borrowed $2,000,000. from the Railroad Credit Corporation, pledging as collateral security therefor $5,600,000. of the company's 5% Refunding and Improvement Mortgage Bonds of Series C, together with the company's distributive share in the fund derived by carriers from the emergency freight charges hereinbefore referred to and paid to the Railroad Credit Corporation under the Marshalling and Distributing Plan.

Advances to Clearfield Bituminous Coal Corporation

The company advanced to Clearfield Bituminous Coal Corporation, its wholly owned subsidiary, $3,356,000. to enable that company to pay maturing bonds, secured by lien upon its properties, consisting of its Gold Bond Mortgage 43^% bonds, due November 1, 1932, amounting to $2,500,000., and Pennsylvania Coal and Coke Company First Mortgage 5% bonds, due July 1, 1932, amounting to $856,000.

Advances to The Pittsburgh, McKeesport & Youghiogheny Railroad Company

The Company advanced to The Pittsburgh, McKeesport and Youghiogheny Rail• road Company during the year one-half of the amounts required to retire at maturity that Company's First Mortgage Bonds, due July 1, 1932, amounting to $2,250,000. and principal installments of equipment trust certificates totalling $284,000., The Pittsburgh and Lake Erie Railroad Company having made like advances. Such advances by this Company, aggregating $1,267,000., were partially offset by credits to the advances account of the amount of net retirements of equipment and other property and other miscel• laneous items totalling $426,802.01, resulting in a net increase in the advances account during the year of $840,197.99. Total advances at close of December 31, 1932 (includ• ing a $300,000. note), stood at $17,431,303.35. 13

The New York Central Railroad Company

Issue and pledge of additional Refunding and Improvement Mortgage 5 per cent, bonds, Series C In order that additional collateral might be available for pledge from time to time as security for temporary borrowings, the company obtained authority from the Interstate Commerce Commission for the issue and pledge of $75,000,000., principal amount, of its Refunding and Improvement Mortgage 5% bonds, of Series C, in addition to the $100,000,000., principal amount, of such bonds which were authorized in 1931, as set forth in the annual report for that year. The status of the $175,000,000. of bonds on December 31, 1932, was Pledged for temporary loans $139,975,000 In the company's treasury 35,025,000

Consolidation of railroads On July 13, 1932, the Interstate Commerce Commission issued its plan for the con• solidation of railroads in the Eastern District of the United States into Four Systems, excluding New England, similar in most respects to the plan proposed in the application filed by the Baltimore & Ohio, Chesapeake & Ohio, Pennsylvania and this company, the principal exception being the assignment of the Virginian Railway to this company instead of to the proposed Chesapeake & Ohio-Nickel Plate System. Subsequently conferences have been held by the representatives of the several railroad companies with a view to further progress in this matter.

Branch line abandonments During the year 7 unproductive branches (197 miles of road) were abandoned, including the Detroit, Toledo and Milwaukee Railroad between Battle Creek and Dundee, Michigan. Applications are pending before the public authorities for authority to abandon 5 additional branches comprising about 83 miles of road and investigation is being made of certain other branches in connection with possible abandonment.

West Side Improvements, New York City The work involved in the removal of the tracks from their cross and longitudinal occupation of the city streets to a privately owned right of way at grades separated from the streets has progressed and has been concentrated in the territory from 30th Street south with the idea of completing that portion of the improvements so as to have it available for service by the latter part of the year 1933. The foundations for the new St. Johns Park Freight Terminal, located at Spring Street, were completed. Changes in the yard facilities at 30th and 60th Streets, includ• ing new bulkhead between West 63rd and West 66th Streets and excavation for the depression of the tracks on the new right of way between West 44th and West 55th Streets, 14

Annual Report were under way. Work on the Express Highway across the 60th Street yard between West 59th and West 72nd Streets was completed and the work between West 72nd Street and West 79th Street was proceeded with by the company acting as agent for the City.

Pre-cooling and air conditioning of passenger and dining cars

In order to create a greater degree of comfort for passengers during both day and night travel in the summer months in the principal trains, a total of two hundred pre- cooling machines were installed in July at New York, Buffalo, Cleveland, Detroit, Pitts• burgh, Chicago, Cincinnati, Indianapolis and St. Louis. This equipment withdraws the warm air and forces cleaned, cooled and dehumidified air into the cars. Air conditioning equipment was installed in July upon fifteen dining cars operated between New York and Chicago and New York and St. Louis. This system embodies a complete method of pressure ventilation and provides during the summer an adequate supply of fresh cool dry air.

Other improvements

On account of the economic situation expenditures for improvements were restricted to completion of projects heretofore reported, such additional improvements as were required to maintain safe operation, a few mechanical installations to accomplish sub• stantial savings and the elimination of 16 railroad grade crossings, including 5 streets crossing the Niagara Branch tracks in the City of Buffalo and the reconstruction of 3 bridges carrying streets or highways over the tracks.

Grand Central Terminal air rights properties

In view of the fact that earnings from operations of the hotels and apartment houses are insufficient under present financial conditions to pay the rentals provided for in the leases from the New York State Realty and Terminal Company and from the New York, New Haven & Hartford Railroad Company and this company, it has been necessary to make arrangements in many instances for temporary deferments with respect to portions of the rentals due, the amounts deferred to become payable subsequently with interest. In certain instances the arrangements contemplate the acceptance in lieu of fixed rentals of all net earnings from the operations of the hotels or apartment houses during the years 1932 and 1933 on the condition that the lessees make no payment of any of their out• standing indebtedness nor of dividends on their stock until the rental installments are entirely paid. Two of the properties, namely the 270 Park Avenue apartment which includes the Hotel Marguery, and the 300 Park Avenue apartment house have been taken over by the lessor companies through nominees. 15

The New York Central Railroad Company

Sale to the U. S. Government of property at 452 Lexington Avenue, New York City The property at the southwest corner of 45th Street and Lexington Avenue, New York City, containing a six story office building heretofore occupied partially by the Post Office Department and partially by this company's forces and other tenants was sold to the U. S. Government for Post Office Department occupancy, subject to the reserva• tion by this company of the use of the sub-surface for railroad terminal purposes. The transaction includes a suitable adjustment with the Eastern Offices, Incorporated, required to secure cancellation of an option for a lease upon the property.

Pensions During the year 691 employees were retired and pensioned; 376 at the age of seventy, 261 for disability, 54 voluntarily on service pension. The total amount paid in pensions during 1932 was $3,205,818.35. Valor medals Since 1926 the company has presented valor medals in recognition of employees who, at the risk of their lives, saved others. One valor medal was issued during 1932 to Walter H. Wilson, Telegrapher-Leverman, Buffalo, New York. Changes in organization May 1, 1932, Timothy W. Evans was appointed Vice President, Chicago. July 1, 1932, Harry G. Snelling, General Treasurer, retired after fifty years of service. Robert H. Brockway, Assistant Treasurer, also retired. Effective that date, the positions of General Treasurer and Assistant General Treasurer were abolished and the treasury department was reorganized, with the following appointments: Treasurer, Edward L. Rossiter, Assistant Treasurer, Henry A. Stahl, Assistant Treasurer, Rush N. Harry, Assistant Treasurer, Rudolph P. Ahrens, Assistant Treasurer, Gustave H. Howe.

December 14, 1932, William N. King was elected a director to fill vacancy caused by the resignation of William Cooper Proctor.

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, 16

Annual Report

COMPARATIVE CONDENSED GENERAL BALANCE SHEET, DECEMBER SI, 19S2 and 1931

ASSETS

1931 INVESTMENTS 1932 Comparison $662,196,958 80 Investment in road $689,869,737 37 $27,672,778 57 Inc Investment in equipment 207,032,416 37 Trust 183,783,628 22 23,248,788 15 Dec 243,997,325 24 Owned 248,031,914 20 4,034,588 96 Inc 158,761,594 33 Improvements on leased railway property 159,163,109 37 401,515 04 Inc 2,562 78 Deposits in lieu of mortgaged property sold 15,763 01 13,200 23 Inc 29,424,595 04 Miscellaneous physical property 29,318,136 22 106,458 82 Dec Investments in affiliated companies $153,660,298 50 Stocks $156,103,475 12 2,443,176 62 Inc 8,343,673 78 Bonds 9,116,115 36 772,441 58 Inc 13,025,582 06 Notes 35,521,549 92 22,495,967 86 Inc 189,867,378 53 Advances 157,448,487 40 32,418,891 13 Dec

364,896,932 87 358,189,627 80 $6,707,305 07 Dec Other investments $28,001,569 04 Stocks $28,001,969 04 400 00 Inc 1,063,903 50 Bonds 1,382,556 57 318,653 07 Inc 1,231,704 03 Notes 1,101,704 03 130,000 00 Dec 17,718,877 08 Advances 17,186,161 26 532,715 82 Dec 92,373 85 Miscellaneous 305,740 77 213,366 92 Inc

48,108,427 50 47,978,131 67 $130,295 83 Dec

$1,714,420,812 93 TOTAL INVESTMENTS $1,716,350,047 86 $1,929,234 93 Inc

CURRENT ASSETS $20,016,815 89 Cash $22,655,244 76 $2,638,428 87 Inc 60,000 00 Demand loans and deposits 10,000 00 50,000 00 Dec 605,000 00 Time drafts and deposits 60,000 00 545,000 00 Dec 408,041 39 Special deposits 388,569 60 19,471 79 Dec 7,361 55 Loans and bills receivable 15,552 15 8,190 60 Inc 2,191,077 14 Traffic and car-service balances receivable 2,487,609 21 296,532 07 Inc 3,971,845 16 Net balance receivable from agents and conductors 3,310,009 56 661,835 60 Dec 12,470,345 28 Miscellaneous accounts receivable 13,430,086 27 959,740 99 Inc 33,901,647 54 Material and supplies 29,385,055 42 4,516,592 12 Dec 6,866,365 32 Interest and dividends receivable 3,867,614 32 2,998,751 00 Dec 367,088 01 Rents receivable 365,952 82 1,135 19 Dec 576,748 69 Other current assets 139,720 18 437,028 51 Dec

$81,442,335 97 TOTAL CURRENT ASSETS $76,115,414 29 $5,326,921 68 Dec

DEFERRED ASSETS $252,559 02 Working fund advances $208,478 66 $44,080 36 Dec 4,055,735 68 Insurance and other funds 4,012,551 50 43,184 18 Dec 9,750,927 95 Other deferred assets 18,379,700 54 8,628,772 59 Inc

$14,059,222 65 TOTAL DEFERRED ASSETS $22,600,730 70 $8,541,508 05 Inc

UNADJUSTED DEBITS $389,895 69 Rents and insurance premiums paid in advance $78,093 38 $311,802 31 Dec 13,215,158 40 Discount on funded debt — 13,215,158 40 Dec 125,001 00 Securities acquired from lessor companies (per contra) 125,001 00 — 14,076,853 64 Other unadjusted debits 10,098,442 20 3,978,411 44 Dec

$27,806,908 73 TOTAL UNADJUSTED DEBITS $10,301,536 58 $17,505,372 15 Dec

$1,837,729,280 28 $1,825,367,729 43 $12,361,550 85 Dec 17

The New York Central Railroad Company

COMPARATIVE CONDENSED GENERAL BALANCE SHEET, DECEMBER SI, 19S2 and 19S1

LIABILITIES

1931 1932 Comparison $499,259,735 00 Capital stock $499,259,735 00 4,880,240 90 Premium on capital stock 4,880,240 90

$504,139,975 90 TOTAL CAPITAL STOCK $504,139,975 90

LONG TERM DEBT Funded debt unmatured $76,950,469 32 Equipment obligations $67,909,601 99 $9,040,807 33 Dec 572,651,000 00 Mortgage bonds 568,901,000 00 3,750,000 00 Dec 17,560,200 00 Debenture bonds 17,560,200 00 Collateral trust bonds 15,600,000 00 15,600,000 00 Inc Miscellaneous obligations 188,043 29 188,043 29 Inc

$667,161,669 32 $670,158,845 28 $2,997,175 96 Inc 3,419,986 93 Non-negotiable debt to affiliated companies 16,293 95 3,403,692 98 Dec

$670,581,656 25 TOTAL LONG TERM DEBT $670,175,139 23 $406,517 02 Dec

$1,174,721,632 15 TOTAL CAPITALIZATION $1,174,315,115 13 $406,517 02 Dec

CURRENT LIABILITIES $58,500,000 00 Loans and bills payable $67,900,000 00 $9,400,000 00 Inc 6,256,628 26 Traffic and car service balances payable 5,475,633 42 780,994 84 Dec 17,939,435 63 Audited accounts and wages payable 15,210,695 74 2,728,739 S9 Dec 1,522,688 83 Miscellaneous accounts payable 1,705,138 59 182,449 76 Inc 2,447,126 48 Interest matured unpaid 2,415,915 48 31,211 00 Dec 186,392 89 Dividends matured unpaid 162,706 89 23,686 00 Dee 159,090 00 Funded debt matured unpaid 139,790 00 19,300 00 Dec 5,901,445 15 Unmatured interest accrued 5,648,387 38 253,057 77 Dee 2,611,248 58 Unmatured rents accrued 2,754,864 56 143,615 98 Inc 7,568,149 34 Other current liabilities 7,128,619 24 439,530 10 Dec

$103,092,205 16 TOTAL CURRENT LIABILITIES $108,541,751 30 $5,449,546 14 Inc

DEFERRED LIABILITIES $14,715,322 52 Liability to lessor companies for equipment $14,715,322 52 — 27,174,071 02 Other deferred liabilities 29,003,699 25 $1,829,628 23 Inc

$41,889,393 54 TOTAL DEFERRED LIABILITIES $43,719,021 77 $1,829,628 23 Inc

UNADJUSTED CREDITS $16,539,546 14 Tax liability $15,465,786 81 $1,073,759 33 Dec 240,423 27 Premium on funded debt 207,012 86 33,410 41 Dec 3,536,923 03 Insurance and casualty reserves 4,204,770 68 667,847 65 Inc 2,739,401 48 Accrued depreciation—road 2,551,844 90 187,556 58 Dec 167,956,242 61 Accrued depreciation—equipment 167,260,826 58 695,416 03 Dec 3,105,409 17 Accrued depreciation—miscellaneous physical property 3,539,078 84 433,669 67 Inc 125,001 00 Liability to lessor companies for securities acquired (per_contra) 125,001 00 — 51,925,858 84 Other unadjusted credits 62,629,885 03 10,704,026 19 Inc

$246,168,805 54 TOTAL UNADJUSTED CREDITS $255,984,206 70 $9,815,401 16 Inc

CORPORATE SURPLUS $2,464,353 44 Additions to property through income and surplus $2,482,058 47 $17,705 03 Inc 1,701,054 96 Miscellaneous fund reserves 1,701,054 96 — 267,691,835 49 Profit and loss—balance 238,624,521 10 29,067,314 39 Dec

$271,857,243 89 TOTAL CORPORATE SURPLUS $242,807,634 53 $29,049,609 36 Dec

$1,837,729,280 28 $1,S25,367,729 43 $12,361,550 85 Dec IS

Annual Report

CAPITALIZATION DECEMBER 31, 1932

Capital stock

Number of shares authorized 5,000,000 Total par value authorized 8500,000,000 00

Number of shares issued 4,992,548 ,4„"„ Par value outstanding 8499,254,840 00 Consolidation certificates of 1S69 not converted 49 Consolidation certificates of 1869 outstanding 4,895 00 Par value held by company 5 00

4,992,597fVV 8499,259,740 00

Par value per share 8100.00 Dividend for the year None

On November 13, 192!), the Board of Directors of the company adopted resolutions for an increase in the authorized capital stock of the company to S700,0<)0,000 which increase was authorized and consented to at a meeting of the stockholders of the company held on February 5, 1930. Certificate of such increase has not yet been filed in nil of the States of incorporation.

Funded debt

Date of Date of Amount of Amount issued and Rate of Payable on the MORTGAGE BONDS issue maturity authorized issue now outstanding interest first day of NYC&HRRRCo gold debentures®® 1904 May 1, 1934 848,000,000 DO 848,000,000 00 4% Nov and May Kalamazoo & White Pigeon R R Co first© 1889 Jan. 1, 1940 400,000 00 400,000 00 5% July and Jan NYC&HRRRCo gold debentures©® 1912 Jan. 1, 1942 9,188,000 00 9,188,000 00 4% July and Jan Gouverneur & Oswegatchie R R Co first© 1892 June 1, 1942 300,000 00 300,000 00 5% Dec and June Indiana Illinois & Iowa R R Co first® 1900 July 1, 1950 4,850,000 00 4,850,000 00 4% Jan and July Chicago Indiana & Southern R R Co 50 year© 1906 Jan. 1, 1956 15,150,000 00 15,150,000 00 4% July and Jan Jamestown Franklin & Clearfield R R Co first© 1909 June 1, 1959 11,000,000 00 11,000,000 00 4% Dec and June NYC&HRRRCo-Spuyten Duyvil & Pt Morris first© 1909 June 1, 1959 2,500,000 00 2,500,000 00 34% Dec and June Cleveland Short Line Railway Co first© 1911 Apl. 1, 1961 11,800,000 00 11,800,000 00 n% Oct and Apl Carthage & Adirondack Railway Co first© 1892 Dec. 1 ,1981 1,100,000 (1(1 1,100,000 00 4% June and Dec Sturgis Goshen & St Louis Railway Co first® 1889 Dec. 1,1989 322,000 00 322,000 00 3% June and Dec Mohawk & Malone Railway Co first© 1892 Sept. 1, 1991 2,500,000 00 2,500,000 00 4% Mch and Sept New York & Putnam R R Co first consolidated© 1894 Oct. 1, 1993 3,987,000 00 3,987,000 00 4% Apl and Oct Lake Shore & Michigan Southern Rv Co gold mtge© 1897 June 1, 1997 50,000,000 00 50,000,000 00 3}% Dec and June NYC&HRRRCo gold mortgage© 1897 July 1,1997 100,000,000 00 94,000,000 00 3i% Jan and July NYC&HRRR Co-Lake Shore coll gold©®® 1898 Feb. 1, 1998 90,578,000 00 22,517,000 00 3J% Aug and Feb NYC&HRRR Co-Mich Central coll gold©® 1898 Feb. 1, 1998 21,550,000 00 19,336,000 00 3i% Aug and Feb N Y C R R Co 4% consolidation mtge—series®©® 1913 Feb. 1, 1998 70,000,000 00 68,061,000 00 4% Aug and Feb Mohawk & Malone Railway Co consolidated® 1902 Mch. 1, 2002 3,900,000 00 3,900,000 00 o2 /o Sept and Mch N Y C R R Co refund and imp—series A© 1913 Oct. 1, 2013 115,000,000 00 115,000,000 00 4J% Apl and Oct N Y C R R Co ref and imp—series B© 1920 Oct. 1,2013 4,494,000 00 4,494,000 00 6% Apl and Oct N Y C R R Co ref and imp—series C© 1921 Oct. 1,2013 260,000,000 00 260,000,000 00 5% Apl and Oct

Total $748,405,000 00 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 $4,494,000 00 N Y C R R Co refunding and improvement mtge bonds—series C 175,000,000 00 NYC&HRRR Co-Lake Shore collateral gold bonds f 10,000 00 179,504,000 00

Total mortgage bonds actually outstanding $568,901,000 00

t Deposited with City of New York and included in Balance Sheet account " Insurance and other funds " ® Secured by N Y C & II R R R Co consolidation mortgage dated June 20, 1913 (E) Additionally secured by N Y C R R Co mortgage dated January 15, 1915 19

The New York Central Railroad Company

CAPITALIZATION (concluded)

Funded debt (concluded)

npurvrnnp „.,„. Date of Date of Amount of Amount issued and Rate of DtBhNTLRh BONDS issue maturity authorized issue now outstanding interest Payable on N Y C R R Co twenty-year 6% convertible© 1915 May 1,1935 $100,000,000 00 $12,060,200 00 6% Nov 1 and May 1 NYC&HRRRCo 1900 July 1,2000 5,500,000 00 5,500,000 00 3J% Jan 1 and July 1

Total debenture bonds actually outstanding $17,560,200 00

COLLATERAL TRUST BONDS Reconstruction Finance Corporation—Note 1932 May 16, 1935 1,500,000 00 $1,500,000 00 6% Nov 16, May 16 Reconstruction Finance Corporation—Note 1932 June 30, 1935 11,100,000 00 11,100,000 00 6% Dec 30, June 30 Reconstruction Finance Corporation—Note 1932 July 15, 1935 500,000 00 500,000 00 6% Jan 15, July 15 Reconstruction Finance Corporation—Note 1932 Aug. 1, 1935 2,500,000 00 2,500,000 00 6% Feb 1, Aug 1

Total collateral trust bonds actually outstanding $15,600,000 00

EQUIPMENT TRUST OBLIGATIONS Equipment trust notes (Trust No. 43)© 1920 Jan. 15, 1935 13,829,400 00 $2,768,100 00 6% July 15, Jan 15 Equipment trust certificates (N Y C R R)© 1920 Apl. 15, 1935 17,297,509 95 3,459,501 99 7% Oct 15, Apl 15 Equipment trust certificates (N Y C Lines)© 1922 June 1, 1937 8,580,000 00 2,860,000 00 5% Dec 1 and June 1 Equipment trust certificates (N Y C Lines)© 1922 Sept. 1, 1937 8,535,000 00 2,845,000 00 41% Mch 1 and Sept 1 Equipment trust certificates (N Y C Lines)© 1923 June 1, 1938 6,930,000 00 2,772,000 00 5% Dec 1 and June 1 Equipment trust certificates (NYC Lines)© 1924 June 1, 1939 14,745,000 00 6,881,000 00 5% Dec I and June 1 Equipment trust certificates (N Y C Lines)© 1924 Sept. 15, 1939 12,720,000 00 5,936,000 00 41% Mch 15, Sept 15 Equipment trust certificates (N Y C Lines)© 1925 May 15, 1940 11,010,000 00 5,872,000 00 4J% Nov 15, May 15 Equipment trust certificates (N Y C R R)© 1929 Apl. 15, 1944 16,500,000 00 13,200,000 00 41% Apr 15, Oct 15 Equipment trust certificates (N Y C R R)© 1929 Dec. 1, 1944 11,175,000 00 8,940,000.00 41% June 1 and Dec 1 Equipment trust certificates (N Y C R R)© 1930 May 15, 1945 14,059,000 00 12,376,000 00 4J% May 15, Nov 15

Total equipment trust obligations actually outstanding $67,909,601 99

MISCELLANEOUS OBLIGATIONS Real Estate Mortgage, New York City 1923 Oct. 15, 1933 40,000 00 $40,000 00 5% Apr 15, Oct 15 State of New York, Financial Aid in Connection with Various Completed Grade Crossing Elimination Proj• ects Various dates 148,043 29 148,043 29 Various rates and dates

Total miscellaneous obligations actually outstanding $188,043 29

Total funded debt actually outstanding $670,158,845 28

TRUSTEES: © Guaranty Trust Company of New York and William A © Bankers Trust Company, New York Wildhack of Cincinnati, Ohio © Illinois Trust and Savings Bank (now Continental Illinois © Central Union Trust Company of New York (now Central Bank and Trust Company), Chicago, and Joseph D. Hanover Bank and Trust Company) Oliver, South Bend, Indiana ® American Exchange Irving Trust Company, New York (now © Metropolitan Trust Company (now Manufacturers Trust Irving Trust Company) Company), New York © Guaranty Trust Company of New York @ United States Trust Company, New York © Guaranty Trust Company of New York and John B. Cock- @ United States Trust Company, New York, and John H. Holli- rum of Indianapolis, Indiana day, Indianapolis, Indiana 20

Annual Report

INVESTMENTS DECEMBER 31, 1932

IMPROVEMENTS ON LEASED OR CONTROLLED RAILWAY PROPERTY Amsterdam Chuetanunda & Northern R R $19,860 24 Bailey Run Sugar Creek & Athens Ry 47,012 73* Battle Creek & Sturgis Railway 19,598 41 Bay City Belt Line Railroad 517 72 Beech Creek Railroad 4,241,722 32 Beech Creek Extension Railroad 1,766,389 41 Boston & Albany Railroad 4,103,654 98 Canada Southern Bridge 78 29 Central Railroad of Indianapolis 30 55* Chicago Kalamazoo & Saginaw Railway 3,123 30 Cincinnati Lafayette & Chicago Railroad 89,092 68 Cincinnati Northern Railroad 59,296 01 Cincinnati Sandusky <& Cleveland Railroad 25,717 73* Cleveland Cincinnati Chicago & St Louis Railway 6,715,831 52 Columbus Hope & Greensburg R R 658 13 Detroit Hillsdale & Southwestern Railroad 187,021 50 Detroit Manufacturers Railroad 530 15* Detroit Toledo & Milwaukee Railroad 45,824 29 Erie & Kalamazoo Railroad 163,606 19 Evansville Indianapolis & Terre Haute Railway 1,233 89 Evansville Mt Carmel & Northern Railway 39,578 23 Fort Wayne West Shore Railroad 32,316,293 66 Zanesville & Western Railway 646,360 01* Total $159,163,109 37

INVESTMENTS IN MISCELLANEOUS PHYSICAL PROPERTY New York Central Building, 45th-46th Streets, Park Avenue, New York $14,382,709 23 Hotel Biltmore building, New York 2,800,000 00 Substructural work Graybar building, New York $640,361 36 247 Park Avenue, New York 210,397 44 250 Park Avenue, New York 305,254 63 270 Park Avenue, New York 280,712 37 Carried forward $1,436,725 80 $17,182,709 23 21

The New York Central Railroad Company

INVESTMENTS (continued)

INVESTMENTS IN MISCELLANEOUS PHYSICAL PROPERTY (concluded) Brought forward $1,436,725 80 $17,182,709 23 227 Park Avenue, New York 388,196 43 290 Park Avenue, New York 195,515 76 299 Park Avenue, New York 319,843 77 300 Park Avenue, New York 225,470 16 320 Park Avenue, New York 59,363 43 340 Park Avenue, New York 36,121 50 379 Madison Avenue, New York 71,334 64 385 Madison Avenue, New York 123,413 41 Apartment house, 33 East 48th Street, New York 115,348 76 Hotel Commodore building, New York 267,297 27 Hotel Roosevelt, New York 226,103 59 Hotel Waldorf Astoria 202,793 15 Barclay Park Building, 115 East 48th Street, New York 111,833 75 Vanderbilt Concourse Building, New York 47,479 01 Yale Club building, New York 51,027 31 3,877,867 74

LAND AND BUILDINGS At Cleveland, Ohio $1,021,825 86 At Chicago, Illinois 773,750 91 Keating to Browns, Pennsylvania—Beech Creek Extension Railroad 610,322 10 Tonawanda, New York—American and Canadian Niagara Bridge Co 525,992 37 Adjacent to Newark Ave Freight Terminal, Jersey City, New Jersey 359,571 32 At New York, New York 2,195,288 57 At Collinwood, Ohio 67,949 42 At sundry other locations 444,143 28 5,998,843 83

Stock Yards, East Buffalo, New York 1,504,008 29 Putnam Bridge across Harlen River, New York 250,000 00 Elevator, Schneider, Indiana 111,019 28 Commercial tracks and sidings 137,271 36 Special assessments, paving and construction of highways and sewers 170,065 68 Property released from operation, held for disposition 86,350 81 Total $29,318,136 22

Held by'this company INVESTMENTS IN AFFILIATED COMPANIES—STOCKS Total outstanding Shares Par value Bailey Run Sugar Creek & Athens Railway Co $205,700 00 2,057 $205,700 00 Battle Creek & Sturgis Railway Co 500,000 00 825 82,500 00 Beech Creek Railroad Co 6,000,000 00 25 1,250 00 Beech Creek Extension Railroad Co 5,179,000 00 51,790 5,179,000 00 Boston Terminal Company 500,000 00 1,000 100,000 00 Canadian Niagara Bridge Company 750,000 00 5,464 546,400 00* Canadian Pacific Car & Passenger Transfer Co Ltd 400,000 00 2,000 200,000 00 Cherry Tree & Dixonville Railroad Co 500,000 00 . 5,000 250,000 00 Chicago Kalamazoo & Saginaw Railway Co 450,000 00 1,800 180,000 00 Chicago River & Indiana Railroad Co 500,000 00 5,000 500,000 00 Clearfield Bituminous Coal Corporation 825,000 00 16,500 825,000 00 Cleveland Cincinnati Chicago & St Louis Ry Co common 47,028,800 00 462,860-33 46,286,033 33 Cleveland Cincinnati Chicago & St Louis Ry Co preferred 9,998,500 00 85,166 8,516,600 00 Cleveland Union Terminals Company 10,000 00 71 7,100 00 Detroit Terminal Railroad Co 2,000,000 00 5,000 500,000 00 Detroit Toledo & Milwaukee Railroad Co 1,060,000 00 5,300 530,000 00 Federal Valley Railroad Co 447,800 00 4,478 447,800 00 Fort Wayne Union Railway Co 80,000 00 200 20,000 00 Fulton Chain Railway Co 21,000 00 210 21,000 00 Genesee Falls Railroad Co 54,000 00 250 25,000 00 Hudson River Bridge Company at Albany 500,000 00 3,750 375,000 00 Hudson River Connecting Railroad Corporation 250,000 00 2,500 250,000 00 Indiana Harbor Belt Railroad Co 7,600,000 00 22,800 2,280,000 00 Jefferson Coal Company 1,500,000 00 7,650 765,000 00 Lake Erie Alliance & Wheeling Railroad Co 3,000,000 00 30,000 3,000,000 00

Carried forward $71,093,383 33 * First installment of ten per cent paid 22

Annual Report

INVESTMENTS (continued)

Held by this company Total outstanding Shares Par value INVESTMENTS IN AFFILIATED COMPANIES—STOCKS {concluded) Brought forward $71,093,383 33 Lake Erie & Pittsburg Railway Co $4,300. 000 00 21,500 2,150,000 00 Lansing Manufacturers Railroad 100. 000 00 500 50,000 00 Lansing Transit Railway Co 2. 000 00 10 1,000 00 Mahoning Coal Railroad Co common 1,500, 000 00 18,532 926,600 00 Mahoning Coal Railroad Co preferred 661 ,367 00 9,620 481,000 00 Merchants Despatch Transportation Co 4,000!.00 0 00 40,000 4,000,000 00 Michigan Central Railroad Co 18,736, 400 00 186,313 18,631,300 00 Middleport & Northeastern Ry Co 1, 000 00 10 1,000 00 New Jersey Junction Railroad Co 100,,00 0 00 1,000 100,000 00 New York & Harlem Railroad Co common 8,656, ,050 00 114,298 5,714,900 00 New York & Harlem Railroad Co preferred 1,343,,95 0 00 23,112 1,155,600 00 New York State Realty & Terminal Company IOO; ,000 00 1,000 100,000 00 Nicholas Fayette & Greenbrier Railroad Co 7,471,,80 0 00 37,359 3,735,900 00 Ottawa & New York Railway Co 1,000,,00 0 00 10,000 1,000,000 00 Owasco River Railway 30,,00 0 00 150 15,000 00 Pittsburgh & Lake Erie Railroad Co 43,182,,50 0 00 433,984 21,699,200 00 Pittsburgh McKeesport & Youghiogheny R R Co 3,959,,65 0 00 31,704 1,585,200 (X) Railway Express Agency, Inc 96 No par value 1,000 shares 2,500 Raquette Lake Railway Co 250 000 00 250,000 00 1,000 No par value Securities Corporation of the New York Central Railroad 1,000 shares 16,150 1,615,000 00 St Lawrence & Adirondack Railway Co 1,615 000 00 58,463 Toledo & Ohio Central Railway Co common 5,846 300 00 37,014 5,846,300 00 Toledo & Ohio Central Railway Co preferred 3,701 400 00 3,872 3,701,400 00 Toledo Terminal Railroad Co 4,000 000 00 20,120 387,200 00 Toronto Hamilton & Buffalo Railway Co 5,415 ,000 00 2,500 2,012,000 00 Trestle Realty Corporation 500 ,000 00 150 250,000 00 Troy Union Railroad Co 30 ,000 00 100,000 15,000 00 West Shore Railroad Co 10,000 ,000 00 10,025 10,000,000 00 Sundry inactive corporations 1,002,500 00 Total $157,519,483 33

INVESTMENTS IN AFFILIATED COMPANIES—BONDS Beech Creek Railroad Co second mortgage $1,000,000 00 $500,000 00 Beech Creek Extension Railroad Co consolidated mortgage 3,964,000 00 3,964,000 00 Cherry Tree & Dixonville Railroad Co first mortgage, series A 1,210,000 00 605,000 00 Cherry Tree & Dixonville Railroad Co debenture certificates 4,588 38 4,588 38 Chicago Kalamazoo

Held by

T this company INVESTMENTS IN AFFILIATED COMPANIES—NOTES par value Boston Terminal Company $9,617 44 Hudson River Connecting Railroad Corporation 24,550,100 42 Kanawha & Michigan Railway Company 496,186 17 Lake Erie Alliance & Wheeling Railroad' Co 490,168 95 Lake Erie & Pittsburg Railway Co 25,000 00 New Jersey Junction Railroad Co 504,959 90 New York & Harlem Railroad Co 145,000 00 Owasco River Railway 3,750 00 Pittsburgh McKeesport & Youghiogheny Railroad Co 300,000 00 Toledo & Ohio Central Railway Co 9,289,012 00 Toronto Hamilton & Buffalo Railway Co 160,000 00 Troy Union Railroad Co 134,377 01 Zanesville & Western Railway Co 60,000 00 Total $36,168,171 89 23

The New York Central Railroad Company

INVESTMENTS (continued) Held by this company INVESTMENTS IN AFFILIATED COMPANIES—ADVANCES par value Boston Terminal Company $26,067 27 Canada Southern Railway Co 898,288 23 Central Indiana Railway Co 10,000 00 Cherry Tree & Dixonville Railroad Co 216,061 37 Cincinnati Northern R R Co 312,000 00 Clearfield Bituminous Coal Corporation 4,201,000 00 Cleveland Cincinnati Chicago & St Louis Railway Co 14,876,235 31 Cleveland Union Terminals Co 23,110,735 00 Dayton Union Railway Co 532,418 00 Detroit Manufacturers Railroad Co 13,115 50 Federal Valley R R Co 9,162 99 Kanawha <& Michigan Railway Co 3,500,201 42 Kankakee & Seneca Railroad Co 1,335 65 Lansing Manufacturers Railroad 158,212 29 Lansing Transit Railway Co 10,030 73 Lake Erie & Pittsburg Railway Co 159,487 49 50,000 00 Louisville and Jeffersonville Bridge and Railroad Company 362 91 Mackinac Transportation Co S,590,994 25 Michigan Central Railroad Co 3,637 06 Middleport & Northeastern Railway Co 23,560 86 Muncie Belt Railway Co 3,290,285 55 New York & Harlem Railroad Co 37,316,806 95 New York State Realty

OTHER INVESTMENTS—STOCKS Shares Kansas Oklahoma & Gulf Railway Co preferred 4-98 $498 16 Mahoning State Line Railroad Co 33 1,650 00 New York State Railways first preferred 6 600 00 Pittsfield & North Adams R R Co 722 72,200 00 Reading Company common 262,900 13,145,000 00 Reading Company first preferred 136,800 6,840,000 00 Reading Company second preferred 300,300 15,015,000 00 Rutland Railroad Co preferred 23,520-5 2,352,050 00 Syracuse Northern Electric Railway Incorporated 118-2 11,823 02 Sundry inactive companies 443-6499 47,508 71 Total $37,486,329 89

OTHER INVESTMENTS—BONDS Boston and Albany Railroad Company 25 year improvement bonds of 1908 $326,000 00 Cortlandt Water Co first mortgage 300,000 00 Kanawha & Hocking Coal & Coke Company first mortgage 642,000 00 Mortgages on real estate 98,352 98 New York New Haven & Hartford Railroad Co convertible debentures 6% 114,000 00 Sundry inactive companies 178,916 28 Total $1,659,269 26 24

Annual Report

INVESTMENTS (concluded) Held by „ this company OTHER INVESTMENTS—NOTES par value Cleveland & Youngstown Railway Co $855,041 26 Kanawha & Hocking Coal & Coke Co 28,810 77 Schenectady Railway Co 264,150 00 Western Reserve University 217,851 00

Total $1,365,853 03

OTHER INVESTMENTS—ADVANCES Boston & Albany R R Co $2,525,069 08 Barclay Park Corporation 1,589,465 95 Bowman Biltmore Hotel Corporation 1,878,765 13 Hotel Waldorf Astoria Corp 5,000,000 00 Mahoning State Line Railroad Company 30 83 New York New Haven & Hartford Railroad Co 915,457 01 New York United Hotels, Inc 1,435,616 66 Park Avenue Improvement Company, Inc 198,200 46 Park Lane Corporation 1,003,058 34 Yale Leasing Corporation 102,103 86 33 East 48th Street Realty Corporation 215,910 68 379 Madison Avenue, Inc 313,500 00 385 Madison Avenue, Inc 342,000 00 300 Park Avenue Company, Inc 1,461,594 76 350 Park Avenue Company, Inc 205,388 50

Total $17,186,161 26

OTHER INVESTMENTS—MISCELLANEOUS H. J. & L. N. Vermeulin—Land Contract $48,339 96 Geo. F. Alger Co—Land Contract 19,187 60 Geo. W. Mellen—Land Contract 1,200 00 Columbian Storage & Transfer Co—Land Contract 2,700 00 Memberships in commercial exchanges 8,565 00 City of Chicago—Tax amortization warrants 205,182 50 The City Savings Holding Company (Alliance, Ohio) 17,424 69 Other items 3,141 02

Total $305,740 77

Summary of investments Road and equipment $1,121,685,279 79 Improvements on leased or controlled railway property 159,163,109 37 Deposits in lieu of mortgaged property sold 15,763 01 Miscellaneous physical property 29,318,136 22 Investments in affiliated companies—Stocks, par value $157,519,483 33 ledger value $156,103,475 12 Bonds, par value 10,472,588 38 ledger value 9,116,115 36 Notes, par value 36,168,171 89 ledger value 35,521,549 92 Advances 157,448,487 40 358,1S9,027 SO

Other investments- Stocks, par value $37,486,329 89 ledger value $28,001,969 04 Bonds, par value 1,659,269 26 ledger value 1,382,556 57 Notes, par value 1,365,853 03 ledger value 1,101,704 03 Advances 17,186,161 26 Miscellaneous 305,740 77 47,978,131 67

Total investments $1,716,350,047 86 25

The New York Central Railroad Company

EXPENDITURES FOR ADDITIONS AND BETTERMENTS during 1932

ROAD Owned railway Leased railway Engineering $547,511 50 $43,698 58 Land for transportation purposes 23,956,894 50 11,033 33 Grading 1,312,784 27 54,080 50* Tunnels and subways 5,854 48 Bridges, trestles and culverts 458.520 23 102,522 69 Elevated structures 990.521 43 1,547 37* Ties 179,097 44 77,408 94* Kails 342,125 20 5,008 54* Other track material 234,689 93 142,761 65 Ballast 19,314 73 16,651 22* Track laying and surfacing 157,925 70 52,147 92* Right-of-way fences 47,806 69 9,352 62* Snow and sand fences and snow sheds 79 67 244 02* Crossings and signs 327,606 88 205,533 38 Station and office buildings 1,898,141 OS* 135,689 13 49,774 90* Roadway buildings 5,663 31 31,960 94 34,500 27* Water stations 13,175 60 8,775 85* Fuel stations 15,536 12* Shops and enginehouses 23,282 47 123 69 Grain elevators 14,108 00* 47 58 Wharves and docks 187,669 48 19,199 23 Coal and ore wharves 6,670 20 7,600 65* Telegraph and telephone lines 18,855 06 81,764 72 Signals and interlockers 35,215 34 874,584 88* Power plant buildings 16,312 45 827,897 03 Power sub-station buildings 19,247 07* 7,861 93* Power transmission systems 3,031 09 10,600 41 Power distribution systems 33,682 73 2,066 18 Power line poles and fixtures 1,571 05 5,499 59 Underground conduits 1,746 46 38,845 76 Miscellaneous structures 2,620 30 121 85 Paving 1,498 17 3,421 72 Roadway machines 15,098 57* 79 16 Roadway small tools 4,217 86 39,960 68 Assessments for public improvements 130,046 49 Other expenditures—road 785 21 138 43* Shop machinery 62,664 37* 156,922 80* Power plant machinery 19,359 01 21,419 97 Power sub-station apparatus 14,270 73 1,171 19*

Total road expenditures $27,095,302 18 $346,784 11

EQUIPMENT t Steam locomotives $10,286,279 11* Other locomotives 178,521 97 Freight-train cars 8,588,778 38* Passenger-train cars 418,106 37* Motor equipment of cars 865 00 Floating equipment 10,550 00* Work equipment 83,726 66* Miscellaneous equipment 6,145 64*

Total equipment expenditures $19,214,199 19*

GENERAL EXPENDITURES Taxes $53,523 75 Interest during construction 522,771 60 $54,730 93 Other expenditures—general 1,181 04 Total general expenditures $577,476 39 $54,730 93

Expenditures for the vear $8,458,579 3S $401,515 04 Investment in road and equipment as of December 31, 1931 1,113,226,700 41 158,761,594 33

Totals to December 31, 1932 $1,121,685,279 79 $159,163,109 37

* Credit t Including trust equipment 26

Annual Report

EXPENDITURES FOR ADDITIONS AND BETTERMENTS {continued)

Analysis of changes in Equipmemt Investment account

Transferred to EQUIPMENT ADDED, including betterments owned equipment on maturity of TRUST OWNED TOTAL Trusts Steam locomotives $93,912 47 $498,192 64 $592,105 11 $8,814,169 75 Other locomotives 142,292 96 36,229 01 178,521 97 741,777 59 Freight-train cars 20,077 69 86,094 62 106,172 31 10,408,403 77 Passenger-train cars 95,212 63 41,859 83 137,072 46 3,594,317 52 Work equipment 177,554 75 177,554 75 Floating equipment Miscellaneous equipment 14,190 67 14,190 67 —

TOTALS $351,495 75 $854,121 52 $1,205,617 27 $23,558,668 63

EQUIPMENT RETIRED Steam locomotives — $10,878,384 22 $10,878,384 22 $8,814,169 75 Other locomotives — — — 741,777 59 Freight-train cars $41,615 27 8,653,335 42 8,694,950 69 10,408,403 77 Passenger-train cars — 554,313 83 554,313 83 3,594,317 52 Work equipment — 261,281 41 261,281 41 — Floating equipment — 10,550 00 10,550 00 — Miscellaneous equipment — 20,336 31 20,336 31 — TOTALS $41,615 27 $20,378,201 19 $20,419,816 46 $23,558,668 63 Net decrease in trust equipment $23,248,788 15 Net increase in owned equipment 4,034,588 96 Net decrease in equipment investment $19,214,199 19

The expenditures for improvements to leased or controlled railway property, tabulated by accounts on the preceding pages, were made on the following-named properties: Amsterdam Chuctanunda & Northern Railroad $19,177 90 Bailey Run Sugar Creek & Athens Railway 160 42 Battle Creek & Sturgis Railroad 1S5 53* Bay City Belt Line 155 86 Beech Creek Railroad 272,406 64* Beech Creek Extension Railroad 1,427 34 Boston

The New York Central Railroad Company

EXPENDITURES FOR ADDITIONS AND BETTERMENTS (concluded)

Brought forward $501,489 66 Kanawha & Michigan Railway 36,557 49 Lake Erie Alliance & Wheeling Railroad 11,101 90 Lansing Manufacturers Railroad 244 19 Michigan Central Railroad 156,590 49 New Jersey Junction Railroad 13,783 07 New York & Harlem Railroad 673,466 19 New York State Realty and Terminal Company property 22,450 76 Ottawa & New York Railway 156 90 Piers on leased property 1,521 64 Pittsfield & North Adams Railroad 466 51 St Joseph South Bend & Southern Railroad 792 52 St Lawrence & Adirondack Railway 9,630 25 Titusville & Cambridge Springs Railroad 720 15 Toledo & Ohio Central Railway 218,060 22 Troy & Greenbush Railroad 1 01 Vernon Greensburg & Rushville Railroad 676 38 Wallkill Valley Railroad 410 18 Ware River Railroad 6,092 30 West Shore Railroad 183,994 85 Zanesville & Western Railway 4,991 20

Total for Year $401,515 04

Expenditures on Miscellaneous Physical Property

Building adjacent to Pier K, Weehawrken, New Jersey $26,191 74 Special assessments paving and construction of highways and sewers 23,349 16 New York Central Building, 45-46 Sts., Park Avenue, New York 14,473 05 Buffalo Stock Yards 230 00

Total Expenditures $64,243 95 Adjustments Add: 270 Park Avenue-Building, New York $1,403,32S 32 Land and Buildings, Leroy, Morton and West Sts., New York 677,720 69 Road property discontinued from service and held for disposition 17,432 09 Detroit Stock Yards 14,733 92 Storage Building, Newark Avenue, Jersey City, New Jersey 14.06S 75 Sundry items 6,789 00

$2,134,072 77 Deduct: Substruetural work. 277 Park Avenue, New York §292,849 93 299 Park Avenue, New York 241,285 65 250 Park Avenue, New York 230,279 81 270 Park Avenue, New York 211,765 48 Hotel Roosevelt, New York 170,569 37 300 Park Avenue, New York 170,091 53 247 Park Avenue, New York 158,720 88 290 Park Avenue, New York 147,494 35 385 Madison Avenue, New York 93,101 34 115 East 48th Street, New York 84,365 81 379 Madison Avenue, New York 53,813 85 320 Park Avenue, New York 44,782 93 340 Park Avenue, New York 27,249 55 $1,926,370 48

New York Central Building, 45-46 Sts., Park Avenue, New York 231,404 68 Buffalo Stock Yards 52,762 24 Land adjacent to Collinwood Yard, Collhrwood, Ohio 32,949 95 Commercial tracks and sidings 28,008 43 Warehouse, Mayflower Company, South Bend, Indiana 17,910 70 Sundry items 15,369 06 2,304,775 54 Net Deductions 170,702 77

Net Decrease for the year $106,458 82 Investment in Miscellaneous Physical Property as of Dec. 31, 1931 29,424,595 04

Total Investment to Dec. 31, 1932 $29,31S,136 22 28

Annual Report

DETAIL OF RAILWAY OPERATING REVENUES

INCLUDING BOSTON * ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES. REVENUES FROM TRANSPORTATION 1932 1931 Increase Decrease Freight $193,328,131 tf» 8245,897,087 34 $52,568,955 65 Passenger 60,151,921 88 86,304,507 96 26,152,586 08 Excess baggage 305,404 53 473,823 46 168,418 93 Parlor and chair car 808 00 2,185 95 1,377 95 Mail 11,602,433 83 12,348,067 14 745,633 31 Express 7,317,116 63 11,517,759 90 4,200,643 27 Other passenger train 574,881 45 784,931 84 210,050 39 Milk 5,515,488 73 6,030,185 75 514,697 02 Switching 3,979,063 64 5,241,933 63 1,262,869 99 Special service train 65,619 SO 78,200 01 12,580 21 Other freight train 10,187 86 12,332 30 2,144 44 Water transfers—freight 194,353 04 225,393 17 31,040 13 Water transfers—passenger 580,062 35 665,320 94 85,258 59 Water transfers—vehicles and live stock 722,786 41 841,388 39 118,601 98 Water transfers—other 18,190 94 135,32s 27 117,137 33 Total $284,366,450 78 $370,558,446 05 $86,191,995 27

INCIDENTAL AND JOINT FACILITY Dining and buffet $2,443,146 00 $3,934,216 75 $1,491,070 75 Hotel anil restaurant 70,112 83 113,763 87 43,651 04 Station, train and boat privileges 745,526 26 897,325 73 151,799 47 Parcel room 73,680 60 115,682 63 42,002 03 Storage—freight 440,827 89 443,376 60 2,548 71 Storage—baggage 31,162 30 50,076 43 18,914 13 Demurrage 543,576 83 762,501 94 218,925 11 Telegraph and telephone 6,847 85 9,882 80 3,034 95 Grain elevator 188,257 25 154,422 39 S33.S34 86 Stockyard 1,303 85 1,303 85 Power 1,539,977 85 1,575,306 86 35,329 01 Rents of buildings and other property 2,271,437 13 2,616,868 00 345,430 87 Miscellaneous 1,106,386 06 1,577,536 47 471,150 41 Joint facility—Cr. 400,235 03 140,637 26 259,597 77 Joint facility—Dr. 591,484 38 761,164 74 169,680 36 Total $9,269,689 50 $11,631,736 $2,362,047 34 Total railway operating revenues $293,636,140 28 $382,190,182 $88,554,042 61

DETAIL OF RAILWAY OPERATING EXPENSES MAINTENANCE OF WAY AND STRUCTURES Superintendence $3,125,944 97 $4,309,704 63 $1,183,759 66 Roadway maintenance 2,873,721 91 4,951,128 43 2,077,406 52 Tunnels and subways 89,793 44 154,665 55 64,872 11 Bridges, trestles and culverts 659,426 24 1,523,362 17 863,935 93 Bridges, trestles and culverts—depreciation 118,628 13 118,628 13 Elevated structures 134,536 61 100,741 92 $33,794 69 Ties 2,532,695 09 4,531,173 7',) 1,998,478 70 Rails S2S.604 99 1,962,172 60 1,133.567 61 Other track material 1,433,523 64 2,651,835 37 1,218,311 73 Ballast 358,544 71 928,683 66 570,138 94 Track laying and surfacing 6,367,881 37 10,747,409 56 4,379,528 19 Right-of-way fences 119,637 96 247,584 11 127,946 15 Snow and sand fences and snowsheds 2,093 30 8,694 07 6,600 77 Crossings and signs 771,916 19 1,284,303 08 509,386 89 Station and office buildings 1,383.871 21 2,514,795 66 1,130,924 45 Station and office buildings—depreciation 264,025 99 265,790 31 1,764 32 Roadway buildings 120,021 11 295,184 84 175,163 73 Water stations 306.099 27 545,213 46 239,114 19 Fuel stations 161,772 79 288,105 12 126,632 33 Shops and enginehouses 808,150 54 1,535,308 74 727,218 20 Grain elevators 8,386 52 14,604 (12 6,218 10 Storage warehouses 4,645 97 6,343 83 1,697 86 Carried forward $22,476,921 95 $38,985,793 61 29

The New York Central Railroad Company

DETAIL OF RAILWAY OPERATING EXPENSES (continued)

INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES.

MAINTENANCE OF WAY AND STRUCTURES (concluded) 1932 1931 Increase Decrease Brought forward $22,476,921 95 $38,985,793 64 Wharves and docks 130,842 13 277,629 88 $146,787 75 Wharves and docks—depreciation 17,469 48 17,544 24 74 76 Coal and ore wharves 97,583 05 217,355 43 119,772 38 Coal and ore wharves—depreciation 60,704 60 60,965 79 261 19 Telegraph and telephone lines 329,536 25 481,330 46 151,794 21 Signals and interlockers 3,146,420 99 5,309,658 13 2,163,237 14 Power plant dams, canals and pipe lines 525 00 — $525 00 Power plant buildings 16,829 81 73,141 46 56,311 65 Power substation buildings 25,095 81* 25,988 51 51,084 32 Power transmission systems 49,713 94 63,109 68 13,395 74 Power distribution systems 407,622 72 564,044 17 156,421 45 Power line poles and fixtures 23.502 53 43,944 98 20,442.45 Underground conduits 20,603 95 6,506 89 14,097 06 Miscellaneous structures 13,468 01 16,071 42 2,603 41 Paving 66,169 61 109,157 77 42,988 16 Roadway machines 291,969 69 402,600 18 110,630 49 Small tools and supplies 36S,355 21 677,161 96 308,806 75 Removing snow, ice and sand 666,679 08 S31,699 23 165,020 15 Assessments for public improvements 21,261 50 34,123 18 12,861 68 Injuries to persons 280,974 47 247,312 37 33,662 10 Insurance 437,012 46 589,312 12 152,299 66 Stationery and printing 36,325 18 74,121 15 37,795 97 Other expenses 13,539 11 37,253 87 23,714 76 Maintaining joint tracks, yards and other facilities—Dr. 1,815,716 68 2,543,447 98 727,731 30 Maintaining joint tracks, yards and other facilities—Cr. 2,478,403 05 3,297,421 38 819,018 33 Total $28,286,248 54 $48,391,853 11 $20,105,604 57

MAINTENANCE OF EQUIPMENT Superintendence $2,092,286 12 $3,013,219 15 $920,933 03 Shop machinery 1,0S1,154 14 1,371,669 17 290,515 03 Power plant machinery 254,232 69 353,082 37 98,849 68 Power substation apparatus 82,106 12 106,656 18 24,550 06 Steam locomotives—repairs 19,516,788 70 24,051,039 16 4,534,250 46 St cam locomotives—depreciation 1,930,385 13 7,253,768 85 5,323,383 72 Steam locomotives—retirements 4,493,697 11 54,094 90 $4,439,602 21 Electric locomotives—repairs 471,516 35 663,898 41 192,382 06 Electric locomotives—depreciation 586,033 59 787,646 99 201,613 40 Freight-train cars—repairs 11,207,843 19 16,357,864 92 5,150,021 73 Freight-train cars—depreciation 7,742,196 83 13,339,669 28 5,597,472 45 Freight-train cars—retirements 4,132,220 75 413,248 11 3,718,972 64 Passenger-train cars—repairs 4,386,776 14 6,048,407 05 1,661,630 91 Passenger-train cars—depreciation 2,752,463 66 3,405,863 40 653,399 74 Passenger-train cars—retirements 321,526 84 27,799 18* 349,326 02 Motor equipment of cars—repairs 193,672 69 257,463 24 63,790 55 Motor equipment of cars—depreciation 79,581 98 81,393 37 Floating equipment—repairs 611,881 09 642,472 71 1,811 39 Floating equipment—depreciation 406,210 14 399,866 11 30,591 62 Floating equipment—retirements 1,334 77 12,524 54 6,344 03 Work equipment—repairs 455,027 75 653,149 05 11,189 77 Work equipment—depreciation 462,823 36 663,154 18 198,121 30 Work equipment—retirements 191,063 37 11,534 98* 200,330 82 Miscellaneous equipment—repairs 22,979 44 29,316 52 202,598 35 Miscellaneous equipment—depreciation 20,121 50 27,288 93 6,337 08 Miscellaneous equipment—retirements 3,451 53 288 52 7,167 43 Injuries to persons 409,415 22 439,196 54 3,163 01 Insurance 434,825 19 657,284 19 29,781 32 59,233 13 87,665 26 222,459 00 Stationery and printing 11,814 44 58,100 58* 28,432 13 Other expenses 724,145 75 829,217 08 69,915 02 Maintaining joint equipment—Dr. 351,947 28 393,048 34 105,071 33 Maintaining joint equipment—Cr. 41,101 06 Total $64,786,861 43 $81,509,925 10 $16,723,063 67

Credit 30

Annual Report

DETAIL OF RAILWAY OPERATING EXPENSES (continued)

INCLUDING BOSTON & ALBANY HAILKOAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES.

TRAFFIC EXPENSES 1932 1931 Increase Decrease Superintendence (2,610,627 15 $3,387,402 96 $776,875 81 Outside agencies 2,535,938 25 3,358,071 92 822,133 67 Advertising 585,142 77 792,917 38 207,774 61 Traffic associations 228,170 58 286,219 43 58,048 85 Fast freight lines 3,853 01 3,368 49 $485 12 Industrial and immigration bureaus 90,007 45 93,143 83 3,136 38 Insurance 1,224 51 1,757 13 532 62 Stationery and printing 728,509 67 940,683 40 212,173 73 Other expenses 5,060 86 734 06* 5,794 92

Total $6,788,434 85 18,862,830 48 $2,074,395 63

TRANSPORTATION EXPENSES Superintendence $3,433,524 56 $5,103,222 30 $1,669,697 74 Dispatching trains 1,516,036 11 2,055,401 92 539,365 81 Station employees 17,088,533 05 23,281,564 42 6,193,031 37 Weighing, inspection and demurrage bureaus 229,836 96 276,278 82 46,441 86 Coal and ore wharves 317,044 65 474.502 49 157,457 84 Station supplies and expenses 1,676,913 13 2,000,278 03 323,364 90 Yardmasters and yard clerks 4,045,491 23 5,551,081 29 1,505,590 06 Yard conductors and brakemen 8,279,461 03 11,373,264 83 3,093,803 80 Yard switch and signal tenders 1.518.843 54 2,093,387 05 574,543 51 Yard enginemen 5,297,949 66 7,184,662 51 1,886,712 85 Yard motormen 527,797 86 674,677 59 146,879 73 Fuel for yard locomotives 2,236,539 92 2,903.364 30 666,824 38 Yard switching power produced 113,747 50 132,307 88 18,560 38 Water for yard locomotives 262,603 78 319,315 49 56,711 71 Lubricants for yard locomotives 72,077 50 91,324 28 19,246 78 14,335 59 Other supplies for yard locomotives 69,010 66 83,355 25 605,348 93 Enginehouse expenses—yard 1,634,426 92 2,239,775 85 382,729 73 51,290 34 Yard supplies and expenses 434,020 07 6,178,817 77 1,296,371 71 Operating joint yards and terminals—Dr. 7,475,189 48 4,080,717 42 4,825,729 68 $745,012 26 Operating joint yards and terminals—Cr. 10,744,909 24 14,202,967 83 3,458,058 59 Train enginemen 517,491 64 600,673 22 83,181 58 Train motormen 10,597,384 61 13,688,196 55 3,090,811 94 Fuel for train locomotives 483,021 99 553,615 47 70,593 48 Train power produced 1,283,215 91 1,526,384 16 243,168 25 Water for train locomotives 470,289 15 596,448 47 126,159 32 Lubricants for train locomotives 225,239 01 326,150 43 100,911 42 Other supplies for train locomotives 3,687,448 98 5,003,022 49 1,315,573 51 Enginehouse expenses—train 12,933,401 08 17,147.050 03 4,213,648 95 Trainmen 6,225,899 9S 8,062,452 64 1,836,552 66 Train supplies and expenses 2,653,181 27 3,328,623 93 675,442 66 Signal and interlocker operation 1,849,255 51 2,149,137 46 299,881 95 Crossing protection 156,939 97 179,269 16 22,329 19 Drawbridge operation 581,478 04 707,300 75 125,822 71 Telegraph and telephone operation 2,368,326 21 3,232,433 93 864,107 72 Operating floating equipment 641,722 84 232,780 75 Stationery and printing 872,477 11 874.503 59 232,202 14 Other expenses 1,237,119 44 1,104,679 25 174,995 49 Operating joint tracks and facilities—Dr. 1,400,268 47 1,412,114 93 Operating joint tracks and facilities—Cr. 210,262 27 1,620,920 37 220,651 90 Insurance 193,444 00 277,777 40 67,515 13 Clearing wrecks 150,036 26 265,138 77 71,694 77 Damage to property 12,092 68 237,095 16 87,058 90 Damage to live stock on right of way 1,466,976 44 13,928 11 1,835 43 Loss and damage—freight 65,233 51 2,011,170 10 544,193 66 Loss and damage- 1,519,641 02 S6,521 53 21,288 02 Injuries to persons 1,414,569 76 105,071 26 Total $110,546,896 83 $146,301,548 92 $35,754,652 09

* Credit 3]

The New York Central Railroad Company

DETAIL OF RAILWAY OPERATING EXPENSES (concluded)

INCLUDING BOSTON

MISCELLANEOUS OPERATIONS 1932 1931 Increase Decrease Dining and buffet service $3,267,041 85 $5,218,847 22 $1,951,805 37 Hotels and restaurants 72,112 05 108,226 92 36,114 87 Grain elevators 127,114 92 170,870 17 43,755 25 Stockyards 17 37 1,396 67 1,379 30 Producing power sold 720,474 55 739,472 02 18,997 47 Other miscellaneous operations 10,573 82 11,754 43 1,180 61 Total $4,197,334 56 $6,250,567 43 $2,053,232 87

GENERAL EXPENSES Salaries and expenses of general officers $1,243,367 96 $1,469,797 21 $226,429 25 Salaries and expenses of clerks and attendants 6,817,532 61 8,521,521 56 1,703,988 95 General office supplies and expenses 704,989 17 773,512 22 68,523 05 Law expenses 950,947 48 1,156,723 07 205,775 59 Insurance 11,851 51 16,337 56 4,486 05 Pensions 2,124,540 71 2,501,493 52 376,952 81 Stationerv and printing 250,451 95 352,814 14 102,362 19 Valuation expenses 33,981 37 664,510 41 630,529 04 Other expenses 370,939 09 392,398 00 21,458 91 General joint facilities—Dr. 152,032 51 174,831 72 22,799 21 General joint facilities—Cr. 45,349 91 26,438 68 18,911 23 Total $12,615,284 45 $15,997,500 73 $3,382,216 28 TRANSPORTATION FOR INVESTMENT—CR. $44,440 48 $248,545 20 $204,104 72 Total railway operating expenses $227,176,620 IS $307,065,680 57 $79,889,060 39

RATIO OF RAILWAY OPERATING EXPENSES, BY GROUPS, TO RAILWAY OPERATING REVENUES

1932 1931 Maintenance of way and structures 9 64 12-66 Maintenance of equipment 22 06 21-33 Traffic expenses 231 2-32 Transportation expenses 37-65 38-28 Miscellaneous operations 1-43 1-63 General expenses 4-30 419 Transportation for investment—Cr. •02 07 Total 77-37 80-34

SEPARATELY OPERATED PROPERTIES

Pittsburgh McKeesport and Youghiogheny Railroad, this company's proportion, one-half, of profit $139,478 82 Raquette Lake Railway, loss $12,649 50 Kankakee and Seneca Railroad, loss 27,343 81 Central Indiana Railway, loss 8,716 59 Federal Valley Railroad, loss 18,175 93 Mackinac Transportation Company, loss 19,680 62 Owasco River Railway, loss 7,340 53 93,906 98 Net profit on separately operated properties $45,571 84 32

Annual Report

RAILWAY TAXES ACCRUED

INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES.

ON CAPITAL STOCK State of New York 1932 1931 Comparison New York Central Railroad Company $446,812 31 $445,325 77 $1,486 54 Inc New York & Harlem Railroad Company 24,945 09 24,945 11 02 Dec West Shore Railroad Company 5,676 89 5,783 56 106 67 Dec Hudson River Bridge Company at Albany 1,143 25 1,143 25 Wallkill Valley Railroad Company 1,006 53 1,006 53 Troy & Greenbush Railroad Association 481 25 481 25 St Lawrence & Adirondack Railway Company 443 42 443 42 Hudson River Connecting Railroad Corporation 250 00 250 00 Niagara River Bridge Company 350 00 350 00 Total $481,108 74 $479,728 89 $1,379 85 Inc Commonwealth of Pennsylvania New York Central Railroad Company $186,000 00 $171,170 66 814.S29 34 Inc Beech Creek Railroad Company 24,000 00 22,950 00 1,050 00 Inc Beech Creek Extension Railroad Company 2,589 50 2,589 50 Shenango Valley Railroad Company 300 00 300 00 Stewart Railroad Company 19 25 19 25 Total $212,908 75 $197,029 41 $15,879 34 Inc State of Illinois New York Central Railroad Company (including lines) $9,009 65 $8,950 61 $59 04 Inc

Commonwealth of Massachusetts Boston & Albany Railroad Company $20,900 00 $30,819 55 $9,919 55 Dec

State of West Virginia Kanawha & Michigan Railway Company $1,840 00 $1,840 00 Kanawha & West Virginia Railroad Company 940 00 940 00 Point Pleasant Bridge Company 340 00 340 00 Total $3,120 00 $3,120 00 Total capital stock taxes $727,047 14 $719,648 46 $7,398 68 Inc ON GROSS EARNINGS State of New York $209,341 02 $266,478 S2 $57,137 80 Dec Stale of Ohio 457,128 50 522,673 63 65,545 13 Dec Commonwealth of Pennsylvania 5,556 47 9,475 01 3,918 54 Dec State of West Virginia 856 61 2,721 61 1,865 00 Dec Total $672,882 60 $801,349 07 $128,466 47 Dec RAILROAD COMMISSIONERS* ASSESSMENTS State of Ohio $7,488 63 $8,740 40 $1,251 77 Dec State of West Virginia 1,073 00 1,073 00 Total $8,561 63 89,813 40 $1,251 77 Dec CANADIAN PROVINCIAL Canada Southern Railway $46,820 95 $46,820 95 St Lawrence & Adirondack Railway Company 2,056 88 1,646 98 $409 90 Inc Ottawa & New York Railway Company S52 30 852 30 Detroit River Tunnel Company 210 25 210 25 New York Central Railroad Company 191 60 164 21 27 39 Inc Total $50,131 98 $49,694 69 $437 29 Inc CANADIAN GOVERNMENT TAX $42,378 79 $241,552 14 $199,173 35 Dec

FEDERAL GOVERNMENT TAXES Income tax $543,005 88 $472,770 61 $70,235 27 Inc Emergency revenue tax 9,539 79 — 9,539 79 Inc Total $552,545 67 $472,770 61 $79,775 06 Inc ON THE VALUE OF REAL AND PERSONAL PROPERTY (including leased lines) $26,562,008 11 $28,321,283 88 $1,759,275 77 Dec ON SPECIAL FRANCHISES (including leased lines) $1,468,085 84 $1,599,216 67 $131,130 83 Dec Total railway taxes accrued $30,083,641 76 $32,215,328 92 $2,131,687 16 Dec 33

The New York Central Railroad Company

JOINT FACILITY RENT ACCOUNT

INCLUDING BOSTON 4 ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES.

1932 1931 Comparison Amount paid for use of facilities maintained by other companies $9,223,590 94 $9,063,001 91 $160,589 03 Inc Amount received for use of facilities maintained by this company 5,032,953 50 6,105,116 97 1,072,163 47 Dec Net debit $4,190,637 44 $2,957,884 94 $1,232,752 50 Inc

HIRE OF EQUIPMENT ACCOUNT

INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES.

PAID 1932 1931 Comparison Locomotives $719,646 87 $1,010,301 81 $290,654 94 Dec Passenger-train cars 2,745,460 39 3,125,512 32 380,051 93 Dec Freight-train cars 20,744,200 06 24,803,382 20 4,059,182 14 Dec Work equipment 41,868 76 38,635 26 3,233 50 Inc

Total $24,251,176 08 $28,977,831 59 $4,726,655 51 Dec

RECEIVED Locomotives $540,772 78 $851,368 90 $310,596 12 Dec Passenger-train cars 2,027,282 81 2,156,006 63 128,723 82 Dec Freight-train cars 10,303,043 90 13,997,787 34 3,694,743 44 Dec Floating equipment 1,973 81 1,173 18 800 63 Inc Work equipment 96,521 48 198,727 93 102,206 45 Dec

Total $12,969,594 78 $17,205,063 98 $4,235,469 20 Dec

Net debit balance $11,281,581 30 $11,772,767 61 $491,186 31 Dec

DEDUCTIONS FROM GROSS INCOME Interest on funded debt MORTGAGE BONDS Carthage & Adirondack Railway Co first mortgage bonds 4% $44,000 00 Chicago Indiana & Southern Railroad Co fifty-year gold bonds 4% 606,000 on Cleveland Short Line Railway Co first mortgage bonds 4i% 531,000 00 Gouverneur & Oswegatchie Railroad Co first mortgage bonds 5% 15,000 00 Indiana Illinois & Iowa Railroad Co first mortgage bonds 4% 194,000 00 Jamestown Franklin & Clearfield Railroad Co first mortgage bonds 4% 440,000 on Kalamazoo & White Pigeon Railroad Co first mortgage bonds 5% 20,000 no Lake Shore & Michigan Southern Railway Co gold mortgage bonds 34% 1,750,000 00 Little Falls & Dolgeville Railroad Co first mortgage bonds 3% 3,750 no Mohawk & Malone Railway Co consolidated mortgage bonds 34% 136,500 00 Mohawk & Malone Railway Co first mortgage bonds 4% 100,000 00 N Y C R R Co consolidation mortgage bonds, series A 4% 2,722,440 00 NYC&HRRR Co gold debentures of 1904 4% 1,920,000 00 NYC&HRRR Co gold debentures of 1912 4% 367,520 00 NYC&HRRR Co gold mortgage bonds 34% 3,290,000 00 NYC&HRRR Co-Lake Shore collateral gold bonds t 34% 787,745 00 NYC&HRRR Co-Michigan Central collateral gold bonds 34% 676,760 00 N Y C R R Co refunding and improvement mortgage bonds, series A 44% 5,175,000 00 N Y C R R Co refunding and improvement bonds, series C| 5% 4,250,000 00 NYC&HRRR Co-Spuyten Duyvil & Port Morris first mortgage bonds 34% 87,500 00 New York & Putnam Railroad Co first consolidated mortgage bonds 4% 159,480 00 Pine Creek Railway Co first mortgage bonds 6% 192,500 00 Sturgis Goshen & St Louis Railway Co first mortgage bonds 3% 9,660 00 $23,478,855 00

DEBENTURE BONDS N Y C R R Co twenty-year 6% convertible of 1915 6% $723,612 00 NYC&HRRR Co of 1900 34% 192,500 00 916,112 00 Carried forward $24,394,967 00 t Interest accrued only on amount actually outstanding Annual Report

DEDUCTIONS FROM GROSS INCOME (continued) Interest on funded debt (concluded) Brought forward $24,394,967 00 EQUIPMENT TRUST OBLIGATIONS Equipment trust notes of January 15, 1920 67o $168,392 00 Equipment trust certificates of April 15, 1920 7% 265,709 63 Equipment trust certificates of June 1, 1922 5% 154,917 00 Equipment trust certificates of September 1, 1922 41% 145,095 00 Equipment trust certificates of June 1, 1923 5% 148,225 00 Equipment trust certificates of June 1, 1924 5% 364,528 00 Equipment trust certificates of September 15, 1924 41% 294,150 00 Equipment trust certificates of May 15, 1925 41% 276,626 25 Equipment trust certificates of April 15, 1929 41% 608,437 50 Equipment trust certificates of December 1, 1929 41% 433,031 00 Equipment trust certificates of May 15, 1930 41% 572,985 00 3,432,096 38

NON-NEGOTIABLE DEBT TO AFFILIATED COMPANIES Pittsburgh and Lake Erie Railroad Company, advances $13,866 12 Chicago River & Indiana Railroad Company, advances 12,841 53 Merchants Despatch Transportation Company, advances 8,521 18 Canada Southern Railway Company, advances 6,649 59 41,878 42

COLLATERAL TRUST BONDS Reconstruction Finance Corporation—notes 479,748 15 Total interest on funded debt $28,348,689 95

Rent for leased roads

BATTLE CREEK AND STURGIS RAILWAY Interest at 3% on $79,000 First mortgage bonds $2,370 00

BEECH CREEK RAILROAD Interest at 4% on $5,000,000 First mortgage bonds $200,000 00 Interest at 5% on $1,000,000 Second mortgage bonds 50,000 00 Dividend at 4% on 120,000 shares of capital stock ($50 per share) 240,000 00 490,000 00

BEECH CREEK EXTENSION RAILROAD Interest at 31% on $3,500,000 First mortgage bonds $122,500 00 Interest at 4 % on $3,964,000 Consolidated mortgage gold bonds 158,560 00 281,060 00

BOSTON AND ALBANY RAILROAD Interest at 31% on $3,858,000 Refunding bonds of 1902 $135,030 00 Interest at 5 % on $3,627,000 Refunding bonds of 1913 181,350 00 Interest at 31% on $1,000,000 Terminal bonds 35,000 00 Interest at 4 % on $7,000,000 Improvement bonds of 1908 280,000 00 Interest at 4 % on $4,500,000 Improvement bonds of 1909 180,000 00 Interest at 4 % on $2,000,000 Improvement bonds of 1910 80,000 00 Interest at 41% on $1,000,000 Improvement bonds of 1912 45,000 00 Interest at 5 % on $2,015,000 Improvement bonds of 1913 100,750 00 Interest at 5 % on $1,000,000 Improvement bonds of 1917 50,000 00 Interest at 41% on $5,700,000 Improvement bonds of 1928 242,250 00 Cash rental 2,000,000 00 Organization expenses 10,000 00 $3,339,380 00

NORTH BROOKFIELD RAILROAD Cash rental 3,000 00 PlTTSFIELD AND NORTH ADAMS RAILROAD Cash rental $22,500 00 Organization expenses 120 70 22,620 70

WARE RIVER RAILROAD Dividend at 7% on 7,500 shares of capital stock $52,500 00 Organization expenses 166 48 52,666 48

PROVIDENCE WEBSTER AND SPRINGFIELD RAILROAD 25% of the gross earnings for the year ended December 31, 1932 7,387 56 Total rent for Boston and Albany and its leased roads 3,425,054 74 Carried forward $4,198,484 74 35

The New York Central Railroad Company

DEDUCTIONS FROM GROSS INCOME (continued)

Rent for leased roads (continued)

Brought forward $4,198,181 71 BIG FOUR LINES CLEVELAND CINCINNATI CHICAGO AND ST LOUIS RAILWAY Interest at 4% on $28,579,000 General mortgage gold bonds $1,143,160 00 Interest at 5% on $4,161,000 General mortgage gold bonds 208,050 00 Interest adjustment on Foreign debenture bonds, matured 1,134 73 Interestat 6% on $1,052,600 Refunding and improvement mortgage bonds, series "C" 63,156 00 Interestat 5% on$20,000,000 Refunding and improvement mortgage bonds, series"D" 1,000,000 00 Interest at4J%on$39,000,000 Refunding and improvement mortgage bonds, series "E" 1,980,000 00 Interest at 4% on $5,000,000 Cairo Vincennes and Chicago Ry First mortgage bonds 200,000 00 Interest at4% on $4,000,000 Cincinnati Wabash & Michigan Division mortgage bonds 160,000 00 Interest at 4% on $1,103,500 Springfield and Columbus Division First mortgage bonds 44,140 00 Interest at 4% on $650,000 White Water Valley Division mortgage bonds 26,000 00 Interest at 4% on $5,633,000 Cincinnati Indianapolis St Louis & Chicago Ry General First mortgage bonds 214,467 22 Interest at 6% on $3,205,000 Cleveland Columbus Cincinnati & Indianapolis Ry General consolidated mortgage bonds 192,300 00 Interest at 4% on $3,000,000 Chicago Indianapolis & St Louis Short Line Ry First mortgage bonds 120,000 00 Interest at 4% on $8,551,000 St Louis Division First collateral trust mortgage bonds 338,223 68 Interest at 4% on $5,000,000 Springfield Division Purchase money lien 200,000 00 Dividend at $10 per share on minority common capital stock 74,290 00 Dividend at $5 per share on minority preferred capital stock 74,095 00 Interest at 6% on equipment trust certificates of January 15, 1920 63,272 75 Interest at 7% on equipment trust certificates of April 15, 1920 175,372 61 Interest at 5% on equipment trust certificates of June 1, 1922 101,562 50 Interest at 4-2% on equipment trust certificates of September 1, 1922 57,120 00 Interest at 5% on equipment trust certificates of June 1, 1923 19,892 00 Interest at 5% on equipment trust certificates of June 1, 1924 158,346 00 Interest at 4|% on equipment trust certificates of September 15, 1924 130,425 00 Interest at 4^% on equipment trust certificates of May 15, 1925 200,497 50 $6,945,504 99

CINCINNATI NORTHERN RAILROAD Interest at 4% on $1,000,000 First mortgage bonds $40,000 00 Interest at 5% on equipment trust certificates of June 1, 1922 20,854 00 Interest at 5% on equipment trust certificates of June 1, 1924 10,012 50 Dividend at $12 per share on minority capital stock 5,676 00 76,542 50 CINCINNATI SANDUSKY AND CLEVELAND RAILROAD Dividend at 6% on 8,577 shares of preferred capital stock ($50 par value) 25,731 00 CENTRAL RAILROAD or INDIANAPOLIS Cash rental 5,387 42 PEORIA AND EASTERN RAILWAY Under operating contract Cr. 43,389 01 Total rent for Cleveland Cincinnati Chicago t St Louis Ry and its leased and operated roads 7,009,776 90

DETROIT HILLSDALE AND SOUTH WESTERN RAILROAD Dividend at 4% on 13,500 shares of capital stock $54,000 00 Organization expenses 500 00 54,500 00 ERIE AND KALAMAZOO RAILROAD 30,000 00 Cash rental FORT WAYNE AND JACKSON RAILROAD $120,027 88 Cash rental 1,500 00 127,527 88 Organization expenses HUDSON RIVER CONNECTING RAILROAD Cash rental equal to Dividend at 6% on 2,500 shares of capital stock $15,000 00 Interest at 6% on non-negotiable debt 1,473,020 85 1,488,020 85 KALAMAZOO ALLEGAN AND GRAND RAPIDS RAILROAD Interest at 5% on $840,000 First mortgage bonds $42,000 00 Dividend at 6% on 6,100 shares of capital stock 36,600 00 78,600 00 LAKE ERIE ALLIANCE & WHEELING RAILROAD Dividend at 4% on 30,000 shares of capital stock 120,000 00 MAHONING COAL RAILROAD 40% of the gross earnings for the year ended December 31, 1932 764,626 70 Carried forward $13,871,537 07 30

Annual Report

DEDUCTIONS FROM GROSS INCOME (continued) Rent for leased roads (continued) MICHIGAN CENTRAL LINES MICHIGAN CENTRAL RAILROAD Brought forward $13,871,537 07 Interest at 34% on $18,000,000 First mortgage bonds $630,000 00 Interest at 44% on $7,634,000 Refunding and improvement mortgage bonds, series "C" 523,530 00 Interest at 4% on $1,500,000 Grand River Valley Railroad First mortgage bonds 60,000 00 Interest at 34% on $1,695,000 Jackson Lansing and Saginaw Railroad First mortgage bonds 59,220 00 Interest at 4% on $2,600,000 Michigan Air Line Railroad First mortgage bonds 104,000 00 Interest at 4% on $1,500,000 Joliet and Northern Indiana Railroad First mortgage bonds 60,000 00 Interest at 5% on $700,000 Kalamazoo and South Haven Railroad First mortgage bonds 35,000 00 Interest at 3% on $49,000 Bay City and Battle Creek Railway First mortgage bonds 1,470 00 Interest at 4% on $3,100,000 Toledo Canada Southern and Detroit Railway First mortgage bonds 124,000 00 Dividend at $50 per share on Michigan Central Railroad minority stock 52,550 00 Interest at 6% on equipment trust certificates of 1917 6,000 00 Interest at 7% on equipment trust certificates of April 15, 1920 107,758 67 Interest at 5% on equipment trust certificates of June 1, 1922 101,020 83 Interest at 44% on equipment trust certificates of September 1, 1922 13,005 00 Interest at 5% on equipment trust certificates of June 1, 1923 202,767 00 Interest at 5% on equipment trust certificates of June 1, 1924 86,403 83 Interest at 44% on equipment trust certificates of September 15, 1924 60,009 38 Interest at 44% on equipment trust certificates of May 15, 1925 88,188 75 $2,314,923 46 BATTLE CREEK AND STURGIS RAILWAY Interest at 3% on $421,000 First mortgage bonds 12,630 00 CANADA SOUTHERN RAILWAY Interest at 5% on $29,235,000 First and refunding mortgage bonds $1,461,750 00 Interest at 4% on $130,000 Leamington and St Clair Railway First mortgage bonds 5,200 00 Dividend at 3% on 150,000 shares of capital stock 450,000 00 1,916,950 00 DETROIT MANUFACTURERS RAILROAD Cash rental $15,000 00 500 00 15,500 00 Organization expenses DETROIT RIVER TUNNEL COMPANY $810,000 00 Interest at 44% on $18,000,000 First mortgage bonds 240,000 00 1,050,000 00 Cash rental JOLIET AND NORTHERN INDIANA RAILROAD 15,000 00 Dividend at 5% on 3,000 shares of capital stock ST JOSEPH SOUTH BEND AND SOUTHERN RAILROAD 20,000 00 Cash rental CHICAGO KALAMAZOO AND SAGINAW RAILWAY 18,720 00 Interest at 4% on $468,000 First mortgage bonds ILLINOIS CENTRAL RAILROAD 46,648 20 Rental of 16th St property Total rent for Michigan Central and its leased roads 5,410,371 66 NEW JERSEY JUNCTION RAILROAD Interest at 4% on $1,700,000 First mortgage bonds 68,000 00 NEW YORK AND HARLEM RAILROAD Interest at 34% on $12,000,000 Gold mortgage bonds $420,000 00 Dividend at 10% on 200,000 shares of capital stock ($50 per share) 1,000,000 00 1,420,000 00 OHIO CENTRAL LINES TOLEDO AND OHIO CENTRAL RAILWAY $150,000 00 Interest at 5% on $3,000,000 First mortgage bonds 125,000 00 Interest at 5% on $2,500,000 First mortgage bonds, Western Division Interest at 5% on $2,000,000 General mortgage bonds 100,000 00 Interest at 4% on $500,000 First mortgage bonds, St Marys Division 20,000 00 Interest at 6% on equipment trust notes of January 15, 1920 26,426 00 Interest at 7% on equipment trust certificates of April 15, 1920 276 56 Interest on non-negotiable debt to affiliated companies 487,450 60 Interest on T & O C Extension Railroad Co bonds 9,000 00 808,000 00 $1,726,153 16 Cash rental ZANESVILLE AND WESTERN RAILWAY Interest at 4% on $2,000,000 First mortgage bonds $80,000 00 3,600 00 83,600 00 Interest on non-negotiable debt to affiliated companies KANAWHA * MICHIGAN RAILWAY $98,760 00 Interest at 4% on $2,469,000 First mortgage bonds 12,592 50 Interest at 6% on equipment trust notes of January 15, 1920 17,771 17 Interest at 6% on notes to Gauley Coal Land Corporation 31,200 00 Interest on non-negotiable debt to affiliated companies 540,000 00 Cash rental 3,724 54 704,048 21 Rental of Middleport and Northeastern Railway KANAWHA AND WEST VIRGINIA RAILROAD 103,350 00 Interest at 5% on $2,067,000 First mortgage bonds 2,617,151 37 Total rent for the Ohio Central Lines Carried forward $23,387,060 10 37

The New York Central Railroad Company

DEDUCTIONS FROM GROSS INCOME (concluded)

Rent for leased roads (concluded) Brought forward $23,387,060 10 ST LAWBENCE * ADIRONDACK RAILWAY Interest at 5% on $800,000 First mortgage bonds $40,000 00 Interest at 6% on $400,000 Second mortgage bonds 24,000 00 Cash rental for line leased from Canadian National Railway Co 10,000 00 74,000 00 TROY AND GREENBTJSH RAILROAD Rental at 7% on 5,500 shares of capital stock ($50 per share) 19,250 00 WALLKILL VALLEY RAILROAD Dividend at 3^% on 3,300 shares of capital stock 11,550 00 WEST SHORE RAILROAD Interest at 4% on $48,839,500 First mortgage bonds 1,953,580 00 VARIOUS COMPANIES for siding, team and yard tracks 214,389 72* Total rent for leased roads $25,659,829 82

* Includes $8,811.31 account of Michigan Central Lines NOTE: The company received a return of $5,900,105.48 representing dividends and interest on its holdings of securities of lessor companies

MISCELLANEOUS TAXES

TAXES CHARGED TO MISCELLANEOUS OPERATIONS 1932 1931 Comparison On the value of real and personal property $64,673 13 $64,191 $481 44 Inc

MISCELLANEOUS TAX ACCRUALS On miscellaneous physical property $2,487,992 99 $1,918,456 83 $569,536 16 Inc On income from securities owned 27,295 30 17,985 49 9,309 81 Inc Total $2,515,288 29 $1,936,442 32 $578,845 97 Inc

EQUIPMENT OWNED OR LEASED BY THE NEW YORK CENTRAL RAILROAD COMPANY NOT USED IN ITS OWN SERVICE

FREIGHT TRAIN CARS

BOX CARS At beginning At end of Road of year Added Retired year Chicago River & Indiana R R 479 11 238 252 Indiana Harbor Belt R R 213 187 26 Total 692 425 278

COAL CARS Chicago River & Indiana R R 100 100

REFRIGERATOR CARS Merchants Despatch, Inc 10,492 216 10,276

PASSENGER TRAIN CARS

BAGGAGE AND EXPRESS CARS Merchants Despatch, Inc 59 59

REFRIGERATOR CARS Merchants Despatch, Inc 84 84

CLUB CARS Pullman Co

WORK EQUIPMENT

M OF W Newton Steel Co 38

Annual Report

EQUIPMENT IN SERVICE

INCLUDING BOSTON A ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES.

DECEMBER 31, 1931 DECEMBER 31, 1932

Average Held under Average tractive Installed Retired Held under lease or tractive power during during equipment other form power Locomotives Number (lbs) 1932 1932 Number Owned trusts of title (lbs) For freight service 2,549 56,098 23 291 2,281 1,163 466 652 57,321 For passenger service 1,078 37,506 3 234 847 434 188 225 39,629 For switching service 1,292 41,710 2 119 1,175 527 205 443 42,617 Electric locomotives 146 55,801 - 146 92 42 12 55,801 Oil electric Diesel 44 63,368 - - 44 3 41 - 63,368 Totals 5,109 - 28 644 4,493 2,219 942 1,332 -

Average Average capacity capacity Freight-train cars tons tons Box cars 116,611 45-15 54 3,871 112,794 49,384 16,936 46,474 45-27 Container cars 64-52 1,265 - 1,265 429 500 336 64-52 Refrigerator cars 111 20-49 15 126 126 20-48 Flat cars 6,734 43-26 13 174 6,573 4,675 30-0 1,598- 43-36 Stock cars 5,437 39-28 53 5,384 2,662 688 2,034 39-30 Coal cars 84,458 54-66 10-0 5,028 79,530 30,318 16,056 33,156 54-96 Caboose cars 2,375 - 10 67 2,318 1,417 8 893 - Totals 216,991 - 192 9,193 207,990 89,011 34,488 84,491 -

Average Average seating Beating Passenger-train cars capacity capacity Coaches 1,891 86 36 1,855 1,009 355 491 86 Coaches, electric motor 329 88 329 255 74 88 - _ Coaches, automotive 12 66 1-1 23 12 - 11 60 Combination passenger cars 291 47 17 299 141 47 111 46 Combination passenger cars, electric motor 14 58 1 13 13 58 Combination passenger cars, automotive - 25 50 - 25 25 - - 50 Other combination cars 179 -3 -7 175 86 32 57- _ Other combination cars, electric motor 4 - 4 4 - Other combination cars, automotive 11 -2 - _ - 13 1 - 12 Dining cars 193 - - 193 62 72 59 _ Baggage and express cars 1,224 - -6 -2 1,228 700 159 369 - Baggage and express cars, electric motor 5 - 5 5 -- Postal cars 108 - -— 108 71 —- 3-7 - - Other passenger-train cars 840 - 19 140 719 399 290 30 - Totals 5,126 - 58 195 4,989 2,783 1,029 1,177 -

Company service equipment Officers' and pay cars 42 1 41 28 13 Ballast cars 2,195 - 1 2,194 1,569 _ 625 Derrick cars 150 -1 3 148 112 _ 36 Steam shovels 38 1 37 32 5 Wrecking cars 219 - 1 218 175 - 43 Other company service cars 8,937 253- 830 8,360 6,523 - 1,837 Totals 11,581 254 837 10,998 8,439 - 2,559

DECEMBER 31, 1031 DECEMBER 31, 1932 Average Average Marine Department capacity capacity Ferry boats 9 _ 9 Tugs, steel 29 _ 29 Steam-lighters 6 350 tons - - 6 350 tons Diesel propelled lighter 1 450 tons - 1 450 tons Hoisting-barges 42 263 tons - 42 - 263 tons Barges, scows and grainboats 175 323 tons 2 173 324 tons Car floats 64 13 cars - 64 13 cars Oil storage barges for company use 4 5,000 bbls - - 4 5,000 bbls Coal and pumping barge 1 150 tons - - 1 - - 150 tons Totals (owned) 331 - 2 329 39

The New York Central Railroad Company

TABLE OF TRACKS

DECEMBER 31, 1932 MILES OF MAIN TRACK Yards and MAIN LINE OWNED State First Second Third Fourth sidings Total New York Central Railroad New York 1462' W of State Line sta N.Y. 500 10 500-08 446-29 467-79* 976-50 2,890-76 W of State Line sta.. 10846' E of Conneaut Penn 43-96 43-96 43-96 43-95 76-97 252-80 E of Conneaut 16462' W of Edgerton Ohio 242-96 242-86 209-73 158-39 531-95 1,385-89 W of Edgerton 4311' E of East Side Ind 152-56 152-55 50-63 27-60 228-57 611-91 E of East Side Chicago 111 14-001 14-011 6-51 6-46 84-14 125-12 Total main line owned 953-58 953-46 757-12 704-19* 1,898-13 5,266-48 BRANCHES OWNED 30th Street Branch Spuyten Duyvil St John's Park N.Y. 12-35 12-17 _ _ 71-58 96-10 Putnam Branch Sedgwick Ave, New York Putnam Jet " 52-08 9-13 20-11 81-32 Yonkers Branch Van Cortlandt Getty Square, Yonkers 11 3 09 3-08 - - •13 6-30 Mahopac Falls Branch Baldwin Place Mahopac Falls " 2-05 - - •33 2-38 Schenectady Detour Branch Carman South Schenectady " 4-60 3-67- - - •58 8-85 Troy & Schenectady Branch Schenectady Troy " 20-91 - - 12-89 33-80 Hoffman's Connection Branch Hoffman's Rotterdam Junction " 2-44 2*1-0 - —- 4-54 Dolgeville Branch Little Falls Salisbury Center " 12-78 - 2-74- 15-52 Adirondack Branch Herkimer Malone Junction " 173-33 _ - - 51-95 225-28 Saranac Branch Lake Clear Junction Saranac Lake " 5-89 - - - 1-78 7-67 Ottawa Branch Tupper Lake International Boundary " 68-86 _ - - 9-38 78-24 Ogdensburg Branch Utica Ogdensburg 8 134-30 1002- - - 49-16 193-48 Clayton Branch Rivergate Clayton " 15-84 - - 3-96 19-80 Rome Branch Rome Richland " 45-32 4-36- - - 32-19 81-87 Syracuse Junction Branch East Syracuse Syracuse Junction " 8-31 831 8-36- 7-59- 13-49 46-06 Watertown Branch Syracuse Massena " 160-93 52-53 117-18 330-64 Phoenix Branch Woodard Fulton u 15-84 - - 6-10 21-94 Ontario Branch Pulaski Suspension Bridge " 175-28 2-40- - - 97-84 275-52 Rochester Branch Windsor Beach State St, Rochester " 7-30 - - 4-05 11-35 Sackets Harbor Branch Watertown Junction Sackets Harbor " 11-43 - - - 11-02 22-45 Cape Vincent Branch Watertown Junction Cape Vincent " 24-10 - - - 1003 3413 Dexter Branch Dexter Junction Dexter " 1-19 - 1-49 2-68 Carthage Branch - Watertown Newton Falls " 63-39 - -— - 1606 79-45 Sanfords Branch 5-21 5-41 10-62 Oswegatchie Branch Main St, Watertown Roots " - - G & O Junction Edwards " 1301 - - - 3-99 17-00 St Joseph Lead Branch 4-25 _ •78 5-03 DeKalb Branch Emeryville Balmat " - - 19-10 - 3-70 22-80 Auburn Branch DeKalb Junction Ogdensburg " - Syracuse Junction Brighton, Rochester " 96-89 _ - - 62-45 159-34 Canandaigua Branch 12-64 63-00 Lyons-Newbury Branch Canandaigua Batavia " 50-36 - - Lyons 205' S of Lawrenceville " 85-73 82-49- - 86-57 254-79 S of Lawrenceville Newberry Junction Penn 95-33 37-11 - - 50-88 183-32 Penn Yan Branch Dresden Penn Yan N.Y. 6-55 - - 4-06 10-61 Corning Branch Corning Junction Corning " •72 •7-2 - - 6-25 7-69 Cowanesque Valley Branch C V Junction Ulysses Penn 39-85 - - 6-35 46-20 Antrim Branch Wellsboro Junction Antrim " 16-65 - - - 7-10 23-75 Falls Branch Ames St Jet, Roch Suspension Bridge N.Y. 74-01 73-81 - - 105-72 253-54 Charlotte Branch Jay St Jet, Rochester Charlotte " 7-23 6-92 - - 10-73 24-88 Cambria Branch Cambria Pekin " 3-65 - - •68 4-33 Attica Branch Batavia Attica " 10-67 - - - 1-38 12-05 Tonawanda Branch Batavia North Tonawanda " 34-97 1-77- - - 7-18 43-92 Gardenville Branch Depew Bay View " 12-96 12-78 - - 10403 129-77 Buffalo Belt Branch William St, Buffalo.North Buffalo Junction " 6-72 6-72 - - 30-67 44-11 Niagara Branch Seneca St, Buffalo Lewiston " 30-52 25-23 2-62- 1-14- 81-19 140-70 Wonalancet Branch North Buffalo Junction Harriet " 4-34 19-61 23-95 Dupont Branch Wonalancet Branch Industries " •71 - - - 2-02 2-73 Lockport Branch North Tonawanda Lockport Junction " 11-12 - - - 7-07 18-19 Catskill Mountain Branch Kingston Point Oneonta " 10703 - - - 29-37 136-40 Stony Clove and Kaaterskill Branch Phoenicia Kaaterskill " 19-19 - - - 2-83 22-02 Hunter Branch Kaaterskill-Junction Hunter " 2-66 - - - •50 316 Valley Branch Dunkirk 650' S of Fentonville " 42-26 - - - 8-54 50-80 S of Fentonville Titusville Penn 48-25 - - - 9-96 58-21 Youngstown Branch Ashtabula Harbor Andover Ohio 26-90 14-08- 2-47- - 107-10 150-55 Oil City Branch Andover 3582' E of Simons " 6-14 •09 - 2-62 8-85 E of Simons Oil City Penn 5500 11-08 - - 3210 98-18 Clearfield Branch Polk Junction Rose Siding " 61-06 - - 15-14 76-20 Belmar Branch Franklin Belmar " 5-99 - - - 1-27 7-26 Low Grade Line Carson Mann Ohio 18-10 18-1-0 - - 10-37 46-57 Cleveland Short Line Collinwood Belt Junction " 20-41 20-32 4-57- 4-57- 82-72 132-59 Norwalk Branch Elyria Junction Millbury Junction " 78-75 26-13 104-88 Detroit Branch Air Line Junction 4352' N of Alexis " 7-42 6-38- - - 25-02 38-82 N of Alexis D & M Junction, Detroit Mich 51-43 •07 - - 49-77 101-27 Old Road Air Line Junction Vulcan Ohio 2-75 100 - - 1-24 4-99 Palmyra 6965'E of Vistula Mich 101-96 — - —- 38-92 140-88 E of Vistula Elkhart Ind 14-70 - 2-31 17-01 Carried forward 2,322-16 426-44- 18-02- 1330- 1,600-41 4,380-33

*• Includes: 2-43 fifth track and 2-43 sixth track on the Hudson-electric division 8-S5 fifth track on the Mohawk division 3-55 compromise track in Buffalo j-17 west-bound fast freight tracks in De Witt yard f Includes 6'36 miles 1st main and 6-40 miles 2nd mam owned jointly with C It I & P Ry 40

Annual Report TABLE OF TRACKS (continued)

MILES OF MAIN TRACE Yards and State First Second Third Fourth sidings Total BRANCHES OWNED (concluded) Brought forward 2,322-16 426-44 18-02 13-30 1,600-41 4,380-33 Monroe Branch Lenawee Junction Monroe Mich 29-50 7-20 36-70 Fayette Branch Grosvenor 12063'W of Morenci " 20-56 2-10 22-66 W of Morenci Fayette Ohio 4-66 •73 5-39 Jackson Branch Lenawee Junction Jackson Mich 42-10 9-84 51-94 Lansing Branch Jonesville North Lansing " 61-34 18-42 79-76 Grand Rapids Branch White Pigeon Kalamazoo " 36-52 14-72 51-24 Mishawaka Branch Elkhart Mishawaka Ind 12-10 8-64 20-74 Goshen Branch Goshen 12458' N of Twin Lake " 25-57 1-51 27-08 N of Twin Lake Sturgis Mich 3-36 •61 3-97 Kankakee Branch South Bend 38' E of Illinoi Ind 82-20 54-31 136-51 E of Illinoi Seatonville Junction 111 109-51 68-24 177-75 Ladd Junction NYC Junction " •47 •94 1-41 Danville Branch Indiana Harbor 7524' S of Allison Ind 100-78 55-64 167-53 323-95 S of Allison Danville 111 8-49 8-49 •38 17-36 1-93 M C Connecting Branch At South Bend Ind 2-08 4-01 17-19 Dune Park Branch Gibson Dune Park " 16-07 35-42 •48 2-16 1-19 1-67 Churchill Branch Ladd Churchill 111 1-35 1-65 Bradley Branch Kankakee Bradley " 1-27 •30 204 Depue Branch Depue Junction Depue " 1-46 •77 Benton Harbor Branch St Joseph Junction Benton Harbor Mich 15-99 •94 2-40 Connections and wyes Various places N.Y. •96 9-50 - 25-49 Various places Penn - •96 Total branches owned 2,899-95 502-23 18-02 13-31,976-90 3 5,410-43 Total main line and branches owned 3,853-53 1,455-69 77544 717-49* 3,87506 10,676-91

MILES OF MAIN TRACK Yards

LINES OPERATED UNDER LEASE OR CONTRACT—AFFILIATED First Second Tnird Fourth sidings Total Bailey Run, Sugar Creek & Athens Rwy© 5-66 5-66 Battle Creek & Sturgis Rwy 7-19- - •75 7-94 Beech Creek Extension R R 132-87 7-66- - - 67-49 208-02 Cleveland, Cincinnati, Chicago & St Louis Ry and subsidiaries 2,536" 12<£ 677-10 - 35-64-t 1,663-67© 4,912-53 Detroit, Toledo & Milwaukee R R - 3-67 3-67 Hudson River Connecting Railroad 24-4-5 20-2-7 5-97- 3-02-® 123-87 177-58 Lake Erie, Alliance & Wheeling R R 87-67 — 64-11 141-78 Mahoning Coal R R and subsidiaries 70-56 35-45 8-82- - 7905 193-88 Michigan Central R R and subsidiaries 1,577-000 607-74 15-55 8-S-5 1,49806© 3,707-20 Middleport & Northeastern Ry — 2-91 2-91 New Jersey Junction Railroad 444 4-34- _ _ 13-87 22-65 New York and Harlem Railroad 134-82 5505 13-2-9 13-2-5 123-66 34007 Nicholas Fayette & Greenbrier R R© 103-79 12-17 115-96 Ottawa and New York Rwy 56-82 - - - 10-88 67-70 St Lawrence and Adirondack Rwy 43-54 - - - 22-15 65-69 Toledo & Ohio Central Rwy and subsidiaries 456-55 13-0-8 - - 338-76 808-39 Kanawha & Michigan Rwy and subsidiaries 219-02 9-42 167-54 395-98 West Shore R R and subsidiary - - 512-49 409-67 28-61- 13-8-8 478-28 1,442-93 Total lines operated under lease or contract—affiliated 5,967-33 1,839-78 72-24 74-64 4,666-55 12,620-54

LINES OPERATED UNDER LEASE OR CONTRACT—NOT AFFILIATED Beech Creek Railroad 142-15 10-00 169-28 321-43 Boston & Albany R R & subsidiaries 390-96 221-57 77-63 25-16 398-97 1,114-29 Canadian National Rwys 13-26 4-61 17-87 Central Railroad of Indianapolis - - - 1-94 1-94 Delaware, Lackawanna & Western R R — -— - - 1-29 1-29 Detroit, Hillsdale & South Western R R 64-71 - - 6-45 71-16 Dillonvale & Smithfield Rwy 4-42 - - - 5-27 9-69 Erie & Kalamazoo Railroad 21-82 - - - 6-22 28-04 Fort Wayne & Jackson Railroad 97-36 •0-2 - 25-05 122-43 - Genesee Falls Railway - 2-06 206 Illinois Central Railroad - - 2-02 2-02 - - - Kalamazoo, Allegan & Grand Rapids R R 5S-4-7 - - 20-00 78-47 Mt Gilead Short Line Rwy •74 - - - •34 1-08 New York, Chicago & St. Louis R R - - 6-18- 6-18 St Joseph, So Bend & Southern R R 39-31- - - — 11-1-8 50-49 Titusville & Cambridge Springs R R - - •45 •45 Troy & Greenbush Railroad 5-56- 5-51- - - 1216 23-23 - - Total lines operated under lease or contract—not affiliated 838-76 237-10 77-63 31-34 667-29 1,852-12 Total lines operated under lease or contract 6,806-09 2,076-88 149-87 105-98 5,333-84 14,472-66

* See preceding page © Operated through stock ownership as a Biding without formal contract -18 mile at Marion, Ind., owned jointly with T St L A W R R, and -20 mile in Carmi, III., owned jointly with L4NRR 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 BAO, end -43 mile at Danville owned jointly by the P A E and C & E I R R, also '15 mile owned jointly by the P & E and I C R R at Champaign, Til ® Include* '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, III. owned jointly by the M C R R and C R I A P Ry ® 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 A S and P M R R ® Owned jointly with the Chesapeake and Ohio Ry Co 41

The New York Central Railroad Company

TABLE OF TRACKS (continued)

MILES OF MAIN TRACK Yards and LINES OPERATED UNDER TRACKAGE RIGHTS First Second Third Fourth Bi dings Total Baltimore and Ohio Railroad 88-15 49-00 1-41 138-56 Boston and Maine Railroad •26 - - •26 Boston Terminal Company •46 •4-6 - - - •92 Buffalo Creek Railroad 3-56 3-48 •9-5 - - 7-99 Buffalo, Rochester & Pittsburgh Rwy 48-97 19-77 - - 68-74 Canadian National Railways 2-00 •53 - - - 2-53 Canadian Pacific Railway 15-26 14-12 - - - 29-38 Central Union Depot & Railway Co. of Cincinnati •24 •24 - - - •48 Cherry Tree & Dixonville R R 37-84 - - 25-7-8 63-62 Chicago, Burlington & Quincy R R 6-63 - - - 4-46 1109 Chicago & Eastern Illinois R R 3-50 - - - 3-95 7-45 Chicago & Northwestern Rwy 1-94 - - - 1-94 Cleveland Union Depot •23 •2-5 - - - •48 Cleveland Union Terminal Company - 7-0-0 14-2-4 21-24 Dayton Union Railway - - •5-4 •54 1-08 Delaware and Hudson Company 18-8-7 7-78- - 26-65 Detroit & Mackinaw Railroad 2-16 - _ 3-5-9 5-75 Erie Railroad 44-41 48-6-6 •5-7 - 93-64 Grand Trunk Western Rwy 3-23 - - 3-23 Hocking Valley Railway 8906 4012- - - 18-4-1 147-59 Illinois Central Railroad 15-48 14-74 - - 30-22 Indiana Harbor Belt Railroad 29-66 29-72 - - 24-7-8 84-16 Indianapolis Union Railway 10-94 10-97 - - 21-91 Lake Erie & Eastern Railroad 8-31 8-28 - - 7-4-9 2408 Lake Erie & Pittsburg Railway* 27-76 - 13-61 41-37 Louisville & Jeffersonville Bridge & R R 2-60 - - - — 2-60 Louisville & Nashville R R 1-82 1-55- - - 2-66 603 Manistee & North Eastern Rwy 2-96 — - - 2-96 New York, Chicago & St Louis R R 19-36 23-36 - - 316- 45-88 New York, Ontario & Western Rwy 12-96 - - 12-96 Pennsylvania Railroad 167-76 89-0-8 - - 6-69- 263-53 Peoria & Pekin Union Rwy 8-83 - - 8-83 Pittsburgh & Lake Erie R R 5-47 4-2-2 •8-3 •2-3 11-2-3 21-98 Pere Marquette Railroad •16 •16 Reading Company 3-71 3-71- - - - 7-42 Rutland Railroad 38-59 - - 38-59 Southern Railway - - - 6-60- 6-60 Terminal R R Ass'n of St. Louis 12-1-1 12-6-1 - - 24-72 Toledo Terminal Railroad 28-67 25-78 - - 202- 56-47 Troy Union Railroad 2-03 200 - - 1-97 600 Union Depot Company •2-2 •3-1 •53 Wabash Railway •1-7 - •0-3 •20 Wheeling & Lake Erie Railway 12-43 - - - 1-23 13-66 Zanesville Terminal Railroad •15 - - - •98 1-13 Industrial Track - - - •09 •09 - - - - Total trackage rights 778-70 410-43 311 8-08 154-38 1,354-70 Total operated mileage 11,438-32 3,943 00 928-12 831-55 9,363-28 26,504.27

RECAPITULATION

Owned Lines operated under lease or contract Otherwise operated Totals 1st track All tracks 1st track All tracks 1st track All tracks 1st track All tracks STATE OR PROVINCE miies miles miles miles miles miles miles miles New York 2,187-56 6,057-05 726-62 1,976-04 81-66 98-94 2,995-84 8,132-03 Pennsylvania 367 05 746-88 276-85 538 09 234-99 330-62 878-89 1,615-59 Ohio 408-09 1,878-53 1,517-16 3,189-12 269-93 556-61 2,195-18 5,624-26 Indiana 407-03 1,176-63 1,130-31 2,102-04 90-30 15007 1,627-64 3,428-74 Illinois 135-57 32700 694-79 1,337-47 65-73 153-67 896-09 1,818-14 Michigan 348-23 490-82 1,372-76 2,802-00 8-68 13-38 1,729-67 3,306-20 Massachusetts 333-21 964-48 •72 1-18 333-93 965-66 Kentucky - - 2-12 2-86 2-12 2-86 Missouri - - - - 8-18 16-86 8-18 16-86 New Jersey - - 23-2-7 204-9-7 23-27 204-97 West Virginia - - 247-01 351-27 - - 247-01 351-27 Province of Quebec - - 46-57 62-47 14-12 28-24- 60-69 90-71 Province of Ontario - - 437-54 944-71 2-27 2-27 439-81 946-98 Totals 3,853-5-3 10,676-9-1 6,806-09 14,472-66 778-70 1,354-70 11,438-32 26,504-27

* Owned jointly by the N Y C R R Co and the Penn Co 42

Annual Report

TRAFFIC STATISTICS

INCLUDING BOSTON 4 ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES.

TRAIN, LOCOMOTIVE AND CAE MILEAGE STATISTICS TRAIN MILEAGE REVENUE SERVICE 1932 1931 Increase Decrease Freight train-miles 27,815,240 32,364,738 4,549,498 Passenger train-miles 39,085,018 44,227,317 5,142,299 Milk train-miles 1,415,630 1,477,703 62,073 Other passenger train-miles 2,892,283 4,425,159 1,532,876 Mixed train-miles 906,480 943,818 37,338 Special train-miles 14,054 16,904 2,850 Total revenue train mileage 72,128,705 83,455,639 11,326,934 Non-revenue train-miles 516,028 1,106,526 590,498 Total train mileage 72,644,733 84,562,165 11,917,432

LOCOMOTIVE MILEAGE REVENUE SERVICE Freight locomotive-miles—steam 30,325,859 35,715,588 5,389,729 Freight locomotive-miles—electric 312,670 288,173 24,497 Passenger locomotive-miles—steam 40,587,950 47,457,839 6,869,889 Passenger locomotive-miles—electric 2,133,889 2,258,648 124,759 Mixed locomotive-miles—steam 935,458 976,143 40,685 Special locomotive-miles—steam 15,412 18,477 3,065 Switching locomotive-miles—steam 23,180,866 28,078,473 4,897,607 Switching locomotive-miles—electric 2,069,052 2,453,307 384,255 Total revenue locomotive-miles—steam 95,045,545 112,246,520 17,200,975 Total revenue locomotive-miles—electric 4,515,611 5,000,128 484,517 Total revenue locomotive mileage 99,561,156 117,246,648 17,685,492 Non-revenue locomotive-miles—steam 686,280 1,359,176 672,896 Non-revenue locomotive-miles—electric 20,028 46,030 26,002 Total non-revenue locomotive mileage 706,308 1,405,206 698,898 Total locomotive-miles—steam 95,731,825 113,605,696 17,873,871 Total locomotive-miles—electric 4,535,639 5,046,158 510,519 Total locomotive mileage 100,267,464 118,651,854 18,384,390

CAR MILEAGE REVENUE SERVICE Freight car-miles, in freight and mixed trains Loaded 918,627,714 1,133,877,346 215,249,632 Empty 612,531,109 742,778,983 130,247,874 Caboose 28,881,957 33,506,111 4,624,154 Total freight car-miles 1,560,040,780 1,910,162,440 350,121,660 Passenger car-miles, in passenger and mixed trains Passenger 95,773,568 103,269,693 7,496,125 Sleeping, parlor and observation 129,859,464 169,368,896 39,509,432 Dining 14,954,370 17,157,576 2,203,206 Milk 21,922,977 23,989,065 2,066,088 Other passenger-train cars 113,126,375 126,683,548 13,557,173 Total passenger car-miles 375,636,754 440,468,778 64,832,024 Special car-miles Freight—loaded 212,091 207,331 4,760 Freight—empty 2,748 2,748 Caboose 14,195 15,531 1,336 Passenger 69,025 83,944 14,919 Total special car-miles 295.311 309,554 14,243 Total revenue car mileage 1,935,972,845 2,350,940,772 414,967,927 Non-revenue car-miles 1,005,312 2,432,929 1,427,617 Total car milage 1,936,978,157 2,353,373,701 416,395,544 43

The New York Central Railroad Company

TRAFFIC STATISTICS (continued)

INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES.

FREIGHT 1932 1931 Increase Decrease Tons of revenue freight carried 86,322,846 113,750,950* 27,428,104 Tons of company freight carried 11,368,872 14,213,277 2,844,405 Total tons of freight carried 97,691,718 127,964,227* 30,272,509 Tons of revenue freight carried one mile 19,776,624,043 24,902,953,692 5,126,329,649 Tons of company freight carried one mile 2,595,833,628 2,904,935,952 309,102,324 Total tons of freight carried one mile 22,372,457,671 27,807,889,644 5,435,431,973 Miles of road operated in freight service 11,379-51 11,293-73 85-78 Tons of revenue freight carried one mile per mile of road 1,737,915 2,205,024 467,109 Tons all freight carried one mile per mile of road 1,966,021 2,462,241 496,220 Average distance haul of one ton of revenue freight miles 229-10 miles 218-93* miles 10-17 Average distance haul of one ton of all freight miles 229-01 miles 217-31* miles 11-70 Average number of tons of revenue freight per train mile® 688-56 747-64 59-08 Average number of tons of all freight per train mile® 778-94 834-86 55-92 Average number of tons revenue freight per loaded car mile 21-53 21-96 •43 Average number of tons of all freight per loaded car mile 24-35 24-52 •17 Average number of freight cars per train mile® 54-31 57-35 304 Average number of loaded cars per train mile® 31-98 3404 206 Average number of empty cars per train mile® 21-33 22-30 •97 Total freight revenue $193,328,131.69 $245,897,087.34 $52,568,955.65 Average amount received for each ton of freight $2.24 $2.16 $0.08 Average revenue per ton per mile cents 0-978 cents 0-987 cent -009 Average revenue per mile of road $16,989.14 $21,772.89 $4,783.75 Average revenue per train mile® $6.73 $7.38 $0.65 PASSENGER Number of interline passengers carried 1,890,457 2,388,879 498,422 Number of local passengers carried 11,642,277 15,136,707 3,494,430 Number of commutation passengers carried 37,248,454 45,641,325 8,392,871 Total number of revenue passengers carried 50,781,188 63,166,911 12,385,723 Total number of revenue passengers carried one mile 2,276,744,358 2,988,079,198 711,334,840 Miles of road operated in passenger service 9,694-54 10,064-56 37002 Revenue passengers carried one mile per mile of road 234,848 296,891 62,043 Average distance each revenue passenger carried miles 44-83 miles 47-30 miles 2-47 Average number of passengers per train mile® 57 66 9 Average number of passengers per car mile 10-09 10-96 •87 Average number of passenger-carrying cars per train mile 6-13 6-53 •40 Average number of cars in passenger trains® 8-45 8-60 •15 Average number of passenger cars in mixed trains 1-52 1-47 •05 Total passenger revenue $60,151,921.88 $86,304,507.96 $26,152,586.08 Average amount received from each passenger $1.18 $1.37 $0.19 Average revenue per passenger per mile cents 2-642 cents 2-888 cent -246 Total passenger service train revenue $85,468,055.05 $117,461,462.00 $31,993,406.95 Average passenger service train revenue per mile of road $8,816.10 $11,670.80 $2,854.70 Average passenger service train revenue per train mile© $1.93 $2.30 $0.37 TOTAL TRAFFIC Operating revenues $293,636,140 28 $382,190,182 89 $88,554,042 61 Operating expenses 227,176,620 18 307,065,680 57 79,889,060 39 Net operating revenue $66,459,520 10 $75,124,502 32 $8,664,982 22 Average mileage of road operated 11,438-32 11,388-48 49-84 Operating revenues per mile of road $25,671 26 $33,559 37 $7,888 11 Operating expenses per mile of road 19,861 01 26,962 83 7,101 82 Net operating revenue per mile of road $5,810 25 $6,596 54 $786 29

® " Freight train miles " includes total " mixed train miles " (D " Passenger train miles " includes total " mixed train miles " * Revised for comparative purposes 44

Annual Report

TRAFFIC STATISTICS (continued)

INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES.

DESCRIPTION OF REVENUE FREIGHT MOVED IN 1932

NUMBER OF CARLOADS COMMODITY NUMBER OF TONS (2.000 pounds) >ecrease Increase 1931 1932 PRODUCTS OF AGRICULTURE 1932 1931 Increase Decrease

1,530 28,715 27,185 Wheat 1,176,284 1,232,838 56,554 4,918 33,315 28,397 Corn 1,169,055 1,299,549 130,494 557 19,286 18,729 Oats 598,124 600,717 2,593 724 2,772 2,048 Barley and rye 68,800 99,294 30,494 168 866 698 Rice 17,042 20,105 3,063 82 705 623 Grain, jr. o. s. 17,631 19,252 1,621 4,008 52,676 48,668 Flour, wheat 1,270,702 1,381,604 110,902 117 910 1,027 Meal, corn 24,088 20,009 4,079 944 3,603 2,659 Flour and meal, edible, N. o. s. 63,261 86,997 23,736 2,245 15,027 12,782 Cereal food preparations, edible, N. o. S. 195,558 235,671 40,113 11,977 48,132 36,155 Mill products, N. o. s. 825,562 1,083,317 257,755 5,637 25,883 20,246 Hay and alfalfa 247,746 313,340 65,594 2,419 3,957 1,538 Straw 20,496 49,604 29,108 118 4,329 4,211 Tobacco, leaf 50,131 51,385 1,254 2,177 4,896 2,719 Cotton in bales 44,072 55,537 11,465 235 1,733 1,968 Cotton linters, noils and regins 42,727 32,887 9,840 10 11 1 Cottonseed 13 200 187 95 2,515 2,420 Cottonseed meal and cake 61,154 59,394 1,760 1,525 11,686 10,161 Oranges and grapefruit 180,963 200,600 19,637 336 1,452 1,116 Lemons, limes and citrus fruits, N. o. S. 16,716 21,425 4,709 824 12,184 13,008 Apples, fresh 182,706 177,388 5,318 2,494 10,569 8,075 Bananas 86,641 112,087 25,446 127 713 586 Berries, fresh 7,996 11,441 3,445 839 3,355 2,516 Cantaloupes and melons, N. o. s. 29,063 39,253 10,190 992 7,876 6,884 Grapes, fresh 98,487 112,917 14,430 984 3,670 2,686 Peaches, fresh 29,904 40,244 10,340 1,059 3,274 2,215 Watermelons 30,263 44,167 13,904 996 2,750 3,746 Fruits, fresh, domestic, N. o. S. 54,188 38,964 15,224 399 932 533 Fruits, fresh, tropical, N. o. S. 7,033 11,480 4,447 4,251 18,816 14,565 Potatoes, other than sweet 261,475 342,793 81,318 1,730 8,349 6,619 Cabbage 84,947 107,267 22,320 1,204 9,904 8,700 Onions 112,311 127,368 15,057 277 2,443 2,166 Tomatoes 23,923 29,156 5,233 2,866 17,666 20,532 Vegetables, fresh, N. O. s. 240,285 204,293 35,992 57 4,732 4,675 Beans and peas, dried 110,977 107,676 3,301 472 1,725 1,253 Fruits, dried or evaporated 28,876 40,113 11,237 75 2,463 2,388 Vegetables, dry, N. o. S. 34,097 34,478 381 259 2,267 2,008 Vegetable-oil cake and meal, except cottonseed 52,322 61,063 8,741 107 1,158 1,051 Peanuts 16,013 17,665 1,652 2 187 189 Flaxseed 7,915 7,114 801 2,343 1,408 3,751 Sugar beets 144,818 49,323 95,495 2,099 16,116 14,017 Products of agriculture, N. o. S. 293,387 337,790 44,403

49,512 395,026 345,514 TOTALS 8,027,752 8,917,765 890,013

N. o. s.— Not otherwise specified 45

The New York Central Railroad Company

TRAFFIC STATISTICS (continued)

INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES.

DESCRIPTION OF REVENUE FREIGHT MOVED IN 1932 (continued)

NUMBER OF CARLOADS COMMODITY NUMBER OF TONS (2,000 pounds) Decrease Increase 1931 1932 ANIMALS AND PRODUCTS 1932 1931 Increase Decrease

612 2,197 1,585 Horses, mules, ponies and asses 18,628 24,591 5,963 3,996 26,930 22,934 Cattle and calves, single-deck 270,555 315,874 45,319 583 1,833 1,250 Calves, double-deck 15,515 22,973 7,458 40 1,986 2,026 Sheep and goats, single-deck 15,895 15,714 181 73 5,922 5,849 Sheep and goats, double-deck 58,221 58,834 613 515 5,826 5,311 Hogs, single-deck 49,144 55,041 5,897 1,949 40,925 38,976 Hogs, double-deck 486,844 505,798 18,954 5,274 60,362 55,088 Fresh meats, N. o. s. 673,749 731,119 57,370 2,800 11,191 8,391 Meats, cured, dried or smoked 131,415 166,671 35,256 212 393 181 Butterine and margarine 2,293 4,758 2,465 3,108 11,105 14,213 Packing-house products, edible, N. O. S. not including canned meats 223,430 179,551 43,879 1,418 9,306 7,888 Poultry, live 73,007 86,121 13,114 590 10,006 10,596 Poultry, dressed 124,543 117,456 7,087 3,137 15,629 12,492 Eggs 146,449 184,636 38,187 236 12,988 12,752 Butter 158,997 162,352 3,355 110 2,589 2,479 Cheese 33,928 35,732 1,804 2,542 6,865 4,323 Wool 51,507 87,082 35,575 803 4,242 3,439 Hides, green 73,309 86,658 13,349 14 1,063 1,077 Leather 18,145 17,676 469 213 1,043 830 Fish or sea-animal oil 23,426 27,951 4,525 23 88 111 Animals, live, N. o. s. 1,410 1,132 278 2,475 9,562* 7,087 Animal products, N. o. S. (other than fertilizers and fertilizer materials) 151,219 197,749* 46,530

23,173 242,051* 218,878 TOTALS 2,801,629 3,085,469* 283,840

PRODUCTS OF MINES

17,499 116,481 98,982 Anthracite coal 4,565,682 5,437,667 871,985 160,074 899,726 739,652 Bituminous coal 39,212,478 46,816,676 7,604,198 10,184 52,592 42,408 Coke 1,369,897 1,699,326 329,429 15,333 24,037 8,704 Iron ore 684,483 1,823,290 1,138,807 55 281 226 Copper ore and concentrates 10,952 9,662 1,290 40 72 32 Lead ore and concentrates 1,249 2,908 1,659 1,278 2,157 879 Zinc ore and concentrates 44,340 99,367 55,027 4,125 6,637 2,512 Ores and concentrates, N. o. s. 122,747 337,595 214,848 27,948 45,500 17,552 Gravel and sand (other than glass or molding) 1,001,752 2,571,488 1,569,736 23,363 44,688 21,325 Stone, broken, ground or crushed 1,240,075 2,552,591 1,312,516 5,674 9,585 3,911 Stone, rough, N. o. s. 154,784 411,837 257,053 720 2,939 2,219 Stone, finished, N. O. s. 68,481 95,384 26,903 169 1,095 926 Petroleum, crude 32,432 33,473 1,041 462 10,546 10,084 Asphalt (natural, by-product or petroleum) 341,909 358,934 17,025 627 12,776 12,149 Salt 367,651 378,267 10,616 191 532 341 Phosphate rock, crude (ground or not ground) 12,956 22,807 9,851 402 1,571 1,169 Sulphur (brimstone) 43,201 63,463 20,262 14,057 47,216 33,159 Products of mines, N. O. S. 1,514,282 2,233,567 719,285

282,201 1,278,431 996,230 TOTALS 50,789,351 64,948,302 14,158,951

N. o. s.— Not otherwise specified * Revised for comparative purposes 46

Annual Report

TRAFFIC STATISTICS (continued)

INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES.

DESCRIPTION OF REVENUE FREIGHT MOVED IN 1932 (continued)

NUMBER OF CARLOADS COMMODITY NUMBER OF TONS (2,000 pounds) Decrease Increase 1931 1932 PRODUCTS OF FORESTS 1932 1931 Increase Decrease

1,654 3,527 1,873 Logs 52,169 101,119 48,950 2,092 4,732 2,640 Posts, poles and piling 66,009 123,931 57,922 90 417 507 Wood (fuel) 15,323 10,861 4,462 703 2,140 1,437 Ties, railroad 37,614 60,679 23,065 6,859 12,237 5,378 Pulp wood 151,414 322,297 170,883 25,673 63,471 37,798 Lumber, shingles and lath 926,395 1,585,007 658,612 2,637 7,145 4,508 Box, crate and cooperage materials 95,600 151,667 56,067 316 840 524 Veneer and built-up wood 10,952 17,580 6,628 90 1,412 1,322 Rosin 36,546 36,336 210 69 338 269 Turpentine 6,557 8,315 1,758 158 2,184 2,342 Crude rubber (not reclaimed) 79,661 66,112 13,549 1,671 7,805 6,134 Products of forests, N. o. S. 105,671 127,638 21,967

41,516 106,248 64,732 TOTALS 1,583,911 2,611,542 1,027,631

MANUFACTURES AND MISCELLANEOUS

21,513 140,287 118,774 Petroleum oils, refined, and all other gasolines 3,422,373 4,037,887 615,514 468 14,273 14,741 Fuel, road and petroleum residual oils, N. O. S. 474,256 438,799 35,457 2,968 17,255 14,287 Lubricating oils and greases 321,897 385,215 63,318 393 1,492 1,099 Petroleum products, N. O. S. 26,829 34,986 8,157 453 1,187 1,640 Cottonseed oil 44,923 27,661 17,262 488 1,198 710 Linseed oil 17,978 30,333 12,355 772 3,095 2,323 Vegetable oils, N. o. s. 66,801 87,094 20,293 2,763 13,997 11,234 Sugar (beet or cane) 305,108 365,497 60,389 303 1,929 1,626 Table sirups and edible molasses 45,440 54,469 9,029 1,217 1,913 696 Molasses, blackstrap and beet residual 29,046 80,327 51,281 3,254 6,500 3,246 Iron, pig 177,869 358,290 180,421 2,174 3,749 1,575 Iron and steel, rated 6th class in official classification, N. o. s. 73,391 190,506 117,115 1,110 2,032 922 Rails, fastenings, frogs and switches 31,746 69,323 37,577 3,851 6,055 2,204 Cast-iron pipe and fittings 50,500 145,316 94,816 9,088 16,108 7,020 Iron and steel pipe and fittings, N. o. S. 174,861 467,293 292,432 2,839 8,596 5,757 Iron and steel: Nails and wire, not woven 130,917 192,996 62,079 37,102 83,735 46,633 Iron and steel, rated 5th class in official classification, N. o. s. (also tin and terne plate) 1,314,392 2,442,692 1,128,300 1,237 1,709 472 Copper: Ingot, matte and pig 18,947 78,248 59,301 649 1,825 1,176 Copper, brass and bronze: Bar, sheet and pipe 28,175 35,858 7,683 1,192 3,388 2,196 Lead and zinc: Ingot, pig or bar 83,448 134,639 51,191 288 461 173 Aluminum: Ingot, pig or slab 4,261 11,598 7,337 11,618 28,122 16,504 Machinery and boilers 290,738 486,727 195,989 23,650 59,241 35,591 Cement, natural or Portland (building) 1,326,672 2,270,266 943,594 7,857 9,955 2,098 Brick, common 82,548 469,952 387,404 9,484 20,194 10,710 Brick, N. o. s., and building tile 416,950 751,817 334,867 2,096 3,425 1,329 Artificial stone, N. o. s. 39,466 99,994 60,528 6,045 16,418 10,373 Lime, common (quick or slaked) 219,892 350,199 130,307

468,139 315,109 Carried forward 9,219,424 14,097,982

N. o. s.— Not otherwise specified 47

The New York Central Railroad Company

TRAFFIC STATISTICS {concluded)

INCLUDING BOSTON A ALB ANT RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES.

DESCRIPTION OF REVENUE FREIGHT MOVED IN 1932 {concluded)

NUMBER OF CARLOADS COMMODITT NUMBER OF TONS (2,000 pounds) Decrease Increase 1931 1932 MANUFACTURES AND MISCELLANEOUS (concluded) 1932 1931 Increase Decrease

468,139 315,109 Brought forward 9,219,424 14,097,982 7,161 15,532 8,371 Plaster (stucco or wall) and dry kalsomine 199,951 361,232 161,281 4,265 8,856 4,591 Sewer pipe and drain tile (not metal) 76,458 148,597 72,139 2,964 5,434 2,470 Agricultural implements and parts, N. O. s. 37,618 85,598 47,980 154 297 143 Vehicles, horse-drawn, and parts, N. 0. s. 1,684 3,079 1,395 1,803 2,482 679 Tractors and parts 9,265 37,968 28,703 397 872 475 Railway car wheels, axles and trucks 13,784 22,835 9,051 31,332 88,963 57,631 Automobiles (passenger) 350,877 521,030 170,153 2,749 5,467 2,718 Autotrucks 22,820 41,841 19,021 20,908 46,722 25,814 Automobiles and autotrucks, knocked down, and parts, N. o. s. 422,853 771,137 348,284 1,670 6,713 5,043 Automobile and autotruck tires 66,105 90,252 24,147 851 2,229 1,378 Furniture, metal 15,692 27,238 11,546 3,183 9,189 6,006 Furniture, other than metal 46,387 69,773 23,386 2,844 5,524 2,680 Beverages 50,200 102,191 51,991 1,377 4,103 2,726 Ice 81,958 122,911 40,953 8,735 23,826 15,091 Fertilizers, N, o. s. 387,987 597,194 209,207 8,984 29,528 20,544 Newsprint paper 552,456 767,150 214,694 4,878 18,407 13,529 Printing paper, N. o. S. 298,077 411,851 113,774 325 3,850 3,525 Alcohol, denatured or wood 78,635 85,569 6,934 563 1,999 1,436 Sulphuric acid 66,417 89,339 22,922 303 1,232 929 Explosives, N. o. s. 16,924 20,259 3,335 1,157 4,093 2,936 Cotton cloth and cotton fabrics, N. o. s. 30,896 41,362 10,466 709 1,945 1,236 Bagging and bags, burlap, gunny or jute 23,474 36,757 13,283 5,723 34,629 28,906 Canned food products, N. o. s. 632,035 742,905 110,870 200 1,040 840 Tobacco, manufactured products 14,597 17,710 3,113 882 2,634 1,752 Paints in oil and varnishes 37,657 54,965 17,308 3,056 5,793 2,737 Furnace slag 153,120 322,862 169,742 6,495 15,594 9,099 Scrap iron and scrap steel 386,681 638,350 251,669 2,558 12,690 10,132 Paper bags and wrapping paper 218,398 275,937 57,539 10,276 31,020 20,744 Paperboard, pulpboard and wallboard (paper) 423,238 638,195 214,957 947 7,334 6,387 Building paper and prepared roofing materials 139,501 15S.176 18,675 1,106 2,635 1,529 Building woodwork (millwork) 26,214 45,445 19,231 1,801 10,268 8,467 Soap and washing compounds 181,691 205,711 24,020 451 1,118 667 Glass, flat, other than plate 16,839 28,116 11,277 2,964 15,531 12,567 Glass: Bottles, jars and jelly glasses 230,474 283,935 53,461 119,079 413,262 294,183 Manufactures and miscellaneous, N. o. s. 6,223,347 8,535,750 2,312,403

415,880 1,308,950 893,070 TOTALS 20,753,734 30,501,202 9,747,468

812,282 3,330,706* 2,518,424 GRAND TOTAL, CARLOAD TRAFFIC 83,956,377 110,064,280* 26,107,903

All L. C. L. freight 2,366,469 3,686,670* 1,320,201

GRAND TOTAL, CARLOAD AND L. C. L. TRAFFIC 86,322,846 113,750,950* 27.42S, 104

N. o, s.—Not otherwise specified Revised for comparative purposes