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IMPORTANT CHANGES DURING THE YEAR.

Important Physical Changes. —Sidings added, 5.91 miles; sidings removed, 0.85 mile; increase, 5.06 miles.

All Changes in the Respondent's Holdings. Purchased for "Accumulated Excess of Income": October 8, 1918, $5,000 United States Government 44 per cent Liberty Bonds.

SIGNATURES AND OATH TO RETURN.

I hereby certify that the statements contained in the foregoing return are full, just and true.

FRANK H. RATCLIFFE,

Treasurer.

THE COMMONWEALTH OF MASSACHUSETTS.

SUFFOLK, SS. March 31, 1919. Then personally appeared the above-named Frank H. Ratcliffe, and made oath that the foregoing certificate by him subscribed is, to the best of his knowledge and belief, true.

Before me,

MORRIS O. B. CAMPBELL,
Justice of the Peace.

RETURN

OF THE

UNITED STATES RAILROAD ADMINISTRATION

SHOWING OPERATING TRANSACTIONS OF THE BOSTON & ALBANY RAILROAD OF WHICH THE NEW YORK CENTRAL RAILROAD COMPANY IS THE LESSEE

FOR THE YEAR ENDING DECEMBER 31, 1918.

PROPERTY COVERED BY REPORT.

This report by the Federal Auditor of the New York Central Railroad Company covers only the operation of that company as lessee of the Boston & Albany Railroad.

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DEPRECIATION ROAD, EQUIPMENT, AND MISCELLANEOUS PHYSICAL PROPERTY.

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