*Reduction caused by transfer of accounts from "General Expense portation."

TABLE SHOWING DIVIDENDS PAID AND PERCENTAGE OF DIVIDENDS TO CAPITAL STOCK.

Articles of Organization of the Joint Traffic
Association.

ADOPTED NOVEMBER 19, 1895. TO TAKE EFFECT JANUARY 1, 1896.

PREAMBLE.

PURPOSES OF THIS AGREEMENT.

To aid in fulfilling the purposes of the Interstate Commerce Act, to co-operate with each other and adjacent transportation associations, to establish and maintain reasonable and just rates, fares, rules and regulations on state and interstate traffic, to prevent unjust discrimination and to secure the reduction and concentration of agencies and the introduction of economies in the conduct of the freight and passenger service, The Allegheny Valley Railway Company,

Baltimore and Ohio Railroad Company,

Baltimore and Ohio Southwestern Railway Company,

Central Railroad Company of New Jersey,

Chesapeake and Ohio Railway Company,

Chicago and Erie Railroad Company,

Chicago and Grand Trunk Railway Company,

Cleveland, Cincinnati, Chicago and St. Louis Railway Company,

Delaware, Lackawanna and Western Railroad Company,

Detroit, Grand Haven and Milwaukee Railway Company,

Erie Railroad Company,

Grand Rapids and Indiana Railroad Company,

Grand Trunk Railway Company of Canada,

Lake Shore and Michigan Southern Railway Company,

Lehigh Valley Railroad Company,

Michigan Central Railroad Company,

New York Central and Hudson River Railroad Company,
New York, Chicago and St. Louis Railroad Company,
New York, Ontario and Western Railway Company,

Northern Central Railway Company,

Pennsylvania Company,

Pennsylvania Railroad Company,

Philadelphia and Reading Railroad Company,

Philadelphia, Wilmington and Baltimore Railroad Company,

Pittsburgh and Lake Erie Railroad Company,

Pittsburgh and Western Railway Company,

Pittsburgh, Cincinnati, Chicago and St. Louis Railway Company,

Terre Haute and Indianapolis Railroad Company (Vandalia Line), Toledo, Peoria and Western Railway Company,

Wabash Railroad Company,

West Shore Railroad Company,

do hereby constitute the Joint Traffic Association (hereinafter called the association), and make this agreement for the purpose of carrying out the objects above named. Other companies may become members of the association as provided in Article III.

ARTICLE I.

BOARDS OF ADMINISTRATION.

SECTION 1. The affairs of the association shall be administered by three Boards, with as duties hereinafter specified:

(a) A board of control.

(b) A board of managers hereinafter called the managers.

(c) A board of arbitration hereinafter called the arbitrators.

§ 2. Wherever the term traffic is used herein it means both freight and passenger traffic.

ARTICLE II.

TRAFFIC SUBJECT TO THE ASSOCIATION.

SECTION 1. The association shall have jurisdiction over all competitive traffic (subject to the exceptions noted in Section 2 of this Article) which passes to, from or through the western termini of the Trunk Lines, viz. : Toronto, Can.; Suspension Bridge, Niagara Falls, Tonawanda, Black Rock, Buffalo, East Buffalo, Buffalo Junction, Dunkirk and Salamanca, N. Y.; Erie, Pittsburgh and Allegheny, Pa.; Bellaire, O.; Wheeling, Parkersburg, Charleston and Kenova, W. Va., and Ashland, Ky.; and such other points as may hereafter be designated by the managers as such termini; also all traffic which may pass through other junctions of the companies parties hereto which is included when passing through any of the termini or junctions above or hereafter specified, and such other traffic as may by common consent of the parties be hereafter included herein.

§ 2. The following shall not be included:

(a) Coal, coke, iron ore, mill cinder, limestone and petroleum, crude or refined.

(b) Traffic destined to or coming from Florida, Georgia, North and South Carolina, Virginia and West Virginia south of the south line of the Chesapeake and Ohio Railway.

ARTICLE III.

THE BOARD OF CONTROL.

§ 1. The presidents of the companies forming the association and of such other companies as may become parties hereto, shall constitute the board of control, which shall meet on the written request of any three of its members.

§ 2. In case of the absence of any member of the board of control from a meeting, the next ranking officer in such company having jurisdiction over traffic will have authority to act in his place and stead.

§ 3. Each member of the board of control shall be entitled to one vote except that no system as designated in Article IV. shall have more than three votes in the aggregate.

It shall require three-fourths of the entire number of authorized votes to adopt any proposition coming before the board of control.

§ 4. The board of control shall fix the salaries of any commissioners appointed by the managers.

The salaries of other officers and employes of the association shall be subject to its review and approval.

The board of control shall select the arbitrators and fix their compensation and term of service.

§ 5. The board of control shall appoint an auditing committee, who shall examine and report to it upon the accounts of the association.

§ 6. The board of control shall prescribe the conditions and rules under which additional railway systems or companies shall become parties hereto and be represented upon the board of managers.

§ 7. Only the board of control shall consider appeals from the action of the managers on all questions as to rates or fares, except differentials. § 8. Pending decisions by the board of control the decisions and orders of the managers shall prevail.

ARTICLE IV.

THE BOARD OF MANAGERS.

SECTION 1. The board of managers shall consist of not less than nine members, of which each of the following nine systems shall designate

one:

Baltimore and Ohio System, now comprising the Baltimore and Ohio Railroad line from Philadelphia to Parkersburg and from Philadelphia to Chicago via Wheeling and via Pittsburgh and Connellsville; Baltimore and Ohio Southwestern; Cleveland Terminal and Valley, and the Pittsburgh and Western Railway Companies, and all their leased, controlled or operated lines,