REPORT
 

To tlie Stockholders of

The New York C'entral and Hudson River Railroad Company:

The following report is submitted by the Board of Directors named in the agreement
of consolidation approved at a special meeting of the stockholders, held in the city of
Albany on April 16, 1913, and covers tlie entire year ended December 31, 1913, although
the operations of the property were conducted under two distinct corporations, each
bearing the name of The New York Central and Hudson River Railroad Company.

The former of these two corporations merged with itself, on March 7, 1913, the fol¬
lowing named companies, whose properties had been operated under various leases and
agreements and whose entire capital stock was owned by The New York Central and
Hudson River Railroad Company:

Buffalo Erie Basin Railroad Company

Carthage & Adirondack Railway Company

The Gouverneur & Oswegatchie Railroad Company

The Mohawk & Malone Railway Company

New York & Ottawa Railway Company

The New York & Putnam Railroad Company (which on the same day
merged with itself The Mahopac Falls Railroad Company)

The New York Central Niagara River Railroad Company

The Spuytcn Duyvil & Port Morris Railroad Company

Tivoli Hollow Railroad Company

Tonawanda Island Bridge Company
The second corporation was formed by the consolidation, under an agreement dated
March 5, 1913, becoming effective April 16, 1913, of The N(!w York Central and Hud¬
son River Railroad Company, Rome Watcrtown & Ogdcnsburg Railroad Company,
The Utica & Black River Railroad Company, Oswego & Rome Railroad Company, The
Niagara Falls Branch Railroad Company, Carthage Watertown & Sackets Harbor Rail¬
road Company (the property of the latter four companies having been operated under
the lease of tlie Rome Watertown & Ogdcnsburg Railroad) and the Little Falls & Dolge-
ville Railroad Company which had been operated independently. The outstanding
capital stock of these companies was owned by The New York Central and Hudson River
Railroad Company, with the exception of a slight proportion on which a convertible
value of S2,851,766 was set.

By these corporate changes, property, the cost of which to the original companies
was $62,607,792.29, has been added to that formerly owned by the company at a cost of
$54,307,693.55, which covers securities purchased, advances for construction purposes to