Changes in Funded Debt

The amount outstanding on December 31, 1948

was increased by issue of:

Equipment Trust of 1949, 2^% Equipment Trust Certificates

Second Equipment Trust of 1949, 2fi% Equipment Trust
Certificates

Third  Equipment  Trust  of  1949,  2^%  Equipment  Trust
Certificates

Fourth Equipment Trust of 1949, 2H% Equipment Trust
Certificates

Fifth  Equipment  Trust  of  1949,   2H%   Equipment  Trust
Certificates
 

and has been reduced by the following payments:

Principal installments due annually under equip¬
ment trust agreements:

Trust of 1937, March 15, 1949                                     $286,000 00

Trust of 1939, December 1, 1949                                   900,000 00

Trust of 1940, June 1, 1949                                        1,040,000 00

Trust of 1941, February 15, 1949                                1,090,000 00

Second trust of 1941, July 15, 1949                             1,500,000 00

Trust of 1943, June 1, 1949                                           530,000 00

Trust of 1944, September 1, 1949                                1,550,000 00

Trust of 1945, May 1, 1949                                           750,000 00

Second trust of 1945, August 15, 1949                           880,000 00

Trust of 1946, January 1, 1949                                   1,770,000 00

Trust of 1947, January 1, 1949                                   2,000,000 00

Second trust of 1947, August 15, 1949                           940,000 00

Trust of 1948, January 15, 1949                                  1,280,000 00

Second trust of 1948, March 15, 1949                         1,260,000 00

Third trust of 1948, September 15, 1949                     1,380,000 00
 

31

$589,947,760 00

$9,720,000 00
12,300,000 00
10,725,000 00
11,400,000 00
9,120,000 00       53,265,000 00
 

$643,212,760 00
 

$17,156,000 00
 

Principal installments due quarterly under rail¬
road equipment agreement assigned to banks:

Agreement dated February 1, 1945, assigned to
Public National Bank and Trust Company of
New York:

Series A

Series B
 

$142,760 00
26,520 00
 

169,280 00       17,325,280 00
 

and has been further reduced by reacquirement of bonds by purchase prior to maturity
as follows:

New York & Putnam R. R. Co. First Consolidated Mortgage 4% due October 1,1993
leaving the unmatured funded debt actually outstanding on December 31, 1949
 

$625,887,480 00
 

81,000 00
$625,806,480 00
 

On December 31, 1949, there also was outstanding and included under deferred ha-
bihties $26,207,965.64 payable over a period of years to the state of new york for this
Company's proportion of the cost of grade crossing eliminations.