26
 

Pensions
 

There were 1,016 retired employes and officers receiving supplementary pensions under
the Company's voluntary unfunded supplementary pension system at the close of the year
and payments made during the year by the Company to these persons totaled $595,081.24.

Also there were 131 retired employes and officers receiving pensions under the Com¬
pany's Funded Contributory Retirement Plan for Salaried Employees and Officers at the
close of the year and payments made during the year to these persons from the fund held
by the Trustee were $138,796.79.

Stocitholders

At the end of the year, the capital stock of the Company was registered in the names
of 57,263 holders (an average holding of 112.59 shares) a decrease of 2,836 holders compared
with December 31, 1947.

New York Central Railroad Equipment Trust of 1948

This trust was established by Agreement dated January 15, 1948, and there were
issued thereunder $12,800,000, par value, of 2^% Equipment Trust Certificates maturing
in equal annual installments of $1,280,000 each on January 15, in the years 1949 to 1958,
inclusive, representing approximately 75% of the cost of the equipment included in the
trust, consisting of 9 1000 H.P. Diesel-electric road-switching locomotives, 4 1500 H.P.
Diesel-electric road-switching locomotives, 6 "A" unit and 6 "B" unit 2000 H.P. Diesel-
electric road passenger locomotives, 26 "A" unit and 13 "B" unit 1500 H.P. Diesel-electric
road freight locomotives, and 2000 55-ton steel box cars. These certificates are guaranteed
as to payment of par value and dividends by endorsement by the Company.

New York Central Railroad Second Equipment Trust of 1948

This trust was established by Agreement dated March 15, 1948, and there were issued
thereunder $12,600,000, par value, of 2%% Equipment Trust Certificates maturing in
equal annual installments of $1,260,000 each on March 15, in the years 1949 to 1958,
inclusive, representing approximately 75% of the cost of the equipment included in the
trust, consisting of 2000 55-ton self-clearing steel hopper cars, 10 2000 H.P. Diesel-electric
freight transfer locomotives, 2 high-tensile, low-alloy steel double bedroom lounge-observa¬
tion sleeping cars, 11 stainless steel double bedroom bar-lounge sleeping cars, 40 stainless
steel single and double bedroom sleeping cars, and 20 high-tensile, low-alloy steel single and
double bedroom sleeping cars. These certificates are guaranteed as to payment of par
value and dividends by endorsement by the Company.

New York Central Railroad Tftird Equipment Trust of 1948

This trust was established by Agreement dated September 15, 1948, and there were

issued thereunder $13,800,000, par value, of 2^^% Equipment Trust Certificates maturing
in equal annual installments of $1,380,000 each on September 15, in the years 1949 to 1958,
inclusive, representing approximately 75% of the cost of the equipment included in the
trust, consisting of 24 1000 H.P. Diesel-electric switching locomotives, 7 1500 H.P. Diesel-
electric road-switching locomotives, 19 "A" unit and 5 "B" unit 1500 H.P. Diesel-electric
road freight locomotives, 4 "A" unit and 2 "B" unit 2000 H.P. Diesel-electric road freight
locomotives, 2 "A" unit and 2 "B" unit 2000 H.P. Diesel-electric road passenger loco¬
motives, 16 high-tensile, low-alloy steel double bedroom-bar-lounge sleeping cars, 37 high-
tensile, low-alloy steel single and double bedroom sleeping cars, and 1,000 55-ton self-
clearing steel hopper cars. These certificates are guaranteed as to payment of par value
and dividends by endorsement by the Company.