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NEW YORK CENTRAL RAILROAD EQUIPMENT TRUST OF 1943
This trust was established by agreement dated June 1, 1943, and there was issued thereunder $5,300,000, par value, of 2% equip¬
ment trust certificates maturing in equal annual installments of $530,000 in June 1, in the years 1944-1953, inclusive, representing ap¬
proximately 75% of the cost of equipment leased by the Trustee to this Company. These certificates are guaranteed, as to payment of par
value and dividends, by endorsement by this Company. The equipment included in the trust, costing approximately $7,181,575, consists of
25 Mohawk type freight locomotives, 700—70-ton gondola cars and 200—70-ton flat cars.
CHANGES IN FUNDED DEBT
Changes in funded debt of the company, in detail, were as follows:
The amount outstanding on December 31, 1942 $615,935,200 00
Other deferred equipment obligations, covering equipment acquired under Railroad Lease Agree¬
ments, assigned to banks, formerly carried as a deferred liability, now transferred to funded
debt pursuant to I.C.C. Accounting Classification instructions 2,164,838 56
$618,100,038 56
was increased by issue of:
New York Central Railroad Equipment Trust of 1943, 2 per cent equipment trust certificates 5,300,000 00
and has been reduced by retirement of:
Jamestown, Franklin & Clearfield R.R. Co. First Mortgage 4% Bonds $58,000 00
N. Y. C. R.R. Co. ten-year secured sinking fund 3%% bonds 21,057,000 00
Payments falling due during the year on the Company's liabiHty for principal installments under
equipment trust agreements:
N. Y. C. R.R. Co. trust of 1929, April 15,1943 $1,100,000 00
N. Y. C. R.R. Co. second trust of 1929, December 1, 1943 745,000 00
N. Y. C. R.R. Co. trust of 1930, May 15, 1943 952,000 00
N. Y. C. R.R. Co. trust of 1937, March 15, 1943 286,000 00
N. Y. C. R.R. Co. trust of 1939, December 1, 1943 900,000 00
N. Y. C. R.R. Co. trust of 1940, June 1, 1943 1,040,000 00
N. Y. C. R.R. Co. trust of 1941, February 15, 1943 1,090,000 00
N. Y. C. R.R. Co. second trust of 1941, July 15, 1943 1,500,000 00 7,613,000 00
$623,400,038 56
Quarterly payments falling due during the year on the Company's liability
for principal installinents under Railroad Lease Agreements, assigned to
banks:
Agreement dated December 30, 1938, assigned to The First National
Bank of the City of New York (See Note 1) $285,538 26
Agreement dated May 2, 1939, assigned to The Marine Trust Co.
of Buffalo, N. Y. 68,000 00
Agreement dated May 3, 1939, assigned to The Guaranty Trust Com¬
pany of New York 15,824 00
Agreement dated May 20, 1939, assigned to The Marine Trust Co. of
Buffalo, N. Y. 23,578 48
Agreement dated September 8, 1939, assigned to The Marine Trust Co.
of Buffalo, N. Y. 72,545 48
Agreement dated October 31, 1939, assigned to The Guaranty Trust
Company of New York 70,791 76 536,277 98 29,264,277 98
$594,135,760 58
and has been further reduced by the reacquirement of:
N. Y. C. R.R. Co. fifteen-year secured 314% bonds, due May 1, 1952, purchased and held in
treasury 2,796,000 00
leaving the unmatured funded debt outstanding on December 31, 1943 $591,339,760 58
Note 1—Includes advance payments for certain units of equipment, i.e., $128,353.50.
On December 31, 1943, there were also outstanding and carried as deferred liabilities, $27,233,552 payable over a period of years to
the State of New York for the Company's proportion of the cost of grade crossing eliminations.
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