12

Annual Report

In other income appears a decrease of $682,001.21 in dividends on stocks and interest
on funded debt owned. This apparent decrease is caused by the cancellation of securities
owned by this company, as referred to in the paragraph dealing with deductions from
gross corporate income, and the reduction of the rate of dividend on American Express
Company stock.

The rate of dividend on the capital stock of The New York Central and Hudson
River Railroad Company for the year was five per cent, being the same as tor the years
1912 and 1911.

During the year the company has purchased 949 shares of the capital stock of the
New York & Harlem Railroad Company, bringing the total holdings of this stock,
at December 31, up to the number of 123,916 shares, being approximately 62 per cent of
the total outstanding. It has also acquired 7,500 shares of a par value of $750,000 of
the capital stock of the Wells Fargo Express Company, being its pro rata proportion of
the stock of that company based on this company's ownership of the stock of the
American Express Company.

Several very extensive and important projects for the improvement of facilities have
been carried on during the year, chief of which are the following:

Improvements at Utica, consisting of a new brick and stone passenger station, a
new engine terminal, increase of terminal yard tracks and the installation of new signal
apparatus, for which has been expended during the year the sum of $1,645,881.88.

Improvements at Rome, comprising a change of line including grading tracks, signals,
new passenger station and new water station. The charges on account of this improve¬
ment reached the total of $483,173.01 during the year.

Improvements at Rochester, comprising a new stone passenger station, purchase
of land for enlargement of Kent Street yard, new freight facilities, extension and recon¬
struction of several bridges, the closing of Joiner Street, placing additional tracks, the
building of a new power house for heating the passenger station and other buildings and
the erection of several auxiliary buildings, involving during the year an expenditure of
$689,505.64.

Four-tracking the Hudson division from Storm King to Chelsea and through Pough-
keepsie to Germantown. Included in this plan are new passenger stations at Staats-
burgh and Rhinecliff; new ferryhouse, yard tracks, etc, at Fishkill Landing; elimination
of grade crossing, new sidings and grading at Poughkeepsie; extending and reconstructing
various bridges; and purchase of land at various points. The charges on account of this
improvement reached the total of $2,592,855.97 during the year.

Four-tracking from Mott Haven to Peekskill and the electrification of line from Mott
Haven to Croton, including the consequent changes in bridges, stations and signals, cost
during the year $1,727,830.35. In this is included the development of a new terminal
of the Electric division at Harmon and an important and comprehensive plan of improve¬
ments at Yonkers, consisting of the elevation of tracks and the construction of additional
main tracks, a new passenger station, a new freight station, a new freight yard layout
and a new passenger station at Glen wood; elimination of grade crossings at Irvington and
Ossining, including new stations, additional tracks and signal work.