Amiuol Report

excepted.    To the extent of its application, the decision of the Commission is helpful,
besides inspiring confidence in their general attitude towards the railroads.

Work continued during the year on certain phases of the Grand Central Terminal
Improvement which could not well be suspended, such as the excavation of the block at
42d Street and Lexington Avenue and the construction of the loops under the building.
The Board of Estimate and Apportionment of the City of New York accepted the street
work completed during the previous year under the terms of the general agreement with
the City dated June 19, 1903. A lease was made for a store and office building site at
45th Street and Vanderbilt Avenue, the building to cost $1,000,000. A new building has
been commenced at 46th Street and Lexington Avenue to cost $980,000, principally for
the use of the Post Office Department under lease, in connection with the parcel post
business. The New Haven Company has the option until January, 1922, to participate
in the cost and benefits of this structure. The building for the Yale Club at 44th Street
and Vanderbilt Avenue has been completed. The building for the Railroad Branch of
the Young Men's Christian Association at 50th Street and Park Avenue has been com¬
pleted and occupied since May 1, 1914.

The following changes took place in the Board of Directors during the year:
Resigned:   December 31, 1913—Wilham C. Brown,

January 14, 1914—J. Pierpont Morgan,

April 15, 1914—Lewis Cass Ledyard,

September 9, 1914—James Stillman.
Elected:     January 1, 1914—Alfred H. Smith,

January 14, 1914—Harold S. Vanderbilt,

March 12, 1914—Ogden Mills,

April 15, 1914—Robert S. Lovett.
On April 7, 1914, the death occurred of Samuel F. Barger, who had been a director of
this company for a period of forty years from November 1, 1869 to January 27, 1909.

The following appointments were made during the year:
Malcolm R. Connell, Auditor of Disbursements, succeeding James H. Foulds, Jr, retired;
Ira A. Hubbel, Assistant Freight Traffic Manager, vice Herbert D. Carter, deceased;
William A. Newman, General Freight Agent, succeeding Ira A. Hubbel;
John McAuliffe, Jr, Foreign Freight Agent.

Under date of April 29, 1914, the Board of Directors of this company approved an
agreement under the terms of which The New York Central and Hudson River Railroad
Company, The Lake Shore and Michigan Southern Railway Company, Chicago Indiana
and Southern Railroad Company, The Dunkirk Allegheny Valley and Pittsburgh Railroad
Company, The Terminal Railway of Buffalo, Geneva Corning and Southern Railroad
Company, Detroit and Chicago Railroad Company, Detroit Monroe and Toledo Rail¬
road Company, Kalamazoo and White Pigeon Railroad Company, The Northern Central
Michigan Railroad Company and the Swan Creek Railway Company of Toledo were to
be consolidated into a new company to be named The New York Central Railroad Com¬
pany. This agreement was duly approved by the public service commissions having
iurisdiction in the states through which the several companies operated, and at a special
meeting of the stockholders of The Lake Shore and Michigan Southern Railway Com-