14
 

MODIFICATION OF LEASES OF THE TOLEDO AND OHIO CENTRAL RAILWAY AND
THE HUDSON RIVER CONNECTING RAILROAD

By supplemental indentures dated October 8, 1943, the lease dated January 1, 1922, of the Toledo and Ohio
Central Railway and the lease dated November 14, 1926, of the Hudson River Connecting Railroad were modified so
as to provide for current settlement each year, beginning with 1943, by the lessee with the lessor, in respect of depre¬
ciation and retirements of equipment and fixed property of the lessor, and so as to dispense with the payment by the
lessee of rental, applicable to dividends on the capital stock of the lessor, that would be payable to the lessee as a
stockholder of the lessor.  All the stock of both of these lessor companies is owned by the Company.
 

BOSTON AND ALBANY RAILROAD

Pursuant to the determination of the Department of Public Utilities of the Commonwealth of Massachusetts as
contained in its order dated December 29, 1943, an agreement dated December 29, 1943, was made between the
Boston and Albany Railroad Company and this Company settling the accounts as of December 31, 1942, between the
respective companies under the terms of the lease of the Boston and Albany Railroad in respect of advances made by
this Company to the Boston and Albany Railroad Company for the payment of Boston and Albany bonds and for
expenditures for permanent additions and improvements (for which completion reports have been furnished) to the
Boston and Albany Railroad, for the period from June 30, 1927 to December 31, 1942, and in respect of the depre¬
ciation accrued upon and the retirements made of the leased premises during such period. Under such settlement this
Company is entitled to have issued to it (subject to necessary adjustments) bonds of the Boston and Albany Railroad
Company in the amount of $7,782,000, of such series, bearing such rate of interest and having such maturity date
(not extending beyond the duration of the lease) as might be requested by this Company pursuant to the terms of
the lease, the Indenture of Trust and Mortgage between the Boston and Albany Railroad Company and the New
England Trust Company as Trustee, dated April 1, 1935, as supplemented, and the provisions of law applicable thereto.
 

DILLONVALE AND SMITHFIELD RAILWAY COMPANY

By agreement of merger dated December 13, 1943, and which became effective on December 29, 1943, the
Dillonvale and Smithfield Railv/ay Company was merged into The Lake Erie, Alliance and Wheeling Railroad Com¬
pany. All the stock of the latter company is owned by and all the properties of that company are leased to this
Company. Such merger was made pursuant to order of the Interstate Commerce Commission, dated September 4,
1943, which authorized control of the Dillonvale and Smithfield Railway Company by The Lake Erie, Alliance and
Wheeling Railroad Company through stock ownership and merger and the lease of its properties to this Company.
The properties of the merged company are now being operated by this Company under the terms of the Lake Erie,
Alliance and Wheeling Railroad lease.

The Dillonvale and Smithfield Railway Company prior to such merger was a railroad corporation of the State
of Ohio owning a line of railway extending from a connection with the Lake Erie, Alliance and Wheeling Railroad
at or near Dillonvale, Ohio, to the terminus of said railroad at or near Smithfield, Ohio, a distance of about 4.416
miles.