The New York Central Railroad Company

Report of the Board of Directors to the Stockholders for the year ended December 31, 1930

NEW YORK CENTRAL BUILDING 230 Park Avenue New York

ORGANIZATION OF THE NEW YORK CENTRAL RAILROAD COMPANY

DECEMBER 31, 1930

DIRECTORS

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

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

ALBERT H. HARRIS, Chairman GEORGE F. BAKER JACKSON E. REYNOLDS WILLIAM K. VANDERBILT CHARLES B. SEGER HAROLD S. VANDERBILT PATRICK E. CROWLEY

OFFICERS President PATRICK E. CROWLEY Vice President, Finance and Corporate Relations ALBERT H. HARRIS Vice President, Traffic GEORGE H. INGALLS Vice President, Freight Traffic CHARLES J. BRISTER Vice President, Passenger Traffic IJOREN F. VOSBURGH 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 Resident Vice President, Cincinnati HARRY A. WORCESTER Vice President in charge of New York Central Railroad RAYMOND D. STARBUCK 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 Secretary EDWARD F. STEPHENSON General Treasurer HARRY G. SNELLING Treasurer EDWARD L. ROSSITER Comptroller LEROY V. PORTER

General Treasurer, 466 Lexington Avenue, New York, transfers stock; pays dividends on stock registered in New York City; transfers registered bonds; pays interest on coupon and registered bonds Central Hanover Bank and Trust Co. registers stock in New York City Messrs. Morgan, Grenfell & Company, 23 Great Winchester Street, London, E. C, England {London fiscal agents), transfer stock registered in England; pay dividends on stock registered in England National Provincial Bank, Limited, London, registers stock in England 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, 1930, with statements showing the income account and the financial condition of the company. Leases of lines of controlled companies Under indentures dated January 2, 1930, effective February 1, 1930, the company leased for 99 years the lines and properties of The Cleveland Cincinnati Chicago and St Louis Railway Company, The Michigan Central Railroad Company, the Chicago Kala• mazoo and Saginaw Railway Company and the lessor companies' leased lines, including in the case of The Cleveland Cincinnati Chicago and St Louis Railway Company the lines and properties which by similar indentures for like terms had been leased to it by The Cincinnati Northern Railroad Company and Evansville Indianapolis and Terre Haute Railway Company. The additional mileage acquired by the company for operation under these leases, stated as of December 31, 1929, is as follows:

Trackage (Inter-company Owned Leased mileage eliminated) Total Road miles miles miles miles C C C & St L Ily 1,698-17 529-81 119-59 2,347-57 Michigan Central R R 1,182-56 576-43 00-52 1,819-51 CK&SRv 45-91 45-91 Cincinnati Northern R R 205-14 205 14 E I & T H Ry 139 01 3-50 142-51

Totals 3,27079 1,106-24 183-61 4,560-64

3 4

Annual Report

The total mileage operated by the company at the end of the year compared with the same lines stated as of December 31, 1929, was as follows:

1930 1929 Increase Decrease Miles Miles Miles Miles Main line and branches 3,731'52 3,727-05 4-47 Leased lines and lines operated under contract 6,963-78 7,03r82 68-04 Trackage rights 726-25 726-31 -06

Totals 11,421-55 11,485-18 6363

Of the increase of 447 miles of main line and branches, -27 mile resulted from change of line at Mott Haven Junction, and 4-25 miles from construction of the St Joseph Lead Branch, Emeryville to Balmat, N. Y., and there was a reduction of -05 mile due to re- measurements and adjustments. The decrease of 68-04 miles of leased lines is accounted for as follows: there was a decrease of 5873 miles, resulting from reclassification of first main track as second and third tracks, principally by reason of the parallelism of the Toledo-Detroit lines of this company and The Michigan Central Railroad Company, a decrease of 401 miles caused by relocation of West Shore Railroad tracks at Syracuse, a decrease of 5-34 miles incident to the abandonment of tracks of the West Shore Railroad at Utica and Syracuse, formerly used in connection with the operation of the New York State Railways between those points, and there was an increase of -04 mile due to remeasurements and adjustments. Miles operated under trackage rights decreased -06 mile as the result of sundry remeasurements and adjustments.

Restatement of accounts for January, 1930, to reflect lease basis for entire year—comparisons with 1929

For the purpose of comparisons on an annual basis, the figures for the lines leased as of February 1, 1930, have been included for the entire year 1930 in making up the income account as it is set forth on page 6 and in statements of tonnage and traffic. For the same reason, where comparisons with the year 1929 are shown the figures for that year for the leased lines referred to have been included. The actual income account for 1930 is stated on page 56. 5

The New York Central Railroad Company

The year's business The general recession in business which commenced in the latter part of 1929 and which continued throughout 1930 is reflected in the heavy decrease as compared with 1929, in freight and passenger traffic and the revenues therefrom. Operating revenues were $478,918,347.55, a decrease of $111,090,275.99. Revenue freight amounted to 150,046,279 tons, a decrease of 53,146,925 tons (26-16%), the revenue therefrom being $307,177,575.29, a decrease of $74,803,799.89 (19-58%). As shown by the appended statement of commodities handled (pp. 52-55), decreases in tonnage were general throughout the list, there having been only a few increases and these of relatively minor importance. Some of the commodities in which major decreases took place, with accompanying serious losses in revenue, are listed in the following table:

Commodities Tons Decrease Revenue Decrease Automobiles and autotrucks, tires, accessories, etc. 1,916,309 2,065,514 $15,086,076 $12,890,802 Bituminous coal 59,449,342 21,744,844 67,003,287 11,179,215 Iron and steel, rated 5th class, N. O. S. 3,652,593 2,626,914 10,750,080 6,221,327 Lumber, shingles and lath 2,414,941 2,247,862 5,750,235 3,897,755 Products of mines—other 3,781,331 2,199,097 4,277,203 1,914,633 Iron ore 4,944,058 2,174,238 2,618,559 1,298,661 Gravel, sand and crushed stone 7,836,598 2,807,957 5,478,424 1,947,654 Machinery and boilers 704,725 367,657 3,043,965 1,028,970 Scrap iron and scrap steel 971,875 761,602 1,646,623 1,028,693

The company carried 72,951,015 revenue passengers, a decrease of 6,264,077, these losses being distributed: interline passengers 2,816,809, local passengers 2,665,520, and commutation passengers 781,748. Comparison with interline and local passengers carried in 1929 is, however, affected by the fact that for 1930 all passengers traveling between points on the lines operated by the company are classified as local, while for 1929 passengers traveling between points on the New York Central Railroad and points on lines leased by the company in 1930 were classified as interline passengers. The revenue received from passenger business amounted to $111,184,744.82, a decrease of $19,877,¬ 511.80. Net railway operating income was $57,235,527.37, a decrease of $46,467,252.38. Net income amounted to $35,981,791.87, a decrease of $41,446,791.90, the decrease in net rail• way operating income being partly offset by an increase of $5,594,969.32 in non-operating income. G

Annual Report

INCOME ACCOUNT FOR THE YEAR

INCLUDING BOSTON * ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES. (RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFECTIVE FEBRUARY 1, 1930, ARE INCLUDED FOR PURPOSES OF COMPARISON. FIGURES FOR 1929 HAVE BEEN REVISED BY INCLUDING THE FIGURES FOR ROADS COVERED BY LEASES EFFECTIVE FEBRUARY 1, 1930)

Year ended Year ended 31, 1930 Dec. 31, 1929 Increase Decrease OPERATING INCOME Dec. 11,421-55 miles 11,485 18 miles 63-63 milei RAILWAY OPERATIONS operated operated Railway operating revenues $478,918,347 55 $590,008,623 54 8111,090,275 99 Railway operating expenses 376,729,417 97 441,245,593 33 64,516,175 36 NET REVENUE FROM RAILWAY OPERATIONS $102,188,929 58 3148,703,030 21 846.574,100 63 Percentage of expenses to revenues (78-66) (74-781 (3-88) Railway tax accruals $34,009,020 80 $39,709,413 55 85,760,392 75 Uncollectible railway revenues 125,750 30 135,087 82 9,937 52 RAILWAY OPERATING INCOME 808,054,158 48 S 108,857,928 84 840,803,770 36 Equipment rents, net debit $10,288,151 34 80,749,251 41 $3,538,899 93 Joint facility rents, net debit 530,479 77 Cr 1,594,102 32 2,124,5S2 09 NET RAILWAY OPERATING INCOME 857,235,527 37 8103.702.779 75 $46,467,252 38

MISCELLANEOUS OPERATIONS

Revenues $999,418 80 81,111,025 30 8111,606 50 Expenses and taxes 963,296 74 1,068,358 55 105,061 81

MISCELLANEOUS OPERATING INCOME $36,122 06 842,660 75 86,544 69

TOTAL OPERATING INCOME $57,271,649 43 8103,745,440 50 $46,473,797 07

NON-OPERATING INCOME

Income from lease of road $164,397 38 $143,185 40 821,211 98 Miscellaneous rent income 5,887,457 91 5,610,332 00 277,125 91 Miscellaneous non-operating physical property 3,448,361 23 2,889,944 27 558,416 96 Separately operated properties—profit 2,003,285 39 720,399 80 1,282,885 59 Dividend income 14,916,581 73 13,041,084 56 1,875,497 17 Income from funded securities and accounts 6,045,985 10 6,136,742 40 $90,757 30 Income from unfunded securities and accounts 4,377,680 68 5,072,782 07 695,101 39 Income from sinking and other reserve funds 211,044 92 203,232 39 7,812 53 Release of premiums on funded debt — 65 00 65 00 Miscellaneous income 2,672,189 25 314,246 38 2,357,942 87

TOTAL NON-OPERATING INCOME $39,726,983 59 834,132,014 27 $5,594,969 32

GROSS INCOME $96,998,633 02 8137,877,460 77 840,878,827 75

DEDUCTIONS FROM GROSS INCOME

Rent for leased roads $27,762,047 27 828,635,066 07 $873,018 80 Miscellaneous rents 1,523,115 86 1,335,210 90 $187,904 96 Miscellaneous tax accruals 2,097,182 75 1,979,261 65 117,921 10 Separately operated properties—loss 148,657 42 123,462 01 25,195 41 Interest on funded debt 27,217,659 95 26,497,379 92 720,280 03 Interest on unfunded debt 1,414,406 50 765,906 17 648,500 33 Amortization of discount on funded debt 539,844 68 829,331 31 289,486 63 Maintenance of investment organization 35,277 11 10,478 93 24,798 18 Miscellaneous income charges 278,649 61 272,780 04 5,869 57

TOTAL DEDUCTIONS FROM GROSS INCOME $61,016,841 15 860,448,877 00 $567,964 15

NET INCOME $35,981,791 87 $77,428,583 77 $41,446,791 90

Per cent to capital stock outstanding (7-21) (16-70) (9-49)

DISPOSITION OF NET INCOME Sinking and other reserve funds 891,087 02 S 190,948 89 S99.861 87

TOTAL APPROPRIATIONS OF INCOME §91,087 02 8190,948 89 $99,861 87

SURPLUS FOR THE YEAR $35,890,704 85* «77,237,634 88 841,346,930 03 Dividends declared during the year $39,940,593 60 $37,090,531 60 * See profit and loss statement on following page 7

The New York Central Railroad Company

Profit and Loss account

BALANCE TO CREDIT OF PKOFIT AND LOSS, DECEMBER 31, 1929 $295,010,378 40

ADDITIONS: The surplus income of The New York Central Railroad Company for the year 1930 based on the inclusion of results for the month of January as to the roads covered by the leases effective February 1, 1930, and as shown on the preceding page is $35,890,704 85 From this should be deducted the net income for the month of January, 1930, of the following companies whose lines were leased effective February 1, 1930: Michigan Central Railroad Company $669,580 54 Chicago Kalamazoo and Saginaw Railway Company 21,326 56 Cleveland Cincinnati Chicago and St Louis Railway Company 211,669 66 Cincinnati Northern Railroad Company 82,007 47 Evansville Indianapolis and Terre Haute Railway Company 20,902 56 1,005,4S0 leaving actual surplus for the year 1930, to be transferred to profit and loss 34,885,218 06

Profit on securities sold (net) $103,310 98 Profit on road and equipment sold 125,122 80 Profit on sale of other property (net) 167,165 30 Sundry adjustments (net), unrefundable overcharges and uncollectible accounts 19,919 75 415,518 83 $330,311,115 29

DEDUCTIONS: Dividend appropriations of surplus $39,940,593 60 Depreciation prior to July 1, 1907, on equipment retired during the year 181,764 57 Loss on property retired 906,637 52 Loss upon securities owned (notes of New York State Railways and Schenectady Railway Co.) 1,889,148 00 Other items (net) 609,045 72 43,527,189 41 BALANCE TO CREDIT OF PROFIT AND LOSS, DECEMBER 31, 1930 $286,783,925 88

Operating expenses Operating expenses were as follows: Group Amount Increase Decrease Maintenance of way and structures $64,832,895 51 $9,543,456 28 Maintenance of equipment 103,757,393 31 25,895,778 19 Traffic expenses 9,594,315 49 1,597 93 Transportation expenses 174,455,031 15 28,241,363 41 Miscellaneous operations 8,148,135 23 1,117,383 11 General expenses 16,664,346 08 289,670 36 Transportation for investment—credit 722,698 80 98,462 66

Total $376,729,417 97 $64,516,175 36

With due consideration for the requirements of safe operation, there were substantial reductions in most of the accounts comprising the maintenance of way and structures group, the most important decreases having been in expenditures for roadway maintenance, track laying and surfacing, rail, tie and ballast renewals, repairs to station and office buildings and shops and enginehouses and the removal of snow and ice. The decrease in the cost of maintaining equipment was due to a reduced program of repairs and renewals of all classes of equipment, to less intensive use and to a reduction 8

Annual Report in the number of units retired, offset in part by increased accruals for depreciation due to additional equipment acquired. The increase in traffic expenses occurs mainly in the cost of off-line solicitation and of publishing tariffs and supplements. The decrease in transportation expenses is attributable to the decrease in traffic handled. Substantial decreases appear in nearly all accounts, as shown in the detailed statement on page 34. The decrease in expenses of miscellaneous operations is largely attributable to the dining car service incident to the decrease in passenger traffic. The increase in general expenses is principally due to an increase in pension payments, offset in part by a reduction in valuation and other expenses.

Railway tax accruals Railway tax accruals, details of which will be found on page 36, were $34,009,020.80, a decrease of $5,760,392.75. Federal and Canadian income taxes decreased $7,500,352.38 and State taxes on gross earnings decreased $115,380.76, due to diminished revenues, while taxes on real and personal property increased $2,033,514.24.

Equipment rents The net debit to equipment rents amounted to $10,288,151.34, an increase of $3,538,¬ 899.93. Rental received for use of the company's freight cars decreased $8,223,809.78, as compared with a decrease of $4,939,394.43 in rental paid to others for that character of equipment, a difference of $3,284,415.35. Net debit to rent for passenger train cars increased $371,101.05, principally due to the increased mileage rates paid during 1930 for the use of equipment of the Pullman Company. Net rent for floating equipment decreased $56,459.58 and net rent from work equipment increased $82,807.78.

Joint facility rents There was a net debit to joint facility rents of $530,479.77, as compared with a net credit of $1,594,102.32 in 1929, this difference of $2,124,582.09 being largely due to the payment in 1930 of $1,643,066.23 for the use of the facilities of the Cleveland Union Terminals Company put into service in June, 1930, and to adjustments in the accounts relating to prior years. Non-operating income Non-operating income amounted to $39,726,983.59, an increase of $5,594,969.32 accounted for in large part as follows: Miscellaneous rent income increased $277,125.91, the principal items being additional rentals received for property in the Grand Central Terminal area and for the new auto• mobile unloading and storage facilities at 65th Street and West End Avenue, New York City. 9

The New York Central Railroad Company

Income from miscellaneous physical property increased $558,416.96, principally in rentals received from the New York Central building. An increase of 11,282,885.59 in profit from separately operated properties resulted from increased revenues from operation of the Pittsburgh McKeesport and Youghiogheny Railroad, of which $1,106,284.04 was due to an adjustment of the accounts with The Pittsburgh and Lake Erie Railroad Company in connection with the handling of Federal income taxes for the years 1924-1929, inclusive, applicable to income from the operation referred to. Dividend income increased $1,875,497.17. Increased dividends were received from The Pittsburgh and Lake Erie Railroad Company, Detroit River Tunnel Company and Detroit Terminal Railroad Company, offset in part by decreased dividends received from the Chicago River and Indiana Railroad Company and other companies. Income from funded securities decreased $90,757.30. Income from unfunded securities and accounts decreased $695,101.39 due to smaller bank deposits and to lower rates of interest on company funds. Miscellaneous income increased $2,357,942.87, due to lap-over adjustments of revenues and expenses prior to February 1, 1930, of lines leased effective on that date.

Deductions from gross income Deductions from gross income amounted to $61,016,841.15, an increase of $567,964.15. Rent for leased roads decreased $873,018.80, due to decreased earnings in the case of certain leased lines where rental is dependent upon earnings, and to reduction of the indebtedness of certain leased lines, the interest upon which is paid as rental. Interest on funded debt increased $720,280.03, principally on account of the issue of equipment trust certificates under the 1929 and 1930 trusts. Interest on unfunded debt increased $648,500.33 on account of larger bank loans. Other deductions increased $72,202.59.

Net income and surplus for year The net income of the company on the basis of the income account as stated on page 6 was $35,981,791.87, amounting to 7-21 per cent upon the capital stock outstanding at the end of the year. After appropriation to sinking and other reserve funds amounting to $91,087.02, and after deducting $1,005,486.79, net income earned during January, 1930, by lines leased effective February 1, 1930, there remained a surplus of $34,885,218.06, which was carried to the credit of profit and loss. After dividend charges amounting to $39,940,593.60 and sundry adjustments, the profit and loss balance at the end of the year amounted to $286,783,925.88 and total corporate surplus to $290,275,410.91.

Dividends The following dividends were declared and charged to surplus: No. 62, 2 per cent on $499,257,295, declared March 12, 1930, payable May 1, 1930 $9,985,145 90 No. 63, 2 per cent on $499,257,395, declared June 11, 1930, payable August 1, 1930 9,985,147 90 No. 64, 2 per cent on $499,257,495, declared September 10, 1930, payable November 1, 1930 9,985,149 90 No. 65, 2 per cent on $499,257,495, declared December 10, 1930, payable February 2, 1931 9,985,149 90 Total for the year, 8 per cent $39,940,593 60 10

Annual Report

Properly investment accounts Increases in the property investment accounts for the year, as shown in detail else• where in this report, were: Road 829,362,033 98 Equipment 17,411,163 51 Miscellaneous physical property 1,038,995 68 Improvements on leased railway property 15,994,183 74 a total of 863,806.370 91 Issue of additional capital stock Of 356,699 shares of capital stock offered to stockholders at the close of 1929, 355,505 shares of the total par value of $35,550,500 were issued during 1930, the capital stock out• standing at the close of the year being 1499,259,735.

Offer of stock to employees On March 1, 1930, the company offered to its employees and employees of its con• trolled companies the opportunity to subscribe for a total of 75,000 shares of the capital stock of the company at $130 per share, to be paid for in monthly installments of $5 per share by deductions from the payrolls, each employee being entitled to subscribe for one share for each $400 of his annual rate of pay, with a limit of 50 shares. Under the plan no stock is to be issued to an employee until paid for in full. Interest at the rate of 6 per cent per annum is allowed on the monthly installments and credited to the subscriber's account. In case of cancellation of a subscription, the amount of the payments thereon is refunded, together with interest at the rate of 4 per cent per annum, except that in the case of cancellation upon death or permanent disability the rate is 6 per cent. Under this offering 31,997 employees subscribed for an aggregate of 118,032 shares. Upon these subscriptions 74,947 shares were allotted. At the end of the year, subscriptions for 8,873 shares, made by 4,428 employees, had been cancelled, leaving in force subscrip• tions for 66,074 shares. 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 92K 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 01,174 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 11

The New York Central Railroad Company

Changes in funded debt The changes in the funded debt of the company, in detail, were as follows: The amount on December 31, 1929 $642,286,403 98 has been increased as follows: NYCEE Second Equipment Trust of 1929, 4J/2 per cent certificates dated December 1, 1929 5,280,000 00

N Y C R R Equipment Trust of 1930, 4y2 per cent certificates dated May 15, 1930 3,945,000 00

$651,511,403 98 and has been reduced as follows: Mortgage on real estate in the City of New York $21,000 00 Payments falling due during the year and on January 1, 1931, on the com• pany's liability for principal installments under equipment trust agree• ments as follows: N Y C R R Co Trust of 1917, January 1, 1931 1,117,000 00 Trust No. 43 of January 15, 1920, January 15, 1930 922,700 00 N Y C R R Co Trust of 1920, April 15, 1930 1,153,167 33 NYC Lines Trust of 1922, June 1, 1930 572,000 00

NYC Lines 4y2 Per Cent Trust of 1922, September 1, 1930 569,000 00 NYC Lines Trust of June 1, 1923, June 1, 1930 462,000 00 NYC Lines Trust of 1924, June 1, 1930 983,000 00 NYC Lines 4% Per Cent Trust of 1924, September 15, 1930 848,000 00 NYC Lines Trust of 1925, May 15, 1930 734,000 00 N Y C R R Co Trust of April 15, 1929, April 15, 1930 1,100,000 00 N Y C R R Co Trust of December 1, 1929, December 1, 1930 745,000 00 9,226,867 33 leaving the funded debt on December 31, 1930 $642,284,536 65 a decrease of $1,867.33.

Issue of additional certificates under New York Central Railroad Second Equipment Trust of 1929 The balance of $5,280,000 of 4J^ per cent certificates issuable under this trust was issued early in the year to provide approximately 75 per cent of the cost of equipment, included by second lease in the trust, consisting of 35 Hudson passenger locomotives, 25 Mohawk freight locomotives and 700 steel auto box cars, costing a total of approx• imately $7,063,627.

New York Central Railroad Equipment Trust of 1980 This trust was established by agreement dated May 15, 1930. Under the trust a total of $15,000,000 of 4}/2 per cent equipment trust certificates are issuable, of which there were issued during the year $3,945,000, maturing in equal annual installments of $263,000 in the years 1931-1945, inclusive, and representing approximately 75 per cent of the cost of equip• ment leased by the Trustee to this company by the first lease under the trust. By a second lease, dated August 12, 1930, additional equipment was leased by the Trustee to this com• pany, and certificates to the amount of $7,020,000 were to be issued early in 1931 to provide for approximately 75 per cent of the cost of this equipment. The equipment included in the two leases, costing approximately $14,656,850, consists of 41 oil-battery electric switching locomotives, 42 electric freight locomotives, 10 Berkshire freight locomotives, 5 Hudson passenger locomotives, 10 steel dining cars and 1,000 automobile box cars. 12

Annual Report

Changes in the company's capital structure The following table shows the record of capital stock, funded debt, the ratio of capital stock to total capitalization, and surplus.

Ratio of Capital stock capital stock including premium Total to total Date thereon Funded debt capitalization capitalization Surplus Dec. 31, 1915 $249,590,460 $681,240,153 $930,830,613 26-81% $37,550,480 Dec. 31, 1916 249,590,460 672,929,007 922,519,467 27-06% 65,642,319 Dec. 31, 1917 249,849,360 690,665,080 940,514,446 26-57% 75,803,749 Dec. 31, 1918 249,849,360 688,297,201 938,146,561 26-63% 81,680,770 Dec. 31, 1919 249,849,360 671,660,782 921,516,142 27-11% 87,721,721 Dec. 31, 1920 249,849,360 748,366,477 998,215,837 2503% 90,055,227 Dec. 31, 1921 249,849,360 739,592,969 989,442,329 25-25% 100,246,999 Dec. 31, 1922 268,233,920 762,956,287 1,031,190,207 2601% 101,519,922 Dec. 31, 1923 268,578,060 769,979,489 1,038,557,549 25-86% 123,173,460 Dec. 31, 1924 305,562,300 776,916,391 1,082,478,691 28-23% 140,170,197 Dec. 31, 1925 387,655,085 696,501,507 1,084,156,592 35-76% 159,892,921 Dec. 31, 1926 387,655,085 694,380,124 1,082,035,209 35-83% 187,821,081 Dec. 31, 1927 425,682,285 684,629,139 1,110,311,424 38-34% 220,524,740 Dec. 31, 1928 468,206,961 627,268,271 1,095,475,232 42-74% 201,796,940 Dec. 31, 1929 468,589,476 642,286,404 1,110,875,880 42-18% 298,253,205 Dec. 31, 1930 504,139,976 642,284,537 1,146,424,513 43-97% 290,275,411

Acquisition of Short Line Railroads During the year the Interstate Commerce Commission approved the acquisition by this company of the capital stock of the Owasco River Railway for the sum of $75,000. It is expected that the Lehigh Valley Railroad Company will join with this company in the ownership and operation of the property by acquiring a one-half interest. An agreement was reached with the Fonda Johnstown and Gloversville Railroad Com• pany and approved by the Interstate Commerce Commission relieving this company of any obligation in regard to the acquisition of the line, the present independent operation to be continued. With the approval of the Interstate Commerce Commission this company acquired all of the capital stock of the Federal Valley Railroad Company for the sum of $150,000. In the cases of the Ulster & Delaware, the Chicago Attica & Southern and the Boyne City Gaylord & Alpena Railroad Companies, the arbitration proceedings for the deter• mination of the commercial value of the respective properties have been concluded and the question as to the amounts to be approved by the Interstate Commerce Commission as the consideration for these properties is pending before that Body.

Renewal of lease of Lansing Manufacturers Railroad The operating agreement dated May 29,1905, under which the Lansing Manufacturers Railroad was held by this company and The Michigan Central Railroad Company and, since February 1, 1930, operated exclusively by this company as lessee of the Michigan Central Railroad, expired on July 1, 1930. A renewal lease was entered into as of that date whereby Lansing Manufacturers Railroad was leased to this company and The Michigan 13

The New York Central Railroad Company

Central Railroad Company for the term during which the Michigan Central Railroad shall continue to be operated by this company under the lease dated January 2, 1930, and under the provisions of which the Lansing Manufacturers Railroad will continue to be operated by this company. The making of the renewal lease was authorized by orders of the Interstate Commerce Commission dated October 10 and November 14, 1930.

Cleveland Union Terminal Following the opening of the Terminal facilities for westbound traffic on December 1, 1929, the electrification system was fully installed, electric locomotives delivered, and the easterly approach completed, making connection with the New York Chicago and St Louis Railroad over which this company has trackage rights. Appropriate dedicatory cere• monies were held on June 28, 1930, in conjunction with various civic bodies of Cleveland and the entire Terminal project was opened for operation on the following day.

Guaranty of bonds of The Cleveland Union Terminals Company During the year The Cleveland Union Terminals Company issued additional first mortgage fifty-year 4^ per cent bonds of Series C to the amount of $18,000,000, which were jointly and severally guaranteed by this company and the other proprietor companies, making the total of such mortgage bonds that have been issued and so guaranteed $60,000,¬ 000, the maximum amount that may be outstanding under the mortgage.

Development of Air Rights Space, Grand Central Terminal Area Substantial progress was made during the year in the construction of the new Waldorf- Astoria Hotel, 44 stories in height, located in the block between 49th and 50th Streets and Park and Lexington Avenues, under lease to the Waldorf-Astoria Hotel Corporation. It is expected that the structure will be completed by October 1, 1931. In conjunction with the installation of the substructural work for the new hotel there was completed during the year the outer suburban level loop from 45th to 49th Streets required for the more expeditious handling of trains on the suburban level.

Relocation of Putnam Division—Briarcliff Manor to East View, New York The work of relocation of the line between Briarcliff Manor and East View, New York, commenced in 1929, was nearing completion at the close of the year. It is expected that operation over the new line will begin in the spring of 1931.

Elk Street Produce Market, Buffalo Land was purchased at Scott, Chicago and Perry Streets, Buffalo, by the New York State Realty and Terminal Company and leased to the Elk Street Market Corporation. On this site there were completed during the year two buildings of modern brick and concrete construction with 40 store units to serve as a wholesale fruit and produce market. This will place on this company's rails extensive facilities, later to include a farmers' market and fruit auction house, for the handling of fruits and vegetables, and will enable this com• pany to participate to a greater extent in this character of traffic at Buffalo. 14

Annual Report

West Side Improvements, New York City Substantial progress has been made in the acquisition of land for right of way purposes and the demolition of the old buildings thereon between Spring Street and West 30th Street. Contracts were awarded for the construction of most of the foundations for the structure to carry the elevated tracks south of West 30th Street. During the year 7 electric freight locomotives and 35 Diesel-electric switching engines were received. The electrification installation from 72nd Street north will be completed during the year 1931. South of 72nd Street, Diesel locomotives will be used in operating the main line and yards, and will be placed in service during the early part of the year 1931, thus complying with the require• ments respecting electrification. The new milk station at 60th Street will be placed in service during February, 1931. The company, acting as agent for the City of New York, has started work on the express highway across the 60th Street yard, between West 59th Street and West 72nd Street. Work on the elimination of the grade crossing at West 158th Street is nearing comple• tion.

Universal Carloading and Distributing Company Freight Station at Cleveland Construction of a modern brick and concrete freight station with suitable track facilities at East 40th Street, Cleveland, Ohio, was commenced during the year. It is proposed to lease this facility to the Universal Carloading and Distributing Company for the purpose of the assembly and consolidation of less-than-carload lots of freight into carloads and also for the handling of less-than-carload shipments.

New Passenger Terminal at Cincinnati At the close of the year the grading for the new terminal was about 67 per cent com• pleted. The freight facilities of the Cincinnati New Orleans & Texas Pacific Railway, the Baltimore & Ohio Railroad and this company, which were within the terminal area, have been removed and replaced by new facilities constructed by the Terminal Company outside of the terminal area. Contracts have been let for the construction of the street viaducts and the work is under way. Practically all of the land necessary for the im• provement has been acquired and the plans for the new station building will be completed and contract awarded for the construction in the early part of 1931. The Cincinnati Union Terminal Company executed during the year its first mortgage, dated July 1, 1930, to Guaranty Trust Company of New York, as trustee, providing for the issue of not exceeding $46,500,000 of first mortgage bonds. In October, 1930, there were issued under this mortgage and sold $12,000,000 of first mortgage 4^ per cent gold bonds of Series A, due July 1, 2020, bearing the joint and several guaranty, as to payment of principal and interest, of the seven proprietor railroad companies, made pursuant to guar• anty agreement, dated July 1, 1930, entered into between such railroad companies and the trustee. The issue and guaranty of these bonds was authorized by orders of the Inter• state Commerce Commission dated September 3 and September 30, 1930. At the end of the year the capitalization of the Terminal Company consisted of $35,000 par value of common stock held, one-seventh each, by the proprietor railroad companies, 15

The New York Central Railroad Company

$3,000,000 par value of 5 per cent cumulative preferred stock outstanding in the hands of the public, and the $12,000,000 of first mortgage bonds above referred to. It owed the proprietor companies, in equal amounts, $3,465,000, which had been advanced by them and which, under the terms of the Union Station Agreement, dated June 15, 1929, will be funded through the issue of additional common stock.

Columbus Union Station Substantial progress was made in the demolition of the old passenger station train shed at Columbus, Ohio, the construction of canopies over the station platforms, and the neces• sary changes in tracks and platforms.

Straightening of South Branch of the Chicago River and Terminal Improvements at Chicago Construction by the City of Chicago of the new channel of the Chicago River was completed at the close of the year and this company and the Chicago Rock Island and Pacific Railway Company came into possession of their portion of the land acquired under the river straightening ordinance. A new suburban coach yard has been constructed upon this land in the vicinity of 16th Street in substitution for like facilities at La Salle Street Station, thus permitting the construction of additional station tracks and platforms at that station for the facilitation of the passenger traffic of both companies.

New building for Railroad Branch of Young Men's Christian Association, New York City An agreement was consummated between the City Young Men's Christian Associa• tion, The New York New Haven & Hartford Railroad Company, this company, and Messrs. Frederick W., William K., and Harold S. Vanderbilt, Trustees, covering the con• struction and operation of a new Railroad Branch building at 220-230 East 47th Street to replace the former quarters of the Branch on Park Avenue between 49th and 50th Streets, which were demolished in connection with the erection of the new Waldorf-Astoria Hotel. Plans and specifications have been completed and contracts will be let early in 1931 for the erection of a new brick and steel building 10 stories in height. The new building will have a swimming pool, donated by Mr. Harold S. Vanderbilt.

Union Inland Freight Station of the Port of New York Authority at New York City This company, together with the Pennsylvania Railroad, Lehigh Valley Railroad, Baltimore & Ohio Railroad, Erie Railroad, Delaware Lackawanna & Western Railroad, Central Railroad of New Jersey, and the New York New Haven & Hartford Railroad, entered into an agreement on December 31, 1930, with the Port of New York Authority for the construction by it of a building to be known as Inland Terminal No. 1, bounded by 15th and 16th Streets and Eighth and Ninth Avenues. The upper floors of the building will be used by the Port Authority for warehouses and other commercial purposes. The lower portion of the structure will be leased by the carriers and operated by them as an off-line union freight station, through an organization to be formed, affording a facility at which consignees and shippers may receive and deliver less-than-carload freight. It is expected that the terminal will require about sixteen months for completion. Annual Report

Nicholas Fayette & Greenbrier Railroad Company On behalf of the Chesapeake & Ohio Railway Company and itself this company com• pleted during the year the 29 miles of the Nicholas Fayette & Greenbrier Railroad between Swiss and Nallen, West Virginia. This company acquired, in accordance with its agreement with the Chesapeake & Ohio, one-half of the capital stock of the Sewell Valley Railroad Company and of the Loop and Lookout Railroad Company, the lines of which companies extend from a connection with the Nicholas Fayette & Greenbrier at Nallen about 40 miles southerly to Meadow Creek, West Virginia, with about 25 miles of branches, and also one-half of the capital stock of the Greenbrier & Eastern Railroad Company, the line of which extends from a connection with the Sewell Valley at Greenbrier & Eastern Junction, West Virginia, to Johnstown, West Virginia, a distance of about 11 miles. These lines are proposed to be merged with the Nicholas Fayette & Greenbrier and operated under a joint lease by the Chesapeake & Ohio and this company. They will afford this company access to the low volatile coal fields of the New River District of West Virginia.

Chicago Kalamazoo and Saginaw Railway Acquisition of part of Michigan Railroad In accordance with the approval of the Interstate Commerce Commission, given in its certificate dated July 25, 1930, the Chicago Kalamazoo and Saginaw Railway Company has acquired that part of the former Michigan Railroad which extends from Hooper to Richland, a distance of 12-5 miles. Operation of this line by the company under its lease of the C K & S Railway was commenced September 10, 1930.

Container car service The company acquired additional container car equipment during the year. On December 31, 1930, the following was in service: 172 cars carrying 1,032 merchandise containers 63 cars carrying 756 lime containers 401 cars carrying 4,812 brick containers 19 cars without containers

655 Totals 6,600

Pensions During the year 771 employees were retired and pensioned; 371 at the age of seventy, 271 for disability and 129 voluntarily on service pension. There were 4,763 pensioners at the close of the year. The total amount paid in pensions during 1930 was $3,077,806.14. Valor medals Since 1926 the company has presented valor medals in recognition of employees who, at the risk of their lives, saved others. During the year an honor roll tablet containing the names of medal recipients for the years 1926 to 1929 was unveiled in the waiting room of the Grand Central Terminal. 17

The New York Central Railroad Company

Valor medals were presented to five employees of the company during the year as follows: Howard P. Case, Conductor, Batavia, New York Leo F. Cox, Section Foreman, Greencastle, Indiana John A. Lugar, Signalman, Hillsboro, Illinois Augustus Kiernan, Freight Handler, Brooklyn, New York Harvey F. Cundiff, Agent, Churchville, New York

Changes in organization The Board records with regret the death of the following: Alexander S. Lyman, on March 7, 1930. Mr. Lyman had been General Attorney since January 1, 1908, and also Valuation Counsel since January 1, 1925. Edmond D. Bronner, on September 1, 1930. Mr. Bronner entered the service of The Michigan Central Railroad Company as a draughtsman in 1880. He served that company in positions of increasing responsibility and on May 16, 1912, was appointed General Manager; on March 15, 1917, Vice President and General Manager. Effective February 1, 1930, he was appointed Vice President of this company. The following appointments were made: January 1,1930: Willard F. Place, Assistant Vice President. February 1, 1930: Richard E. Dougherty, Vice President, Improvements and Development; William C. Wishart, Vice President, Accounting; Leroy V. Porter, Comp• troller; Charles J. Brister, Vice President in Charge of Freight Traffic; Loren F. Vosburgh, Vice President in Charge of Passenger Traffic; William T. Stevenson, Assistant Vice Presi• dent, Traffic; William C. Bower, Vice President in Charge of Purchases and Stores. April 16, 1930: C. C. Handy, General Attorney, vice Alexander S. Lyman, deceased. December 15, 1930: Harry A. Worcester, Resident Vice President.

MICHIGAN CENTRAL LINES June 1, 1930: Frank E. Robson, Assistant Vice President, Law; J. Walter Dohany, General Counsel; John J. Danhof, General Attorney. September 10, 1930: Henry Shearer, Vice President and General Manager.

BIG FOUR LINES December 15, 1930: Charles S. Millard, Vice President and General Manager, with headquarters at Cincinnati, Ohio. The Board wishes to express its appreciation of the loyal and efficient service of the officers and employees of the company during the year. For the Board of Directors,

President. 18

Annual Report

Important improvements

Important improvements completed or under way during the year, or contemplated for the near future, not referred to in the foregoing report, are as follows:

KINGBBKIDGE, NEW YORK: The second unit of the automobile warehouse facilities at Kingsbridge, N. Y., to expedite the handling of automobile shipments, was completed during the year.

GARDENVILLE, NEW YORK: The construction of 13 additional tracks and the installation of car retarders in the Westbound Classification Yard at Gardenville, N. Y., were completed during the year.

CLEVELAND, OHIO: For team track service, installation of additional tracks and driveways was under way at the Orange Avenue Freight Terminal to make provision for 138 more cars, an increase of about 50 per cent over the present capacity.

PASSENGER STATIONS: New York Suburban Zone: During the year the extension of station platforms in the suburban territory to permit the operation of 12-car trains was completed, including the extension of the platforms at Williamsbridge, University Heights, Ludlow, Glenwood, Philipse Manor, Scarborough and Fordham in addition to the locations previously reported.

SIGNALS AND INTERLOCKING: Work was practically completed on the installation of reverse signaling between Grand Central Terminal and Mott Haven Junction, involving the complete resignaling of this 5 mile four track section, the construction of 3 new interlocking towers and the rearrangement of crossovers and tracks at Mott Haven Junction to permit greater flexibility in the han• dling of the traffic and a train speed of 30 miles an hour. This installation, which permits the utilization of all four tracks in either direction, together with the shortening of blocks will expedite train movements and substantially increase the capacity of the facilities.

MICHIGAN CENTRAL LINES: Station and office buildings: Windsor: The construction of a modern freight house with paved driveways and team tracks was completed. Grade eliminations: Grade separation at Outer Drive, west of Detroit, was completed during 1930. At Calumet City, Illinois, the concrete and steel viaduct carrying Burnham Avenue over the tracks of this and other railroads was nearly completed. At Springwells and Lawndale Avenues, Detroit, permanent concrete and steel grade separation bridges were con• structed to replace trestles. At Dearborn, grade separation at Miller Road was nearly completed. At Waterford, the Ontario Department of Highways commenced construction of a reinforced concrete viaduct over the main line tracks. At Windsor, work is nearing completion on the subways, involving three separate bridges carrying the main tracks and two hump tracks over Dougall Road. Signals and interlocked: Detroit: The construction of an improved interlocking plant at the crossing with the New York Central Railroad and the Wabash Railway near Junction Avenue was completed. Detroit-Kensington: Extensive improvements to the automatic block signaling between Detroit and Kensington were more than one-half completed. Windsor-Niagara Falls: Work was commenced on complete replacement of the automatic block signaling between Windsor and Niagara Falls and between Welland and Bridgeburg and the installation of an automatic train stop system which will afford the same standard of safety in train operation as obtains between Detroit and Kensington.

Yards: The industrial development along the Marsh tracks in Ecorse necessitated the construction of a switching yard. A portion of the track was relocated to provide an adequate site for construction of a large steel plant by the Great Lakes Steel Corporation. 19

The New York Central Railroad Company

BIG FOUR LINES: Main line and second tracks: Cleveland westerly approach: Improvements incident to the new Cleveland Union Terminal consisting of two passenger main tracks and one freight main track between Berea and Cleveland, two switching leads, a new yard at Fulton Road, additional terminal buildings at Linndale, interlocking plants at Linndale and Berea and electrification of passenger main tracks were nearly completed at the close of the year. Hart to Mounds: The installation of 11 miles of second main track was completed during the year including new interlocking facilities and automatic signals. This completes the second tracking of the Indianapolis Division between Cleveland and Indianap• olis with the exception of about 5 miles through the city of Anderson, Indiana. Terre Haute to Sandford: Work progressed on 7-6 miles double track on the offset line including new bridges, three subways, one overhead bridge, passing tracks, interlocking, automatic signals, train control and the relocation of St Marys station. Station and office buildings: At Marshall Street, Cincinnati, Ohio, a brick and concrete freight house with platforms, driveways, house and team tracks was completed during the year. Signals and interlockers: Dayton and Gano: The installation of a power line and color-light signals was nearly completed. Indianapolis to Whitestone: Automatic color-light signals were installed. Colfax to Clarks Hill: Automatic color-light signals were installed. An inteiiocking plant and passing track at Glenn were completed. Taft to Indianapolis: The construction of automatic color-light signals for 107 miles with necessary changes at interlocking plants was 80 per cent completed at the close of the year. BOSTON AND ALBANY RAILROAD: Shops and enginehouses: The construction of a modern enginehouse at Beacon Park, together with the new power plant, and the rebuilding of a portion of the east house at West Springfield, which were commenced in 1929, were practically complete. Signals and interlockers: Installation of remote control at Peck's Bridge, Pittsfield, which was started late in 1929, was complete and in operation. The work of replacing lower quadrant with color-light signals between Lake Crossing and Worcester was completed during the year. A similar installation between Tower S and Lake Crossing was practically complete as far east as Tower 10. The crossing gates at Harvard Street and Broadway, Cambridge; Medway Street, Milford; and First Street and Bridge Street, West Springfield, have been abolished and standard traffic light signals installed, these signals being oper• ated by uniformed police officers. In addition, work has been authorized for similar installations at Binney, Cambridge, and Main Streets, Cambridge. NEW EQUIPMENT: Twenty-five Mohawk type freight locomotives, twenty Hudson type passenger locomotives, thirty-five oil-battery- electric locomotives, seven freight electric locomotives, two switching oil-battery-electric locomotives, thirteen steel dining cars, ten steel multiple unit passenger cars, nine hundred and seventy-one 70-ton steel gondola cars, one thousand eight hundred and fifty 55-ton steel automobile box cars, two hundred and nineteen 55-ton steel flat cars, one steel ditcher leveler, two steam shovels, six 10-ton steam operated and propelled track derrick cars, five inspection motor cars, two steam operated locomotive cranes, two portable test cars, one steel tank car, one wrecking crane and one Diesel propelled covered lighter were received. There are authorized for delivery during 1931 thirty-five freight electric locomotives, thirty Hudson type passenger locomotives, eight steam heating tenders for use with electric locomotives, fifty steel underframe milk cars, two 200-ton special flat cars, one gas-electric-battery wrecking crane, two 74-foot business cars, one rail defect detector car and two steel steam hoisting barges. MICHIGAN CENTRAL LINES: Five Hudson type locomotives, four switching oil-battery-electric locomotives, four steel dining cars and one hundred and seventy-one 55-ton steel automobile box cars were received. BIG FOUR LINES: Ten Hudson type passenger locomotives and two steel dining cars were received. There are authorized for delivery during 1931 ten Hudson type passenger locomotives. BOSTON AND ALBANY RAILROAD: Ten Berkshire type freight locomotives, five Hudson type passenger locomotives and one steel dining car were received. There are authorized for delivery during 1931 ten Hudson type passenger locomotives. 20

Annual Report

COMPARATIVE CONDENSED GENERAL BALANCE SHEET, DECEMBER 31, 1930 and 1929

ASSETS

1929 INVESTMENTS 1930 Comparison $616,171,530 75 Investment in road $645,533,570 73 $29,362,033 98 Inc Investment in equipment 177,101,436 65 Trust 198,340,260 92 21,238,824 27 Inc 248,877,327 04 Owned 245,049,666 28 3,827,660 76 Dec 140,204,745 90 Improvements on leased railway property 156,198,929 64 15,994,183 74 Inc 307 91 Deposits in lieu of mortgaged property sold 530 35 222 44 Inc 31,895,429 48 Miscellaneous physical property 32,934,425 10 1,038,995 68 Inc Investments in affiliated companies $149,924,774 47 Stocks $152,492,041 87 2,567,267 40 Inc 10,686,777 86 Bonds 8,799,821 46 1,886,956 40 Dec 12,176,545 32 Notes 12,938,544 32 761,999 00 Inc 170,160,242 96 Advances 169,097,889 82 1,002,353 14 Dec

342,948,340 01 343,328,297 47 $379,956 86 Inc Other investments $28,001,519 04 Stocks $28,001,509 04 50 00 Inc 7,026,597 85 Bonds 1,083,987 68 5,942,610 17 Dec 1,478,191 26 Notes 1,115,042 26 363,149 00 Dec 12,672,825 08 Advances 13,163,996 25 491,171 17 Inc 8,916 00 Miscellaneous 45,190 84 36,274 84 Inc

49,188,049 23 43,409,780 07 $5,778,263 16 Dec

$1,606,387,173 57 TOTAL INVESTMENTS 81,064,795,466 62 $58,408,293 05 Inc

CURRENT ASSETS $17,280,407 09 Cash $25,678,566 10 $8,392,099 01 Inc 75,000 00 Demand loans and deposits 585,000 00 510,000 00 Inc 5,376,560 79 Special deposits 366,552 55 5,010,008 24 Dec 1,631,534 46 Loans and bills receivable 8,313 35 1,623,221 11 Dec 2,743,480 94 Traffic and car-service balances receivable 4,160,859 28 1,417,378 34 Inc 4,138,031 94 Net balance receivable from agents and conductors 5,059,952 23 921,920 29 Inc 11,334,284 13 Miscellaneous accounts receivable 15,878,085 59 4,543,801 46 Inc 30,313,427 97 Material and supplies 38,130,633 68 7,817,205 71 Inc 8,266,445 74 Interest and dividends receivable 4,296,718 42 3,909,727 32 Dec 387,915 85 Rents receivable 365,422 67 22,493 18 Dee 286,375 35 Other current assets 565,890 25 279,514 90 Inc

$81,839,524 26 TOTAL CURRENT ASSETS $95,095,994 12 $13,256,469 86 Inc

DEFERRED ASSETS $192,571 03 Working fund advances $258,218 39 $65,647 36 Inc 4,444,869 03 Insurance and other funds 4,460,084 69 15,215 66 Inc 2,298,506 73 Other deferred assets 8,575,503 56 6,276,996 83 Inc

$6,935,946 79 TOTAL DEFERRED ASSETS $13,293,806 64 $6,357,859 85 Inc

UNADJUSTED DEBITS $138,950 41 Rents and insurance premiums paid in advance 8150,160 80 $11,210 39 Inc 11,424,919 95 Discount on funded debt 11,008,208 81 416,711 14 Dec 125,001 00 Securities acquired from lessor companies (per contra) 125,001 00 14,845,615 77 Other unadjusted debits 15,600,651 11 761,035 34 Inc

$26,534,487 13 TOTAL UNADJUSTED DEBITS $26,890,021 72 8355,534 59 Inc

$1,721,697,131 75 81,800,075,289 10 $78,378,157 35 Inc 21

The New York Central Railroad Company

COMPARATIVE CONDENSED GENERAL BALANCE SHEET, DECEMBER SI, 1930 and 1929

LIABILITIES

1929 STOCK 1930 Comparison $403,709,235 00 Capital stock $499,259,735 00 4,880,240 90 Premium on capital stock 4,880,240 90 835,550,500 00 Inc

$468,589,475 90 TOTAL CAPITAL STOCK $504,139,975 90 $35,550,500 00 Inc LOXG TERM DEBT Funded debt unmatured $76,754,203 98 Equipment obligations $76,773,336 65 $19,132 67 Inc 547,951,000 00 Mortgage bonds 547,951,000 00 17,560,200 00 Debenture bonds 17,560,200 00 21,000 00 Real estate mortgages 21,000 00 Dec

$642,286,403 98 $642,284,536 65 $1,867 33 Dec 21,600,000 00 Non-negotiable debt to affiliated companies 5,019,196 52 16,580,803 48 Dec

$663,886,403 98 TOTAL LOXG TERM DEBT $647,303,733 17 $16,582,670 81 Dec

$1,132,475,879 88 TOTAL CAPITALIZATION $1,151,443,709 07 $18,967,829 19 Inc

CURRENT LIABILITIES $22,000,,00 0 00 Loans and bills payable $25,000, 000 00 $3,000,000 00 Inc 6,197, ,552 26 Traffic and car service balances payable 9,480, 573 22 3,283,020 96 Inc 24,846, 165 70 Audited accounts and wages payable 23,288, 261 59 1,557,904 11 Dec 2,612. 329 81 Miscellaneous accounts payable 1,602, 506 43 1,009,823 38 Dec 2,485, 783 48 Interest matured unpaid 2,463, 387 98 22,395 50 Dec

9,274; ,135 90 Dividend declared, payable February 2, 1931 9,985, 149 90 711,014 00 Inc 165 ,707 08 Dividends matured unpaid 178, 430 93 12,723 85 Inc 133 ,090 00 Funded debt matured unpaid 131, 090 00 2,000 00 Dec 5,268 ,379 45 Unmatured interest accrued 5,295, 786 97 27,407 52 Inc 1,229 132 68 Unmatured rents accrued 2,730, 387 49 1,501,254 81 Inc 5,479 ,000 27 Other current liabilities 7,748, 279 07 2,269,278 80 Inc

$79,691,276 63 TOTAL CURRENT LIABILITIES $87,903,853 58 $8,212,576 95 Inc

DEFERRED LIABILITIES $14,715,322 52 Liability to lessor companies for equipment $14,715,322 52 10,647,685 17 Other deferred liabilities 20,525,955 05 $15,878,269 88 Inc

$25,363,007 09 TOTAL DEFERRED LIABILITIES $41,241,277 57 $15,878,269 88 Inc

UNADJUSTED CREDITS $12,443,030 84 $17,030,857 93 $4,587,227 09 Inc Tax liability 2,103,904 47 2,459,084 13 355,779 66 Inc Insurance and casualty reserves 2,055,880 69 2,395,333 20 339,452 51 Inc Accrued depreciation—road 137,118,759 81 151,804,837 26 14,686,077 45 Inc Accrued depreciation—equipment 1,988,197 94 2,559,982 09 571,784 15 Inc Accrued depreciation—miscellaneous physical property 125,001 00 125,001 00 Liability to lessor companies for securities acquired (per contra) 30,078,387 59 52,835,342 36 22,756,954 77 Inc Other unadjusted credits $185,913,762 34 TOTAL UNADJUSTED CREDITS $229,211,037 97 $43,297,275 63 Inc

CORPORATE SURPLUS $1,541,771 85 Additions to property through income and surplus $1,790,430 07 $248,658 22 Inc 1,701,054 96 Miscellaneous fund reserves 1,701,054 96 295,010,378 40 Profit and loss—balance 286,783,925 88 8,226,452 52 Dec

$298,253,205 21 TOTAL CORPORATE SURPLUS $290,275,410 91 $7,977,794 30 Dec

$1,721,697,131 75 $1,800,075,289 10 $78,378,157 35 Inc 22

Annual Report

CAPITALIZATION

DECEMBER 31, 1930

Capital stock

Number of shares authorized 5,000,000 Total par value authorized $500,000,000 00

Number of shares issued 4,992,548TV„ Par value outstanding $499,254,840 00 Consolidation certificates of 18G9 not converted 49 Consolidation certificates of 1869 outstanding 4,895 00 Par value held by company 5 00

4,992,597tVJ $499,259,740 00

Par value per share $100.00 Dividend for the year (details on another page) i per cent On November 13, 1929. the Board of Directors of the company adopted resolutions for an increase in the authorized capital stock of the company to $700,000,000 which increase was authorized and consented to at a meeting of the stockholders of the company held on February 5, 1930. Certificate of such increase has not yet been filed in all 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 Lake Shore & Michigan Southern Ry Co 25 year gold®© 1906 May 1,1931 $50,000, 000 00 $50,000, 000 00 4% May and Nov Carthage Watertown & S H R R Co consolidated© 1891 July 1, 1931 300. ,000 00 300, 000 00 5% Jan and July Little Falls & Dolgeville R R Co first® 1902 July 1, 1932 250, 000 00 250, 000 00 3% Jan and July Pine Creek Railway Co first® 1882 Dee. 1,1932 3,500, 000 00 3,500;00 0 00 6% June and Dec NYC&HRRR Co gold debentures©® 1904 May 1,1934 48,000,'00 0 00 48,000;00 0 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;00 0 00 i% 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 1950 4,850, 000 00 4,850, 000 00 4% Jan and July Chicago Indiana & Southern R R Co 50 year© 1906 Jan. 1956 15,150 000 00 15,150, 000 00 4% July and Jan Jamestown Franklin & Clearfield R R Co first© 1909 June 1959 11,000, 000 00 11,000, 000 00 4% Dec and June NYC&HRRRCo-Spuyten Duyvil & Pt Morris first© 1909 June 1959 2,500, 000 00 2,500, 000 00 31% Dec and June Cleveland Short Line Railway Co first© 1911 Apl. 1961 11,800,,00 0 00 11,800;00 0 00 41% Oct and Apl Carthage & Adirondack Railway Co first© 1892 Dec. 1,1981 1,100, 000 00 1,100;,00 0 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,'00 0 00 3,987;00 0 00 4% Apl and Oct Lake Shore & Michigan Southern Ry Co gold mtge® 1897 June 1,1997 50,000, 000 00 50,000, 000 00 31% Dec and June NYC&HRRRCo gold mortgage© 1897 July 1,1997 100,000, 000 00 94,000, 000 00 31% Jan and July Aug and Feb NYC&HRRR Co-Lake Shore coll gold©©® 1898 Feb. 1,1998 90,578,100 0 00 22,517, 000 00 31% Aug and Feb N Y C & H R R R Co-Mich Central coll gold®© 1898 Feb. 1, 1998 21,550, ,000 00 19,336;00 0 00 31% 000 00 Aug and Feb N Y C R R Co 4% consolidation mtge—series A®® 1913 Feb. 1,1998 68,061; 4% 000 00 Sept and Mch Mohawk & Malone Railway Co consolidated® 1902 Mch. 1, 2002 3,900,000 00 3,900, 31% 000 00 Apl and Oct N Y C & H R R R Co refund and imp-series A® 1913 Oct 1,2013 40,000,000 00 40,000; 41% 000 00 6% Apl and Oct NYCRRCo-NYC&HRRRCo ref and imp-series B® 1920 Oct. 1, 2013 4,494,000 00 4,494; 000 00 5% Apl and Oct NYCRRCo-NYC&HRRRCo ref and imp-series C® 1921 Oct. 1, 2013 85,000,000 00 85,000,

Total $552,455,000 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 NYC&HRRR Co-Lake Shore collateral gold bondsf 10,000 4,504,000 00

Total mortgage bonds actually outstanding $547,951,000 00

* Authorized for $70,000,000 to take the place of a like amount of NYC&HRRR Co-Lake Shore collateral gold bonds 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 ® Additionally secured by N Y C R R Co mortgage dated January 15, 1915 © Secured by L S & M S Ry Co gold bond mortgage dated July 1, 1914 23

The New York Central Railroad Company

CAPITALIZATION (concluded)

Funded debt (concluded)

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

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

EQUIPMENT TRUST OBLIGATIONS Equipment trust certificates (N Y C R R)® 1917 Jan. 1, 1932 $19,995, ,000 00 $1,117,000 00 4i% July 1 and Jan 1 Equipment trust notes (Trust No. 43)© 1920 Jan. 15, 1935 13,829,,40 0 00 4,613,500 00 6% July 15, Jan 15 Equipment trust certificates (N Y CRR)® 1920 Apl. 15, 1935 17,297, ,509 95 5,765,836 65 7% Oct 15, Apl 15 Equipment trust certificates (N Y C Lines)© 1922 June 1, 1937 8,580, 000 00 4,004,000 00 5% Dec 1 and June 1 Equipment trust certificates (N Y C Lines)© 1922 Sept. 1, 1937 8,535, 000 00 3,983,000 00 44% Mch 1 and Sept 1 Equipment trust certificates (N Y C Lines) 1923 June 1, 1938 6,930, 000 00 3,696,000 00 5% Dec 1 and June 1 Equipment trust certificates (N Y C Lines)® 1924 June 1, 1939 14,745, 000 00 8,847,000 00 5% Dec 1 and June 1 Equipment trust certificates (N Y C Lines)© 1924 Sept. 15, 1939 12,720, 000 00 7,032,000 00 44% Mch 15, Sept 15 Equipment trust certificates (N Y C Lines)© 1925 May 15, 1940 11,010,,00 0 CO 7,340,000 00 44% Nov 15, May 15 Equipment trust certificates (N Y CRR)© 1929 Apl. 15, 1944 16,500,,00 0 00 15,400,000 00 44% Apr 15, Oct 15 Equipment trust certificates (N Y CRR)© 1929 Dec. 1, 1944 11,175,,00 0 00 10,430,000 00 44% Dec 1 and June 1 Equipment trust certificates (N Y CRR)© 1930 May 15, 1945 3,945, 000 00 3,945,000 00 44% May 15, Nov 15 Total equipment trust obligations actually outstanding $70,773,336 05

Total funded debt actually outstanding $642,284,530 65

TRUSTEES: (t) Bankers Trust Company, New York © Illinois Trust and Savings Bank (now Continental Illinois Bank and © Central Union Trust Company of New York (now Central Trust Company), Chicago, and Joseph D. Oliver, South Bend, Hanover Bank and Trust Company) . Indiana (?) Central Union Trust Company of New York (now Central ® Metropolitan Trust Company (now Chatham Phenix National Bank Hanover Bank and Trust Company) and Frank L. and Trust Company), New York Littleton of Indianapolis, Indiana @ United States Trust Company, New York 0 American Exchange Irving Trust Company, New York (now @ United States Trust Company, New York, and John H. Holliday, Indian• Irving Trust Company) apolis, Indiana © Guaranty Trust Company of New York @ United States Mortgage and Trust Company (now Chemical Bank and ® Guaranty Trust Company of New York and John B. Cock- Trust Company), New York rum of Indianapolis, Indiana @ William K. Vanderbilt (deceased) and Chauncey M. Depew (deceased) © Guaranty Trust Company of New York and William A. Wildhack of Cincinnati, Ohio 24

Annual Report

INVESTMENTS

DECEMBER 31, 1930

IMPROVEMENTS ON LEASED OR CONTROLLED RAILWAY PROPERTY Amsterdam Chuctanunda & Northern R R S682 34 Bailey Run Sugar Creek & Athens Ry 35,321 71 Battle Creek & Sturgis Railway 18,208 75 Bay City Belt Line Railroad 740 23 Beech Creek Railroad 4,485,497 20 Beech Creek Extension Railroad 1,748,139 45 Boston & Albany Railroad 3,898,979 97 Canada Southern Bridge 205 94 Central Railroad of Indianapolis 30 55* Chester & Becket Railroad 8,587 31 Chicago Kalamazoo & Saginaw Railway 9,309 69 Cincinnati Lafayette & Chicago Railroad 32,100 92 Cincinnati Northern Railroad 34,001 90 Cincinnati Sandusky & Cleveland Railroad 84,664 90 Cleveland Cincinnati Chicago & St Louis Railway 6,280,692 05 Columbus Hope & Greensburg R R 1,704 76 Detroit Hillsdale & Southwestern Railroad 183,203 80 Detroit Manufacturers Railroad 252 21 Detroit Toledo & Milwaukee Railroad 50,606 36 Erie & Kalamazoo Railroad 149,844 82 Evansville Indianapolis & Terre Haute Railway 24,834 22* Evansville Mt Carmel & Northern Railway 27,087 87 Fort Wayne & Jackson Railroad 436,272 41 Genesee Falls Railway 12,561 46 Grand Central Terminal Improvements 50,450,130 39 Hudson River Connecting Railroad 711,720 69 Hudson River Bridges at Albany 1,410,495 56 Improvements to piers 1,753,812 65 Improvements to leased ticket offices 97,597 15 Joliet & Northern Indiana Railroad 20,944 75 Kalamazoo Allegan & Grand Rapids Railroad 177,151 22 Kanawha <& Michigan Railway 1,678,669 16 Kanawha & West Virginia Railroad 160,686 21 Lake Erie Alliance & Wheeling Railroad 1,800,452 21 Lansing Manufacturers R R 1,451 62 Mt Gilead Short Line 11,265 57 Michigan Central Railroad 1,099,470 36 New Jersey Junction Railroad 669,515 55 New York & Harlem Railroad 33,464,533 94 New* York State Realty & Terminal Co property 2,229,693 59 New York stock yards 591,856 15 North Brookfield Railroad 359 58* Ottawa & New York Railway 286,198 45 Pittsfield & North Adams Railroad 516 35 Point Pleasant Bridge 3,055 54 St Joseph South Bend & Southern Railroad 1,965 03 St Lawrence & Adirondack Railway 776,603 99 Titusville & Cambridge Springs Railroad 34 77 Toledo & Ohio Central Railway 8,909,592 27 Troy & Greenbush Railroad 239,622 83 Trustee Central Mfg District Chicago et al 119,668 74 Vernon Greensburg & Rushville Railroad 4,022 53 Ware River Railroad 28,908 42 Wallkill Valley Railroad 229,230 18 West Shore Railroad 31,751,223 00 Zanesville & Western Railway 116,042 49 Total $156,198,929 64

INVESTMENTS IN MISCELLANEOUS PHYSICAL PROPERTY New York Central Building, 45th-46th Streets, Park Avenue, New York $14,463,266 70 Hotel Biltmore building, New York 2,800,000 00 West Side Improvements, New York 1,386,829 34 Substructural work Graybar building, New York $640,361 36 247 Park Avenue, New York 369,118 32 250 Park Avenue, New York 535,534 44 270 Park Avenue, New York 492,477 85

'Credit Carried forward $2,037,491 97 $18,650,096 04 25

The New York Central Railroad Company

INVESTMENTS {continued)

INVESTMENTS IN MISCELLANEOUS PHYSICAL PROPERTY {concluded) Brought forward $2,037,491 97 $18,650,096 04 277 Park Avenue, New York • 681,046 36 290 Park Avenue, New York 343,010 11 299 Park Avenue, New York 561,129 42 300 Park Avenue, New York 395,561 69 320 Park Avenue, New York 104,146 36 340 Park Avenue, New York 63,371 05 379 Madison Avenue, New York 125,148 49 385 Madison Avenue, New York 216,514 75 Apartment house, 33 East 48th Street, New York 115,348 76 Hotel Commodore building, New York 267,297 27 Hotel Roosevelt, New York 396,672 96 Hotel Waldorf Astoria 198,643 84 Barclay Park Budding, 115 East 48th Street, New York 196,199 56 Vanderbilt Concourse Building, New York 47,479 01 Yale Club building, New York 51,027 31 5,800,088 91

LAND AND BUILDINGS At Cleveland, Ohio $3,532,451 39 Keating to Browns, Pennsylvania—Beech Creek Extension Railroad 570,570 73 Tonawanda, New York—American and Canadian Niagara Bridge Co 526,402 22 Adjacent to Newark Ave Freight Terminal, Jersey City, New Jersey 356,820 37 At Collinwood, Ohio 100,899 37 At sundry other locations 353,083 46 5,440,227 54

Stock Yards, East Buffalo, New York 1,556,548 52 Putnam Bridge across Harlem River, New York 250,000 00 McCormick dock and warehouse property, Chicago, Illinois 395,666 97 Property, Morgan Street, Chicago, Illinois 386,304 08 Elevator, Schneider, Indiana 111,019 28 Gas Plant, Toledo, Ohio 9,801 39 Commercial tracks and sidings 165,720 51 Special assessments, paving and construction of highways and sewers 140,072 65 Property released from operation, held for disposition 28,879 27 Total $32,934,425 16

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 350,400 00 2,000 200,000 00 Cherry Tree & Dixonville Railroad Co 500,000 00 5,000 250,000 00 Chester & Becket Railroad Co 50,000 00 288 28,800 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 00 462,645-33 46,264,533 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 Oil Genesee Falls Railroad Co 54,000 00 250 25,000 00 Greenbrier & Eastern Railroad Co 1,000,000 00 5,000 500,000 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 2,000,000 00 10,200 1,020,000 00 Lake Erie Alliance & Wheeling Railroad Co 3,000,000 00 30,000 3,000,000 00 Carrit3 d forward $71,855,683 33 * First installment of ten per cent paid 26

Annual Report

INVESTMENTS {continued)

Held by this company Total outstanding Shares Par value INVESTMENTS IN AFFILIATED COMPANIES—STOCKS (concluded) Brought forward $71,855,683 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 Loop & Lookout Railroad Co 100,000 00 500 50,000 00 Mahoning Coal Railroad Co common 1,500,000 00 18,179 908,950 00 Mahoning Coal Railroad Co preferred 661,367 00 9,610 480,500 00 Merchants Despatch Transportation Co 4,000,000 00 40,000 4,000,000 00 Michigan Central Railroad Co 18,736,400 00 186,081 18,608,100 00 Middleport & Northeastern Ry Co 1,000 00 10 1,000 00 New Jersey Junction Railroad Co 100,000 00 1,000 100,000 00 New York & Harlem Railroad Co common 8,656,050 00 111,988 5,599,400 Oil New York & Harlem Railroad Co preferred 1,343,950 00 23,004 1,150,200 00 New York State Realty & Terminal Company 100,000 00 1,000 100,000 00 Nicholas Fayette & Greenbrier Railroad Co 400,000 00 00 Ottawa & New York Railway Co 2,000 200,000 00 Pittsburgh & Lake Erie Railroad Co 1,000,000 00 10,000 1,000,000 Pittsburgh McKeesport & Youghiogheny R R Co 43,182,720 00 431,834 21,591,700 00 Railway Express Agency, Inc 3,959,650 00 31,704 1,585,200 00 Raquette Lake Railway Co 1,000 shares 95 No par value 250,000 00 2,500 250,000 00 Securities Corporation of the New York Central Railroad 100,000 00 1,000 100,000 00 Sewell Valley Railroad Co 100,000 00 500 50,000 00 St Lawrence & Adirondack Railway Co 1,615,000 00 16,150 1,615,000 00 Toledo

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 Chester & Becket Railroad Co first mortgage 50,000 00 50,000 00 Chicago Kalamazoo & Saginaw Railway Co first mortgage 468,000 00 187,000 00 Clearfield Bituminous Coal Corporation mortgage gold 2,500,000 00 700,000 00 Cleveland Cincinnati Chicago & St Louis Railway Co general mortgage 32,740,000 00 92,000 00 Fort Wayne Union Railway Co general mortgage 136,000 00 24,000 00 Lake Erie & Pittsburg Railway Co first mortgage 3,682,000 00 1,810,000 00 Ottawa & New York Railway Co first mortgage 825,000 00 825,000 00 Ottawa & New York Railway Co second mortgage 275,000 00 275,000 00 Pennsylvania Coal & Coke Company first mortgage 1,004,000 00 286,000 00 Toledo & Ohio Central Railway Co first preference income 500,000 00 262,000 00 Toledo Terminal Railroad Co first mortgage 5,500,000. 00 137,000 00 Toronto Hamilton & Buffalo Railway Co consolidated mortgage gold 2,000,000 00 500,000 00 Webster Coal & Coke Company consolidated first mortgage 2,138,000 00 36,000 00 Total $10,257,588 38

Held by this company INVESTMENTS IN AFFILIATED COMPANIES—NOTES par value Chester & Becket Railroad Co $37,307 69 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 Nicholas Fayette & Greenbrier Railroad Co 1,800,000 00 Pittsburgh McKeesport & Y'oughiogheny Railroad Co 300,000 00 Toledo

The New York Central Railroad Compan

INVESTMENTS (continued)

Held by this company INVESTMENTS IN AFFILIATED COMPANIES—ADVANCES par value Canada Southern Railway Co $597,331 38 Canadian Pacific Car & Passenger Transfer Co Ltd 8,373 92 Cherry Tree & Dixonville Railroad Co 213,062 65 Cincinnati Northern R R Co 104,000 00 Clearfield Bituminous Coal Corporation 1,405,000 00 Cleveland Cincinnati Chicago & St Louis Railway Co 7,963,706 76 Cleveland Union Terminals Co 20,355,574 85 Dayton Union Railway Co 229,272 00 Detroit Manufacturers Railroad Co 13,115 50 Federal Valley R R Co 549 55 Hudson River Connecting Railroad Corporation 24,556,350 69 Indianapolis Union Railway Co 180,000 00 Kanawha & Michigan Railway Co 3,354,097 42 1,197 91 Kankakee & Seneca Railroad Co 137,673 23 Lansing Manufacturers Railroad 10,066 21 Lansing Transit Railway Co 159,487 49 Lake Erie & Pittsburg Railway Co 15,203,359 53 Merchants Despatch Incorporated 3,063,664 75 Michigan Central Railroad Co 3,637 06 Middleport & Northeastern Railway Co 5,000 00 Muncie Belt Railway Co 3,021,285 55 New York & Harlem Railroad Co 54,859,455 98 New York State Realty

OTHER INVESTMENTS—STOCKS Shares Kansas Oklahoma & Gulf Railway Co preferred 4-98 $498 16 Mahoning State Line Railroad Co 31 1,550 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 442-6499 47,371 46 Total S37,486,092 64

OTHER INVESTMENTS—BONDS Cortlandt Water Co first mortgage $300,000 00 Kanawha & Hocking Coal & Coke Company first mortgage 642,000 00 Mortgages on real estate 113,998 48 New York City 4J^% 5,500 00 New York New Haven & Hartford Railroad Co convertible debentures 6% 114,000 00 Sundry inactive companies 178,916 28 Total $1,354,414 76 28

Annual Report

INVESTMENTS (concluded) Held by this company OTHER INVESTMENTS—NOTES par value Cleveland & Youngstown Railway Co $855,041 26 New York Chicago & St Louis Railroad Co 260,000 00 Schenectady Railway Co 233,150 00

Total $1,348,191 26

OTHER INVESTMENTS—ADVANCES Boston & Albany R R Co $2,525,069 08 Barclay Park Corporation 1,402,542 43 Bowman Biltmore Hotel Corporation 1,984,261 67 Calumet City, Illinois 5,000 00 Mahoning State Line Railroad Company 10 50 New York New Haven & Hartford Railroad Co 915,457 01 New York United Hotels, Inc 1,265,400 00 Park Avenue Improvement Company, Inc 215,688 81 Park Lane Corporation 912,000 00 Vanderbilt Avenue Realty Corporation 1,167,888 58 Yale Leasing Corporation 122,509 89 33 East 48th Street Realty Corporation 240,780 45 379 Madison Avenue, Inc 370,500 00 385 Madison Avenue, Inc 370,500 00 300 Park Avenue Company, Inc 1,434,184 52 350 Park Avenue Company, Inc 232,203 31 Total $13,163,996 25

OTHER INVESTMENTS—MISCELLANEOUS Geo. F. Alger Co—land contract $21,774 84 Columbian Storage & Transfer Co—land contract 13,500 00 Membership in commercial exchanges 8,765 00 Other items 1,151 00 Total $45,190 84

Summary of investments Road and equipment $1, 088,923,497 93 Improvements on leased or controlled railway property 156,198,929 64 Deposits in lieu of mortgaged property sold 530 35 Miscellaneous physical property 32,934,425 16 Investments in affiliated companies—Stocks, par value $154,661,133 33 ledger value $152,492,041 87 Bonds, par value 10,257,588 38 ledger value 8,799,821 46 Notes, par value 13,618,011 72 ledger value 12,938,544 32 Advances 169,097,889 82 343,32S,297 47 Other investments- Stocks, par value $37,486,092 64 ledger value $28,001,569 04 Bonds, par value 1,354,414 76 ledger value 1,083,987 68 Notes, par value 1,348,191 26 ledger value 1,115,042 26 Advances 13,163,996 25 Miscellaneous 45,190 84 43,409,786 07 Total investments $1,664,795,466 62 29

The New York Central Railroad Company

EXPENDITURES FOR ADDITIONS AND BETTERMENTS

during 1930 Owned railway Leased railway Engineering $941,285 20 $335,652 12 Land for transportation purposes 8,723,604 37 151,150 96 Grading 2,588,795 83 1,627,591 92 Underground power tubes 1,065 24 Tunnels and subways 4,100 47* 30,159 93 Bridges, trestles and culverts 1,081,161 77 1,396,624 29 Elevated structures 1,642 54 Ties 274,176 79 377,011 09 Rails 963,159 77 1,145,134 13 Other track material 919,169 73 995,429 09 Ballast 476,371 15 438,279 35 Track laying and surfacing 532,384 23 458,575 36 Right-of-way fences 114,119 05 9,642 52* Snow and sand fences and snow sheds 958 88 841 79* Crossings and signs 1,851,642 62 1,903,823 47 Station and office buildings 3,660,065 90 1,838,686 36 Roadway buildings 17,196 76 612 16 Water stations 477,258 36 206,833 52 Fuel stations 35,159 69 7,509 20* Shops and enginehouses 955,851 86 675,401 47 Grain elevators 1,070 60 89,844 58* Storage warehouses 1,759 80 Wharves and docks 987,648 38 57,824 57 Coal and ore wharves 8,333 01 10,998 25* Telegraph and telephone lines 197,644 94 117,470 84 Signals and interlockers 1,989,516 49 2,120,431 18 Power dams, canals and pipe lines 2 00* Power plant buildings 31,401 75* 142,004 41 Power sub-station buildings 231,080 10 3,707 80 Power transmission systems 68,396 05 58,775 55 Power distribution systems 473,646 74 445,253 28 Power line poles and fixtures 325,452 96 190,003 10 Underground conduits 233,685 53 173,036 94 Miscellaneous structures 17,065 02 29,090 16 Paving 19,628 18 13 02 Roadway machines 105,176 59 78,775 62 Roadway small tools 9,791 32 1,217 14 Assessments for public improvements 92,641 02 35,881 07 Revenues and operating expenses during construction 360 00* 66,308 51 Reconstruction of road purchased 10 82 Other expenditures—road 147 84* 68 49* Shop machinery 158,278 35 300,754 93 Power plant machinery 36,531 95 81,248 39 Power sub-station apparatus 196,854 67 488,825 52 Unapplied construction material and supplies 25,462 56*

Total road expenditures $28,728,854 40 $15,831,696 26

* Credit balance 30

Annual Report

EXPENDITURES FOR ADDITIONS AND BETTERMENTS (continued)

Owned railway Leased railway EQUIPMENT* property property Steam locomotives 86,059,991 69 Other locomotives 5,807,269 96 Freight-train ears 3,354,104 18 Passenger-train cars 1,460,788 90 Motor equipment of cars 285,008 77 Floating equipment 191,001 15 Work equipment 250,585 91 Miscellaneous equipment 2,412 95

Total equipment expenditures 817,411,163 51

GENERAL EXPENDITURES Organization expenses S79,527 57 Law 19 49 $527 05* Stationery and printing 27 50* Taxes 997 81* 37,563 63* Interest during construction 554,630 33 200,586 63 Other expenditures—general 19 03

Total general expenditures $633,179 58 $162,487 48

Expenditures for the year $46,773,197 49 $15,994,183 74 Investment in road and equipment as of December 31, 1929 1,042,150,300 44 140,204,745 90

Totals to December 31, 1930 81,088,923,497 93 $156,198,929 64

t Including trust equipment * Credit

Analysis of changes in Equipment Investment account

EQUIPMENT ADDED, including betterments and partial payments: TRUST OWNED TOTAL Steam locomotives $6,962,299 86 $181,881 53 $7,144,181 39 Other locomotives 5,796,018 00 10,651 96 5,807,269 S6 Freight-train cars 7,449,664 15 468,376 58 7,918,040 73 Passenger-train cars 1,101,146 77 684,972 47 1,786,119 24 Work equipment 510,812 11 510,812 11 Floating equipment 191,001 15 191,001 15 Miscellaneous equipment 11,252 01 11,252 01

Totals 821,309,728 78 82,058,947 81 $23,308,076 59

EQUIPMENT RETIRED Steam locomotives 81,084,189 70 $1,084,189 70 Freight-train cars $54,391 89 4,509,544 66 4,563,936 55 Passenger-train cars 16,512 62 23,808 95 40,321 57 Work equipment 260,226 20 260,226 20 Miscellaneous equipment 8,839 06 8,839 06

Totals 870,904 51 85,886,608 57 $5,957,513 08

Net increase in trust equipment $21,238,824 27 Net decrease in owned equipment 3,827,660 76

Net increase in equipment investment $17,411,163 51 31

The New York Central Railroad Company

EXPENDITURES FOR ADDITIONS AND BETTERMENTS (concluded) The expenditures for improvements to leased or controlled railway property, tabulated by accounts on the preceding pages, were made on the followung-named properties: Amsterdam Chuctanunda & Northern Railroad $682 34 Bailey Run Sugar Creek & Athens Railway- 168 80 Battle Creek & Sturgis Railroad 1,128 26 Bay City Belt Line 740 23 Beech Creek Railroad 57,182 59 Beech Creek Extension Railroad 524,923 32* Boston & Albany Railroad 1,369,235 35 Canada Southern Bridge Company 205 94 Central Railroad of Indianapolis 30 55* Chicago Kalamazoo & Saginaw Railway 9,309 69 Cincinnati Lafayette & Chicago Railroad 32,100 92 Cincinnati Northern Railroad 34,001 90 Cincinnati Sandusky & Cleveland Railroad 84,664 90 Cleveland Cincinnati Chicago & St Louis Railway 6,280,092 05 Columbus Hope & Greensburg Railroad 1,704 76 Detroit Hillsdale & South Western Railroad 2,233 21 Detroit Manufacturers Railroad 252 21 Detroit Toledo & Milwaukee Railroad 2,064 44 Erie & Kalamazoo Railroad 31,566 09 Evansville Indianapolis & Tcrre Haute Railway 24,834 22* Evansville Mt Carmel & Northern Railroad 27,087 87 Fort Wayne & Jackson Railroad 9,682 28 Grand Central Terminal Improvement 1,270,330 55 Hudson River bridges at Albany 237 45* Hudson River Connecting Railroad 30,701 13 Jolict & Northern Indiana Railroad 20,944 75 Kalamazoo Allegan & Grand Rapids Railroad 29,631 16 Kanawha & Michigan Railway 58,160 71 Kanawha & West Virginia Railroad 26,061 65 Lake Erie Alliance & Wheeling Railroad 32,241 57 Lansing Manufacturers Railroad 1,451 62 Michigan Central Railroad 1,099,470 36 Mt Gilead Short Line 900 60 New Jersey Junction Railroad 80,043 79* New York & Harlem Railroad 2,255,480 65 808,978 57 New York State Realty and Terminal Company property 9,968 97* New York Stock Yards 1,809 62 North Brookfield Railroad 6,918 70* Ottawa & New York Railway 260,890 75* Piers on leased property 148 91* Pittsfield & North Adams Railroad 507 46 Point Pleasant Bridge property 1,965 03 St Joseph South Bend & Southern Railroad 37,715 99 St Lawrence & Adirondack Railway 97,597 15 Ticket offices (leased) 1,283 87* Titusville & Cambridge Springs Railroad 2,154,910 68 Toledo & Ohio Central Railway 5,897 21 Troy & Greenbush Railroad 4,022 53 Vernon Greensburg & Rushville Railroad 10,990 55 Wallkill Valley Railroad 2,276 55 Ware River Railroad 996,968 39 West Shore Railroad 9,745 96 Zanesville & Western Railway Total for year $15,994,183 74 * Credit Expenditures on Miscellaneous physical property Land, Keating to Browns, Pennsylvania-Beech Creek Extension Railroad $570,570 73 Land, American and Canadian Niagara Bridge Co 526,402 22 Substructure—Waldorf Astoria Hotel, New York 198,643 84 New York Central Building, 45th-46th Streets, Park Avenue, New York 107,903 22 Land, Collinwood, Ohio 100,899 37 Land and buildings, Cleveland, Ohio 67,499 66 Land adjacent to Newark Avenue freight terminal, Jersey City 18,080 56 Sundry items 62,666 93 Total expenditures $1,652,666 53 Less: Land and buildings—Cleveland, Ohio $444,414 83 West Side improvements 96,385 79 Buffalo stock yards 54,547 14 Sundry items 18,323 09 613,670 S5 Increase for the year $1,038,995 68 Investment in Miscellaneous physical property as of December 31, 1929 31,895,429 48 Total investment to December 31, 1930 $32,934,425 16 32

Annual Report

DETAIL OF RAILWAY OPERATING REVENUES

INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES. (RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFECTIVE FEBRUARY 1, 1930, ARE INCLUDED FOR PURPOSES OF COMPARISON. FIGURES FOR 1929 HAVE BEEN REVISED BY INCLUDING THE FIGURES FOR ROADS COVERED BY LEASES EFFECTIVE FEBRUARY 1, 1930)

REVENUES FROM TRANSPORTATION 1930 1929 Increase Decrease Freight $307,177,575 29 $381,981,375 18 $74,803,799 89 Passenger 111,184,744 82 131,062,256 62 19,877,511 80 Excess baggage 613,804 27 763,217 13 149,412 86 Parlor and chair car 2,036 48 47,549 43 45,512 95 Mail 13,000,881 53 19,282,259 73 6,281,378 20 Express 14,675,188 60 20,281,968 84 5,606,780 24 Other passenger train 949,188 49 1,876,221 34 927,032 85 Milk 6,794,120 46 6,989,943 16 195,822 70 Switching 6,637,816 49 8,079,238 22 1,441,421 73 Special service train 83,959 42 90,885 31 6,925 89 Other freight train 21,017 12 15,773 60 $5,243 52 Water transfers—freight 174,220 46 256,905 23 82,684 77 Water transfers—passenger 703,698 72 741,413 85 37,715 13 Water transfers—vehicles and live stock 866,184 86 796,490 76 69,694 10 Water transfers—other 109,854 79 114,606 46 4,751 67 Total $462,994,291 80 $572,380,104 86 $109,385,813 06

INCIDENTAL AND JOINT FACILITY Dining and buffet $5,196,304 17 $6,033,399 51 $837,095 34 Station restaurant 164,381 73 193,276 2.", 28,894 52 Station, train and boat privileges 1,020,855 36 1,098,230 02 77,374 66 Parcel room 161,427 10 202,824 41 41,397 31 Storage—freight 492,146 09 514,424 38 22,278 29 Storage—baggage 75,204 75 97,992 44 22,787 69 Demurrage 1,366,907 34 1,890,046 20 523,138 95 Telegraph and telephone 11,488 84 13,355 52 1,866 68 Grain elevator 299,961 84 99,140 00 $200,821 78 Stockyard 2,953 87 4,889 31 1,935 44 Power 1,902,183 43 1,866,460 23 35,723 20 Rents of buildings and other property 2,785,620 03 2,806,982 45 21,362 42 Miscellaneous 2,690,074 40 3,215,811 66 525,737 20 Joint facility—Cr. 710,703 SI 420,606 71 290,097 10 Joint facility—Dr. 956,157 07 828,920 50 127,236 51 Total $15,924,055 75 $17,628,518 68 $1,704,462 93 Total railway operating revenues $478,918,347 55 $590,008,623 54 $111,090,275 99

DETAIL OF RAILWAY OPERATING EXPENSES

MAINTENANCE OF WAY AND STRUCTURES Superintendence $4,953,688 79 $5,473,994 20 $520,305 41 Roadway maintenance 6,210,765 09 7,355,640 20 1,144,875 11 Tunnels'and subways 266,708 42 218,015 36 $48,693 06 Bridges, trestles and culverts 2,216,711 22 2,460,552 07 243,840 85 Bridges, trestles and culverts—depreciation 118,628 13 118,628 13 Elevated structures 87,739 54 39,684 66 48,054 88 Ties 5,586,282 98 6,632,308 97 1,046,025 99 Rails 3,264,293 82 3,709,730 57 445,436 75 Other track material 3,939,155 54 4,101,909 21 162,753 67 Ballast 1,218,427 86 1,952,645 87 734,218 01 Track laying and surfacing 14,841,674 27 17,236,347 22 2,394,672 95 Right-of-way fences 335,403 85 409,327 79 73,923 94 Snow and sand fences and snowsheds 11,004 59 12,208 18 1,203 59 Crossings and signs 1,452,543 71 1,634,446 20 181,902 49 Station and office buildings 3,557,055 20 3,962,585 11 405,529 91 Station and office buildings—depreciation 260,406 84 229,986 60 30,420 24 Roadway buildings 341,185 00 498,879 61 157,694 61 Water stations 758,483 83 870,373 50 111,889 67 Fuel stations 344,439 04 361,445 18 17,006 14 Shops and enginehouses 2,453,870 22 3,137,150 15 683,279 93 Grain elevators 56,929 74 74,192 00 17,262 26 Storage warehouses 9,262 16 6,S11 41 2,450 Carried forward $52,284,659 84 $60,496,862 19 33

The New York Central Railroad Company

DETAIL OF EAILWAY OPERATING EXPENSES (continued)

INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES. (RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFECTIVE FEBRUARY 1, 1930, ARE INCLUDED FOR PURPOSES OF COMPARISON. FIGURES FOR 1929 HAVE BEEN REVISED BY INCLUDING THE FIGURES FOR ROADS COVERED BY LEASES EFFECTIVE FEBRUARY 1, 1930)

MAINTENANCE OF WAY AND STRUCTURES {concluded) 1930 1929 Increase Decrease Brought forward 52,284,659 84 S60,496,862 19 Wharves and docks 338,945 41 697,307 23 $358,361 82 Wharves and docks—depreciation 13,550 88 9,582 36 $3,968 52 Coal and ore wharves 266,061 52 222,637 91 43,423 61 Coal and ore wharves—depreciation 59,181 73 46,925 45 12,256 28 Gas producing plants 10 42 10 42 Telegraph and telephone lines 776,965 07 929,586 39 152,621 32 Signals and interlockers 6,254,223 52 6,485,234 85 231,011 33 Power plant buildings 115,290 20 213,515 87 98,225 67 Power substation buildings 71,076 69 167,735 33 96,658 64 Power transmission systems 213,514 57 98,567 21 114,947 36 Power distribution systems 787,563 84 818,303 43 30,739 59 Power line poles and fixtures 72,841 44 28,447 14 44,394 30 Underground conduits 24,050 23 16,285 99 7,764 24 Miscellaneous structures 23,532 94 26,519 86 2,986 92 Paving 103,304 88 67,595 86 35.709 02 Roadway machines 638,811 17 665,359 92 26,54S 75 Small tools and supplies 945,455 97 1,047,455 88 101,999 91 Removing snow, ice and sand 1,251,549 28 1,967,042 99 715,493 71 Assessments for public improvements 58,815 92 33,751 20 25,064 72 Injuries to persons 482,471 87 613,673 60 131,201 73 Insurance 517,000 99 560,709 31 43,708 32 Stationery and printing 108,765 09 117,773 52 9,008 43 Other expenses 62,373 84 68,136 98 5,763 14 Maintaining joint tracks, yards and other facilities—Dr. 3,122,743 17 3,014,184 61 10S,558 56 Maintaining joint tracks yards and other facilities—Cr. 3,759,854 55 4,036,853 71 276,999 16 Total $64,832,895 51 $74,376,351 79 $9,543,456 28

MAINTENANCE OF EQUIPMENT Superintendence $3,517,195 06 $3,822,244 91 $305,049 85 Shop machinery 2,252,646 37 2,514,849 97 262,203 60 Power plant machinery 528,159 70 644,368 10 116,208 40 Power substation apparatus 157,573 60 514,234 05 356,660 45 Steam locomotives—repairs 32,138,993 09 38,763,052 74 6,624,059 65 Steam locomotives—depreciation 7,107,362 30 6,383,160 60 $724,201 70 Steam locomotives—retirements 403,432 89 2,245,060 61 1,841,627 72 Electric locomotives—repairs 632,200 90 819,685 42 187,484 52 Electric locomotives—depreciation 282,503 56 211,934 38 70,569 18 Freight-train cars—repairs 25,223,237 70 38,556,925 94 13,333,688 24 Freight-train cars—depreciation 13,306,047 02 12,830,476 59 475,570 43 Freight-train cars—retirements 1,092,541 31 2,742,118 43 1,649,577 12 Passenger-train cars—repairs 8,810,790 98 10,454,159 77 1,643,368 79 Passenger-train cars—depreciation 3,356,361 74 3,224,394 45 131,967 29 Passenger-train cars—retirements 55,651 52 164,194 72 108,543 20 Motor equipment of cars—repairs 303,086 14 261,356 50 41,729 64 Motor equipment of cars—depreciation 81,204 17 75,102 80 6,101 37 Floating equipment—repairs 846,308 46 1,093,641 17 247,332 71 Floating equipment—depreciation 385,606 33 375,994 68 9,611 65 Floating equipment—retirements 236 87 487 57 250 70 Work equipment—repairs 989.6S0 19 1,658,528 80 668.84S 61 Work equipment—depreciation 661,041 22 603,706 27 57,334 95 Work equipment—retirements 98.512 56 227,056 10 128,543 54 Miscellaneous equipment—repairs 30,692 78 26,208 05 4,484 73 Miscellaneous equipment—depreciation 29,284 68 27,10S 25 2,176 43 Miscellaneous equipment—retirements 951 88 6,457 00 5,505 12 Injuries to persons 463,344 33 630,597 03 167,252 70 Insurance 681,001 12 654,826 74 26,174 38 Stationery and printing 135,312 06 169,745 39 34,433 33 Other expenses 37,209 58 42,921 40 5,711 82 Maintaining joint equipment at terminals—Dr. 800,591 44 644,041 31 156,550 13 Maintaining joint equipment at terminals—Cr, 651,368 24 735,468 24 84,100 00 Total $103,757,393 31 $129,653,171 50 $25,895,778 10 34

Annual Report

DETAIL OF RAILWAY OPERATING EXPENSES (continued)

INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES. (RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFECTIVE FEBRUARY 1, 1930, ARE INCLUDED FOR PURPOSES OF COMPARISON. FIGURES FOR 1929 HAVE BEEN REVISED BY INCLUDING THE FIGURES FOR ROADS COVERED BY LEASES EFFECTIVE FEBRUARY 1, 1930)

TRAFFIC EXPENSES 1930 1929 Increase Decrease Superintendence $3,642,097 01 $3,627,247 80 $14,849 21 Outside agencies 3,444,234 90 3,386,264 26 57,970 64 Advertising 1,057,978 07 1,114,765 86 $56,787 79 Traffic associations 294,642 59 309,377 82 14,735 23 Fast freight lines 4,430 8S 2,159 01 2,271 87 Industrial and immigration bureaus 135,082 84 151,256 78 16.173 94 Insurance 3,602 48 6,809 94 3,207 46 Stationery and printing 1,008,573 32 896,072 66 112,500 Other expenses 3,673 40 9,763 43 6,090 03 Total $9,594,315 49 $9,503,717 56 $90,597 93

TRANSPORTATION EXPENSES Superintendence $6,136,644 41 $6,806,327 34 $669,682 93 Dispatching trains 2,393,974 02 2,473,888 75 79,914 73 Station employees 27,249,244 25 30,764,859 79 3,515,615 54 Weighing, inspection and demurrage bureaus 283,890 80 293,955 84 10,065 04 Coal and ore wharves 851,478 80 1,226,364 35 374,885 55 Station supplies and expenses 2,247,501 57 2,452,411 40 204,909 83 Yardmasters and yard clerks 6,583,885 88 7,321,761 46 737,875 58 Yard conductors and brakemen 13,819,396 21 17,143,625 34 3,324,229 13 Yard switch and signal tenders 2,379,992 91 2,544,405 58 164,412 67 Yard enginemen 9,096,850 82 11,134,556 49 2,037,705 67 Yard motormen 437,572 84 455,764 03 18,191 19 Fuel for yard locomotives 4,250,518 61 6,126,513 45 1,875,994 84 Yard switching power produced 159.596 31 170,453 59 10,857 28 Water for yard locomotives 379,031 93 454,558 57 75,526 64 Lubricants for yard locomotives 109,231 38 125,337 03 16,105 65 Other supplies for yard locomotives 104,247 52 119,762 77 15,515 25 Enginehouse expenses—yard 2,7u8,246 51 3,189,383 27 391,136 76 Yard supplies and expenses 514,463 72 558,759 06 44,295 34 Operating joint yards and terminals—Dr. 7,212,162 53 6,224,941 14 $987,221 39 Operating joint yards and terminals—Cr. 5,182,960 92 4,562,993 71 19,624,886 44 619,967 21 Train enginemen 16,997,265 62 2,627,620 82 Train motormen 614,803 71 633,406 36 23,546,972 31 18,602 65 Fuel for train locomotives 17,985,324 54 5,561,647 77 Train power produced 616,357 55 592.597 29 1,790 59 23,760 26 Train power purchased 828 57 1,921,537 31 962 02 Water for train locomotives 1,856,307 32 711,657 53 65,229 99 Lubricants for train locomotives 659,881 10 463,955 99 51,776 43 Other supplies for train locomotives 395,522 03 6,546,715 15 68,433 96 Enginehouse expenses—train 6,036,655 43 23,130,423 35 510,059 72 Trainmen 20,308,039 32 8,578,041 31 2,822,384 03 Train supplies and expenses 7,904,062 55 3,843,489 78 673,978 76 Signal and interlocker operation 3,643,575 33 2,244.407 04 199,914 45 Crossing protection 2,248,467 27 189,703 67 4,060 23 Drawbridge operation 182,601 06 759,882 14 7,102 61 Telegraph and telephone operation 720,843 80 4,443,001 49 39,038 34 Operating floating equipment 4,170,424 09 1,424,050 65 272,577 40 Stationery and printing 1,205,081 35 2,373,465 77 218,969 30 Other expenses 1,540,161 22 1,570,317 52 833,304 55 Operating joint tracks and facilities—Dr. 1,608,088 46 2,019,684 70 37,770 94 Operating joint tracks and facdities—Cr. 1,881,216 32 356,079 83 138,468 3S Insurance 2S3.219 06 574,971 65 72,860 77 391,189 86 Clearing wrecks 383,073 65 1S3.7S1 79 414,908 72 Damage to property 22,331 56 31,835 07 Damage to iive stock on right of way 19,137 77 2,755,274 18 2,663,359 83 3,193 79 Loss and damage—freight 126,067 99 91,914 35 Loss and damage—baggage 106,187 19 2,849,582 91 1,962,744 88 19,880 80 Injuries to persons 886,838 03 Total $174,455,031 15 $202,696,394 56 $28,241,363 41 35

The New York Central Railroad Company

DETAIL OF RAILWAY OPERATING EXPENSES (concluded)

INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES. (RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFECTIVE FEBRUARY 1, 1930, ARE INCLUDED FOR PURPOSES OF COMPARISON. FIGURES FOR 1929 HAVE BEEN REVISED BY INCLUDING THE FIGURES FOR ROADS COVERED BY LEASES EFFECTIVE FEBRUARY 1, 1930)

MISCELLANEOUS OPERATIONS 1930 1929 Increase Decrease Dining and buffet service 6,995,612 08 $8,173,260 80 $1,177,648 72 Station restaurant 153,748 08 176,073 08 22,325 00 Grain elevators 192,544 08 248,447 53 55,903 45 Stockyards 1,993 12 3,112 20 1,119 08 Producing power sold 764,277 87 626,863 62 $137,414 25 Other miscellaneous operations 39,960 00 37,761 11 2,198 89 Total $S,148,135 23 $9,265,518 34 $1,117,383 11

GENERAL EXPENSES Salaries and expenses of general officers $1,546,582 08 $1,569,126 28 $22,544 20 Salaries and expenses of clerks and attendants 9,061,4S1 78 9,054,730 25 $6,751 53 General office supplies and expenses 891,350 54 842,035 38 49,315 16 Law expenses 1,165,689 54 1,140,110 49 25,579 05 Insurance 30,944 92 26,699 56 4,245 36 Pensions 2,132,141 33 1,747,378 70 3S4.762 63 Stationery and printing 487,018 25 481,991 60 5,026 65 Valuation expenses 838,177 16 913,137 98 74,960 82 Other expenses 440,888 92 538,624 54 97,735 62 General joint facilities—Dr. 100,286 24 8S,214 46 12,071 78 General joint facilities—Cr. 30,214 68 27,373 52 2,841 16 Total $16,664,346 08 $16,374,675 72 $289,670 36 TRANSPORTATION FOR INVESTMENT—CR. $722,698 80 $621,236 14 $98,462 66 Total railway operating expenses $376,729,417 97 $441,245,593 33 $64,516,175 36

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

1930 1929 Maintenance of way and structures 13-54 12-61 Maintenance of equipment 21-66 21-97 Traffic expenses 2-00 1-61 Transportation expenses 36-43 34-35 Miscellaneous operations 1-70 1-57 General expenses 3-48 2-78 Transportation for investment—Cr. •15 •11 Total 78-66 74-78

SEPARATELY OPERATED PROPERTIES

Pittsburgh McKeesport and Youghiogheny Railroad, this company's proportion, one-half, of profit $2,003,285 39 Raquette Lake Railway, loss $41,424 26 Kankakee and Seneca Railroad, loss 13,315 81 Central Indiana Railway, loss 60,024 32 Federal Valley Railroad, loss 33,893 03 148,657 42 Net profit on separately operated properties $1,854,627 97 36

Annual Report

RAILWAY TAXES ACCRUED INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES. (RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFECTIVE FEBRUARY 1, 1930, ARE INCLUDED FOR PURPOSES OF COMPARISON. FIGURES FOR 1929 HAVE BEEN REVISED BY INCLUDING THE FIGURES FOR ROADS COVERED BY LEASES EFFECTIVE FEBRUARY I, 1930)

ON CAPITAL STOCK 1930 1929 Comparison State of New York New York Central Railroad Company 8503,550 90 $481,412 54 $22,138 36 Inc New York & Harlem Railroad Company 24,945 25 24,945 25 — West Shore Railroad Company 6,029 25 6,162 67 133 42 Dec Hudson River Bridge Company at Albany 1,143 25 1,143 25 — Wallkill Valley Railroad Company 1,006 23 1,006 23 — 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 — Total $537,849 55 8515,844 61 S22.004 94 Inc Commonweatth of Pennsylvania New York Central Railroad Company- $165,465 12 $323,000 00 $157,534 88 Dec Beech Creek Railroad Company 23,475 00 26,973 36 3,498 36 Dec 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 $191,848 87 $352,882 11 8161,033 24 Dec State of Illinois New Y'ork Central Railroad Company $2,604 94 $2,483 87 $121 07 Inc

Commonwealth of Massachusetts Boston & Albany Railroad Company 830,688 72 $33,040 76 $2,352 04 Dec

State of West Virginia Kanawha & Michigan Railway Company $1,840 00 $1,839 98 $0 02 Inc Kanawha & West Virginia Railroad Company 940 00 939 98 02 Inc Point Pleasant Bridge Company 340 00 339 98 02 Inc Total S3.120 00 83,119 94 SO 06 Inc Total capital stock taxes $766,112 08 $907,371 29 8141.259 21 Dec

ON GROSS EARNINGS State of New York $372,081 02 $401,737 87 $29,656 85 Dec Slate of Ohio 629,915 26 713,978 45 84,063 19 Dec Commonwealth of Pennsylvania 20,023 09 21,756 61 1,733 52 Dec State of West Virginia 5,930 46 5,857 66 72 80 Inc Total $1,027,949 83 81,143.330 59 8115,380 76 Dec

RAILROAD COMMISSIONERS* ASSESSMENTS State of Ohio $9,098 46 $9,515 92 $417 45 Dec State of West Virginia 825 00 1,400 00 575 00 Dec Total $9,923 46 810,915 92 S992 46 Dec

CANADIAN PROVINCIAL Canada Southern Railway $46,820 95 $46,820 95 — St Lawrence & Adirondack Railway Company 1,647 58 1,647 73 80 15 Dec Ottawa & New Y'ork Railway Company 852 30 852 30 — Detroit River Tunnel Company 210 25 210 25 — New Y'ork Central Railroad Company 159 09 159 68 59 Dec Total $49,690 17 $49,690 91 SO 74 Dec CANADIAN GOVERNMENT TAX $302,641 48 $557,917 48 $255,276 00 Dec

FEDERAL GOVERNMENT TAXES Income tax $1,806,790 00 $9,051,866 38 $7,245,076 38 Dec

ON THE VALUE OF REAL AND PERSONAL PROPERTY (including leased lines) $28,414,503 33 $26,381,049 09 $2,033,514 24 Inc ON SPECIAL FRANCHISES (including leased lines) $1,631,350 45 $1,667,271 89 $35,921 44 Dec Total railway taxes accrued S34,009,020 80 $39,769,413 55 $5,760,392 75 Dec 37

The New York Central Railroad Company

JOINT FACILITY RENT ACCOUNT INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES. (RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFECTIVE FEBRUARY 1, 1930, ARE INCLUDED FOR PURPOSES OF COMPARISON. FIGURES FOR 1929 HAVE BEEN REVISED BY INCLUDING THE FIGURES FOR ROADS COVERED BY LEASES EFFECTIVE FEBRUARY 1, 1930) 1930 1929 Comparison Amount paid for use of facilities maintained by other companies $6,750,783 95 $4,630,952 45 $2,119,831 50 Inc Amount received for use of facilities maintained by this company 6,220,304 18 6,225,054 77 4,750 59 Dec Net debit $530,479 77 $1,594,102 32* $2,124,582 09 Inc * Credit HIRE OF EQUIPMENT ACCOUNT

INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES. (RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFECTIVE FEBRUARY 1, 1930, ARE INCLUDED FOR PURPOSES OF COMPARISON. FIGURES FOR 1929 HAVE BEEN REVISED BY INCLUDING THE FIGURES FOR ROADS COVERED BY LEASES EFFECTIVE FEBRUARY 1, 1930)

PAID 1930 1929 Comparison Locomotives $1,239,144 11 $649,374 17 $589,769 94 Inc Passenger-train cars 3,607,092 26 2,655,050 12 952,042 14 Inc Freight-train cars 37,913,739 44 42,853,133 87 4,939,394 43 Dec Floating equipment 411 13 64,540 71 64,129 58 Dec Work equipment 45,154 16 51,715 61 6,561 45 Dec Total $42,805,541 10 $46,273,814 48 $3,468,273 38 Dec

RECEIVED Locomotives $1,205,097 26 $637,978 21 $567,119 05 Inc Passenger-train cars 2,587,589 84 2,006,648 75 580,941 09 Inc Freight-train cars 28,416,826 40 36,640,636 18 8,223,809 78 Dec Floating equipment 1,438 61 9,108 61 7,670 00 Dec Work equipment 306,437 65 230,191 32 76,246 33 Inc Total $32,517,389 76 $39,524,563 07 $7,007,173 31 Dee Net debit balance $10,288,151 34 $6,749,251 41 $3,538,899 93 Inc

DEDUCTIONS FROM GROSS INCOME Interest on funded debt MORTGAGE BONDS Carthage & Adirondack Railway Co first mortgage bonds 4% $44,000 00 Carthage Watertown & Sackets Harbor Railroad Co consolidated mortgage bonds 5% 15,000 00 Chicago Indiana & Southern Railroad Co fifty-year gold bonds 4% 606,000 00 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 00 Kalamazoo & White Pigeon Railroad Co first mortgage bonds 5% 20,000 00 Lake Shore & Michigan Southern Railway Co gold mortgage bonds QIC/ 1,750,000 00 Lake Shore & Michigan Southern Railway Co twenty-five year gold bonds of 1906 4% 2,000,000 00 Little Falls & Dolgeville Railroad Co first mortgage bonds 3% 7,500 00 Mohawk & Malone Railway Co consolidated mortgage bonds 3i% 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% 2,721,906 23 NYC&HRRR Co gold debentures of 1904 4% 1,920,000 00 NYC&HRRRCo gold debentures of 1912 4% 367,520 00 NYC&HRRRCo gold mortgage bonds 31% 3,290,000 00 NYC&HRRR Co-Lake Shore collateral gold bondst 3i% 788,167 93 NYC&HRRR Co-Michigan Central collateral gold bonds 3i% 676,760 00 NYC&HRRR Co refunding and improvement mortgage bonds, series A ih% 1,800,000 00 N Y C R R Co-N YC&HRRRCo refunding and improvement bonds, series C 5% 4,250,000 00 NYC&HRRR Co-Spuyten Duyvil & Port Morris first mortgage bonds 3i% 87,500 00 New York & Putnam Railroad Co first consolidated mortgage bonds 4% 159,480 00 Pine Creek Railway Co first mortgage bonds 6% 210,000 00 Sturgis Goshen & St Louis Railway Co first mortgage bonds 3% 9,660 00 $22,139,994 21 DEBENTURE BONDS N Y C R R Co twenty-year 6% convertible of 1915 6% $723,612 00 NYC&HRRR Co of 1900 32 % 192,500 00 916,112 00 Carried forward $23,056,106 21 t Interest accrued only on amount actually outstanding 38

Annual Report

DEDUCTIONS FROM GROSS INCOME (continued) Interest on funded debt (concluded) Brought forward $23,056,106 21 EQUIPMENT TRUST OBLIGATIONS Equipment trust certificates of 1917 41% 8100,530 00 Equipment trust notes of January 15, 1920 6% 279,116 75 Equipment trust certificates of April 15, 1920 7% 427,152 40 Equipment trust certificates of June 1, 1922 5% 212,116 66 Equipment trust certificates of September 1, 1922 4j% 196,305 00 Equipment trust certificates of June 1, 1923 5% 194,425 00 Equipment trust certificates of June 1, 1924 5% 462,829 17 Equipment trust certificates of September 15, 1924 4J% 370,470 00 Equipment trust certificates of May 15, 1925 H% 342,6S6 25 Equipment trust certificates of April 15, 1929 4i% 707,437 50 Equipment trust certificates of December 1, 1929 4 v.; 468,401 25 Equipment trust certificates of May 15, 1930 44% 98,624 93 3,860,094 91

MISCELLANEOUS FUNDED OBLIGATIONS Interest at 6% on mortgage §21,000 00 on real estate, New York City 1,015 00

NON-NEGOTIABLE DEBT TO AFFILIATED COMPANIES Pittsburgh and Lake Erie Railroad Company, advances $230,136 98 Michigan Central Railroad Company, advances 53,506 85 Cincinnati Northern Railroad Company, advances 4,076 71 New York State Realty and Terminal Company, advances 12,723 29 300,443 83 Total interest on funded debt $27,217,659 95 Rent for leased roads RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFEl TIVE FEBRUARY 1, 1930, ARE INCLUDED

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 35% 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 3|% 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 34% 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 4J% 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 4J% 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 165 00 22,665 00

WARE RIVER RAILROAD Dividend at 7% on 7,500 shares of capital stock $52,500 00 Organization expenses 165 56 52,665 56

CHESTER AND BECKET RAILROAD Interest at 5% on $50,000 First mortgage bonds $2,500 00 Interest at 5% on $33,845.43 Notes 1,692 27 4,192 27

PROVIDENCE WEBSTER AND SPRINGFIELD RAILROAD 25% of the gross earnings for the year ended December 31, 1930 8,977 19 Total rent for Boston and Albany and its leased roads 3,430,880 02 Carried forward $4,204,310 02 39

The New York Central Railroad Company

DEDUCTIONS FROM GROSS INCOME (continued)

Rent for leased roads (continued)

RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFECTIVE FEBRUARY 1, 1930, ARE INCLUDED

Brought forward $4,204,310 02 BIG FOUR LINES CLEVELAND CINCINNATI CHICAGO AND ST LOUIS RAILWAY Interest at 4% on $28,579,000 General mortgage gold bonds $1,143,160 33 Interest at 5% on $4,161,000 General mortgage gold bonds 208,050 00 Interest at 4% on $9,650,180.94 Foreign debenture bonds, for five months 145.061 47 Interest at i\% on $5,000,000 Gold debenture bonds 225,000 00 Interest at 6% on $1,052,600 Refunding and improvement mortgage bonds, series "C" 63,156 00 Interest at 5% on $20,000,000 Refunding and improvement mortgage bonds, series "D" 1,000,000 00 Interest at41%on $39,000,000 Ref undingandimprovement mortgage bonds, series "E" 1,665,000 00 Interest at 4% on $5,000,000 Cairo Vincennes and Chicago Ry First mortgage bonds 200,000 00 Interest at 4% 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 33 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 227,233 01 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 Cincinnati 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 343,548 66 Interest at 4% on 85,000,000 Springfield Division Purchase money lien 200,000 00 Interest at 5% on Rachel G. Holmes note 42 81 Interest at 5% on real estate mortgage in Cincinnati 212 50 Dividend at $10 per share on minority common capital stock 74,435 00 Dividend at $5 per share on minority preferred capital stock 68,006 66 Interest at 6% on equipment trust certificates of January 15, 1920 104,876 75 Interest at 7% on equipment trust certificates of April 15, 1920 281,929 09 Interest at 5% on equipment trust certificates of June 1, 1922 139.062 50 Interest at 4g % on equipment trust certificates of September 1, 1922 77,280 00 Interest at 5% on equipment trust certificates of June 1, 1923 26,091 67 Interest at 5% on equipment trust certificates of June 1, 1924 201,046 50 Interest at 4| % on equipment trust certificates of September 15, 1924 164,265 00 Interest at 4?% on equipment trust certificates of May 15, 1925 248,377 50 Interest at 6% on New York Central Railroad Company advances 135,205 48 Interest at 6% on C C C & St L Ry Co advances to E I & T H Ry 1,714 02 $7,485,195 28 CINCINNATI NORTHERN RAILROAD Interest at 4% on $1,000,000 First mortgage bonds $39,999 67 Interest at 5% on equipment trust certificates of June 1, 1922 28,554 50 Interest at 5% on equipment trust certificates of June 1, 1924 12,712 50 5,203 00 Dividend at $12 per share on minority capital stock 86,469 67 CINCINNATI SANDUSKY' AND CLEVELAND RAILROAD Dividend at 6% on 8,577 shares of preferred capital stock ($50 par value) 25,731 00 CENTRAL RAILROAD OF INDIANAPOLIS Cash rental 6,364 75 PEORIA AND EASTERN RAILWAY Under operating contract 58 .236 78 Total rent for Cleveland Cincinnati Chicago & St Louis Ry and its leased and operated roads 7,661,997 48 DETROIT HILLSDALE AND SOUTH WESTERN RAILROAD $54. 000 00 Dividend at 4% on 13,500 shares of capital stock 500 00 54,500^00 Organization expenses ERIE AND KALAMAZOO RAILROAD 30,000 00 Cash rental FORT WAYNE AND JACKSON RAILROAD $126 027 88 Cash rental 1 ,500 00 127,527 88 Organization expenses HUDSON RIVER CONNECTING RAILROAD Cash rental equal to $15, ,000 00 Dividend at 6% on 2,500 shares of capital stock 1,473 ,657 57 1,488,657 57 Interest at 6% on non-negotiable debt KALAMAZOO ALLEGAN AND GRAND RAPIDS RAILROAD $42 000 00 Interest at 5% on $840,000 First mortgage bonds 36; 600 00 78,600 00 Dividend at 6% on 6,100 shares of capital stock LAKE ERIE ALLIANCE & WHEELING RAILROAD 120,000 00 Dividend at 4% on 30,000 shares of capital stock LAKE ERIE AND PITTSBURGH RAILWAY $78 ,255 00 Interest at 4i% on $1,739,000 First mortgage bonds 3 .550 00 Interest at 5% on $71,000 First mortgage bonds 107, 500 00 189,305 00 Dividend at 5% on 21,500 shares of capital stock MAHONING COAL RAILROAD 1,671,826 19 40% of the gross earnings for the year ended December 31, 1930 Carried forward $15,626,724 14 40

Annual Report

DEDUCTIONS FROM GROSS INCOME (continued) Rent for leased roads (continued)

RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFECTIVE FEBRUARY 1, 1930, ARE INCLUDED

MICHIGAN CENTRAL LINES D ,., . MICHIGAN CENTRAL RAILROAD Brought forward $15,626,724 14 Interest at 3}% on $18,000,000 First mortgage bonds $630,000 00 Interest at 41% on $7,634,000 Refunding and improvement mortgage bonds, series "C" 343,530 00 Interest at 4% on $1,500,000 Grand River Valley Railroad First mortgage bonds 60,000 00 Interest at 31% on $1,695,000 Jackson Lansing and Saginaw Railroad First mortgage bonds 59,325 00 Interest at 4% on $2,600,000 Michigan Air Line Railroad First mortgage bonds 104,000 00 Interest at 5% on $4,000,000 Detroit and Bay City Railroad First mortgage bonds 200,000 00 Interest at 4% on $1,500,000 Joliet and Northern Indiana Railroad mortgage 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 58,804 16 Interest at 5% on equipment trust certificates of 1915 11,250 00 Interest at 6% on equipment trust certificates of 1917 78,000 00 Interest at 7% on equipment trust certificates of April 15, 1920 173,230 82 Interest at 5% on equipment trust certificates of June 1, 1922 138,320 83 Interest at 41% on equipment trust certificates of September 1, 1922 17,595 00 Interest at 5% on equipment trust certificates of June 1, 1923 265,966 66 Interest at 5% on equipment trust certificates of June 1, 1924 109,704 17 Interest at 4£% on equipment trust certificates of September 15, 1924 75,579 37 Interest at 41% on equipment trust certificates of May 15, 1925 109,248 75 52,655,024 76

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 $1,433,687 50 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 1,888,887 50

DETROIT MANUFACTURERS RAILROAD Cash rental $15,000 00 150 00 15,150 00 Organization expenses DETROIT RIVER TUNNEL COMPANY $810,000 00 Interest at 41% on $1S,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 5,722,060 46 NEW JERSEY JUNCTION RAILROAD Interest at 4% on $1,700,000 First mortgage bonds 68,000 00 NEW YORK AND HARLEM RAILROAD Interest at 31% on $12,000,000 Gold mortgage bonds 8420,000 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 Interest at 5% on $3,000,000 First mortgage bonds $150,000 00 Interest at 5% on $2,500,000 First mortgage bonds, Western Division 125,000 00 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 43,802 00 Interest at 7% on equipment trust certificates of April 15, 1920 444 61 Interest on non-negotiable debt to affiliated companies 502,500 59 Interest on T & O C Extension Railroad Co bonds 9,000 00 Cash rental 808,000 00 $1,758,747 20

ZANESVILLE AND WESTERN RAILWAY Interest at 4% on $2,000,000 First mortgage bonds $80,000 00 ~ Interest on non-negotiable debt to affiliated companies 3,600 00 83,600 00

KANAWHA A MICHIGAN RAILWAY Interest at 4% on $2,469,000 First mortgage bonds $98,760 00 Interest at 6% on equipment trust notes of January 15, 1920 20,872 50 Interest at 6% on notes to Gauley Coal Land Corporation 17,771 17 Interest on non-negotiable debt to affiliated companies 31,200 00 Cash rental 540,000 00 Rental of Middleport and Northeastern Railway 3,799 89 712,403 50

KANAWHA AND WEST VIRGINIA RAILROAD Interest at 5% on $2,067,000 First mortgage bonds 103,350 00 Total rent for the Ohio Central Lines 2,658,100 76 Carried forward $25,494,885 36 41

The New York Central Railroad Company

DEDUCTIONS FROM GROSS INCOME (concluded)

Rent for leased roads (concluded)

RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFECTIVE FEBRUARY 1, 1930. ARE INCLUDED Brought forward 525,494,885 36 ST LAWRENCE & 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 GREENBUSH RAILROAD Rental at 7% on 5,500 shares of capital stock ($50 per share) 19,250 00 WALLKILL VALLEY RAILROAD Dividend at 3J4% on 3,300 shares of capital stock 11,550 00 WEST SHORE RAILROAD 1,962,325 51 Interest at 4% on First mortgage bonds fluctuating from $49,554,000 to 849,002,500 200,036 40* VARIOUS COMPANIES for siding, team and yard tracks Total rent for leased roads $27,762,047 27

* Includes $13,508.74 account of Ohio Central Lines, $13,337.83 Michigan Central Lines and $856.39 Big Four Lines NOTE: The company received a return of $6,925,896.56 representing dividends and interest on its holdings of securities of lessor compan MISCELLANEOUS TAXES

TAXES CHARGED TO MISCELLANEOUS OPERATIONS 1930 1929 Comparison On the value of real and personal property $67,495 83 $64,115 07 $3,380 76 Inc Federal Government income tax 4,925 73 6,728 06 1,802 33 Dec Total $72,421 56 $70,S43 13 11,578 43 Inc

MISCELLANEOUS TAX ACCRUALS On miscellaneous physical property $2,083,914 76 $1,965,090 79 $118,S23 97 Inc On income from securities owned 13,267 99 14,170 86 902 87 Dec Total $2,097,182 75 $1,979,261 65 $117,921 10 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 357 161 57 461 Indiana Harbor Belt R R 339 121 2 IS Total 696 178 679

COAL CARS Chicago River & Indiana R R 100

STOCK CARS Indiana Harbor Belt R R 100 100

REFRIGERATOR CARS Merchants Despatch, Inc 4,263 S44 11,131

CONTAINER CARS L C L Corporation 50 50

PASSENGER TRAIN CARS BAGGAGE AND EXPRESS CARS Merchants Despatch, Inc 59

REFRIGERATOR CARS Merchants Despatch, Inc 144 60 84

CLUB CARS Pullman Co 16 42

Annual Report

EQUIPMENT IN SERVICE

INCLUDING BOSTON A ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES. (RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFECTIVE FEBRUARY 1, 1930, ARE INCLUDED FOR PURPOSES OF COMPARISON. FIGURES FOR 1929 HAVE BEEN REVISED BY INCLUDING THE FIGURES FOR ROADS COVERED BY LEASES EFFECTIVE FEBRUARY 1, 1930)

DECEMBER 31, 1929 DECEMBER 31. 1930 Average Average tractive Installed Retired Held under tractive power during during equipment other form power Locomotives Number (lbs) 1930 1930 Number Owner! trusts of title (lbs) For freight service 2,590 54,509 35 73 2,552 1,172 621 759 54,903 For passenger service 1,016 34,642 44 29 1,031 616 141 274 35,530 For switching service 1,311 41,606 5 21 1,295 605 205 485 41,737 Electric locomotives 104 51,089 7 111 82 17 12 52,391 Oil electric Diesel 3 51,133 41 44 3 41 63,368 Dummy engines 10 23,611 10 10 23,611 Totals 5,034 - , 132 123 5,043 2,488 1,025 1,530 Average Average capacity capacity Freight-train cars tons tons Box cars 117,589 44-70 2,021 1,336 118,274 49,060 20,874 48,340 44-99 Container cars 604 68-73 61 10 655 104 500 51 67-66 Refrigerator cars 25 20-50 11 36 36 20-50 Flat cars 6,641 42-78 467 359 6,749 4,789 30-0 1,660- 43-21 Stock cars 5,635 39-23 296 5,339 2,601 688 2,050 3916 Coal cars 86,354 54-37 1,220- 2,265 85,309 31,641 19,116 34,552 54-68 Caboose cars 2,410 - 1 22 2,389 1,443 48 898 219,258 - 3,781 4,288 218,751 89,674 41,526 87,551

Average Average seating seating Passenger-train cars capacity capacity Coaches 1,905 85 9 24 1,890 934 445 511 Coaches, electric motor 323 87 10 4 329 255 74 Coaches, automotive 8 66 4 12 12 - Combination passenger cars 306 48 5 ;: 278 117 57- 10-4 Combination passenger ears, electric motor 14 50 14 14 5s Combination passenger cars, automotive 26 50 - -1 25 25 - - 50 Other combination cars 1,397 1-7 4 1,410 642 32-6 44-2 Other combination cars, electric motor 9 - 9 9 Other combination cars, automotive 11 - -1 10 1 - -9 Dining cars 173 - 2-0 193 59 7-5 59 Postal cars 110 -2 108 71 37 Other passenger-train cars 778 - 1-7 9 786 501 24-0 45 - Totals 5,060 - 82 78 5,064 2,640 1,217 1,207 Company service equipment Officers' and pay cars 42 1 41 27 14 Ballast cars 2,287 1 92 2,196 1,569 627 Derrick cars - 141 11 6 146 107 - 39 Steam shovels 37 2 4 35 29 6 Wrecking cars 214 3 1 216 173 - 43 Other company service cars 9,198 - 366 524 9,040 7,015 - 2,025 Totals 11,919 383 628 11,674 8,920 - 2,754 Company service floating equipment! Tug, dredge, pile drivers and scows 7 7 7

DECEMBER 31, 1929 DECEMBER 31, 1930 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 - 1 450 tons Hoisting-barges 4-0 254 tons - 40 254 tons Barges, scows and grainboats 179 323 tons - - 179 323 tons Car floats 66 13 cars - 60 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) 334 1 335 43

The New York Central Railroad Company

TABLE OF TRACKS DECEMBER 31, 1930 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. 500-12 500-10 448-59 467-75* 947-31 2,863-87 W of State Line sta. . 10846' E of Conneaut Penn 43 96 4396 43 96 4395 77-35 253 18 E of Conneaut 16462' W of Edgerton Ohio 242 96 242-86 209-73 158-53 533-81 1,387-89 W of Edgerton 4311' E of East Side Ind 152-56 152-55 50-54 27-43 221-87 604-95 E of East Side Chicago 111 14-OOf 14-01 f 6-51 6-46 84-13 125-11 Total main line owned 953 60 953-48 759-33 704 12* 1,864-47 5,235 00 BRANCHES OWNED 30th Street Branch Spuvten Duvvil St John's Park N.Y. 12-37 12-19 70-89 95-45 Putnam Branch Sedgwick Ave, New York Putnam Jet " 5349 913 - - 2006 82-68 Yonkers Branch Van Cortlandt Getty Square, Yonkers " 310 310 - - 13 6-33 Mahopac Falls Branch Baldwin Place Mahopac Falls a 2 05 - - •34 2-39 Schenectady Detour Branch . South Schenectady " 4-60 3-67- - •58 8-85 Troy & Schenectady Branch Schenectady Trov " 2091 12-90 33-81 Hoffman's Connection Branch Rotterdam Junction " 2-44 210- - 4-54 Dolgeville Branch Little Falls 12-78 - - 2-74- 15-52 Adirondack Branch Herkimer . .. . Malone Junction " 173-33 - - - 49-74 223 07 M _ Hinckley Branch Prospect Junction Hinckley 2-84 - - 216 500 Saranac Branch Lake Clear Junction Saranac Lake " 5-89 -— - - 1-78 7-67 Ottawa Branch Tupper Lake International Boundary " 68-86 - - 9-44 78-30 Ogdensburg Branch Utica Ogdensburg " 134-30 10 0-2 - - 49-35 193-67 Clayton Branch Rivergate Clayton u 15-84 - 3-95 19-79 Rome Branch Rome Richland H 45 31 4-36- - - 38-72 88-39 Syracuse Junction Branch East Syracuse . Syracuse Junction u 8-31 8-31 8-36- 7 5-7 13-76 46-31 Watertown Branch 16093 52-53 117-72 33118 Phoenix Branch Woodard , Fulton a 15-84 _ - 6-11 21-95 Ontario Branch Pulaski Suspension Bridge H 175-33 2-4-0 - - 97-81 275-54 Rochester Branch Windsor Beach State St, Rochester u 7-28 - - 4-08 11-36 Sackets Harbor Branch Watertown Junction Sackets Harbor " 11-43 - - - 1103 22-46 Cape Vincent Branch Watertown Junction Cape Vincent H 2410 - - - 10-54 34-64 Dexter Branch Dexter Junction Dexter " 119 - - - 1-42 2-61 Carthage Branch Watertown Newton Falls " 63-39 - - - 17-17 80-56 Sanfords Branch Main St, Watertown 5-21 - - 5-41 10-62 Roots " - Oswegatchie Branch G & 0 Junction Edwards " 1301 - - 399 1700 u - St Joseph Lead Branch Emeryville Balmat 4-25 - - -74 4-99 DeKalb Branch DeKalb Junction Ogdensburg " 1910 - 3-68 22-78 - - Auburn Branch Syracuse Junction Brighton, Rochester " 9690 -— - 6199 158-89 Canandaigua Branch 5036 - - 12-90 63-26 Lyons-Newbury Branch Lyons 205' S of Lawrenccville " 85 73 82-4-3 - - 86-29 254-45 S of Lawrenceville Newberry Junction Penn 9533 3711 - 50-88 183-32 Penn Yan Branch Dresden Penn Yan N.Y. 6-55 - - 405 10-60 Corning Branch Corning Junction Corning u •72 •7-2 - - 6-26 7-70 Cowanesque Valley Branch C V Junction Ulysses Penn 39 85 - - 6-24 4609 Antrim Branch Wcllsboro Junction Antrim u 16-65 - - - 709 23-74. - Falls Branch Ames St Jet, Roch Suspension Bridge N.Y. 74 01 73-81- - 108-29 256 11 Charlotte Branch Jav St Jet, Rochester Charlotte " 7-24 692 - - 1073 24-89 Cambria Branch Pekin " 3 65 _ - •68 4-33 Attica Branch Batavia Attica u 10-67 - 1-38 1205 Tonawanda Branch Batavia North Tonawanda " 34-97 1*77- - - 8-93 45-67 Gardenville Branch 1296 12-78 - - 103 87 129-61 Buffalo Belt Branch William St, Buffalo. North Buffalo Junction " 6-72 6-72 - - 30-59 4403 Niagara Branch Seneca St, Buffalo Lewiston " 3052 25 23 2-66- 118- 81-52 141 11 Wonalancet Branch North Buffalo Junction Harriet u 4-34 19-29 23 63 Dupont Branch Wonalancet Branch Industries " •71 - - 2-35 306 Lockport Branch North Tonawanda , , Lockport Junction " 1112 - - - 4-79 15-91 Valley Branch 650' S of Fentonville " 42-26 - 8-67 50-93 - - - S of Fentonville Titusville Penn 4S-25 - - 10-36 58-61 Youngstown Branch Ashtabula Harbor Andover Ohio 26-90 14 0-8 2 4-7 10718 15063 Oil City Branch Andover 3582' E of Simons " 614 -09 - 2-62 8-85 E of Simons Oil City Penn 55 00 11 08 - - 31 85 97-93 Clearfield Branch Polk Junction Rose Siding " 61 06 - - 1503 7609 - Belmar Branch Franklin Belmar " 5-99 - - - 1-29 7-28 Low Grade Line Carson Mann Ohio 1810 1810- - 1048 46-68 Cleveland Short Line Collinwood Belt Junction u 2041 2032 4-57- 4-57- 82-89 132-76 Xorwalk Branch Elvria Junction Millbury Junction " 78-75 2613 104-88 Detroit Branch Air Line Junction 4352' N of Alexis " 7-42 6-38- - - 25 22 39 02 N of Alexis D

Annual Report

TABLE OF TRACKS (continued)

MILES OF MAIN TRACK Yards and State Firat Second Third Fourth sidings Total 1,57834 4,23374 BRANCHES OWNED (concluded) Brought forward 2,197*60 426-42 1806 13-32 7-20 36-70 Lenawee Junction Monroe Mich 29-50 Monroe Branch 210 22-66 Fayette Branch Grosvenor 12063'\V of Morenci " 20-56 5 39 W of Morenci Fayette Ohio 4-66 •73 9-83 51-93 Jackson Branch Lenawee Junction Jackson Mich 4210 79-76 JonesviUe North Lansing " 61-34 18-42 Lansing Branch 14-82 51-36 White Pigeon Kalamazoo " 3654 21.55 Grand Rapids Branch 9 45 Mishawaka Branch Elkhart Mishawaka Ind 1210 27-08 Goshen Branch Goshen 12458' N of Twin Lake " 25-57 1- 51 N of Twin Lake Sturgis Mich 3-36 •61 3- 97 135-84 Kankakee Branch South Bend 38' E of Illinoi Ind 82-20 53-64 E of Illinoi Seatonville Junction 111 10951 68-34 177-85 Ladd Junction NYC Junction " •47 •94 1-41 16722 323-64 Danville Branch Indiana Harbor 7524' S of Allison Ind 10078 55 64 S of Allison Danville 111 849 8-49 •38 17-36 At South Bend Ind 1 93 2- 53 4- 46 M C Connecting Branch 3-80 Dune Park Branch Gibson Ivanhoe " 1- 52 216 •12 Ivanhoe G & W Junction " 7- 53 5-12 12-65 G&W Junction Dune Park " 8- 14 12-43 2057 119 3-98 Churchill Branch Ladd Churchill 111 2- 79 •30 1- 65 Bradley Branch Kankakee Bradley " 1-35 •77 2- 04 Depue Branch Depue Junction Depue " 1-27 St Joseph Junction Benton Harbor Mich 1-62 •99 2-61 Benton Harbor Branch 25-55 Connections and wyes Various places NY. 16-03 9-52 Various places Penn •96 Total branches owned 2,777-92 502-23 18 06 1332 1,956-98 5,268-51 Total main line and branches owned 3,73152 1,4557 1 77739 717-44* 3,821-45 10,50351

LINES OPERATED UNDER LEASE OR CONTRACT—AFFILIATED Bailey Run, Sugar Creek & Athens Kanawha & Michigan Ry near Chauncey 619 619 Ry® Sundry Mines Ohio Sturgis "Findley Mich 719 •75 7-94 Battle Creek & Sturgis Railway 11055 6-46 41-69 158-70 Beech Creek Extension Railroad 5 main lines Penn 4 branches " 2023 2578 4601 Connections and wyes " 2-09 1-20 3- 29 617 Chester & Becket Railroad Chester Quarry Mass 5- 34 •83 19215 467-41 Cleveland Cincinnati Chicago and Cleveland Springfield Ohio 18013 84-82 10-31 107-53 20005 St Louis Railway Dayton Ivorydale Junction " 46-30 46-22 Gabon State Street, Union City " 11807 97-25 75-40 290-72 State Street, Union City Indianapolis Ind 84-46 82-69 98-23 265-38 Cincinnati 1 mile W of Elizabethtown Ohio 20-31 20-31 66-77 107-39 W of Elizabethtown. .East St, Indianapolis Ind 88-28 60-87 15110 300-25 Brandt Lafayette " 60-73 45 09 32-23 138 05 Indianapolis 500' W of Sandford " 79-62 7919 73-70 232-51 W of Sandford East St Louis 111 168-98 73 25 13061 372-84 Cairo Danville " 259 48 33-79 173-87 467-14 Springfield 1 mile W of Glen Karn Ohio 6095 18-57 79-52 W of Glen Karn Indianapolis Ind 74-09 17-99 92-08 Benton Harbor 3360' N of Granger Mich 3514 8 06 43-20 N of Granger Rushville Ind 168-28 109 65 66 235 03 In Cincinnati Ohio •33 •11 •44 In Greensburg Ind •07 •07 In Indianapolis u , •87 391 4- 87 Old line through Delaware Ohio 596 3-85 9-81 In Marion Ind •18* •18 In Carmi HI •201 •20 26 31 77-38 Delaware Branch Delaware Springfield Ohio 5002 105 Hillsboro Lenox 111 55-66 109 2608 82-83 St Louis Old Line 1-47 Vincennes Branch St Francisville Wabash River " 1- 47 Wabash River Vincennes Ind 6- 83 •20 7 03 49 7-51 White Water Branch Vallev Junction State Street, Harrison Ohio 7- 02 State" Street, Harrison Hagerstown Ind 6313 908 72-21 East Alton Alton 111 4-24 4-89 913 Alton Branch 719 Franklin Branch Wells Franklin Ohio 2- 29 4-90 Lawrenceburg & Aurora Branch Lawrenceburg Junction Aurora Ind 6-86 8-45 15-31 Carried forward 1,795-35 634-57 1031 1,375-27 3,815-50 * See preceding page © Operated through stock ownership as a siding without iormal contract * Owned jointly by the C C O & St L Ry and T St L & W R R t Owned jointly by the C C C & St L Ry and L & N R R 45

The New York Central Railroad Company

TABLE OF TRACKS (continued)

MILES OF MAIN TRACK Yards LINES OPERATED UNDER LEASE OR CONTRACT AFFILIATED (continued) and Cleveland Cincinnati Chicago and State First Second Third sidings Total St Louis Railway (concluded) Brought forward 1,795-35 634-57 10-31 1,375-27 3,815-50 Martinsville Branch Fairland Martinsville Ind 38-37 4-68 4305 Saline Valley Branch Harrisburg to mines 111 9-81 7- 22 1703 Chicago Division Old Line Glenn St Clair Ind •03 03 Findlay Belt Railway© In Findlay Ohio •62 •62 Vernon Greensburg & Rushville R R North Vernon Rushville Ind 44-39 8- 71 53.10 CincinnatiSandusky& ClevelandRy Sandusky Dayton Ohio 154-88 52-54 92-91 300-33 Carey Findlay ' u 15-37 1- 83 17-20 EvansvilleMtCarmel&NorthernRy Mt Carmel Wabash River 111 2-44 2-44 Wabash River Evansville Ind 3014 2- 41 32- 55 Cincinnati Northern Railroad Franklin Junction. . . .1 mile S of Waldron Ohio 165-29 62-70 227-99 South of Waldron Jackson Mich 39-85 7-95 47-80 Lewisburg Branch Lewisburg Quarries Ohio 1-34 1- 34 Evansville Indianapolis & Terre Haute Railway Company Terre Haute Evansville Ind 130-83 41-97 172-80 , Oakland City Coe " 5- 81 5-81 D uff Washington " 2- 32 2- 32 Cincinnati Lafayette &Chicago R R Templeton 2 miles W of Raub " 23- 84 631 9-25 39-40 W of Raub Kankakee 111 32- 98 26-66 59-64 Columbus Hope & Greensburg RR Columbus Greensburg Ind 24- 28 3-98 28-26

Peoria & Eastern Railway* Indianapolirn/4*a«aT\r»l«se 3q mmileiiQD s wW «off pFoste«o+Qfr « 78-79 1-66 38-31® 118-76 W of Foster Pekin 111 122-74 •84 6211® 185-69 Detroit Toledo & Milwaukee R R Dundee Moscow Mich 46-94 5-39 52-33 Hudson River Connecting Railroad Stuyvesant Unionville N.Y. 17-24 1592 600 165-92 Post Road Schodack Junction " 3- 90 3-90 2-98t 123-78 7- 80 West Shore Branch Selkirk Junction Ravena " 313 •29 3- 50 Boston & Albany Branch At Schodack Junction " 10 10 •08 •20 Connections and wyes At Selkirk Junction H •10 •10 Lake Erie Alliance & W Railroad Phalanx Dillonvale Ohio 87-67 54-11 141-78 Lake Erie & Pittsburg Railway* Marcy Brady Lake Junction " 27-76 10-66 38-42 At South Lorain " 2-92 2-92 Mahoning Coal Railroad Andover Youngstown a 38- 23 11 04 8-82 62-54 120-63 Mann Brookfield " 24-49 2441 513 54 03 Mahoning & Shenango Valley Ry Doughton Junction E of Bentley " 601 501 1102 Shenango Valley Railroad Bentlej' Sharon Penn 1-83 2- 31 4- 14 Stewart Railroad At Sharon " 405 405 Michigan Central Railroad Detroit 19956' W of New Buffalo Mich 222-83 222-49 518 4 85 -433-69 889 04 W of New Buffalo. . . 2556' W of Hammond Ind 42-46 42-46 1-38 1-37 40-68 128-35 W of Hammond Kensington 111 6- 52 6-52 1-36 1-32 54-12 69-84 Air Line Branch Jackson Niles Mich 107-66 3-84 37-44 148- 94 South Bend Branch Niles 5116' S of Bertrand " 5-47 3- 46 8- 93 S of Bertrand South Bend Ind 5-97 5-36 11-33 South Haven Branch Kalamazoo South Haven Mich 39- 34 7-36 4670 Lansing Branch Jackson Bay City " 114-37 1318 76-53 204-08 Mackinaw Branch Bay City Mackinaw City H 18204 1-94 94-98 278-96 Gladwin Branch Pinconning Gladwin " 27-90 5-36 33- 26 Mt Forest Bentley " 4- 69 4-69 Twin Lakes Branch Grayling Lewiston " 27-26 7- 57 34- 83 Bagley Branch Sailings Johannesburg " 13-78 5-46 19-24 North Midland Branch Bay City WS Midland " 1817 706 25- 23 East Jordan Branch Frederic East Jordan " 42-65 5-45 4810 Grand Rapids Branch Rives Junction Grand Rapids " 83-82 24-49 108-31 Bay City Branch Detroit Bay City " 104-57 2-85 8606 201-05 Caro Branch Vassar Owendale * 33- 54 9-61 4315 Saginaw Branch Denmark Junction Saginaw W S " 15-76 8- 79 24-55 Bay City Belt At Bay City " 5- 81 307 8-88 Water Street Spur At Bav City • 3 01 5-92 8-93 Detroit Belt At Detroit " 6- 36 4-98 34-99 46-33 Toledo Branch Detroit 23657' S of Vienna " 46-82 3-43 99-39 149- 64 S of Vienna C S Jet Toledo Ohio 3-99 •93 3-72 42-84 51-48 Toledo Belt At Toledo a 3-49 1-50 2178 26- 77 Dearborn Branch Toledo branch to main line.. Mich 414 414 •28 8-56 West leg of wye at main line •64 381 4-45 Oakwood Junction D & I Crossing 1- 36 •23 1- 59 St Charles Air Line® At Chicago. . . 111 •70 •70 1-28 2- 68 Mackinaw Branch© At Cheboygan Mich •42 •42 Canada Southern Bridge Co Slocum Junction Grosse He 2- 50 •90 3- 40 Carried forward 4,105-68 1,108-65 43-05 10-52 3,152-31 8,420-21 t Includes 43/lOOths of a mile eastbound fast freight track at Unionville © Operated as lessee of C C C & St L Ry Co whicn owns all of the stock * Operated under agency contract d> Owned jointly by the N Y C R R Co and Penn R R Co ® Owned jointly by the M C R R Co, I C R R Co, C & N W Ry Co and C B & Q R R Co ® Owned jointly by the M C R R Co and the D & M R R ® Includes 1-11 miles owned jointly with B & O R R Co, at Speedway, Indiana ©Includes -43 mile owned jointly with C & E I R R Co, at Danville, Illinois, and -15 mile owned jointly with I C RK Co, at Champaign. Illinois 46

Annual Report

TABLE OF TRACKS {continued)

\ OT MAIN TRACK Yards and LINES OPERATED UNDER LEASE OR CONTRACT -AFFILIATED (continued) State First Second Third Fourth sidings Total Michigan Central Railroad (concluded) Brought forward 4,105-68 1,108*65 43-05 10-52 3,1 2-31 8,420-21 Detroit Toledo & Milwaukee R R Battle Creek. .Moscow Mich 47 01 13- 21 6022 Joliet & Northern Indiana R R® East Gary 1201' W of Dver Ind 15 65 1405 29-70 W of Dyer Joliet 111 28-20 2719 55- 39 At Joliet " 1-37 1-35 1-33 1-31 •76 6-12 Lansing Transit Railwayf At Lansing Mich •77 •89 1-66 Lansing Manufacturers Railroad f At Lansing " 6*22 8-71 13-93 Bay City Belt Line R R (South Water Street track) At Bay City " 1-70 3-24 4-94 Battle Creek & Sturgis Ry Battle Creek Findley " 33-99 2-81 36-80 St Clair & Western Railroad St Clair Richmond " 14-89 •37 15-26 Canada Southern Railway Niagara Falls Windsor Ont 226-10 224-58 197-48 648-16 Bridgeburg Welland u 16-86 16-86 3128 6500 Amherstburg Essex a 16-94 2- 35 19- 29 St Clair Junction Court right * 62-29 5-42 67-71 Oil City Eddys u 5- 30 607 Petrolia Junction PetroUa a 6- 62 1-56 8- 18 Comber Leamington " 1606 5- 73 21- 79 Fort Erie Niagara Junction " 310 •17 3- 27 Niagara Junction Niagara-on-the-Lake u 2515 6- 34 31-49 London Terminal " •50 1-39 1- 89 Paradise Grove Spur " •26 •26 Detroit Manufacturers R R At Detroit Mich 1-52 3- 00 4- 52 Detroit River Tunnel Co Detroit 6112' E of Detroit " 1-81 1-81 14- 37 17- 99 E of Detroit Windsor Ont 1-45 1-45 •07 2- 97 Niagara River Bridge Co Niagara Falls, Ont.456' E of Niagara Falls " •09 •09 •18 E of Niagara Falls Suspension Bridge N.Y. •15 •15 •30 Toronto Hamilton & Buffalo Railway Covle yard Ont 3-42 3- 42 At Attercliffe " 04 •04 Chicago Kalamazoo and Saginaw Railway Woodbury. .Pavilion Junction Mich 4591 61-66 Grand Trunk Western (C K TRy)G At Kalamazoo " •09 Pere Marquette Ry* At Woodbury " •09 •09 Middleport & Northeastern Ry Rockville Calvin Ohio 2-91 2- 91 New Jersey Junction Railroad Weehawken P R R Jet N.J. 4-44 434 13-44 22- 22 New York & Harlem Railroad Grand Central Terminal Chatham N.Y. 12736 54-83 13 26 13-25 140-23 348-93 1 branch " 7-18 207 9- 25 Connections and wyes " •30 •24 •08 •62 Ottawa & New York Railway International Boundary Ottawa P of O 56-82 1088 67-70 St Lawrence «& Adirondack Ry Malone Jet International Boundary N.Y, 1023 10-90 21- 13 International Boundary Valleyfield PofQ 2017 703 27-20 Beauharnois Adirondack Junction u 13-27 4-91 18- 18 Toledo & Ohio Central Railway Toledo via Bucyrus Bremen Ohio 160-08 7-70 176-69 344-47 Stanley via Columbus Thurston " 15714 532 95-62 258-08 New Lexington Corning " 12-33 10-44 22- 77 Corning Chauncey " 20-87 20- 87 At Carrington " •64 •64 St Marys Branch Peoria St Marys * 58-87 12 40 71-27 East Columbus Branch Truro East Columbus H 413 2-48 661 Green Run Branch Doty. , Mine 24 " •92 1- 22 214 Connections and wyes " •61 08 •69 Zanesville & Western Railway Thurston. . .via Muskingum Cannelville " 42-90 1358 56- 48 Fultonham Drakes * 2629 1714 43-43 Carrington Shawnee " 2-90 •49 3- 39 East Columbus.. Woodland Ave, Columbus " 2-43 •84 3- 27 Mine 24 Modoc 2-29 2- 94 5- 23 Glouster Carrington " 305 305 Connections and wyes H •71 •71 Zanesville Terminal Railroad Muskingum Spangler " 1- 42 •94 2- 36 In Zanesville " •29 •70 •99 Spangler West Zanesville * 2- 79 1-48 4- 27 Kanawha & Michigan Railway Corning Hobson Junction " 56 62 42-65 104-74 Kanauga State line " 1-85* 207 3- 92 State line Gauley Bridge WYa 94-85* 3-95 75-85 174-65 Carried forward 5,553-78 1,436-87 57-72 25-08 4,187-32 11,260-77 © Owned jointly by the MCRRCo and the C R I & P Ry t Owned jointly by the N Y C R R Co and the MCRRCo G Owned jointly by the C K & S Ry and the G T W Ry

The New York Central Railroad Company

TABLE OF TRACKS (continued)

MILES OF MAIN TRACK Yards , A , and LINES OPERATED UNDER LEASE OR CONTRACT—AFFILIATED (concluded) 3t»te Fir9t Second Third Fourth sidings Total Kanawha & Michigan Railway (concluded) Brought forward 5,55378 1,436-87 57-72 25-08 4,18732 11,26077 Drakes Carrington Ohio 2-92 - - 2-92 Buckingham Branch Glouster Drakes u 8-20 - - 8-20 Smithers Creek Branch Smithers Marting WVa 4-36 - 335 771 Connections and wyes Ohio -10 - - -10 Connections and wyes WVa -28 - - -28 Kanawha & West Virginia R R Charleston Hitop " 3410 - 631 4041 Gaulev Bridge Swiss " 9 63 - 1-42 1105 West Shore Railroad Wcehawken 1313'S of Tappan N.J. 18-83 1883 11-28 11-27 122-39 182-60 SofTappan Buffalo N.Y. 40479 38772 17-33 2-61 33014 1,142-59 3 branches " 51 34 1-76 - - 19-45 72-55 Connections and wyes " 4-38 1-41 - - - 5*79 Wallkill Valley Railroad Kingston Montgomery " 32-88 - - 574 38-62 Total lines operated under lease or contract—affiliated 6,125-59 1,846-59 86-33 38-96 4,676-12 12,773-59

LINES OPERATED UNDER LEASE OR CONTRACT—NOT AFFILIATED Beech Creek Railroad 2 main lines Penn 12037 929 - - 95 10 224 76 19 branches " 2069 -71 - - 74-38 9578 Connections and wyes " 1'09 - - - - 1"09 Boston & Albany Railroad Boston State Line Mass 161-42 161-42 64-28 25 16 276-84 689-12 State Line Rensselaer N.Y. 37-85 3785 1387 - 3073 120-30 Newton Highlands Branch Brookline Jet Riverside Mass 9 89 9 89 - - 7-54 27-32 Grand Junction Branch Beacon Park East Boston " 950 872 - - 37-64 5586 Newton Lower Falls Branch Riverside Newton Lower Falls " 1'35 - - -67 2-02 Saxonville Branch Natick Saxonville " 3 89 - 2 7 5 6 64 Milford Branch Framingham Milford " 11 98 - 4-45 1643 Millbury Branch Millbury Jet Millbury " 3-28 - 1 28 4-56 Spencer Branch South Spencer Spencer " 2-26 - - - 1'27 3-53 Athol Branch Athol Jet Athol " 45-21 - 8-33 53-54 Hudson and Chatham Branch Chatham Hudson N.Y. 17 12 -95 - - 976 27-83 Selkirk Line Niverville Post Road " 278 274 - - - 5-52 North Brookfield Railroad East Brookfield North Brookfield Mass 4-16 - -89 5 05 Pittsfield & North Adams R R North Adams Jet North Adams " 1854 - 11-94 30-48 Ware River Railroad Palmer Winchendon " 49-48 - 7-30 56-78 Canadian National Railways Valleyfield Beauharnois P of Q 12 70 - 3 25 15'95 Central R R of Indianapolis In Indianapolis Ind - - - - 194 1-94 Delaware Lackawanna & Western Railroad At Black Rock N.Y. - - - - 1-29 1-29 DetroitHillsdale* South Western RRBankers Ypsilanti Mich 6471 - 645 71 16 Dillonvale & Smithfield Rv Dillonvale Smithfield Ohio 4-42 - 535 977 Erie & Kalamazoo Railroad Vulcan 7040' W of Sylvania " 7-61 - - - 2-33 9-94 WofSvlvania Palmyra Mich 14-21 - 389 18-10 Fort Wayne & Jackson Railroad Fort Wayne 539' N of Rav Ind 53 30 - 19 04 72-34 NofRav Jackson Mich 44 06 02 - - 641 5049 Genesee Falls Railway NY CRR Industries. Rochester N.Y. - - 2 06 2 06 Illinois Central Railroad At Chicago Ill - - - 2 02 2 02 Kalamazoo Allegan & G R R R Kalamazoo Grand Rapids Mich 58-45 - 19 94 78-39 Mt Gilead Short Line Railway Mt Gilead Junction Mt Gilead Ohio -74 - -34 1-08 New York Chicago and St Louip R R Fairmont Rd, Cleveland. E 37th St Cleveland " - 6-18 - 6-18 Providence W & S Railroad Webster Jet Webster Mass 10 98 - 1 89 12-87 East Village Branch Webster Mills East Village " 1-28 - -44 172 St Joseph So Bend & Southern R R South Bend 4099'N of Warwick Ind 1423 - 346 17-69 N of Warwick St Joseph Mich 25 08 - 7-54 32-62 Titusville & Cambridge Springs R R Titusville Penn - - - - -45 -45 Troy & Greenbush Railroad Rensselaer Madison St, Troy N.Y. 5 56 551 - - 12 16 23-23 Total lines operated under lease or contract—not affiliated 838 19 237 10 78 15 31 34 671 12 1,855-90 Total lines operated under lease or contract 6.9637S 2,0*3-69 164-48 70-30 5,347-24 14,629-49

LINES OPERATED UNDER TRACKAGE RIGHTS Baltimore & Ohio Railroad Ravenna Junction Niles Junction Ohio 23-06 22-93 - - - 45-99 At Athens " -34 - -23 -57 Ferro Philo " 620 - 118 7-38 North Vernon Jeffersonville Ind 52-21 - - 52-21 Ivorydale Junction Cincinnati Ohio 5-S6 609 - [- - 11-95 Wann Bridge Junction 111 - 17/8 - - - 1778 In Indianapolis Ind - '79 - - - -79 In Dayton Ohio -48 141 - - - 1-89 Carried forward 88-15 4900 - - 1 41 13856 48

Annual Report

TABLE OF TRACKS (continued)

MILES OT MAIN TRACK State First Second Third Fourth sidings Total LINES OPERATED UNDER TRACKAGE RIGHTS (continued) Brought forward 88-15 49 00 - - 141 138-56 Boston & Maine Railroad At Athol Mass •13 •13 At Winchendon •13 - - - - 13 Boston Terminal Company South Station, Boston •46 •4-6 - - •92 Buffalo Creek Railroad In Buffalo N.Y. 3 56 3-48 •9-5 - - 7 99 Buffalo Roch & Pittsburgh Ry Falls Creek Clearfield Penn 30-64 4-89 - - 35-53 Rossiter C & M Jet 1833 14-88 - - - 33-21 Canadian National Railways In Ottawa Ont •81 - - - •81 Bridgeburg International Boundary •32 - - - - •32 International Boundary Black Rock N.Y. •87 •5-3 - - - 1-40 Canadian Pacific Railway In Ottawa Ont 114 - - - 114 Adirondack Junction Montreal PofQ 8-77 8-77- - - - 17-54 South Junction Outremont 535 5 35 - - —- 10-70 Central Union Depot & Railway In Cincinnati Ohio •24 •24 - - •48 C T & Dixonville Railroad Cherry Tree Idamar Penn 3670 - - 25-7-7 62-47 At Manver (Cambria & Indiana R R) " 1-14 - —- - 114 Chicago B & Quincy Railroad N Y C Junction Zearing 111 6-63 - - 4-46- 11 09 Chicago & Eastern Illinois Ry West ville Steelton " - - - 395 3-95 In Evansville Ind 3 5-0 - - - 3 50 Chicago & Northwestern Ry Seatonville Junction Ladd 111 1-97 - - - - 1-97 Cleveland Belt Railway Linndale Cleveland Ohio - - - 5-39- 5-39 Cleveland Union Depot In Cleveland * •2-3 •2-5 - - •48 Cleveland Union Terminal Co 25th St, Cleveland Union Depot 1-58 1-68 - - -- 316 At Cleveland - 7 03-* 1205 1908 Dayton Union Railway In Dayton - - •54- •54 1-08 Delaware & Hudson Company Livingstone Ave, Albany.. . River St, Troy N.Y. 7-08 7-08- - 14-16 Saranac Lake Lake Placid 1008 - - 1008 Kenwood Junction Albany 1-71 •7-0 - - - 2-41 Detroit & Mackinaw Railroad At Cheboygan Mich 216 - 3-59- 5-75 Erie Railroad Montgomery Campbell Hall N.Y. 4-78 —- —- -— 4-78 At Dunkirk - •57 - •57 Lawrenceville Blossburg Penn 25 81 - - - 25-81 Blossburg Morris Run 3-31 - - - 3-31 Sharpsvilie West Middlesex 10-28 - - - - 10-28 Galion Marion Ohio 21 0-5 - - 2105 Glen Echo Cold Springs - 8-83 - - - 8-83 Cold Springs Dayton 18-78 - - - 18-78 Grand Trunk Western Ry At Battle Creek (Hall St) Mich •2-0 - - - •20 To new prison, Jackson 3 03 - - - - 303 Hocking Valley Railway Rockwell Jet Walbridge Ohio 1-67 1-55- - - 322 Beaumont Whittier St, Columbus 68-18 38-57 - ll! 52 11727 Armitage Athens H 1-32 — - - 1-32 Pomeroy Gallipolis * 17-76 - - 7-89- 25 65 At Beaumont 13 - - - •13 Illinois Central Railroad Kensington.. .So Water St station, Chicago 111 1400 1400- - - 28 00 At Chicago " •74 - - - •74 In Louisville Ky •74 •74- - - - 1-48 Indiana Harbor Belt Railroad Calumet Park Union Stockyards HI 30 04 3004 - - - 6008 At Gibson Ind - 11-93- 11-93 At Hammond a - - - - 1-41 1-41 Indianapolis Union Railway Brightwood Moorefield 9-50- 9 5-0 - - 1900 In Indianapolis 1-44 1-47 - - - 2-91 Lake Erie & Eastern Railroad Girard Struthers Ohio 8-31 8-28 - - 7-49- 2408 Louisville & Jeff ersonville Bdge & R RIn Louisville Ky 1-38 - 1-38 In Jeff ersonville Ind 1-22 - - - - 1-22 Louisville & Nashville Railroad In Evansville " 1-82 1-55- - 3-37 Eldorado Grayson 111 - - 2-66- 2-66 Manistee & North Eastern Ry Grayling Jet Portage Lake Branch Mich 2 9-6 - - - 2-96 N Y Chicago & St Louis R R At Fort Wayne Ind - - - 316- 316 Lafayette Templeton 18-68- 18-74- - - 37-42 In Indianapolis 100 - - - 100 Altamont Lafayette u - 3-62 - - - 3-62 In Rushville u •6-8 - - - •68 N Y Ontario & Western Ry Fulton East First, Oswego N.Y. 1296 - - - - 12-96 Carried forward 472 62 274-93 2 06 7-57 101-68 858-86

* Other main track 49

The New York Central Railroad Company

TABLE OF TRACKS {concluded)

MILES OF MAIN TRACK Yards and State First Second Third Fourfcl sidings Total LINES OPERATED UNDER TRACKAGE RIGHTS (concluded) Brought forward 472-02 274-93 2-06 7-57 101-68 858-86 Pennsylvania Railroad Rose Siding Falls Creek Penn 20-91 _ 20-91 McElhattan Keating " - - - 45 00 44-77 - 89-77 Mahaffey Junction Patton " 20-85 - - 20-85 Beech Creek R R Sundry mines " 719 - - - - 7-19 u - - Beech Creek Ext It R Sundry mines 1203 1-60 - 13-63 Brady Lake Jet M V Junction Ohio 2-84 2-87 - - 5-71 M V Junction Minerva Junction " 33-70 30-77 - - - 64-47 M V Junction Ravenna Junction u - 114 106 - - 2-20 Niles Junction Girard " 8-12 8-01 - - 1613 Bremen New Lexington u 11-29 - 4-3-6 15-65 •92 - Woodland Ave C A & C Jet, Columbus " - - •92 Spangler Zanesville " 218 - - -_ 1-34 3-52 In Vincennes Ind 1-25 - - 1-25 In Dayton Ohio 1-25 - - - - 1-25 Peoria & Pekin Union Railway Pekin Peoria 111 8-83 - - - - 8-83 Pittsburgh & Lake Erie Railroad Struthers Youngstown Ohio 5-47 4-2-2 -8-3 •2-3 11-23 21-98 Pere Marquette Railroad At Bay City (South Water St) Mich •16 •16 Reading Company Newberry junction Williamsport Penn 3-71 3-71- - - - 7-42 Rutland Railroad Norwood Malone Junction N.Y. 38-20 - - - 38-20 At Moira " •39 - - - - •39 Southern Railway Oakland City Francisco Ind - - - 6-60- 6-60 Terminal R R Ass'n of St Louis Granite City State line 111 302 3-02 _ 604 State line St Louis Mo 5-88 5-88 - - 11-76 East St Louis State line 111 •91 -91 - - 1-82 State line St Louis Mo 2-30 2-80 - - 510 Toledo Terminal Railroad Walbridge Stanley Ohio 1-31 101 - 2-32 - - - At Toledo " - - 202 202 Troy Union Railroad Madison St, Troy River St, Troy N.Y. 203 2 00 _ 1-97 600 Union Depot Company In Columbus Ohio •22 •31 •53 Wabash Railway Dix and Waterman avenues Detroit Mich •1-7 - - 0-3 •20 Wheeling & Lake Erie Railway At Cleveland Ohio 6-56 - - - 6-56 Oak Street, Ironville Toledo " 5-87 - - - 5-87 In Cleveland " - - 1-2-3 1-23 Zanesville Terminal Railroad At Spangler " •15 •98 1-13 Industrial Track At Adrian Mich - _ - 09 •09 Total trackage rights 726-25 387-56 3-11 8-11 131-53 1,256-56 Total operated mileage 11,421-55 3,92696 944-98 795-85

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 miles miles miles mites miles miles miles miles New York 2,063 06 5,883 11 726-39 1,997-53 81-66 98-94 2,871-11 7,979-58 Pennsylvania 367-05 747-20 276-85 538-27 235 90 331-52 879-80 1,616-99 Ohio 40809 1,881 09 1,577 12 3,248-62 21616 469-27 2,201-37 5,598-98 Indiana 407 03 1,171-55 1,143-78 2,120-40 90-30 15007 1,641-11 3,442 02 Illinois 137-88 329-40 694-79 1,334-46 66-14 142-96 898-81 1,806-82 Michigan 348-41 49116 1,556 12 2,970-45 8-68 12-39 1,913-21 3,474-00 Massachusetts 338-56 972 09 •72 118 339-28 973-27 Kentucky - - 2-12 2-86 212 2-86 Missouri - - —- —- 8-18 16-86 8-18 16-86 New Jersey - - 23-27 204-82 23-27 204-82 West Virginia - —- 143-22 234 10 - - 143-22 234 10 Province of Quebec - 4614 61-33 1412- 28-2-4 60-26 89-57 Province of Ontario - - 437-54 947-42 2-27 2-27 439-81 949-69 - - Totals 3,731-52 10,503-51 6,963-78 14,629-49 726-25 1,256-56 11,421-55 26,389-56 50

Annual Report

TRAFFIC STATISTICS

INCLUDING BOSTON A ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES. (RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFECTIVE FEBRUARY 1, 1930, ARE INCLUDED FOR PURPOSES OF COMPARISON. FIGURES FOR 1929 HAVE BEEN REVISED BY INCLUDING THE FIGURES FOR ROADS COVERED BY LEASES EFFECTIVE FEBRUARY 1, 1930J

TRAIN, LOCOMOTIVE AND CAR MILEAGE STATISTICS TRAIN MILEAGE REVENUE SERVICE 1930 1929 Increase Decrease Freight train-miles 37,349,982 43,618,872 6,268,890 Passenger train-miles 48,945,494 52,210,260 3,264,766 Milk train-miles 1,593,709 1,683,823 90,114 Other passenger train-miles 5,723,259 6,403,579 680,320 Mixed train-miles 991,620 877,389 114,231 Special train-miles 15,333 22,953 7,620 Total revenue train mileage 94,619,397 104,816,876 10.197,479 Non-revenue train-miles 1,980,732 3,009,714 1,028,982 Total train mileage 96,600,129 107,826,590 11,226,461

LOCOMOTIVE MILEAGE REVENUE SERVICE Freight locomotive-miles—steam 42,085,205 49,734,013 Freight locomotive-miles—electric 75,794 80.232 4,438 Passenger locomotive-miles—steam 54,027,645 58,816,952 4,789,307 Passenger locomotive-miles—electric 2,038,922 1,864,493 174,429 Mixed locomotive-miles—steam 1,021,763 897,051 124,712 Special locomotive-miles—steam 16,985 25,484 8,499 Special locomotive-miles—electric 66 66 Switching locomotive-miles—steam 34,848,873 41,877,712 7,028,839 Switching locomotive-miles—electric 1,711,807 1,457,076 254,731 Total revenue locomotive-miles—steam 132,000,471 151,351,212 19,350,741 Total revenue locomotive-miles—electric 3,826,523 3,401,867 424,656 Total revenue locomotive mileage 135,826,994 154,753,079 18,926,085 Non-revenue locomotive-miles—steam 2,397,449 3,682,439 1,284,990 Non-revenue locomotive-miles—electric 14,155 614 13,541 Total non-revenue locomotive mileage 2,411,604 3,683,053 1,271,449 Total locomotive-miles—steam 134,397,920 155,033,651 20,635,731 Total locomotive-miles—electric 3,840,678 3,402,481 438,197 Total locomotive mileage 138,238,598 158,436,132 20,197,534

CAR MILEAGE REVENUE SERVICE Freight car-miles, in freight and mixed trains Loaded 1,327,078,380 1,574,455,479 247,377,099 Empty 865,760,690 992,741,089 126,980,399 Caboose 38,483,209 44,664,693 6,1S1,484 Total freight car-miles 2,231,322,279 2,611,861,261 380,538,982 Passenger car-miles, in passenger and mixed trains Passenger 113,546,565 123,645.611 10,099,040 Sleeping, parlor and observation 192,407,056 196,524,164 4,057,108 Dining 19,688,051 20,358,286 670,235 Milk 25,430,418 27,751,379 2,320,961 Other passenger-train cars 137,188,172 145,805,739 8,617,567 Total passenger car-miles 488,320,262 514,085,179 25,764,917 Special car-miles Freight—loaded 216,095 286,257 70,162 Freight—empty 171 676 505 Caboose 15,927 22,460 6,533 Passenger 75,309 106;362 31,053 Sleeping, parlor and observation 6,395 6,395 Dinmg 618 618 Other passenger-train cars 575 2,852 2,277 Total special car-miles 308,077 425,620 117,543 Total revenue car mileage 2,719.950.618 3,126,372,060 406,421,442 Non-revenue car-miles 5,5S1,962 8,798,393 3,216,431 Total car mileage 2,725,532,580 3,135,170,453 409,637,873 51

The New York Central Railroad Company

TRAFFIC STATISTICS (continued)

INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES. (RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFECTIVE FEBRUARY 1, 1930, ARE INCLUDED FOR PURPOSES OF COMPARISON. FIGURES FOR 1929 HAVE BEEN REVISED BY INCLUDING THE FIGURES FOR ROADS COVERED BY LEASES EFFECTIVE FEBRUARY 1, 1930)

FREIGHT 1930 1929 Increase Decrease Tons of revenue freight carried 150,046,279 203,193,204 53,146,925 Tons of company freight carried 17,352,618 21,192,320 3,839,702 Total tons of freight carried 167,398,897 224,385,524 56,986,627 Tons of revenue freight carried one mile 30,483,123,158 36,527,099,839 0,043,976,681 Tons of company freight carried one mile 3,416,162,774 3,589,337,234 173,174,460 Total tons of freight carried one mile 33,899,285,932 40,110,437,073 6,217,151,141 Miles of road operated in freight service 11,31506 11,40002 84-36 Tons of revenue freight carried one mile per mile of road 2,693,888 3,204,132 510,244 Tons all freight carried one mile per mile of road 2,995,785 3,518,986 523,201 Average distance haul of one ton of revenue freight miles 203-16 miles 179-76 miles 23-40 Average distance haul of one ton of all freight miles 202-51 miles 178-78 miles 23-73 Average number of tons of revenue freight per train mile® 795-04 820-90 25-86 Average number of tons of all freight per train mile® 884-14 901-57 17-43 Average number of tons revenue freight per loaded car mile 22-97 23-20 •23 Average number of tons of all freight per loaded car mile 25-54 25-48 06 Average number of freight cars per train mile® 58-20 58-70 •50 Average number of loaded cars per train mile® 34-61 35-38 •77 Average number of empty cars per train mile® 22-58 22-31 •27 Total freight revenue 8307,177,575.29 $381,981,375.18 $74,803,799.89 Average amount received for each ton of freight $2.05 $1.88 $0.17 Average revenue per ton per mile cents 1-008 cents 1-046 cent -038 Average revenue per mile of road $27,146.24 $33,507.14 $6,360.90 Average revenue per train mile® $8.01 $8.58 $0.57 PASSENGER Number of interline passengers carried 3,401,750 6,218,559 2,816,809 Number of local passengers carried 19,010,843 21,670,363 2,665,520 Number of commutation passengers carried 50,538,422 51,320,170 781,748 Total number of revenue passengers carried 72,951,015 79,215,092 6,264,077 Total number of revenue passengers carried one mile 3,687,407,033 4,234,027,369 547,220,336 Miles of road operated in passenger service 10,351-11 10,500-49 149-38 Revenue passengers carried one mile per mile of road 356,233 403,280 47,047 Average distance each revenue passenger carried miles 50-54 miles 53-46 miles 2-92 Average number of passengers per train mile® 74 80 6 Average number of passengers per car mile 1205 13-23 118 Average number of passenger-carrying cars per train mile 6-63 6-51 •12 Average number of cars in passenger trains® 8-50 8-38 •12 Average number of passenger cars in mixed trains 1-54 1-62 08 Total passenger revenue $111,184,744.82 $131,002,256.62 $19,877,511.80 Average amount received from each passenger S1.52 $1.65 $0.13 Average revenue per passenger per mile cents 3015 cents 3095 cent -080 Total passenger service train revenue $147,219,964.65 $180,303,416.25 $33,083,451.60 Average passenger service train revenue per mile of road $14,222.63 $17,170.95 $2,948.32 Average passenger service train revenue per train mile© $2.57 $2.95 $0.38 TOTAL TRAFFIC Operating revenues $478,918,347 55 $590,008,623 54 8111,090,275 99 Operating expenses 376,729,417 97 •141,215.593 33 64,510,175 36 Net operating revenue $102,188,929 58 $148,763,030 21 $46,574,100 63 Average mileage of road operated 11,421-55 11,485 18 63-63 Operating revenues per mile of road $41,931 12 851,371 30 $9,440 18 Operating expenses per mile of road 32,984 09 38,118 69 5,434 60 Net operating revenue per mile of road 88,947 03 $12,952 61 84,005 58

"©Freight train mileB" includes total "mined train miles" "^Passenger train miles" includes total "mixed train miles" 52

Annual Report

TRAFFIC STATISTICS [continued)

INCLUDING BOSTON A ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES. (RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFECTIVE FEBRUARY 1, 1930, ARE INCLUDED FOR PURPOSES OF COMPARISON. FIGURES FOR 1929 HAVE BEEN REVISED BY INCLUDING THE FIGURES FOR ROADS COVERED BY LEASES EFFECTIVE FEBRUARY 1, 1930)

DESCRIPTION OF REVENUE FREIGHT MOVED IN 1930

NUMBER OF CARLOADS COMMODITY NUMBER OF TONS (2,000 pounds) Decrease Increase 1929 1930 PRODUCTS OF AGRICULTURE 1930 1929 Increase Decrease

2,201 29,730 27,469 Wheat 1,174,150 1,253,624 79,474 7,557 48,790 41,233 Corn 1,555,998 1,822,837 266,839 6,271 27,733 21,462 Oats 667,357 843,272 175,915 2,255 5,242 2,987 Barley and rye 102,286 192,542 90,256 157 1,081 924 Rice 20,987 25,111 4,124 1 735 736 Grain, N. O. S. 19,499 18,591 8,974 68,952 59,978 Flour, wheat 1,603,308 1,887,979 284,671 454 1,536 1,082 Meal, corn 23,821 33,849 10,028 721 3,669 2,948 Flour and meal, edible, N. o. s. 69,571 87,175 17,604 2,883 18,094 15,211 Cereal food preparations, edible, N. 0. s. 227,817 262,832 35,015 14,203 79,135 64,932 Mill products, N. 0. s. 1,451,191 1,768,403 317,212 1,546 41,001 39,455 Hay and alfalfa 476,204 491,459 15,255 373 8,609 8,982 Straw 109,577 106,120 3,457 424 4,646 5,070 Tobacco, leaf 59,021 55,524 3,497 5,090 11,347 6,257 Cotton in bales 72,147 131,580 59,433 4,294 6,724 2,430 Cotton linters, noils and regins 47,665 126,306 78,641 13 29 16 Cottonseed 302 536 234 855 4,062 3,207 Cottonseed meal and cake 86,429 107,073 20,644 10,043 17,877 7,834 Oranges and grapefruit 135,043 312,232 177,189 714 2,050 1,342 Lemons, limes and citrus fruits, N. 0. s. 19,357 30,600 11,243 288 18,043 17,755 Apples, fresh 254,571 266,433 11,862 1,621 14,092 12,471 Bananas 132,122 148,866 16,744 1,275 1,916 641 Berries, fresh 10,416 25,387 14,971 1,065 4,322 3,257 Cantaloupes and melons, N. 0. s. 38,367 51,425 13,058 251 10,774 10,523 Grapes, fresh 151,569 163,356 11,787 68 3,401 3,469 Peaches, fresh 36,929 37,127 198 610 3,407 2,797 Watermelons 37,504 46,172 8,668 1,957 3,011 4,968 Fruits, fresh, domestic, N. o. s. 71,907 42,820 29,087 423 1,416 993 Fruits, fresh, tropical, N. o. s. 12,107 17,179 5,072 4,484 25,327 20,843 Potatoes, other than sweet 383,351 464,833 81,482 1,195 9,165 7,970 Cabbage 103,602 117,956 14,354 150 12,417 12,267 Onions 160,969 164,445 3,476 951 3,773 2,822 Tomatoes 37,964 45,530 7,566 5,229 21,808 16,579 Vegetables, fresh, N. O. S. 192,875 248,047 55,172 544 5,391 4,847 Beans and peas, dried 105,931 114,698 8,767 635 2,389 1,754 Fruits, dried or evaporated 43,033 54,614 11,581 543 3,832 3,289 Vegetables, dry, N. O. S. 46,679 58,212 11,533 270 2,687 2,417 Vegetable-oil cake and meal, except cottonseed 60,181 65,827 5,646 106 1,391 1,285 Peanuts 19,671 21,096 1,425 253 563 310 Flaxseed 13,039 21,773 8,734 269 4,646 4,915 Sugar beets 174,957 163,128 11,829 2,952 21,265 18,313 Products of agriculture, x. o. s. 375,021 416,816 41,795

88,044 556,084 468,040 TOTAL 10,384,495 12,313,385 1,928,890

K. o. B.—Not otherwise specified 53

The New York Central Railroad Company

TRAFFIC STATISTICS (continued)

INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES. (RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFECTIVE FEBRUARY 1, 1930, ARE INCLUDED FOR PURPOSES OF COMPARISON. FIGURES FOR 1929 HAVE BEEN REVISED BY INCLUDING THE FIGURES FOR ROADS COVERED BY LEASES EFFECTIVE FEBRUARY 1, 1930)

DESCRIPTION OF REVENUE FREIGHT MOVED IN 1930 (continued)

NUMBER OF CARLOADS COMMODITY NUMBER OF TONS (2,000 pounds) Decrease Increase 1929 1930 ANIMALS AND PRODUCTS 1930 1929 Increase Decrease

458 2,239 1,781 Horses, mules, ponies and asses 20,731 26,094 5,363 6,193 34,073 27,880 Cattle and calves, single-deck 324,851 393,083 08,232 355 1,837 1,482 Calves, double-deck 18,489 22,775 4,286 806 3,543 2,737 Sheep and goats, single-deck 21,472 28,075 6,603 255 6,922 6,667 Sheep and goats, double-deck 67,164 69,885 2,721 4,160 10,836 6,676 Hogs, single-deck 61,038 102,112 41,074 11,380 53,160 41,780 Hogs, double-deck 516,500 655,201 138,701 21,011 84,080 63,069 Fresh meats, N. o. s. 769,135 1,019,313 250,178 0,318 20,226 13,908 Meats, cured, dried or smoked 211,311 310,630 99,319 224 1,051 827 Butterine and margarine 10,359 13,161 2,802 5,512 15,282 9,770 Packing-house products, edible, N. O S., not including canned meats 175,555 280,597 105,042 2,826 12,035 9,209 Poultry, live 84,196 109,980 25,784 2,316 12,414 10,098 Poultry, dressed 120,549 147,189 26,640 2,092 19,159 17,067 Eggs 197,828 218,111 20,283 2,763 15,782 13,019 Butter 163,472 192,500 29,028 129 3,133 3,004 Cheese 36,062 37,688 1,626 3,243 9,616 6,373 Wool 78,903 119,596 40,693 704 5,815 5,111 Hides, green 102,940 116,580 13,634 341 1,524 1,183 Leather 18,802 25,429 6,627 475 1,385 910 Fish or sea-animal oil 24,031 36,915 12,284 10 163 173 Animals, live, N. o. s. 2,232 2,152 80 2,443 13,691 11,248 Animal products, N. o. s. (other than fertilizers and fertilizer materials) 231,001 275,362 44,358

74,000 327,972 253,972 TOTAL 3,257,230 4,202,428 945,198

PRODUCTS OF MINES

17,352 107,252 149,900 Anthracite coal 7,110,016 7,755,662 645,646 407,389 1,532,464 1,125,075 Bituminous coal 59,449,342 81,194,186 21,744,844 15,242 92,423 77,181 Coke 2,544,826 3,020,761 475,935 30,516 95,766 05,250 Iron ore 4,944,058 7,118,296 2,174,238 27 25 52 Copper ore and concentrates 1,519 984 535 31 89 58 Lead ore and concentrates 2,417 3,576 1,159 344 2,607 2,263 Zinc ore and concentrates 102,775 118,997 16,222 1,438 8,650 7,212 Ores and concentrates, N. o. s. 377,579 425,469 47,890 29,745 114,903 85,158 Gravel and sand (other than glass or molding) 4,817,774 6,384,172 1,566,398 22,836 75,659 52,823 Stone, broken, ground or crushed 3,018,824 4,260,383 1,241,559 1,955 14,659 12,704 Stone, rough, N. o. s. 490,728 549,474 58,746 1,434 5,507 4,073 Stone, finished, N. o. s. 132,239 176,697 44,458 477 1,657 1,180 Petroleum, crude 35,770 50,065 14,295 1,391 13,904 12,513 Asphalt (natural, by-product or petroleum) 424,187 457,146 32,959 1,890 15,773 13,883 Salt 408,783 472,879 64,096 572 1,649 1,077 Phosphate rock, crude (ground or not ground) 47,305 68,476 21,111 20 1,865 1,885 Sulphur (brimstone) 72,445 66,691 5,754 45,000 123,239 78,239 Products of mines, N. o. s. 3,781,331 5,980,428 2,199,097

577,565 2,268,091 1,690,526 TOTAL 87,761,978 118,104,342 30,342,364

N. o. s.—Not otherwise specified 54

Annual Report

TRAFFIC STATISTICS (continued)

INCLUDING BOSTON & ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES. (RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFECTIVE FEBRUARY 1, 1930, ARE INCLUDED FOR PURPOSES OF COMPARISON. FIGURES FOR 1929 HAVE BEEN REVISED BY INCLUDING THE FIGURES FOR ROADS COVERED BY LEASES EFFECTIVE FEBRUARY 1, 1930)

DESCRIPTION OF REVENUE FREIGHT MOVED IN 1930 (continued)

NUMBER OF CARLOADS COMMODITY NUMBER OF TONS (2,000 pounds) Decrease Increase 1929 1930 PRODUCTS OF FORESTS 1930 1929 Increase Decrease

6,609 15,421 8,812 Logs 243,197 408,060 164,863 4,055 12,334 8,279 Posts, poles and piling 228,096 336,638 108,542 614 1,411 797 Wood (fuel) 21,879 38,405 16,526 5,054 8,661 3,607 Ties, railroad 104,337 272,011 167,674 6,360 14,701 21,061 Pulp wood 500,260 394,059 166,201 85,983 180,818 94,835 Lumber, shingles and lath 2,414,941 4,062,803 2,247,862 4,983 13,960 8,977 Box, crate and cooperage materials 197,400 297,486 100,086 1,031 1,995 964 Veneer and built-up wood 20,278 42,706 22,428 801 2,468 1,667 Rosin 42,578 61,157 18,579 116 522 406 Turpentine 9,884 12,618 2,734 1,121 4,043 2,922 Crude rubber (not reclaimed) 81,994 108,080 26,086 5,175 15,137 9,962 Products of forests, N. o. s. 154,239 249,077 94,838

109,182 271,471 162,289 TOTAL 4,079,083 6,883,100 2,801,017

MANUFACTURES AND MISCELLANEOUS

17,419 167,844 150,425 Petroleum oils, refined, and all other gasolines 4,336,931 4,700,253 423,322 8,713 28,210 19,497 Fuel, road and petroleum residual oils, N. o. s. 600,797 866,202 265,405 4,695 25,246 20,551 Lubricating oils and greases 454,071 562,097 108,026 445 1,876 1,431 Petroleum products, N. o. S. 34,061 43,544 9,483 137 1,680 1,543 Cottonseed oil 37,545 40,182 2,637 905 2,580 1,675 Linseed oil 42,421 68,801 26,380 703 3,705 3,002 Vegetable oils, N. o. s. 79,662 97,832 18,170 1,824 21,466 19,642 Sugar (beet or cane) 513,484 557,660 44,176 369 2,666 2,297 Talilc sirups and edible molasses 64,344 75,251 10,907 227 1,189 1,416 Molasses, blackstrap and beet residual 54,334 50,273 4,061 8,736 19,253 10,517 Iron, pig 562,816 1,002,756 439,940 4,212 9,633 5,421 Iron and steel, rated 6th class in official classification, N. o. S. 279,636 468,589 188,953 2,447 5,853 3,406 Rails, fastenings, frogs and switches 126,549 222,705 90,156 4,330 12,634 8,304 Cast-iron pipe and fittings 196,945 300,750 103,805 10,503 33,809 23,300 Iron and steel pipe and fittings, N. o. s. 726,493 1,016,183 289,690 6,713 17,576 10,863 Iron and steel: Nails and wire, not woven 251,255 422,652 171,397 84,969 209,749 124,780 Iron and steel, rated 5th class in official classification, N. o. s. (also tin and terne plate) 3,652,593 6,279,507 2,626,914 1,487 3,116 1,629 Copper: Ingot, matte and pig 73,676 139,140 65,464 1,891 5,050 3,159 Copper, brass and bronze: Bar, sheet and pipe 74,372 111,114 36,742 2,395 6,976 4,581 Lead and zinc: Ingot, pig or bar 177,899 272,460 94,561 1,652 2,601 949 Aluminum: Ingot, pig or slab 24,597 73,676 49,079 22,903 64,000 41,097 Machinery and boilers 704,725 1,072,382 367,657 15,252 88,517 73,205 Cement, natural or Portland (building) 2,784,032 3,308,125 523,493 7,278 22,811 15,533 Brick, common 693,494 987,379 293,885 10,724 41,935 31,211 Brick, N. o. s., and building tile 1,136,652 1,520,874 384,222 3,015 9,011 5,996 Artificial stone, N. o. s. 169,240 251,929 82,689 7,541 24,802 17,261 Lime, common (quick or slaked) 375,220 541,281 166,061

# 833,788 602,757 Carried forward 18,228,444 25,113,597

N. o. s.—Not otherwise specified 55

The New York Central Railroad Company

TRAFFIC STATISTICS (concluded)

INCLUDING BOSTON tt ALBANY RAILROAD, OHIO CENTRAL LINES, MICHIGAN CENTRAL LINES, AND BIG FOUR LINES. (RESULTS FOR JANUARY, 1930, AS TO THE ROADS COVERED BY THE LEASES EFFECTIVE FEBRUARY 1, 1930, ARE INCLUDED FOR PURPOSES OF COMPARISON. FIGURES FOR 1929 HAVE BEEN REVISED BY INCLUDING THE FIGURES FOR ROADS COVERED BY LEASES EFFECTIVE FEBRUARY 1, 1930)

DESCRIPTION OF REVENUE FREIGHT MOVED IN 1930 (concluded)

NUMBER OF CARLOADS COMMODITY NUMBER OF TONS (2,000 pounds) Decrease Increase 1929 1930 MANUFACTURES AND MISCELLANEOUS (concluded) 1930 1929 Increase Decrease

833,788 602,757 Brought forward 18,228,444 25,113,597 15,140 36,095 20,955 Plaster (stucco or wall) and dry kalsomine 532,879 932,130 399,251 5,320 19,189 13,869 Sewer pipe and drain tile (not metal) 248,475 359,513 111,038 0,598 17,024 10,420 Agricultural implements and parts, N. o. R. 165,294 271,590 106,296 760 1,236 476 Vehicles, horse-drawn, and parts, N. O. S. 6,595 18,820 12,225 400 3,462 3,062 Tractors and parts 46,090 50,330 4,240 934 2,320 1,386 Railway car wheels, axles and trucks 42,504 68,298 25,794 108,707 286,071 117,364 Automobiles (passenger) 095,114 1,697,100 1,001,986 9,505 18,481 8,976 Autotrucks 72,682 151,615 78,933 58,590 121,752 63,162 Automobiles and autotrucks, knocked down, and parts, N. o. s. 1,027,448 1,938,815 911,367 6,059 15,243 9,184 Automobile and autotruck tires 121,005 194,293 73,228 1,703 4,772 3,069 Furniture, metal 39,258 59,966 20,708 12,739 25,038 12,299 Furniture, other than metal 94,504 195,082 100,578 1,404 8,102 6,698 Beverages 120,208 143,093 22,885 885 4,807 3,922 Ice 116,869 149,394 32,525 5,090 37,178 32,088 Fertilizers, N. o. 6. 825,415 989,583 164,168 6,018 45,225 39,207 Newsprint paper 1,005,975 1,131,276 125,301 7,313 28,141 20,828 Printing paper, N. o. s. 475,342 641,403 166,001 1,004 5,422 4,418 Alcohol, denatured or wood 95,739 119,204 23,465 475 3,138 2,663 Sulphuric acid 122,768 135,093 12,325 621 2,157 1,536 Explosives, N. o. s. 24,440 33,969 9,529 2,264 7,458 5,194 Cotton cloth and cotton fabrics, N. o. s. 53,570 70,121 16,551 2,026 4,989 2,963 Bagging and bags, burlap, gunny or jute 54,731 88,949 34,218 8,170 47,320 39,150 Canned food products, N. o. s. 848,092 1,015,912 167,820 171 1,590 1,419 Tobacco, manufactured products 23,169 26,876 3,707 2,044 5,615 3,571 Paints in oil and varnishes 67,865 106,730 38,865 2,608 14,692 12,024 Furnace slag 660,147 778,587 118,440 20,112 44,404 24,292 Scrap iron and scrap steel 971,875 1,733,477 761,602 4,641 19,182 14,541 Paper bags and wrapping paper 316,109 414,167 98,058 12,617 49,212 30,595 Paperboard, pulpboard and wallboard (paper) 766,298 1,042,707 276,409 9,073 19,645 10,572 Building paper and prepared roofing materials 229,435 424,627 195,192 1,491 4,285 2,794 Building woodwork (millwork) 48,030 74,030 25,994 2,530 15,406 12,870 Soap and washing compounds 261,447 313,551 52,104 387 1,858 1,471 Glass, flat, other than plate 35,785 45,967 10,182 6,231 23,480 17,249 Glass: Bottles, jars and jelly glasses 317,118 426,718 109,600 195,432 726,576 531,144 Manufactures and miscellaneous, N. o. s. 10,893,907 14,566,507 3,672,600

810,159 2,504,353 1,694,194 TOTAL 39,054,692 55,523,090 15,868,398

1,658,950 5,927,971 4,269,021 GRAND TOTAL, CARLOAD TRAFFIC 145,137,478 197,026,345 51,888,867

All L. C. L. freight 4,908,801 6,166,859 1,258,058

GRAND TOTAL, CARLOAD AND L. C. L. TRAFFIC 150,046,279 203,193,204 53,146,925

N. o, a.—Not otherwise specified 5b

The New York Central Railroad Company

INCOME ACCOUNT FOR THE YEAR 1930

(INCLUDING BOSTON AND ALBANY RAILROAD AND OHIO CENTRAL LINES AND FOR THE PERIOD FEBRUARY 1 TO DECEMBER 31, 1930, INCLUSIVE, THE MICHIGAN CENTRAL LINES AND THE BIG FOUR LINES)

OPERATING INCOME RAILWAY OPERATIONS Railway operating revenues $464,969,461 40 Railway operating expenses 366,049,220 40

NET REVENUE FROM RAILWAY OPERATIONS $98,920,241 00

Percentage of expenses to revenues (78-73) Railway tax accruals $33,172,999 38 Uncollectible railway revenues 122,547 60

RAILWAY OPERATING INCOME $65,624,694 02

Equipment rents, net debit $9,907,843 07 Joint facility rents, net debit 416,415 62

NET RAILWAY OPERATING INCOME $55,300,435 33

MISCELLANEOUS OPERATIONS Revenues $963,862 92 Expenses and taxes 929,615 84

MISCELLANEOUS OPERATING INCOME $34,247 08

TOTAL OPERATING INCOME $55,334,682 41

NON-OPERATING INCOME Income from lease of road $164,121 43 Miscellaneous rent income 5,800,988 74 Miscellaneous non-operating physical property 3,430,297 33 Separately operated properties—profit 2,003,285 39 Dividend income 14,907,769 51 Income from funded securities and accounts 5,902,312 84 Income from unfunded securities and accounts 4,325,098 72 Income from sinking and other reserve funds 211,044 92 Miscellaneous income 2,642,611 83

TOTAL NON-OPERATING INCOME $39,393,530 71

GROSS INCOME $94,728,213 12

DEDUCTIONS FROM GROSS INCOME Rent for leased roads $26,602,221 57 Miscellaneous rents 1,508,334 49 Miscellaneous tax accruals 2,086,735 75 Separately operated properties—loss 141,427 68 Interest on funded debt 27,217,659 95 Interest on unfunded debt 1,406,143 34 Amortization of discount on funded debt 515,439 18 Maintenance of investment organization 34,973 59 Miscellaneous income charges 238,972 49

TOTAL DEDUCTIONS FROM GROSS INCOME $59,751,908 04

NET INCOME $34,976,305 08

Per cent to capital stock outstanding (7-01) DISPOSITION OF NET INCOME Sinking and other reserve funds $91,087 02

TOTAL APPROPRIATIONS OF INCOME 91,087 02

SURPLUS FOR THE YEAR CARRIED TO PROFIT AND LOSS $34,885,218 06