, The New York Central and Hudson River Railroad Company

pany, held at Cleveland, Ohio, December 22, 1914, the consolidation was duly ratified,
and on the same day the agreement was filed in the offices of the Secretaries of State
of the States of New York, Pennsylvania, Ohio, Indiana and Illinois and on December 23,
1914, in the office of the Secretary of State of the State of Michigan. Although the con¬
solidation became effective on the filing of the agreement, action was taken by the Board
of Directors of the new company providing that the accounts of each portion of the
consolidated road formerly owned by a constituent company should be kept separate
until the close of the year 1914.

Acknowledgement is hereby rendered to   officers and employees  for faithful and
efficient service.

ALFRED H. SMITH,