Full text of Money Trust Investigation : Investigation of Financial and Monetary Conditions in the United States Under House Resolutions Nos. 429 and 504 Before a Subcommittee of the Committee on Banking and Currency, House of Representatives, (1912-1913) : Part 28, Pages 2143-2213

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MONEY TRUST

INVESTIGATION

INVESTIGATION
OF

FINANCIAL AND MONETARY CONDITIONS
IN THE UNITED STATES
UNDER

HOUSE RESOLUTIONS NOS. 429 AND 504
BEFORE A

SUBCOMMITTEE OF THE COMMITTEE ON
BANKING AND CURRENCY




PART 28

WASHINGTON
i.oVFRNMENT PRINTING OITIOE
1013

SUBCOMMITTEE OF THE COMMITTEE ON BANKING AND CURRENCY.
HOUSE OF REPRESENTATIVES.
ARSENE P. PTJJO, Louisiana, Chairman.
WILLIAM G. BROWN, West Virginia.
GEORGE A. NEELEY, Kansas.
ROBERT L. DOUGHTON, North Carolina.
HENRY McMORRAN, Michigan.
HUBERT D. STEPHENS, Mississippi.
EVERIS A. HAYES, California.
JAMES A. DAUGHERTY, Missouri.
FRANK E. GUERNSEY, Maine.
JAMES F. BYRNES, South Carolina.
WILLIAM H. HEALD, Delaware.
R. W. FONTENOT, Clerk.
A. M. MCDERMOTT, Assistant Clerk.
II




MONEY TRUST INVESTIGATION.
SUBCOMMITTEE OF THE
COMMITTEE ON BANKING AND CURRENCY,
HOUSE OF REPRESENTATIVES,

Washington, D. C., February 25,1913.
The subcommittee met at 10.30 o'clock a. m.
Present: Messrs. Pujo (chairman), Stephens, Daugherty, Byrnes,
McMorran, and Hayes.
Present also: Samuel Untermyer, Esq., and G. Carroll Todd, Esq.,
counsel for the committee.
The CHAIRMAN. I desire to submit the following statement to the
subcommittee:
WASHINGTON, D. C,

February £5, 191S.
To the Subcommittee of the Committee on Banking and Currency, Acting under House

Besolution 504.

GENTLEMEN: Pursuant to the resolution adopted by the subcommittee on January
15, 1913, directing the chairman and counsel to take the testimony of Mr. William
Rockefeller, an arrangement was made with Mr. Garver, counsel for Mr. Rockefeller,
to take his testimony on February 7 at Jekyl Island, State of Georgia. Your chairman,
with Mr. Untermyer, reached Jekyl Island with the committee's clerical force at the
time designated and there met Mr. Rockefeller with Mr. Crovatt, local attorney,
John A. Garver, counsel, and Dr. Chappell, physician to Mr. Rockefeller. It was
manifest both to the chairman and to the counsel for the committee that Mr. Rockefeller was a sick man and laboring under nervous excitement at the prospect of an
examination. Though able to walk about freely, there was a noticeable tremor of his
head and hands, and it was evident that it was impossible for him to write his answers
to such questions as might be propounded. He was also unable to speak above a
whisper, which could only be heard when very near him.
On observing this condition, your chairman and counsel for the committee, expressed their disinclination to enter into the examination. Mr Garver, however, said
that in view of the public criticism to which Mr. Rockefeller had been subjected in
connection with the attempt to make service of process of the House upon him, Mr.
Rockefeller preferred to make the effort to answer the questions that might be put
to him.
Under these circumstances the examination was commenced upon the distinct
understanding that the entire responsibility for such action would rest upon Mr.
Rockefeller and his physician, Dr. Chappell and his counsel, Mr. Garver: and that
the examination should end whenever they felt there was the slightest possibility of
danger involved in continuing the same.
This was agreed to and thereupon the brief proceedings set forth in the attached
transcript of the minutes took place.
Neither your chairman nor Mr. Untermyer, counsel for the committee, were willing
to assume the responsibility of entering upon the examination under the conditions
which they found to exist and upon the representations made to them by Dr. Chappell as to the possible effect of the nervous excitement under which Mr. Rockefeller
was laboring in view of the ailment from which he was suffering.
Respectfully submitted.



A. P. PUJO, Chairman.
2143

2144

MONEY TKUST.

The minutes of the proceeding at Jekyll Island above referred to
are here again printed as follows:
SUBCOMMITTEE OF THE
COMMITTEE ON BANKING AND CURRENCY,
HOUSE OF EEPRESENTATIVES,
Jekyl Island, Ga., Friday, February 7, 191S.

Present: Mr. Pujo (chairman) and Samuel Untermyer, Esq., counsel for the
committee.
Present also: John A. Garver, Esq., and A. J. Crovatt, Esq., counsel for Mr. Rockfeller, and Dr. Walter F. ChappelL
TESTIMONY OF WILLIAM ROCKEFELLER.

Mr. Rockefeller was sworn by the chairman.
Mr. ROCKEFELLER. I am urgently advised and warned by my physician that this
examination is attended with very serious danger on account of the precarious condition of my throat. I desire, however, to make the effort, as I have not now and
never have had any disposition to avoid testifying before your committee, except as
I have been cautioned by my physicians that doing so would endanger my life. If
I find that the strain is too great for me to take further risk, I shall have to ask your
indulgence in not pressing the examination further. As I have lost my voice, I
would esteem it a privilege if you would permit me to whisper my answers to the
official stenographer who sits beside me, and who will read them aloud. It is impossible for me to write them.
Mr. UNTERMYER. Mr. Rockefeller, the chairman will expect you and your physicians to advise us if you feel at any time your condition becomes such as to render
further examination inadvisable. It must be clearly understood that neither the
chairman nor counsel care to or are willing to assume any responsibility whatever on
such a subject. You and your physician are the best judges of the situation, and we
shall have to rely upon you under the circumstances disclosed by the testimony
before the committee as to your physical condition. On that understanding we will
proceed with the examination.
What is your residence?
Mr. ROCKEFELLER. Six hundred and eighty-nine Fifth Avenue, New York City.
Mr. UNTERMYER. Referring to the statement just made by you, Mr. Rockefeller,
it is currently reported that your health is such that you are able to play golf and
indulge in sports of that sort. What is the fact as to that?
Mr. ROCKEFELLER. I have never played a game of golf in my life. I try to take
open-air exercise every day. That is the extent of my amusement—taking outdoor
exercise.
Mr. UNTERMYER. DO you recall the occasion of the organization of the Amalgamated
Copper Co., in 1898?
Mr. ROCKEFELLER. I do.
Mr. UNTERMYER. Was it in 1898?
Mr. ROCKEFELLER. I think it was in 1899.

Dr. CHAPPELL. Mr. Chairman, I would like to take the liberty of drawing your
attention to Mr. Rockefeller's condition at the present moment. He is showing some
symptoms which precede these spasms of the larnyx, and I strongly urge you not to
proceed, as in doing so you are certainty endangering his life at the present moment.
Since my appearance before the committee in Washington a new and more serious
development has occurred in Mr. Rockefeller's throat. You can see his general
shaking now, and he is at this moment on the verge of a spasm of the larnyx, which
might choke him.
The CHAIRMAN. I will ask you to be sworn, Dr. Chappell. Do you solemnly swear
that the statement you have made with reference to the present condition of Mr.
Rockefeller is true and correct according to your knowledge as a physician and your
judgment as an expert?
Dr. CHAPPELL. I do.

Mr. UNTERMYBR. Mr. Rockefeller, you have heard Dr. Chappell's statement. Do
you feel in such a condition that you think it unsafe to proceed further?
Mr. ROCKEFELLER. I certainly "do.

The CHAIRMAN. The Chair states that, in view of the declaration by Dr. Chappell,
under oath, and also that of the witness, Mr. Rockefeller, besides what is manifest
from the appearance and condition of the witness, no further proceedings will be had
at this time.



MONEY TRUST.

2145

Mr. TJNTERMYBR. I should be unwilling to go further with the examination at this
time, from what I have just heard and observed as to Mr. Rockefeller's condition.
Whereupon an adjournment was taken.

Mr. UNTEEMYER. The voting trust agreement of the Guaranty
Trust Co. of New York, dated January 3, 1910, constituting George
F. Baker, Henry P. Davison, and W. H. Porter, as voting trustees,
frequently referred to in the testimony, does not appear to be in the
evidence. It will be marked Exhibit No. 245, February 25, 1913.
The agreement referred to was so marked, and is here printed, as
follows:
E X H I B I T N O . 245, FBBBUAHY 25, 1913.
GUARANTY T R U S T C O . OF N E W Y O R K , VOTING TRUST

AGREEMENT.

Dated January 3, 1910.
[George F. Baker, Henry P. Davison, and William H. Porter, voting trustees.]

Agreement, dated the 3d day of January, 1910, between stockholders of the Guaranty Trust Company of New York (hereinafter referred to as the "Trust Company")
who shall become parties to this agreement as hereinafter provided (hereinafter
called "stockholders"), parties of the first part, and George P. Baker, Henry P.
Davison, and William H. Porter and the survivors and survivor of them, and their
successors, as trustees (hereinafter called "voting trustees"), parties of the second
part:
Whereas the stockholders deem it for the best interests of themselves and of the
Trust Company to act together concerning the management of the Trust Company,
and to that end to unite the voting powers held by them as stockholders and to place
the same in the hands of the voting trustees, as hereinafter provided:
Npw, therefore, it is agreed as follows:
First. Each and every stockholder of the Trust Company, as now or hereafter
constituted, may become a party to this agreement by transferring his stock to the
voting trustees hereundpr. The voting trustees, from time to time, upon request,
will cause to be issued in respect of stock certificates of the Trust Company delivered
to them as aforesaid, certificates in substantially the following form (hereinafter
called "stock trust certificates"):
No.

.

Shares.
GUARANTY TRUST COMPANY OF NEW YORK.
STOCK TRUST CERTIFICATE.

This certifies that, as hereinafter provided, and on surrender hereof,
will be entitled, out of certificates delivered to the undersigned voting trustees
under the agreement hereinafter mentioned, to receive a certificate or certificates
for
shares each of one hundred dollars, of the capital stock of Guaranty Trust
Company of New York; and, in the meantime, to receive payments equal to the
dividends, if any, collected by the voting trustees upon a like number of such shares
of stock received and held by the voting trustees under said agreement. No voting
right passes by or under this certificate, or by or under any agreement expressed or
implied, it being expressly stipulated that until the actual transfer of such stock
certificates to the registered owner hereof, the voting trustees shall possess and shall
be entitled in their discretion to exercise, in respect of any and all of such stock, the
right to vote thereon for every purpose, and to consent to any corporate act of said
company as provided in said agreement.
This certificate is issued pursuant and subject to an agreement dated January 3,
1910, between stockholders of Guaranty Trust Company of New York and the undersigned voting trustees, defining the rights of the holder hereof, and the duties and
liabilities of the voting trustees, which agreement is on file in the office of said Trust
Company. No stock certificate shall be deliverable hereunder before January 3,
1915, unless as hereinafter stated said agreement shall have been sooner terminated,
in which event such stock certificates shall be deliverable as soon as practicable after



2146

MONEY TRUST.

such termination. At any time the said agreement in the manner provided therein
may be terminated by a majority of the voting trustees in their discretion.
This certificate is transferable on the books of the voting trustees or their agents, on
surrender hereof, by the registered holder in person or by attorney duly authorized,
and until so transferred the voting trustees may treat the registered holder as the
owner of this certificate for all purposes whatsoever.
This certificate is not valid unless duly signed on behalf of the voting trustees by
their agents, and also registered by
, as registrar.
In witness whereof, the voting trustees have caused this certificate to be signed by
their duly authorized agents, this
day of
—, 19—.
Registered:

by their agents hereunder.

Voting Trustees.

• , Registrar.
By
The said stock trust certificates shall be transferable only on the books of the voting
trustees, to be kept by them or their agents, on surrender thereof, by the registered
holder in person or by attorney duly authorized, and in accordance with rules from
time to time established for that purpose by the voting trustees, and, until so transferred, the voting trustees may treat the registered holders as the owners of said stock
trust certificates for all purposes whatsoever. Such transfer books may be closed by
the voting trustees at any time prior to the holding of meetings, or the payment of
dividends, or for any other purpose.
Second. This agreement shall terminate in any event on January 3, 1915, without
notice by or action of the voting trustees; but at anytime it maybe terminated by a
majority of the voting trustees, in their discretion, after at least thirty days' notice
of intention to terminate the same shall have been given, according to the provisions
of article ninth hereof. On January 3, 1915, or upon the earlier termination of thia
agreement as above specified, the voting trustees, in exchange for or upon surrender of
any stock trust certificate then outstanding, shall, in accordance with the terms
thereof, and out of the stock certificates BO received and held by them, deliver stock
certificates to the holders of stock trust certificates, and thereupon all liability of the
voting trustees for delivery of said stock certificates shall terminate; and the voting
trustees may require the holders of stock trust certificates to exchange their certificates for stock certificates accordingly. In case upon or after the termination of this
agreement the voting trustees shall deposit with the Trust Company stock certificates
so held by them, properly indorsed for transfer in blank, representing the number of
shares of stock of the Trust Company called for by the stock trust certificates outstanding, with authority in writing to the Trust Company to deliver the said stock certificates in exchange "for stock trust certificates when and as surrendered for exchange as
herein provided, then all further liability of the voting trustees, or of any of them,
for the delivery of stock certificates in exchange for stock trust certificates shall cease
and determine
Third. From time to time hereafter the voting trustees may receive any additional
stock certificates of the Trust Company, and, in respect of all such stock" certificates
so received, will issue and deliver stock trust certificates in form corresponding to
those above specified, and entitling the holders to the rights therein and herein
provided.
In. case the voting trustees shall receive any stock certificates of the Trust Company
issued by way of dividend upon stock certificates held by them under this agreement,
the said voting trustees shall hold such stock certificates likewise subject to the terms
of this agreement, and shall issue stock trust certificates representing such stock
certificates to the respective registered holders of the then outstanding stock trust
certificates entitled to such dividend.
The voting trustees may permit sufficient shares to be withdrawn and released from
this agreement, from time to time, to permit the qualification of one or more individuals to act as directors of the trust company under the laws of New York, such
withdrawal and release to be made upon surrender to the voting trustees of stocktrust certificates in respect of such amount of stock. Each such release of stock hereunder, however, shall be only to an amount sufficient to meet the requirements of
the law with respect to the qualification of such directors, and shall be made only to a
person nominated for election as a director by the voting trustees, and in such manner
and upon such terms as may be necessary to complete such qualification of such



MONEY TBTJST.

2147

nominee in advance of election, if necessary. The voting trustees shall make such
arrangements as may be practicable to provide for the redeposit hereunder of any
such released stock in exchange for stock-trust certificates, when the holder shall
have ceased to be a director of the trust company.
Fourth. Any voting trustee may at any time resign by delivering to the other
voting trustees in writing his resignation to take effect 10 days thereafter. In case
of the death or the resignation or the inability to act of any voting trustee, the vacancy occurring in his office shall be filled by the appointment of a successor or successors to be named by the surviving voting trustees. The term voting trustees, as
used in this agreement and in said stock-trust certificates, shall apply to the parties
of the second part and their successors at any time hereunder.
Fifth. The voting trustees may adopt their own rules of procedure. The action of
a majority of the voting trustees expressed from time to time at a meeting, or by
writing with or without a meeting, shall, except as otherwise herein provided, constitute the action of the voting trustees and have the same effect as though assented
to by all. Any voting trustee may vote or may act in person or by proxy, and may
be a director or an officer ol the trust company, and may vote for himself as such.
The voting trustees may exercise any power or perform any act hereunder by an
agent or attorney appointed in writing.
Sixth. The voting trustees shall have full power from time to time and at any time
to cause the stock certificates to be transferred into their own names or into the namea
of their nominees; but as holders of said stock they assume no liability as stockholders,
their interest hereunder being that of trustees merely. In voting the stock represented by the stock certificates, the voting trustees will exercise their best judgment
from time to time to secure the election of suitable directors of the trust company,
to the end that itsjousiness and affairs shall be properly managed, and in voting and
in acting on other matters the voting trustees will likewise exercise their best judgment; but they assume no responsibility in respect of such management or in respect
of any action taken by them or taken in pursuance of their consent thereto, or in
pursuance of their vote so cast, and no voting trustee shall incur any responsibility,
as stockholder, trustee, or otherwise, by reason of any error of law, or of any matter
or thing done or suffered or omitted to be done under this agreement, except for his
own individual willful malfeasance.
Seventh. Until the actual transfer of Btock certificates in exchange for stock-trust
certificates hereunder, the voting trustees shall possess and shall be entitled in their
discretion to exercise, in person or by their nominees, in respect of any and all said
stock, the right to vote thereon for every purpose and to consent to any corporate act
of said company, as though absolute owners of said stock, it being expressly stipulated
that no voting right passes to others by or under said stock-trust certificates-, or by or
under this agreement, or by or under any agreement, expressed or implied.
The voting trustees are specifically authorized in the exercise of then- unrestricted
discretion, in respect of any and all stock of the trust company subject to this agreement,
to vote for or to consent to any increase of the capital stock of the corporation that
lawfully may be submitted for action by the stockholders. In case any increased
stock of the trust company shall be offered to the stockholders for subscriptions, then,
in such case, upon receiving from the holder of any stock-trust certificate, prior to the
time limited by the trust company for subscription and payment, a request to subscribe iu his behalf and the money required to pay for a stated amount of such increased stock (not in excess of the ratable amount subseribable in respect of the
stcok represented by such certificate), the voting trustees will make such subscription
and payment, and upon receiving from the trust company the certificates for the
stcok so subscribed for, will issue stock-trust certificates in respect thereof to the stocktrust certificate holder who shall have made such request and payment. ITnless
such increased stock shall have been offered first to the stockholders for subscription,
the voting trustees will not authorize any sale or disposition of the same for any purpose (other than the purposes of a merger agreement hereinbelow authorized to be
approved) without the consent of the holders of stock-trust certificates in respect of
two-thirds of the capital stock of the trust company subject to this agreement.
The voting trustees also are specifically authorized to vote any and all stock subject
to this agreement in favor of approving the merger into the trust company of the
Morton Trust Co. and the Fifth Avenue Trust Co. pursuant to the provisions of the
agreement made by the boards of directors of the three corporations under date of
January 5, 1910, and also in favor of approving any other merger and merger agreement that shall have been submitted for approval to the stockholders by the board of
directors of the trust company; and upon such merger agreement becoming effective,
to make such surrender of stock of the trust company, subject to this agreement, as



2148

MONEY TBXJST.

may be proper and requisite, and to receive and to hold under this agreement any
and all stock of the trust company issued in exchange for such surrendered stock, and
also any and all other stock of the trust company issued pursuant to the provisions of
said merger agreement that may be transferred to the voting trustees by the persons
to whom such stock shall have been issued or shall be issuable.
Eighth. For the purposes of this agreement, any consent or request in writing by
the holders of stock-trust certificates may be in any number of concurrent instruments
of similar tenor, and may be executed by the certificate holders in person or by agent
or attorney appointed by an instrument in writing. Proof of the execution of any
such consent, or of a writing appointing any-such agent or attorney, or of the holding
by any person of stock-trust certificates issued hereunder. shall be sufficient for any
purpose of this agreement, and shall be conclusive in favor of the voting trustees
with regard to any action taken by them under such consent, ii made in the following
manner, viz, (a) The fact and the date of the execution by any person of «ny such
consent may be proved by the certificate of any notary public, or other officer, authorized to take, either within or without the State of New York, acknowledgments
of deeds to be recorded in any State, certifying that the person signing such consent
acknowledged to him the execution thereof; or by the affidavit of a witness to such
execution; (6) the amount of stock-trust certificates held by any person executing
any sub. consent may be proved by the books of the voting trustees.
Ninth. All notices to be given to the holders of stock-trust certificates hereundei
shall be given either by mail to the registered holders of stock-trust certificates at
the addresses furnished by such holders to the voting trustees or to the agents of the
voting trustees, or by publication in two daily papers of general circulation in the
city of New York, twice in each week for two successive weeks; and any call or notice
whatsoever, when either mailed or published by the voting trustees as herein provided, shall be taken and considered as though personally served on all the holders
of said stock-trust certificates, and such mailing or publication shall be the only
notice required to be given under any provision of this agreement.
Tenth. The term trust company, for the purposes of this agreement and for all
rights thereunder, including the issue and delivery of stock certificates, shall be
taken to mean the said Guaranty Trust Co. of New York or any successor corporation
or corporations with or into which the same may be consolidated or merged.
In witness whereof this agreement is executed as of the day and year first hereinabove mentioned.
Attest:
GEOBGE F. BAKER.
HENRY P. DAVIDSON,
WILLIAM H. PORTER,

[L. s.l
[L. S.]
[L. S.]

Voting Trustees.

Mr. UNTEKMYEK. The list and supplemental list of the principal
interstate corporations which J. P. Morgan & Co. have organized or
participated in organizing, or the securities which they have underwritten, directly purchased, or sold, in whole or part, from December
31, 1897, to the present time; and their present relations to all such
corporations as stockholders, directors, fiscal agents, consisting of
two sheets, will be marked 238 and 238a. These are documents that
were prepared by Messrs. Morgan & Co., and to which reference has
been made at times in the testimony.




2149

MONEY TRUST.

The lists referred to were marked, respectively, Exhibits 238 and
238a, February 25, 1913, and are here printed, as follows:
EXHIBIT 238, FEBRUARY 25, 1913.
A list of the principal interstate corporations which J. P. Morgan & Co. have organized
or participated in organizing, or the securities of which they have underwritten, directly
purchased, or sold, in whole or part, from Dec. 31, 1897, to the present time; and their
present relations to all such corporations as stockholders, directors, fiscal agent, registrar,
or transfer agent.
Stockholder.
American Bridge Co..
American Telephone & Telegraph Co...
Atchison, Topeka & Santa Fe.
Atlantic Coast Line
Chesapeake & Ohio...
Chicago, Burlington & Quincy
Chicago. Great Western
Erie Railroad system
Federal Steel Co
Florida East Coast Ry
General Electric Co
Hocking Valley Ry. system
Tntjwnnt.innal Harvester ^0
International Mercantile Marine
1.1. Case Threshing Machine Co
Elgin, Joliet & Eastern Ry. Co
Lehigh Valley R. R. Co
Louisville & Nashville
National Tube Co
New York Central System
New York, New Haven & Hartford
system.
Northern Pacific Ry. system
Pennsylvania
Beading
Southern Ry
Terminal R. R. Association of St. Louis.
United States Steel Corporation

Fiscal
agent.

Director.

Registrar.

Transfer
agent.

None
Yes
Yes

No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
Yes
Yes

No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
Yes
No
No
No
No

No.
No.
No.
Yes.
Pay coupons.
No.
Yes.
Yes.
No.
No.
No.
Yes.
No.
Yes.
Yes.
No.
Pay coupons.
No.
No.
No.
No.

Yes
None
Yes
Yes
None
Yes

No
No
No
No
No
Yes

No
No
No
No
No
No

Yes.
No.
Yes.
Yes.
Yes.
No.

No . . . .
Yes
Yes
No
No . . . .
No
Yes
Yes
No
No
Yes
No
Yes
Yes.
Yes
No
No
No
No
Yes
Yes

None
Yes
Yes
None
None
None
Yea
Yes
None

Yes
No
Yes
Yes
No
Yes

Yes
None
Yes
Yes.. . .
Yes
None
Yes

EXHIBIT 238A—FEBRUARY 25, 1913.
Supplemental list of interstate corporations which J. P. Morgan & Co. have organized
or participated in organizing, or the securities of which they have underwritten, directly
purchased, or sold, in whole or part, from Dec. 31, 1897, to the present time; and thevr
present relations to all such corporations as stockholders, directors, fiscal agent, registrar,
or transfer agent.

Associated Merchants Co
Atlas Portland Cement Co
Boomer Coal & Coke Co
Central of Georgia R. R. Co
Chicago & Western Indiana R. R. Co...

No
No
No
No
No

No
No
No
No
No

No
No
No
No
Yes

N'
No
No
No
No

Yes

Yes

No

>*o.
No.
Pay coupons.
No.
Transfer bonds and
pay coupons.
Yes, and pay oou-

No
No
Yes
Yes

I\o
No
No
Yes
No
No
No
No
No

No
No
No
No
No
No
No
No
No

Ko.
No.
No.
Yes, and pay couNo.
No.
No.
No.
No.

IJO.

No
Hartford Carpet
Corporation
Yes
Inspiration
Consolidated
Copper Co
New York, Ontario & Western R. R. Co. No
Yes
Pere Marquette R. R. Co




Registrar.

Director.

Chicago, Indianapolis & Louisville R. R. No

St. Louis & San Francisco R. R. Co
United Dry Goods Cos
United States Motor Co
United States Rubber Co
Virginia-Carolina Chemical Co

Fiscal
agent.

Stockholder.

No
Yes
No
No
No

No
No
No
No
No

Transfer agent.

2150

MONEY TBXJST.

Mr. UNTEEMYEE. Reference has also been made from time to time
during the examination of the witnesses to the lists of assets of the
four great New York life insurance companies, but these lists are not
in the record and should be in the record. I accordingly offer from
the report of the superintendent of insurance of the State oif New York,
dated 1912, relating to the business of the companies for the year 1911,
the following statements of assets: First, of the Equitable Life Assurance Society, from pages 14 to 24, both inclusive; second, of the
Metropolitan Life Insurance Co., from pages 113 to 120, both inclusive;
third, statement of assets of the Mutual Life Insurance Co., of New
York, from the same book, from pages 142 to 152, both inclusive;
fourth, a statement of the New York Life Insurance Co.'s assets, from
pages 177 to 191, both inclusive. They are all to be marked together
as one exhibit—Exhibit No. 240.
The statements referred to were marked, as a whole, "Exhibit No240," February 25, 1912, and are here printed in the record as follows:
EXHIBIT NO. 240, FEBRUARY 25, 1913.
EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES.
Schedule of real estate owned, classified by States and countries.
Book and
market value.

State or country.

$1,115,000.00
1,275,000.00
16,918,861.10
1,660,000.00
1,055,000.00
82,300.00
3,743,596.96
2,000,000.00
67,500.00
1,195,000.00

New York
Chile
Spain
Total

29,112,258.06

Schedule of mortgages owned, classified by States and countries.
Amount of
principal
unpaid.

State or country.

Alabama
Arizona
California
Connecticut
Delaware . . . .
District of Columbia
Florida
Georgia
Idaho
Tllinnis
Tnriiana
Iowa
Kansas
Louisiana
Maryland
Minnp^nta
Mississippi
Missouri




,.

1631,266.95
206,823.21
46,500.00
4,114,888.20
709,882.17
35,000.00
115,000.00
1,370,500.00
32 000 00
703,206.65
122,000 00
2 380 365 00
407,000.00
158,444.72
216 457 20
939,500.00
1,185,000.00
1,089,212.12
35 000 00
606,500.00

Amount of
principal
unpaid.

State or country.

Montana
New Jersey
New York
Ohio

Utah
Virginia
West Virginia
France
Total

.. .

$40,000.00
193,020.14
52,820.00
66,724,773.33
364 680 67
436,250.00
469,000.00
1,606,299.69
9 301 916 75
115,000.00
161 000 00
409 266 12
938,209.04
320 422 65
1 274 516 71
192.805.85
251,730.30
1,413,918.91
99,375,176.38

2151

MONEY TRUST.
Schedule of collateral loans.
[ P A R T 3. Showing all loans discharged i n whole or i n p a r t d u r i n g 1913.]
Market
value
when
repaid.

Amount
of loan
repaid.

•556,000

1336,750

Date of repayment.

Date of loan.

Rate of
interest
on loan.

Name of actual
borrower.

4

John F. Dryden.

May 2,1911

May 1,1907

Schedule of bonds and stocks owned.
Book value.

Par value.

Amortized
value.

Market
value.

1
BOKDS.

I

Argentine int. credit loan 5s
Austrian gold rentes 4s
British consols, 1923 2£s
Cape o/ Good H o p e , 1923 4s
Chili R e p u b l i c 5s
C u b a r e p . of ext., 1944 5s
French rentes 3s
German Govt. 3£s

.

..

Italian 3£% rentes 5 s . . . .
Tt^lian r^nfas 3 JR
Queensland treasury bills, 1912 4s.
Russian:
Nobles state land bk 3*s
Nobles state land bk 4s
State loan 4s
Servian rentes 4s
So. Australian cons., 1916 3s
S p a n i s h external 4 s . . .
Swedish Gov., 1940-19613£s.
.
Swill confederate, 1952 3s
T r a n s v a a l Govt. stk., 1953 3s
U n i t e d States of Mexico:
Sinking fund, 1954 4s
Monetary c o m m . 2-yr. notes, 1913 4£s
W e s t Africa French colon loan, 1960 3s
W u r t t e m b e r g Govt. 3Js
Alberta, Province of:
Calgary sch. dist.,1936-42 41s
A t l a n t i c City, N . J.:
Drainage 1941 4£s
P a v i n g 19464is
School, 1946 4*s .
Canton Basle, Switzerland 1943 4s
Charlotte N C water 1941 4Js
Chattanooga, Tenn., 1937 4Js
Columbia, S. C. 1945 4£s
Columbia, S. C , 1912, 5s
Danville, V a . :
L i g h t & Power, 1941 4£s
.
St i m p " B " 1941 4Js
Denver, city a n d c o u n t y of, Col.:
Montclair P a r k , 19236s
West & south side sewer dist., 1923 6s
D u r h a m , eity of, N . C , funding, 1941 4Js
Duval, county of, Fla, road, 1939 5s
East side levee & sanitary dist.. 111., 1913-15,1918-19
5s
E d m o n t o n , Alberta, Can., d e b . 1919 4£s
D e b . 1951 4£s
E l i z a b e t h City, N . C , st. i m p . , 1941 5s
E l Paso, Tex., st. i m p . , 1935 5s
Garfleld, N . J.:
Sewer, 1931 4 £ s . . .
Sewer 1941 4£s
Hamilton County, Tenn., road, 1941 41s




$45,751
757,076
110,298
449,066
51,184
235,266
25,238
2,734,601
f
22,455
1
1,560
/
341,699
t
88,999
194,014
8,146
970,766
442,950
48,500
105,815

$64,387
1563,7 50
722,286
752,381
109,125
109,125
449,066
485,000
51,184
48,500
235,225
242,500
25,238
25,000
2,799,229
2,659,268
22,262 j.
21,904
1,547
380,191
)•
397,748
99,023
194,014
194,500
7,937
8,096
942,849
924,362
408,499
492,167
48,500
48,500
98,699
108,460

$64,388
722,286
109,125
373,450
49,470
235,225
25,750
2,659,268
21,904

9,040
254,438
450,045
23,754
91,311
2,147,423
97,921
15,466
101,132

10,098
11,742
280,299
308,021
473,042
514,176
26,930
29,922
91,311
97,000
2,081,190
2,237,839
f
4,695
99,404 \
93,226
15,466
16,795
101,132
101,850

10,098
280,299
473,042
26,930
78,570
2,081,190
4,524
85,178
14,108
93,702

701,521
196,500
494,752
95,333

701,220
200,000
491,049
95,333

701,521
196,500
494,752
103,639

754,000
200,000
558,011
104,762

397,748
192,555
8,096
942,849
408,499
48,500
98,698

101,435

100,000

101,435

100,000

262,507
b3,242
84,323
3,492
151,498
504,552
52,405
50,000

250,000
60,000
80,000
3,475
150,000
500,000
50,000
50,000

262,507
63,242
84,323
3,492
151,498
504,552
52,405
50,000

257,500
61,800
82,400
3,475
151,500
510,000
51,000
50,000

150,373
30,075

150,000
30,000

150,373
30,075

153,000
30,600

247,000
514,700
101,629
108,400

247,000
514,700
100,000
100,000

247,000
514,700
101,629
108,400

247,000
514,700
102,000
108,000

251,409
92,935
98,781
123,969
175,000

250,000
92,467
97,333
120,000
175,000

251,409
92,935
98,781
123,969
175,000

253,000
93,392
99,279
124,800
180,250

10,193
23,047
174,110
458,109

10,000
22,500
189,000
450,000

10,193
23,047
174,110
458,109

10,200
22,950
175,770
463,500

2152

MONEY TBTTST.
Schedule of bonds and stocks owned—Continued.
Book value.

Par value.

Amortized
value.

145,974
155,717
33,702
11,543
208,821
309,845
205,762

(45,000
150,000
34,047
11,667
200,000
311,500
200,000

$45,974
155,717
30,642
11,667
208,821
309,845
205,762

$45,000
157,500
30,643
11,667
204,000
311,500
204,000

154,697
352,627
435,447

150,000
346,000
447,000

154,697
352,627
435,447

153,000
351,780
447,000

74,627
52,359
202,469

75,000
50,000
200,000

74,627
52,359
202,459

75,000
54,000
202,000

162,452
10,158
116,451
58,664

160,000
10,000
117,000
57,000

162,452
10,158
116,451
58,664

164,800
10,300
118,170
58,710

191,959
255,683
243,751
32,110
66,269
122,848
123,839
10,544
10,543
39,471
25,839
310,711
154,808

190,000
243,333
250,000
31,000
68,133
125,000
125,000
10,000
10,000
35,000
25,000
300,000
150,000

191,959
255,683
243,751
32,110
66,269
122,848
123,839
10,544
10,543
39,471
25,839
310,711
154,808

190,000
243,333
227,500
31,000
60,638
122,500
132,500
10,700
10,700
39,200
26,000
.312,000
154,500

242,207
110,000
25,000
2,027,088

264,000
110,000
25,000
2,250,000

242,207
110,000
25,000'
2,027,088

258,720
110,000
25,000
2,115,000

100,831
377,235
548,563
97,896
150,593
1,118,357
2,025,340
168,688
148,888

105,000
395,000
500,000
100,000
150,000
1,000,000
2,000,000
150,000
150,000

100,831
377,235
548,563
97,896
150,593
1,118,357
2,025,340
168,688
148,888

99,750
375,250
545,000
97,000
138,000
1,080,000
2,040,000
153,000
151,500

200,000
200,000
181,417
905,353

200,000
200,000
179,000
849,000

200,000
200,000
181,417
905,353

208,000
208,000
181,445
916,920

196,753
192,201
64,170

200,000
200,000
59,000

196,753
192,201
64,170

192,000
192,000
64,310

101,536
243,530
36,675
47,969
250,000
100,000
1
161,568

99,765
274,933
35,500
50,000
250,000
100,000
77,965
160,000

101,536
243,530
36,675
47,969
250,000
100,000

98,767
228,195
35,145
48,000
242,500
100,000

161,508

164,800

97,216
47,969
47,431
70,395
35,950
40,812
25,142
42,295
102,131

99,000
50,000
50,000
75,000
35,500
40,000
24,500
40,000
100,000

97,216
47,969
47,431
70,395
35,950
40,812
25,142
42,295
102,131

97,190
48,080
47,530
70,660
35,855
40,800
24,990
41,600
102,970

343,590
404,221

340,000
400,000

343,590
404,221

346,800
408,000

Market
value.

BONDS—continued.
Ithaca N. Y., reg 1927 5s
Jackson, Miss., school & St. imp^ 1931 5s
Kur-Neumark Communal Ger. Feb., 1904 3Js
Kur-Neumark Communal Ger. 4s
Los Angeles, Cal., wtr. wks., 1941-7 4Js
T,QHisffiroi TlflW «>Tlsnl 1914 4s

Imp,' 1944 44s
Street imp., 1912-14 6 s . . .
Park & piwy., 1959 4}s
Meridian, Miss.:
Citv hall, 1941 4Js
School, 1941 5s
Mississippi levee dis. ref., 1934 4is
Mobile, Ala.:
Pub works F, 1919, 5s
Pub. works G, 1919, 5s
Pub. works H, 1921, 5s
Montgomery, Ala., pay C & D, 1921,5s
Montreal Quebec, Can.:
Debenture, 1925,4s
Consul fnnri ppg,, 1(139, 4s

Debenture reg" 1933, 3Js
Sinking fund, 1942,4s
Stock reg., 1942,3is
. ..
St Henri 1937 4s"
St. Henri, 1953, Us
Town of De Lorimier deb., 1946, 4Js
Town of De Lorimier deb., 1947,4Js
Town of St. Cunegonde, deb., 1927, 4Js
Muskogee, Okla., wr. 1936, 5s
Nashvjlio, Tmn , sr,( 1940, 4}s
New Orleans, La.:
Public imp 1950 4s
Public imp., A, 1917, 5s
Public imp., A, 1918, 5s
Public imp., 1942,4s
New York:
County reg., 1918,3.30s
County reg., 1919,3.30s
City bor. of Brklyn. reg., 1915, 7s
City reg., 1916 3^s . .
City reg., 1929,3*s .
City, 1957,4*s
City 1960,4?s
State highway imp. reg., 1958,4s
Norfolk, Va., imp., 1941,4Js
Oklahoma City, Okla.:
Park & w'ter fr., 1935, 5s
Sewer, 1934, 5s
Omaha, Nebr., imp., 1912-19,4Js
Orleans'leveedist~La.,1959,'5s
Portland, Oreg.:
Bridge, 1939 4s
Water, 1936,4s
Pottawatomie County, Okla., funding, 1931 5Js
Quebec Quebec, Can.:
Province, 1934,4s
Province reg., 1937, 3s
Citv 1927 4s
Rahway, N. J., water, 1932,4s ..
Richmond, Va., pub. imp., 1943, 4s
Roanoke, Va., rfdg., 1936, 4te
Rochester & town of Gates.'N. Y., 1904,6s
Rock Hill, S. C , water & light, 1951,5s
Rome, city of Ga.:
School 1912 23 4s
Paving, 1923-28, 4s
Sewer, 1928-34,4s . . . .
Water 1934-41 4s
Sacramento County, Cal., 1925, 4Js
Salisbury, city of N. C, pub. impt., 1960,5s
San Bernardino, city of Cal., 1912-48, 4ts
Seattle, city of Wash.:
Park 1931, Us
Water, 1931,4Js




2153

MOKBT TRUST.
Schedule of bonds and stocks owned—Continued.
Book value.

Par value.

Amortized
value.

(362,761

1350,000

$362,761

$357,000

74,067
74,067
264,508

75,000
75,000
269,000

74,067
74,067
264,508

75,000
75,000
263,620

154,169
589,920
298,838

160,000
598,000
292,000

154,169
589,920
298,838

155,200
592,020
289 080

45,000
100,000
16,491

45,000
100,000
17,100

45,000
100,000
16,491

43,200
96,000
15,048

9,500
25,000
13,500
46,000
8,603
10,000
222,000
71,000
207,000
167,000

9,674
25,516
13,758
46,987
8,596
10,000
222,313
71,146
207,313
165,993

9,695
25. am
13,745
4K am
8,603
9,700
217,560
68,870
198,720
166,260

3,673,000
3,431,890
192,000
180,215
1,718,000
1,779,568
210,000
208,596
312,000
309,235
850,000
756,514
1,300,000 } 3,381,282
2,000,000
500,000
531,005
400,000
376,717

3,342,430
174,720
1,838,260
210,000
308,880
816,000
3,267,000
545,000
372,000

Market
value.

BONDS—continued.
Spokane, city of Wash., water works, 1935, 4$s
Sydney, city of N. S., Can.:
School, 1941 4 J s . . .
.
.Street, 1941, 4}s .
Tennessee, State, of settlement, B reg., 1913, 3s
Toronto City, of Ont., Can.:
Debenture, 1917, 3£s
Debenture, 1918, 4s
Debenture 1925 4s
Victoria, city of British Columbia:
Debenture, 1952, 4s
Debenture, 1955, 4s
Virginia State, of reg., 1932, 3s
Wichita, city of Kans.:
Internal imp., 1914-18,5s
Internal imp., 1914-18 5s
Internal imp 1914-18 5s
Internal imp 1915-18 5s
Winnipeg, Can., deb., 1912,1932,4s

9,674
25,516
13,758
46,987
/
18,596 \
500,772

Winnipeg, Can., deb., 1920,1925,1935,4s

165,993

Alabama Great Southern, equip. C, 1912-13,4Js
Atchison, Top. & Santa Fe:
Adjustment stamped, 1995, 4s
Adjustment stamped reg., 1995,4s
Convertible 1955 4s
Debenture K, reg., 1913,4s
Debenture L, re?., 1914, 4s
Eastern, Okla., div 1928, 4s
General coupon, 1995 4s
General rep 1995, 4s
Santa Fe, Prescott & Phoenix, 1st, 1942, 5s
Transcontinental short line, 1958, 4s
Atlantic Ave., Br'klvn, N. Y.:
Consolidated 1931 5s
Atlantic Coast Line:
Central R B of S C 1921 6s
Equip trust B 1912-21 4Js
1st consol 1952 4s
Louisville & Nashville coil, tr., 1952, 4s
Northeastern H. P . of S. C., 1933, 6s
Savannah, Florida & Western, 1934, 6s
Baltimore & Ohio:
Akron & Barberton belt, 1st, 1942,4s
1st coupon, 1948, 4s
1st reg., 1948, 4s
Prior lien 1925 3ls
Pittsburn .Tct. * Middle Div., 1925, 3Js
Pitts., Lake Erie & West \ a. ref, 1941,4s
So. West div 1925 3ls
Bangor & Aroostook:
Northern Maine seaport, 1st, 1935, 5s
Bermingham Terml. Co 1st 1957 4s
Brklyn."city 1st con. 1941 5s
Buffalo Creek con. 19415s
Carolina, Clinchfleld & Ohio equip. 1912-18 5s
Central of Georgia:
Consol. 1945 5 s . . .
1st reg. 1945 5s
..
Equipment 1912-16 4§s
Chesapeake & Ohio:
Equip, tr H 1915-16 4s
Equip, gold notes J 1912-16 4s
Equip, gold notes K 1912 14 4s
Equip, tr. M 1917 4s
General mort. 1992 4Js
Consol. 1939 5s
Chicago & Alton:
Equip, assn. notes D reg. 1912-16 4s
Equip. E 1913-15 4Js
Equip. F 1912 4Js...
1st lien 1950 3 Js
Refunding gold 1949 3s
Chic, Burlington & Quincy:
Denver div. 1922 4
General mtg 1958 4s
No. Pac.-Gt. No. J 1921 4s




3,431,890
180,215
1,779,568
208,596
309,235
756,514
1,332,020
2,049,262
531.005
376,717

..

463,468

420,000

463,468

424,200

221,030
412,130
248,904
1,438,971
1,427,663
118,423
125,690

200,000
300,000
250,000
1,500,000
1,500,000

221,030
412,130
248,904
1,438,971
1,427,663
118,423
125,690

226 000
411,000
250,000
1,425,000
1,425,000
123,000
125,000

245,250
1,025,299
1,037,378
2,806.398
930,113
1,329,169
1,318,364

250,000
1,000,000
1,000,000
3,000,000
1,000,000
1,350,000
1,432,000

245,250
i,025,299 |
1,037,378
2,896,398
930,113
1,329,169
1,318,364

232,500
1,960,000
2,760,000
890,000
1,228,500
1,303,120

257,885
225,945
106.254
117,767
70,000

242,000
250,000
100.000
100,000
70,000

257.885
225,945 I
106.254
117,767
70,000

254,100
222,500
101.000
109.0(10
70,000

2,053,812
1,174,155
228,695

1,849.000
1,000.000
229.000

2,053,812 1
1,174.155 1
228.695 '

2.015.410
1.120.000
227.730

98.366
536.798
193.356
24.659
2,660.044
560,281

100,000
550.000
195.000
25.000
2.500.000
500.000

98.366
536.798 i
193.356
24.659 |
2,660.044
560.281

97,500
541.500
194.650
24.250
2.550.000
555.nnn

199,221
49,950
13.000
2,032,887
2,587,779

203,000
50.000
13.000
2.500.000
3,125,000

199.221 i
49.950
13.000
2,032.887
2,587.779

199.260
49.500
13.000
1.625.000
2.218.750

170.558
844.673
3,018,884

170.000
850.000
3,000.000

170.558 i
844,673 1
3.018,884 I

170 000
J24.500
2.910,000

ion, noo

100,000

2154

MONEY TBTJST.
Schedule of bonds and stocks owned—Continued.
Market
value.

Book value.

Far value.

Amortized
value.

$45,974
911,029

(46,000
1,000,000

$45,974
911,029

$46,000
830,000'

94,233
794,255

95,000
600,000

94,233
794,255

93,550
762,000

274,115
1,000,000
50,904

255,000
1,000,000
50,000

274,115
1,000,000
50,904

270,300
990,000
51,000

2,462,561
1,074,825
697,415
254,299
914,637
97,164
191,849
236,938
163,934

2,290,000
1,010,000
525,000
225,000
1,000,000
100,000
200,000
250,000
161,000

2,462,561
1,074,825 }
597,415
254,299 \
914,637
97,164
191,849 i
236,938
163 934 1

274,065
486,261
90,941
277,565
71,910
3,511,599
52,261

281,000
488,000
90,000
282,000
75,000
4,000,000
50,000

274,065
486 261
90 941
277 565 |
71,910
3,511,599
52,261

1,918,693
986,164

2,000,000
1,000,000

1,918,693 \
986,164 /

,
nm
2 7fin 00l

577,946
108,767

576,000
100,000

577 946 i
108,767

R7fi.mA
103,000

231,978

235,000

231,978

233,750

22,325
58,780
36,425

19,000
50,000
31,000

22,325
58,750
36,425

22,230
68,500
36,270

469,852
975,223
1,118,927

500,000
1,000,000
1,000,000

469,852
975,223
1,118,927

485,000
970,000
1,130,000

506,582
1,500,000
1,131,883

459,000
1,500,000
1,158,000

506,582
1 500 000
1 131 883 i

I I7n nnn

956,404
500,000
706,368
1,456,365
646,058

990,000
500,000
800,000
1,485,000
650,000

956,404
500,000
76b,368
1,456,365
646,058

871,200
499,000
808,000
1,470,150
640,500

1,317,771
87,500

1,300,000
87,500

1,317,771
87 500

1,274,000
«7 ;yin

235,833
1,051,306
452,528
1,036,548
12,770
16,943
1,084,583
224,385

250,000
1,000,000
500,000
976,000
14,479
19,305
947 000
215,000

235,833
1,051,306
452,528
1,036,548
12,770
16,943
1 084 583
224,385

245,250
970,000
405,000
1,015,040
12,018
16,023
1 n-*i 7nn
227^990

2,260,665
987,172
387,077
1,226,509

1,870,000
1,000,000
300,000
1,300,000

2,260,605
987,172
387,077
1,226,509

2,206,600
986,000
375,000
1,157,000

2,575,436

2,375,000

2,575,436

2,541,250

208,149

212,000

208,149

211,130

83,442

77,000

83,442

80,850

BONDS—continued.
Chic. & Eastern Illinois:
Equip G 1912 5s
Chic. Gt. West 1st 1969 4s
Chic, Indiana & Louisville:
Equip. A 1912-21 4js
Refunding 1947 6s
.
Chic, Milwaukee & St. Paul:
Chic. & P W. Div 1921 5s . . .
General mtg 1989 4s
Terminal 19145s..
.
Chicago & North Western:

.

Mil. & St. Line 1st 19413}s
Peoria& N. W.19263JS
Plinctn. & N. W. 1926 3Js
Sioux City & P. 1936 3£s
St. Paul E. Gr. Tr. 1913 6s
Chic, Rock Island & Pacific:
Equip, notes 1912-17 4Js
Equip. C 1912-19 4Js
Equip. B 1912-13 6s
Equip. D 1915-18 4$s
General 1988 4s
1st refunding 1934 4s
Keokuk & Des Moines 1st 1923 5s .
Chioago & Western Indiana:
Consul, reg. 1952 4s
Cincinnati,Ham. & Dayton:
Equip. A 1912-14 and 17 5s
General 1942 5s
Cln.,New Orl. & Tex. P a c :
Equip. 1912-16 4Js
Clev.,Cin., Chic. & St. Louis:
Ind. & St. L. A 1919 7s
Ind. & St. L. B 1919 7s
Ind. & St. L. C 1919 7s
Colorado & Southern:
1st 1929 4s
Refdg and ext. 1935 4Js
Ft. Worth & Denver City 1921 6s
Coney Island & Brooklyn:
Brooklyn City & Newtown 1939 5s
Consolidated 1955 4s
1st 1948 4s
Delaware &. Hudson:
Chateaugay Ore & Iron 1st 1942 4s
Equip gold deb reg 1912-14 4s
Equip. 1st lien 1922 4Js
1st refdg. 1943 4s
Hudson Coal Co. reg 1912-18 4s
Del., Lackawanna & West.:
N. Y., Lack. & West. Term. 1923 4s
Denver Ry. Sec. Co. notes 1912 6s
Denver & Eio Grande:
Equip B 1914-17 5s
1st reg 1936 4Js
Rio Grande West. 1st cons. 1949 4s
Dul., Missabe & North Gen. 1941 5s
Eastern Ry (France) Old 1954 3s
Eastern Ry. (France) New 1954 3s
Elgin, Johet & Eastern 1st 1941 5s
El Paso t ' n . Pass. Depot Co. 1st 1916-33 os
Erie:
Cons. mtg. 1920 7s
Equip. Q 1914-21 4Js
Long Dock cons. 1935 6s..
Penns. coal coll. 1951 4s
Galv., Harrisb. & San Ant.:
Mex. & Pac. ext. 1st 1931 5s
Georgia South. & Florida:
Equip. C 1912-20 4Js
Grand Trunk Canada:
Det. Gr. Hav. & Mil. equip. 1918 6s




3,465,000
817,600
870,000
Q9 nno
184,000
220,000
165,830
279,230
483 ran
on fifln

27Q laft
72,000
a w i nm
50,500
.™°> >

459,000
Ql-l *ra>

2155

MONEY TRUST.
Schedule of bonds and stocks owned—Continued.
Book value.

Par value.

Amortized
value.

1250,000
345,579
241,123
580,835

*250,000
300,000
225,000
581,818

(250,000
345,579
241,123
580,835

$252,560
336,000
238,500
570,182

514,708
73,756

500,000
75,000

514,708
73,756

480,000
74 250

291,650
378,000

296,000
378,000

291, (j 50
378,000

296,000
378,000

901,762
575,726
2,944,782
194,398

1,000,000
505,000
3,000,000
250,000

901,762
575,726
2,944,782
194,398

900,000
570,650
2,880,000
187,500

246,826
243,961

250,000
250,000

246,826
243,961

245,000
245,000

331,668
586,709
500,319

289,000
500,000
620,000

331,668
586,709
500,319

297,670
510,000
502,200

1
1,366,736
46,724
2,149,485
500,000
1,500,000
342,115
514,183
2,918,830
150,000
400,674
1,214,192
5,834
589,033

315,000
1,170,000
40,000
2,083,000
1,000,000
3,000,000
300,000
500,000
2,600,000
150,000
375,000
1,379,117
6,723
570,000

1
1,366,736
46,724 j.
2,149,485
570,000
2,280,000
342,115
514,183
2,918,830
150,000
400,674
1,214,192
5,834
589,033

1,234,200
2,020,510
570,000
2,280,000
285,000
515,000
2,834,000
152,250
401,250
1,337,743
6,051
592,800

150,000
953,683
1,167,246

100,000
1,000,000
1,000,000

148,000
953,683
1,167,246

148,000
1,030,000
1,130,000

139,961
982,881
298,847

125,000
1,000,000
300,000

139,961
982,881
298,847

138,750
960,000
279,000

794,887
530,105
299,043
1,143,510
475,944

745,000
479,000
265,000
1,000,000
500,000

794,887
530,105
299,043
1,143,510
475,944

782,250
531,690
302,100
1,110,000
450,000

27,024
162,000
629,172
80,037

27,000
162,000
627,000
80,000

27,024
162,000
629,172
80,037

27,000
164,700
634,980
80,000

66,249
12,196

68,000
12,000

66,249
12,196

66,640
12,240

103,965
432,944

100,000
500,000

103,965
432,944

101,000
400,000

2,271,271
388,345
7,197
390,410

2,000,000
392,000
7,000
400,000

2,271,271
388,345
7,197
390,410

2,160,000
392,000
6,790
380,000

111,107
766,722
117,478
134,618
778,551
605,652
42,178
181,282

111,380
750,200
lit., 560
152,724
910,248
701,163
41,946
176,000

Market
value.

BONDS—continued.
Great Northern:
1st and refdg. 1961 4is
Mont. Cent. 1st 1937 5s
St. P., Min. & Manitoba cons. 1933 4Js
St. P., Min. &Man. Pac. extn. 1940 4s
Hocking Valley:
Col. & Tol. 1st 1965 4s
Hudson & Manhattan:
Car trust notes B 1912-20 5s
Car trust notes C 1913-21 5s
Illinois Central:
1st extd. 1950 3 i s . . .
Iowa Falls & Sioux City 1917 7s.
Refunding 1955 4s
St. L. div. ter. reg. 1951 3s
Imp. Roll. Stock Co. Ltd.:
Can. Nor. Ry. equip. Al 1915-17 4}s
Can. Nor. Ry. equip. Bl 1915-17 4Js
Interborough Met. Co.:
B r o a d w a y * 7thAve. 1st con. 1943 5s
Columbus & 9th Ave 1st 1993 5s
...
Coll. trust 1956 4is
Interborough Met. Co. con.:
Fulton St. 1st 1995 4s
Lexington Ave. & Pavonia Ferry 1st 1993 5s...
Lexington Ave. & Pavonia Ferry 1st reg. 1993 5s
Man. El. con. 1990 4s
Met. rfdg 20024s
Third A vA 1 Rt 2000 48
Thirty-fourth St. Crosstown 1st 1996 5s
Tnter. "Rapid Transit P F 1952 6a
Inter. & Gt No 1st 1919 6s
Inter. Trac. Co. of J. C , N. J., car trust 1912-17 6s.
Kan. City Belt 1st 1916 6s
Kieff Voronesh (Russia) 1955 44s
Koslov-Voronesh-Rostov (Rus.) 1953 4s
Lehign & Hudson River een 1920 5s
Lehigh Valley:
Cons, and irredeemable 6s
Lehigh & Lake Erie 1st 1967 4js
Ter.lstreg 19415s
Long Island:
N. Y. & Flush 1st 1920 6s . .
Refunding 1949 4s
Unified 1949 4s
Louisville & Nashville:
Mob. & Mont. jt. 1945 4Js
Pens. & Atl. 1st 1921 6s
St. Louis div. 1921 6s
So. & No. Ala 1936 5s
So. Monon jt 1952 4s
Mexican Central:
Equip notes 1912 5s
Equip, notes 1914-17 5s
Equip, n s , No 10 1912-17 5s
MITIT\ ify s t T< fiqnip rrnst 1912-13 fifl
Minnesota Transfer:'
1st 1916 4s
. .
...
1st 1916 5s
Missouri, Kansas & Texas:
Is 1944 5s.
1st & rfdg 2004 4s
Missouri Pacific:
lstl9206s
E q Assn. reg. 1912-15 5s
Pac. of Mo 1st 1938 4s
3d 1938 4s
Mobile & Ohio:
Equip. E , 1912-16 4Js
Montg div 1st 1947 5s
.
. . . .
St. L. & Cairo 1st 1931 4s
Mosc. Kaz. (Rus ) 1945 4s
Mosc -W.-R. (Rus ) 1955 4s
Issue of 1898,1955 4s.
Issue of 1895 1955 4s
N . Orl. Term. 1st 1953 4s




111,107
766,722
117,478
134,618
778,551
605,652
42,178
181,282

112,000
082,000 !
124,000
169,693
989,400
779,070 I
46,607
200,000

2156

MONEY TBTJST.
Schedule of bonds and stocks owned—Continued.
Amortized
value

Market
value.

Book value.

Par value.

$744,608
990,479
1,022,033
3,013,246
575,206
10,305
201,391
48,098
1,038,887
3,908,144
4,987,940
1,405,229
375,469
283,634
1,077,967
881,267
215,641

(698,000
1,000,000
1,000,000
3,000,000
557,000
10,000
200,000
50,000
1,150,000
4,100,000
5,000,000
1,575,000
425,000
300,000
1,000,000
835,000
235,000

$744,608
990,479
1,022,033 }
3,013,246
575,206
10,305
201,391
48,098
1,038,887
3,908,144 }
4,987,940
1,405,229
375,469 }
283,634
1,077,967
881,267
215,641

937,749

1,000,000

937,749

930,000

99,384
197,916
1,027,001

100,000
217,000
1,000,000

99,384
197,916
1,027,001

99,000
199,640
950,000

3,907,437
104,565
99,609
4,995
148,019
198,997
199,251
99.214
1,014,669
1,014,669
144,418
8 471
50,794

4,000,000
105,000
100,000
5,000
150,000
200,000
200,000
100,000
1,000,000
1,000,000
150,000
9 652
57,915

3,907,437
104,565
99,609
4,995
148,019
198,997
199,521
99.214
1,014,669
1,014,669 }
144.418
8 471
50,794

3,760,000
104,950
100,000
5,UO0
149,000
199,000
199,000
99,000
1,960,000
138,000
8 108
48,648

787,887
1,566,266
41,682
50,032
8 389
67,182

750,000
1,500,000
47,877
57,722
9,652
77,123

787,887
1,566,266 |
41,682
50,032
8.389
67,182

2,250,000
39,738
47,900
8,011
64,012

959,299
2,613,203
1,480,165
512,438
347,739
596,757
423,203
467,046
760,892
1,031,082
84.899
547,541
542.747
1,016,576
1,439,164
688,805
232,302
389 291
150,000

1,000,000
2,620,600
1,500,000
500,000
400,000
700,000
418,000
500,000
770,000
1,000,000
85,000
500,000
535,000
1,000.000
1,500,000
740,000
256,000
391 000
150,000

959,299
2,613,203
1,480,165
512,438
347,739
5%, 757
423,203
467,046
760,892
1,031,082
84,899
547,541
542,747
1,016,576 }
1,439,164
688,805
232.302
389,291
150,000

1,040,000
2,541,885
1,470,000
520,000
356,000
623.000
413.820
445,000
754,600
99(1,000
85,000
545,000
1,473,600
1,440,000
658,600
235,520
388.850
150,000

1,624,951

1,760,000

1,624,951

1,636,800

483,609
507,339
1 942 332

500,000
500,000
1,950 000

483,609
507,339
1,942 332

465.000
490,000
1,911 000

1,700,477
591,784
871,710
513 600

1,922,650
721,262
1,064,544
500 000

1,700,477
591,784
871.710
513,600

1.864.970
649.136
958.000
485 000

19,978
19,978
103,601

20,000
20,000
115.000

19,978
19,978
103,601

W.600
19,800
100,050

BONDS—continued.
New York Central:
Cleveland, C. C. & St. L.—
C , C C & I con 1914 7s
C.,C. C. &St. L. gen. coupon 1993 43
C , C. C. & St. L. gen. reg. 1993 4s
Deb reg 19344s
N Y C L e q t r 1912-205s
N Y C L eq tr reg 1917 5s
N. Y. C. L. eq. tr. 1915,18,19, and 25 4Js
Ind 111 & la lstl9504s
L S coll coup 19983is
L. S. coll. reg. 1998 3Js
L S &M S deb 19284s
M. C coll coup 1998 3Js
M C coll reg 1998 35s
. ..
M C T C C & D 1st reg 1966 4s
Pitts & L E 2d 1928 5s
West Shore re? 2361 4s
West Transit 1923 3Js
N. Y., N. H. & Hartford:
C N E gtd 1st 1961 4s
N. Y., Ont. & Western:
Equip 1918-20 4Js
General 1955 4s
Refdg reg 1992 4s
Norfolk & .estern:
Di isional 1st In 1944 4s
Eauto tr D 1912-13 4s
Equip tr E 1912 4s
Equip tr F 1912 4s
Eauio tr G 1912-14 4s
Equip tr L 1912-13 4s
Equip tr M 1912-13 4s
Equip, tr. N 1914 4s
1st reg 19°6 4s
Pocahontas C & C 1941 4s
No. Rv (France) old 1950 3s

.

1

Northern Pa iflc:
Prior lien reg 1997 4s
P -L -M Ry (Fr ) old 1959 3s
P -L -M Ry (Fr ) new 1958 3s
P.-O. (Fr ) old 19513s
P.-O. (Fr ) new 1956 3s
Pennsylvania:
40-yr cons 1948 4s
Convertible 1915 3Js
15-25-vr 1931 4s
1st reg 1921 44s
Ft W coll tr r 1937 3js
Ft W coll tr 1944 3Js
Md Del & Va 1st 1955 5s
Penn Co 194133S
Penn Co 1916 3Js
P C C * St L F 1953 4s
Steel eq reg 1912 3is
T H. & P 1st 1942"5s
.

...

.

Van cons B 1957 4s
W N T i P een 19434s
Peoria* E. 1st 19404s
Pere Marq. eq. 1912-16 5s
Phil. R T eq A 1918-20 5s
Railroad Securities Co.:
111. Cent. stk. int. ctfs. A reg. 1952 4s
Reading Co.:
Atlantic City 1st 1951 4s .
Coal & Iron gen 1997 4s
Jersev Cen. coll. 1951 4s
Rezan Ural (Russia):
1947 4js
Issue of 1897 1947 4s
Issue of 1898.1947 4s
Rich.' .gtd B 19434s
Rutland:
Equipment 1914 4Js


Og. & L. Cham. 1st 1948 4s


.

.

$739,880
1,860,000
2,790,000
570,010
10,200
201,91
47,500
4,252,500
4,700,000
1,580,000
285,000
1,060,000
843,350
211,500

2157

MONEY TBTJST.
Schedule of bonds and stocks owned—Continued.

Market
value.

Par value.

Amortized
value.

$478,652

5500,000

8478,652

$485,000

930,590
150,000
494,807
218,582
825,697

1,000,000
150,000
500,000
250,000
1,000,000

930,590
150,000
494,807
218,582
825,697

880,000
150,200
492,000
220,000
830,000

776,848
9,928
1,426,482
471, OSS
1,075,823
399,254
202,084
326,441
1,096,269

690,000
10,000
1,450,000
475,000
1,000,000
347,000
192,000
309,000
1,000,000

776,848
9,928
1,426.482
471,068
1,075,823
399,254
202,084
326,441
1,096,269

731,400
10,000
1,446,000
472,750
1,080,000
378,230
203,520
321,360
1,060,000

577,038
27,523
48,278
128,494

655,800
32,183
55,784
154,^79

577,038
27.523
48,278
128,494

636,126

3,493,234
998,067
661,723
972,047
2,396,085

3,500,000
1,000,000
710,000
1,000,000
2,500,000

661,723
972,047
2,396,085

653,200
930,000
2,375,000

118,730
919,376

100,000
1,000,000

118,730
919,376

116,000
910,000

33,042
2,097,178
1,243,949
104,523
2,385,870
474,010

33,000
1,867,000
1,133,000
100,000
2,500,000
500,000

33,042 [
2,097,178 1
1,243,949
104,523
2,385,870 ,
474,010

33,000
1,979,020
1,200,980
101,000
2,075,000
4nn.noo
7

250,738
16,252
13,235
476,698
216,363
246,599
425,571
43,759
310,144
978,285

250,000
16,000
13,000
478,000
226,000
250,000
500,000
36,000
290,000
1,000,000

250,738
16,252
13,235
476,698
216,363
246,599
425,571 '
43,759
310,144
978,285

2sn.noo

121,678
2,184,198
1,054,215
105,893

125,000
1,800,000
1,000,000
110,000

1,910,953
782,433
2,345,956
1,508,405
3,081,315
1,556,726
2,895,641
463,710

2,000,000
746,000
2,254,000
1,500,000
2,654,000
1,350,000
3,000,000
500,000

Book value.

BONDS—continued.
Salt L C Un D 1st 1938 os
Seaboard Air Line:
Atlanta-Birm 1st 1933 4s
Equipment 1912-16 os
Equip N 1912-21 4js
1st 1960 4s
Refunding 1959 4s . . .
.
Southern:
E. Ten., Va. & Ga. Reorg. 1938 5s
Equip. L 1915 41s
Equip N 1912-20 4Js
Equip. 0 1912-21 4js
1st cons. 1994 5s
Memphis div. lat 1996 5s
Va. Midland C 1918 6s
Va Midland D 19215s
Va Midland F 1931 5s
South Eastern (Russia):
1953 44s
Issue of 1897 1933 4s .
Issue of 1898 1953 4s
Issue of 1901 1953 4s
Southern Pacific:
C. P. 1stref.con. 1949 4s
C. P. 1stref.reg. 1949 4s
Cent Pac. stk. coll. 1949 4s
Through sht. line 1954 4s
1st rfdg sold 1955 4s
Houston & Texas Central:
W. & N. W. div. 1930 8s
S. Fran. Ter. 1st 1950 4s
St. L., Iron Mt. & Southern:
Cartr. Nreg. 19125s
Gen.c. R. & L . 6.19315s
Gen. cons R. & L. G. gtd. 19315s
Pine B. & W. 1st 1923 5s
R. & G. div. 1st 1933 4a
Unify. & Kef. 1929 4s
St. Louis & San Francisco:
Equip, tr. N 1913-15 5s
Equip, tr. 11914-17 5s
Equip, tr. L1915-16 5s
Equip, tr. P1912 -14 5s
.
Equip, nts Q 1912 20 5s
3-yr. notes 1913 5s ^
Refunding 1951 4s
St. Paul, U. Dep. 1st 1930 6s
Susq. Bloom. & Ber. 1952 5s
Term. R. R. Assn. St. Loaisref. 1953 4s
Texas & Pacific:
Equ. As. G. reg. 1912-16 5s
1st 2000 5s
Louisiana B. Lines 1931 5s
Tol. P. & W. 1st 1917 4s
Union Pacific:
1st lien & rfdg. 2008 4s
,
1st reg. 1947 4s
O R. B & N. Co 1946 4s
Owg Short Line 1922 6s
Oreg. Sh. Line 1st 1946 5s
Orec Sh Line rfdff 1929 4s
Ore.-Wash. R. R. & Nav. Co. 1st 1961 4s
United Rvs. of St. Louis:
Lind. R. 1st ext 1921 4£s
Wabasn:
1st 1939 5s
.
2d 1939 5s
Web -Pitts Ter 1st 1954 4s
W. Rv (France) old 1951 3S
W. R*y (France) new 1956 3s
.
.
Western Md. 1st 1952 4s
Ark. Val. SuRar Beet & Irri&. Land Co. sk. fd.
1941 os
Ciairton Land Co Perm 1915-26 4 40s
Internat. Mercantile Marine coll. tr. N. J. 1922 4}s.
Inter. Nav. Co. N. Y. 1929 5s
New \mster G. Co 1st N Y 1948 5s
. . .
W. V. Tel. Co. N. Y. fdg. & re. mtg. 1950 4is




OS QflS

50,205
139,031

16i 080
13.110
478,000
227,250
247.500
400!000
43,200
290,000
950,000

121,678
2,184,198
1,054,215
105,893

125,000
1,980,000
1,010,000
103,400

1,910,953

1,940,000

2,3«',9i } ^O 30 ' 000
1,508,405
3,081,315
1,556,726 .
2,895,641
463,710

1,440,000
3,025,560
1,498,500
2,820,000
465,000

487,562

500,000

487,562

490,000

1,280,466
291,755
125,500
25,037
25,000
1,772,118

1,111,000
274,000
251,000
28,958
28,765
2,025,000

1,280,466
291,755
97,890
25,037
25,000
1,772,118

1,166,550
265,780
97,890
24,325
24,162
1,782,000

1,997,700
1,200,000
205,319
532,648
332,371
1,561,892

2,634,000
1,200,000
250,000
586,000
300,000
1,500,000

1,997,700
1,200,000
205,319
532,648
332,371
1,561,892

1,975,500
1,200,000
167,500
468,800
306.000
1,455,000

2158

MONEY TKUST.
Schedule of bonds and stocks owned—Continued.
Book value.

Par value.

Market
value.
$1,040,000
784,241
290,000
1,281,510
1,004,700
308,000
52,173
49,000
2,720.000
80,385
615,000
1,504,926
1,265,220
153,900
398,000
525,000
162,270
5,000,000

$1,040,000
784,241
290,000
1,281,510
1,004,700
308,000
52,173
49,000
2,720,000
80,385
615,000
1,504,926
1,265,220
153,900
398,000
525,000
162,270
5,000,000

20.5,000
50,000
625,500

205,000
50,000
625,500

281,404,015

273,819,393

STOCKS.

$1,043,400
933,620
283,875
1,259,730
1,020,000
361,625
61,380
56,000
3,274,463
Sl,550
702,42S
1,556,236
1,150,200
116,45S
272,223
500,000
180,300
4,864,585
1
199,608
50,000
675,000

$1,000,000
466,810
200,000
883,800
510,000
220,000
306,900
100,000
2,000,000
23,300
500,000
1,618,200
^55,600
17,100
40,000
100,000
180,300
2,500,000
550,000
125,000
50,000
450,000

281,313,161

278,611,565

10 000 Atch T. & S. Fe. pfd
46 681 Bklvn C Bklvn
2 000 Chic Mil & St P pid
8,838 Chic. & N. \V. com
5,100 Chic & N. W. pfd
2 2(10 Illinois Central
3 069 Intb -Met. N. Y
2 000 Long Island
20 000 Man By Co N Y
466 New York & Harlem
16,182 Cmon Pac. pre-f
2 556 Equit Trust Co., N. Y
171 Guar TrustCo., N . Y
400 Gir Tr Co., Phila. Pa
1 000 Hib Bk. & Tr. Co., N. Or. La
1 803 Int Bkg. Corp., N. Y
25 000 Nat B of C , N Y
Ark Val Sue Bt & Irr. Land Co
1 250 Bklyn X I Co N Y
500 C&ii Sa.varin. N. Y
4,500 Cons. Gas Co., N . Y
Total

Market
value.

Amortized
value.

METBOPOUTAN L I F E INSURANCE CO.

Schedule of real estate owned, classified by States and countries.
Book and
market
value.

State or country.

California
District of Columbia.
Illinois
Maryland

$251,459.01
20,000.00
45,000.00
50,399.88
52,500.00
1,300,000.00
83.919.79
21,688,620.68
33,467.86
147,187.29
15,000.00
58,682.73

NewYork
Ohio
Vermont
Canada

23,746,237.24
23,746,237.24

Total

Schedule of mortgages owned, classified by States and countries.
State or country.

California
Florida
Georgia
Illinois
Kansas
Mipnp-sota.,
Missouri
New Jersey




Amount of
principal
unpaid.
$478,000.00
42,500.00
1,400,000.00
25,000.00
140 000.00 '
322,500.00
81,000.00
5,600.00 |
20,000.00
100,000.00
13,400.00 i
3,600.00
1,313,445.89
607,580.00

State or country.

New York
Nnrth Camlftia
North Dakota
Ohio

Utah

.

W«st Virginia
Cfty^lila

Total

Amount of
principal
unpaid.
$133,119,003.00
2,750.00
2,200.00
300,000.00
430 000 00
4,225,000.00
386,125.00
784,000.00
465 000.00
780,000.00
100,000 00
1,197,250.00
146,343,953.89

2159

MONEY TBUST.
Schedule of bonds and stocks owned—Continued.
Book value.

Par value.

Amortized
value.

Market
value.

BONDS.
AutaugaCo. Ala. et. house bldg. debt. 1940 5s
Autauga Co. Ala. jail bldg. debt. 1940 5s
Autauga Co. Ala pub rd. 1940 5s
Brimingham city of Ala. school 1939 5s
Buncombe Co N C fdg 1939 4Js
Rnnrnmlw Cn N C, j-pF 1Q31 5q*
f!an T)nm nf inq stk 19 47 9 i s
Charlotte city of N. C. water 1941 4Js
Charter O a t Ta Wfttpr 1915! ft<!
Clarksburg, Vv Va 1939 4i .
Danvillp V a TAf A 1Qjy» 4<*
Danville, Va., ref. C 1941 5s
Danville, Va.j 1st imp. A 1935 4s
Edmonton, Alb. city of Can. deb. 1951 4Js
Ensley, Ala. fire dept 1939 5s
Grady Co., Okla., bdge. 1929 5s
Knoxville ,Tenn., ref. 1940 5s
Los Angeles city of Cal. water wks. 4Js
Watvmnpnvp' QHP ' son, 19&1 -IJg
Manchester, V a. ref. 1930 4^s..
Manifnha Prov (rOV, rl^K 1930 4s
Manitoba Prov Id dr deb. 1930 4s
Manitoba Prov Id dr deb. 1928 4s
Manitoba Prov. Id. dr. deb. 1933 4s
Montgomery, Ala., warehouse & wharf 1939 5s
Montgomery, Ala., pub. sch. & imp. 1939 5s
Montgomery, Ala., san. sew. sys. 1938 5s
Montgomery, Ala., water wks. ext. 1939 5s
Monte. Co. Ala., pub. rd. 1957 4Js
Mon. P. Q. Can. cons. fd. 1944 4s
Mon. P. Q. C fdg & ref. 1939 3Js
New RmtlKWifV Prnv 19SK 3s
Now Orloansi J,n, ct tiso 1(155 S s
New Orleans, La , ct. hse 1955 5s
New Orlean s', La.', new pub. imp. 1942 4s
New Orleans, La., pub. imp. cer. ser. A 1917 5s
New Oreleans, La., pub. imp. cer. ser. A 1918 5 s . . .
N. Y. City cons. stk. 1929 2j
N. Y. City Corp. stk. 1918 3s
N. Y. City corp. stk. 1916 3 s . . .
N. Y. City corp. stk 1955 4 s . . .
N. Y. State hgy. imp 1958 4s-.
Norfolk, Va. ser. B 1940 4Js
Norfolk, Va., 1941 4*s
Norfolk Co., Va. rd imp. 1928 4*s
No. Bergen Hud. Co. N. J. fdg. 1938 5s
Nn Birmingham Ma Mf 1(M9 5 S
No. Birmingham Ala p. s. 1939 5s
No. Birmingham Ala. rev. defcy. 1939 5s
No. Birmingham, Ala., school gds. 1939 5s
Ottawa, Car> liph 193*} 4^s
Ottawa' Can ' deb 1937 4|s
Ottawa, Can deb 1938 4is. . .
Ottawaj Can ' an ex deb* 1925 4s
Ottawa C Lansd pk deb 1935 4s
Ottawa C local imp. deb. 1925 4s
Ottawa C local imp deb. 1925 4s
Pierre, S. D. bd of ed ref 1922 3s
Portage, La. Prairie Manitoba deb. 19415s
Pratt City, Ala mu bldg. 1939 5s
Pratt City Ala sch 1939 os
Pratt City, Ala., sew. 1939 5s
Quebec Prov ins stk 1937 3s.
Eye, N. Y., dock 5s
Rye, N. Y., sewer 5s
Rye. N. Y., st imp 5s
St" ftnnifani Man ^"- dfli 10*1 Kq
Salabeny Val'yfield C 1926 4s
San Juan. P. B 19226s
Seattle, Wash., C. R. W. S. fd. ser. 2 5s
Three Rivers, Que., deb. 1959 4s
Tortonto.Can. deb 1944 4s
Toronto Can cons loan deb 1944 3Js
Toranto Can gen cons loan deb 1929 3Js
Toranto Can gen cons loan deb 1944 3 js
Toronto Can gen cons loan deb 1948 4s




£58,219
21,171
79,391
232,945
61,416
53,266
90,824
101,670
3,505
90,857
16,226
21,522
23,822
197,201
5,191
44,638
58,576
102,923
500,000
107,602
52,137
180,000
122,119
193,242
118,452
100,000
200,000
10,777
150,877
26,942
26,942
252,430
715,410
495,141
92,591
11,000
327,734
901,401
10,061
15,102
1C0,000
22,436
46,262
1,488
108,971
5,952
93,243
202,329
107,694
31,151
20,768
41,537
22,844
20,976
216,996
104,934
26,232
76,810
52,483
60,557
550
115,247
10,289
15,433
25,712
134,059
15,185
41,219
36,667
32,455
88,321
50,326
600,000
509,921
47,564
2,370
445,945
514,941
652,949
510,279

$55,000
20,000
75,000
220,000
60,000
50,000
97,200
100,000
3,500
90,000
17,000
20,000
25,000
194,667
5,000
43,000
55,000
100,000
500,000
100,000
50,000
180,000
120,000
186,000
114,000
100,000
200,000
10,000
140,000
25,000
25,000
250,000
700,000
537,000
97,333
11,000
305,000
1,000,000
10,000
15,000
100,000
25,000
50,000
1,500
100,000
6,000
94,000
200,000
100,000
30,000
20,000
40,000
22,000
20,000
207,000
100,000
26,000
76,000
52,000
60,000
550
110,000
10,000
15,000
25,000
146,000
14,400
38,999
36,154
31,654
83,800
50,000
600,000
500,000
50,000
2,505
486,667
535,333
730,000
529,980

$58,219
21,171
79,391
232,945
61,416
53,266
90,824
101,650
3,505
90,857
16,226
21,522
23,822
197,201
5,191
44,638
58,576
102,923
500,000
107,602
52,137
180,000
122,119
193,242
118,452
100,000
200,000
10,777
150,877
26,942
26,942
252,430
715,410
495,141
92,591
11,000
327,734
901,401
10,061
15,102
100,000
22,436
46,262
1,488
108,971
5,952
93,243
202,329
107,694
31,151
20,768
41,537
22,844
20,976
216,996
104,934
26,232
76,810
52,483
60,557
550
115,247
10,289
15,433
25,712
134,059
15,185
41,219
36,667
32,455
88,321
50,326
600,000
509,921
47,564
2,370
445,945
514,941
652,949
510,279

$57,200
20,800
78,000
233,200
61,200
53,500
75,816
101,000
3,500
90,900
16,150
21,600
23,750
198,560
5,200
44,74)
57,-00
109,000
505,000
109,000
51,000
181,800
123,600
186,000
114,000
100,000
200,000
10,600
148,400
26,500
26,500
250,000
700,000
483,300
81,760
11,000
323,300
940,000
10,000
15,000
79,000
23,500
47,500
1,485
102,000
6,060
94,940
194,000
108,000
31,200
20,800
41,600
22,880
21,000
217,350
105,000
25,740
74,480
51,480
59,400
446
115,500
10,400
15,600
26,000
121,180
15,552
42,120
36,877
32,920
88,810
46,000
600,000
530,000
43,000
2,455
433,133
492,507
649,700
519,380

2160

MONEY TBTJST.
Schedule of bonds and stocks

owned—Continued.
Amortised
value.

Market
value.

Book value.

Par value.

S10.540
12,376
36,287
108,907
190,353
128,990
497,026
347,165
190,593
49,498

$20,000
12,000
35,000
110,000
200,000
136,000
500,000
344,524
200,000
50,000

110,540
12,376
36,287
108,907
190,353 •
128,990
497,026 !
347,165
190,593
49,498 '

$17,600
12,360
35,350
106,700
192,000
130,560
490,000
361,750
192,000
49,500

472,826
89,380
569,510
631,327
1,899,866
169,693

500,000
90,000
522,000
671,000
2,000,000
190,000

472,826
89,380
569,510
631,327 |
1,899,866 ,
169,692 '

465,000
89,100
527,220
637,450
1,900,000
171,000

464,559
926,754
219,897
221,572
568,796
153,366
55,107
106,539
276,101
1,182,276
208,735
922,943
701,444
21,477
323,978

500,000
1,013,000
250,000
250,000
552,000
150,000
55,000
99,767
272,533
1,200,000
212,000

445,000
921,830
220,000
222,500
557,520
151,500
58,300
99,767
272,530
1,200,000
212,000
980,000
708,500
21,400
298,860

576,331
85,099
439,064
1,720,708
188,969
580,246
1,699,452
99,561
779,421
2,833,584
127,472
359,924
1,970,209
1,386,477
56,532
3,160,749

650,000
20,000
293,000
600,000
75,000
450,000
1,654,000
192,000
700,000
2,000,000
100,000
727,000
3,000,000
115,000
350,000
2,175,000
1,500,000
45,000
3,000,000

464,559
926,754
219,897
221,572
568,798
153,366
55,107
106,539
276,101
1,182,276
208,735
922,943
701,444
21,477
323,978
576,331
85,099
439,064
1,720,708
188,969
580,246
1,699,452
99,561
779,421
2,833,584
127,472
359,924
1,970,209
1,386,477
56,532
3,160,749

576,000
83,250
445,500
1,687,080
190,080
455,000
1,600,000
98,000
777,890
2,760,000
125,350
353,500
1,805,250
1,380,000
57,150
3,120,000

204,362
540,851
354,573
1,485,909
414,349
264,076
1,797,884
59,006
478,014
502,251
21,579
484,330
396,178
1,201,737
1,457,761
52,682
75,000
25,000
728,123
327,514
949.369

200,000
543,000
353,000
1,500,000
500,000
270,000
2,000,000
58,000
500,000
500,000
20,000
500,000
400,000
1,278,000
1,500,000
50,000
75,000
25,000
806,000
351,000
1,000,000

204,362
840,851
354,573
1,485,909
414,349
264,076
1,797,884
59,006
478,014
502,251
21,579
•184,330
396,178
1,201,737
1,457,761
52,682
75,000
25,000
728,123
245,700
949,369

212,000
521,280
324,760
1,500,000
360,000
267,300
1,780,0011
59,740
460,000
500,000
20,600
440,000
376,000
1,111,860
1,455,000
51,500
75,750
22.500
693,160
245,700
790,000

115,498
173.713
2 069,206
73,869
24,329
292,679
58.674

113,300
169,000
1,982,000
65,000
25,000
250,000
50,000

45,320
173,713
2,069,200
73,869
24,329
292,679
5S.074

47,586
180,830
2,061,280
72,150
25.750

BONDS—continued.

Virginia century 1991 3s
Waterloo la wtr wks 1930 4Js
Wilm'ton N C w & s 1918 4Js
Winnipeg Man deb 1933 4s
Winnipeg Man sen dis 1 deb 1943 4s
Winnipeg Man sen dis 1 deb 1941 4s
Alabama Gt. So. R. R. equip, tr. ser. D 4*s
Alabama Gt. So. R. R. gen. mtg., 1927 5s
Ateh., T. & S. F. Rv., E. Okla. div. 1st mtg.. 1928 4s.
Atch., T. & S. F. R"y. ser. deb. ser. L, 1914 4s
Atch., T. & 8. F. Ry. trans, con. sht. line 1st mtg.,
1958 4s
..
Atlantic & Bir. Rv. equip, nts 5s
Atlantic Ave. R. R. Bklvn. gen. cons, mtg., 19315s.
Atlantic C. L. R. R. cons. 1st mtg., 1952 4s
AtlantieC. L. R. R L. & N. col. 1952 4s
Atlantic C. L. R. R. uni. m. 1959 4s
B. & 0. R. R., Pitts. June. & Mid. div., 1st mtg.
1925 3Js
B. & 0 . R. K., So'w'n div., 1st mtg. 192S 3Js
Big Sandy R. Co. 1st mtg. 1944 4s
Birm'ham T Co. 1st mtjj. 1957 4s .
Bklvn. Citv K. R. cons. 1st mtg. 1941 5s
Bklvn. Union Ele. R. R. 1st mtg. 1950 5s
Buff. R & P. Ry. c. m. 1957 4js
Canadian No. Ry. Co. 1st mtg. 1929 4s
Canadian No. Ry. Co. 1st mtg. 1930 4s
Canadian No. Ry. Co. Win. term. mtg. 1939 4s
Caro. C. & 0 . Ry. equip, nts. 5s
Caro. C & 0 . Rv. 1st mtg. 1938 5s
Cent. Georgia Rv.. M. & N. div , 1st mtg. 1946 5s..
Cent. OhioR. R. cons. 1st mtg. 1930 4*8
Cent. Pac. Rv. 1st ref. mtg. (guar. by So. Pac. Co.)
1949 4s
C. & 0 . Rv. cons. 1st mtg. 1939 5s
C. & 0 . Rv. pen. mtg. 1992 4Js
C. & A Ry. Co. 1st lien 1950 3As
C. * E ; I . R. R. ref. & imp. 1955 4s
C. & N Ry. ext. 1926 4s
C. & N Ry. 19295s
C. & W Ind. R. R. cons. 1952 4s
C. & W. Ind. R. R. gen. mtg. 1932 6s
C & W Mich. Rv mtp 1921 5s
C Gt West R. R 1st'mtg 1959 4s
C. I. & So R. R. 1956 4s
. . .
C I. & L Ry. Co. ref. mtg. 1947 6s
C. L. S. & E. R. Co. l s t m . 1969 4Js
C . M. & S. P. Ry. Co., C. & P. W. div., 1st mtg.
19215s
Chie. Rvs. Co. cons. mte. ser. A 1927 4s
Chic. Rvs. Co. cons. mtg. ser. B 1927 4s
Chic. Rvs Co. 1st mlg. 1927 5s
Chic. R'. I & P. R. R. 2002 4s
C , R. I. <S. P. R. equip, ser. D 4*8
C . E. I. A P. R. 1st &ref.mtg. 1934 4s
C, 0 . & 0. R. R. gen. mtg. 1919 5s
C , I>. &C. R. R. 1st mtg. 1942 4s
C . H. <Sr D. Rv. equip, ser. A 5s
C. H. & P. Ry. gen. mtg. 1942 5s
C. I. & W R v . Co. 1st*, ref. mtg. 1953 4s
Cleve. Ter. &" Val. R. R 1st mtg. 1995 4s
Coal River Rv. 1st mte 1945 4s
Col. & So. Ry. ref. & ext. mtg. 1935 4j£
Col. Spgs. & C. C. Dis Ry. 1st mtg. 193U 5s
D <S: II Co 1st In eq 1922 4*3
D & M Rv Co mtg 1995 4s"
D. & T. S.i.. R. R. Co. Istratg. 1953 4s
D. So. R. n. Co., Ohio So. div., 1st mtg. 19414s
Det. Vnitcd Rv. 1st cons. mlg. 1932 41s
Drv Dock E. Bwv. & Bat. K. R. Co.", N. Y. City
cer of ind 1914 5s
Dululh & Iron Range R. R. 1st mtg. 1937 5s
D., M. & N . Ry. gen. mtg. 19415s
E. T., V. & G. Ry. 1st cons. mtg. 1956 5s
EUwoodS. L. R. R. Co. 1st mtg. 1922 5s
Erie Ry Co. cons. mtg. 1920 7s
F. & So. Rv. Co. 1st mtg. 1924 6s




r, ooo,ooo

295,noo
58.500

2161

MONEY TRUST.
Schedule of bonds and stocks owned—Continued.

Market
value

Book value.

Par value.

Amortized
value.

$544,841
70,868
529,716
307,665

$500,000
74,000
505,000
285,000

$544,841
70,868
J29,71«
307,665

$505,000
68,820
530,250
2"W,550

93,118
500,000
937,701
119,814
367,021
131,134
72,349
946,831
967,200
1,999,179
167,842
63,396
218,042
202,296

hO.OOO
500,000
950,000
123,500
375,000
135,000
75,000 ,
900,000 '
1,010,000
2,020,000
154,000
70,000
217.000
193,000

93,118
500,000
937,701
119,814
367,021
131,134
72.349
940,831
967,200
1.999,179
107,842
63,396
218,042
202,290

92,800
4<0,000
940,500
122,265
•ili7,500
W0,950
72,000
936,000
939,300
2,OSO,000
157,080
01,600
217.000
198,790

1,263,569
126,907
963,054
20,435
120,138
156,033
288,335
98,938
158,236
158,885
97,492
471,105
195,312
823,090
405,919
560,564
200,275
100,507
203.569
415,621
271,861

1,085,000
170,000
950,000
22,000
143,000
145,000
300,000
100,000
160,000
185,000
100,000
500,000
165,000
843,000
4(10,000
MO.OOO
250,000
93,000
250,000
400,000
260,000

1,263.509
120,907
963,054
20,435
120,13S
156,033
288,335
98,938
158,236
158,885
97,492
471,105
195,312
S23,090
405,919
560,564
241,250
100,567
203,669
415,620
271,861

1.2051 450
i:-3.80O
950.000
20,900
130.120
!.TO,800
2S2.000
W.000

949,841
2,197,936
93,000
417,000

1,000,000
2,228,000
93,000
417,000

949,811
2,197,936
93,000
417,000

970,000
2,15ti,310
93,930
417,000

2,288,401
394,566
357,178
74,671
444,127
272,192
56,578
767,954
462,611
29,557
33,880
62,099
121,999
563,343
248,856

2,250,000
400,000
351,000
69,000
413,000
255,000
55,000
748,000
450,000
30,000
34,000
53,000
106,000
500,000
250,000

2,288,401
394,566
357,178
74,671
444,127
272,192
56,578
767,954
462,611
29,557
33,880
62,098
121,999
563,343
248,856

2,362,500
392,000
358,020
75,900
441,910
257,550
57,200
748,000
450,000
30,000
34,000
64,130
122,960
500,000
250,000

BONDS—continued.
Ft. W. & D . 0. Rv. Co. 1st mtg. 19210s
Gal El Co Tex 1st mlg 1940 5s
Gal Ter Ry Co 1st mtg 1938 6s
H V R Co 1st con m. 1999 4is
.
H. & T. C. R. R. Co., W. & No. div., 1st mtg. (So.
Pac sys ) 1930 6s
IU C R R Co ref mtg 1955 4s
Imp. Roll. Stk. Co. (Ltd.) 1st mtg., ser. L, 4Js
Imp. Roll. Stk. Co. (Ltd.) 1st mtg., ser. 0 , 4Js
Imp. Roll. Stk. Co. (Ltd.) 1st mtg., ser. U, Us
Imp. Roll. Stk. Co. (Ltd.) 1st mtg., ser. V, 19l8 4js.
Imp. Roll. Stk. Co. (Ltd.) 1st mtg. ser. V, 1920 4Js.
Ind D & W Rv 1st mtg 1935 5s
Ind. Har. B. R. R. gen. mte. 1957 4s
Int. R T Co mtg ser A1952 5§
la. Cent Ry Co 1st mt£. 1938 5s
la. Minn. & No. West R. R. 1st mtg. 1935 3Js
Kan. City & Mem. Ry. & Bdge. Co. 1st mtg. 19295s.
Kan. City, Ft. Scott & Memphis R. R. cons. mtu;.
1928 6s
Kan. City So. Ry. 1st intg. 1950 3s
Kan. City So. Rv. ref. & imp. 1950 3s
Ky. Cent. Ry. Co. 1st mtg. 1987 4s
Kings Co. El. R. R. Co. 1st mtg. 1949 4s
L. E. & W . R. R. 2dmtg.1 19415s
Lake Shore & M So Rv 928 4s
Lake Shore &M So. Rv. 1931 4s
Line. Trac. Co., Line. Neb., 1st mtg. 1920 5s
Line. Trftc. Co., Line. Neb., mtg. 1939 5s
Lindell K. Co., St. L. Wo., 1st mtg ext. 18214Js . .
Louis & Jeff Bd"e Co 1945 4s
L. & N. R. R. Co., N. 0. & M. div.,2d mtg. 1930 6s..
L. & N T Co 1st mtg 1952 4s
Man. N. [I. Trao. L. & P. Co. cons. 1st mtg. 1921 ,">s.
Mason City & Ft. Dodge R. R. 1st mtg. 1955 4s.
Met. St. Ry. N. Y. C. gen. mtg. & col. tr. 1997 5s..
Minn. & St. L. R. R. 1st cons. mw. 1934 5s
Minn. * St. 1.. R. R. 1st r»f. mtg. 1949 4s
Minn. &St. 1' Sub Ry. 1st mtg 1924 5s
Minn. L. & M. Rv. Co. cons. 1st mtg. 1919 5s
M., St. P . & S. Ste. M. R. Co. & Cent. Ter. Ry.
Co 1st mtg 19414s
M., St. P . & S. Ste. M. Ry. Co. cons. mtg. 19384s..
M., St. P . & S. Ste. M. Ry. equip, nts. 5s
M., St. P . & S. Ste. M. Ry. equip, nts. ser B4Js...
Minn. St. Ry. Co. & St. P. City Ry. eons. mtg.
1928 5s
Minn Tr Ry 1st mtg 1916 4s
Minn Tr Ry 1st mtg 1916 5s
Mo., Kan. & E. Ry. 1st mtg 1942 5s
Mo., Kan. & Okla. R. R. 1st mtg. 1942 5s
Mo., Kan. & T. Ry. 1st mtg. ext. 1944 5s
Mo., Kan. & T. S y . of Tex. 1st mtg. 1942 5s
Mo Pac Ry col 1st mtg 1920 5s
Mo. Pac Ry tr mtg 1917 5s
...
...
Mobile & 0 . R. R. eqpt. nts. 1913 5s
Mobile & 0 . R. R eqpt. ser. D 4s
Mobile & 0 . R. R. 1st mtg. 1927 6s
Mobile & 0 . R. R. 1st mtg. ext. 1927 6s
Motion So R. R 1st mtg. 1955 5s
Montreal Tramways Co. 1st & ref. mtg. 1941 5s
Nassau Elec. R. R. ,BkIyn., N. Y., 1st cons. mtg.
19514s
New Orleans, La., Term. Co. ser. A 1st mtg.
19534s
...
N. Y C Lines eqpt tr of 1910 4Js
N. Y., N. H. & H. R. R. Harl. River & Portchester 1st mtg. 1954 4s
N. Y., 0 . & W. Ry. gen. mtg. 1955 4s
N. Y., Westchester & Boston Ry. 1st mtg. ser. 1
1946 41s
Nflk & So R R 1st mte 1941 5s
N. & W. Ry. div. 1st lien & gen. mtg. 1944 4s
No. Hudson Co. By. Co. N. J. imp. mtg. 1924 5 s . . .
Ohio Riv R R 1st mte 1936 5s
Old Colony St. Ry. 1st ref. mtg. 1954 4s
O. & C. B. Ry. & Bridge Co. 1st eons. mtg. 1928 5s.
Ore Elec Ry 1st mtg 1933 5s
Pac. R. R. of Mo., Carondelet Brch., 1st mtg. 19384}?.




I.">1>. 800
HUi, 500

1\000
IUI.OUO
194,700
SO0.850
412,000
531,200
242,500
98,580
175,000
408,00(1
267,800

775,004

900,000

776,004

702,000

1,032,364
494,772

1.100,000
500,000

1,032,364
494,772

968,000
505,000

497,983
452,491

500,000
500,000

487,983
452,491

495,000
460,000

766,230
79,179
489,736
104,597"
104,985
445,076
244,614
95,007
117,052

800,000 <
75,000 .
525,000
100,000
109,000
500,000
250,000 ,
96,000
122.000

766,230
79,179
489,736
104,597
104,985
445,076
244,614
95,007
117,052

784,000
77,250
493,500
100,000
118,810
450,000
247,500
96,000
119,580

2162

MONEY TBUST.
Schedule of bonds and stocks owned—Continued.
Market
value.

Book value.

Par value.

Amortized
value.

1981,331
48,055
444,224
96,010

$1,000,000
50,000
467,000
95,000

$981,331
48,055
444,224
96,010

$980,000
52,000
438,980
95,950

2,343,117
472,267
9,403
98,355
749,249
431,044
29.654
92 093

2,168,000
500,000
10,000
100.000
750,000
500,000
23,000
73,000

2,343.117
472,267
9,403
98,365
749,249
431,044
29,654
92,093

2,016,240
405,000
9,400
99,000
757,500
400,000
29,750
94,170

145,282
1,739,186
879,839
249,485
44,497
262,097
225,3t4
60,732

140,000
1,903,000
9M),000
260,000
43,000
250,000
260,000
54,000

145,282
1,739,186
879,839
249,485
44,497
262,097
225,364
60,732

148,400
1,579,490
760,000
245,000
44.290
262,500
220,000
67,500

127,309
9,999
249,226
1,230,703
10,093
7,705
1,890,376
28,649
1,082,647
110,623
616,249
438,310

150,000
10,000
250,000
1,500,000
9,600
7,000
2,000,000
27,000
1,000,000
123,000
600,000
400,000

127,309
9,999
249,226
1,230,703
10,093
7,705
1,890,376
28,649
1,082.647
110,623
616,249
438,310

132,000
10,000
250,000
1,245,000
10,080
7,770
1,900,000
28,620
1,080,000
111,930
618,000
440,000

66,887
1,024,494

64,000
1,000,000

66,887
1,024,494

66,560
1,020,000

37,705
1,630,516
220,175
22,460
1,852,858
184,770
99,889
50,730
74,615
38,514
259,413
959,995
227,036
236,580

36,000
1,350,000
250,000
20,000
2,000,000
200,000
100,000
57,000
100,059
175,054
240,000
1,000,000
200,000
281,000

37,705
1,630,516
190,000
22,460
1,852,858
184,770
99,889
50,730
74,615
132,603
259,413
959,995
227,036
236,580

37,440
1,485,000
190,000
19,000
1,760,000
186,000
105,000
49,020
96,056
133,041
216,00?
970,000
208,000
193,890

188,566
454,953
193,626
70,382
424,708
1,777,820
198,660
1,787,972

200,000
500,000
200,000
65,000
425,000
2,016,000
462,000
2,000,000

188,566
454,953
193,626
70,382
424,708
786,240
9,240
1,787,972

170,000
390,000
196,000
70,200
425,000
786,240
9,240
1,600,000

224,319
2,014,c44
1,701,866
749,902
58,397
314,613

221,000
2,200,000
l, s 16.000
832,000
59,000
350,000 ;

224,319
2,014,544
1,701,866
749,902
58,397
314,613

227,630
1,936,000
1.616,240
698.880
58,410
329,000

BONDS—continued.
P R R cons mtg 1948 4s
P & V V Rv 2a mte 1921 44s
P. B. & W. B. R. 1st mtg. 1923 5s
Pittsburgh Term. B. B. & Coal Co. 1st mtg. skg.
fd 1942 53
R. G. W. Ry. Co. 1st cons. mtg. 1949 4s
St. L. &C. R. R. Co. mtg. 19314s
St. L. & S. F. B. R. eqpt. nts. ser. Q 1913 4Js
St. L. & ». F. E. R. eqpt. tr. nts. ser. P 6s
St. L. &*. F. R. R. rei. mtg. 19514s
St. L. & "?. F. Ry. gen. mtg. 1931 to
St. L. Bri'lge Co. 1st mtg 1929 7s
St. L., I. M. & S. Ry. gen. cons. rv. & land grant
mtg 19315s
- - - St. L , I. M. & S Ry. R. & G. Div. 1st mtg. 1933 4s.
St. L., I. M. & S. Ry. Co. unfyg. and ref. 1929 4 s . .
St. L . R . R . lstmtg. ext. li)20 4',s
^t P & D R R °d mtg 3 917 os
St. Paul City Ry. cable con;,, mtg. 1937 os
S A.&-V P. Ry. 1st mtg. 1943 4s
Savannah, Florida & West .Ry. 1st mtg. 1934 6s..
Seab. Air Line Ry. Atlanta-Birmingham 1st mtg.
1933 4s
Seab. Air Line Ry. eqpt. nts. ser. B 1912 4Js
Seab Air Line Ry. eqpt. ser. G 5s
Seab. Air Line Ry. ref mtg. 1959 4s
Seaboard & Roanoke R. R. ctl. of indtdns. 1916 6s.
So. & No. Ala. R. R. Co. cons. mtg. 1936 5s
So Pac R. R. Co. 1st ret. mtg. 1955 4s
So. R y . Co. E. Tenn. Reorganization 1938 5s
So Ry Co 1st cons mtg. 1994 5s
So. Pac. Coast Ry. Co. lstmtg. 1937 4s
Spokane International Ry. Co. 1st mtg. 1955 5s
Stafford Springs Conn. St. Ry. Co. 1st mtg 1956 5s.
Tenn. Coal, Iron&R. R., Birm. Div.,pch.money
& imp mtg. 1917 6s
Tenn. Coal, Iron & R. R. gen. mtg. 1951 5s
Tenn. Coal, Iron & R. R., Tenn. Div., cons. skg.
fd 1917 6s
Texas & Pacific Ry. Co. lstmtg. 2000 5s
Third Ave. R. R. Co N. Y. City 2000 4s
34th St. Crstwn. Ry Co. 1st mtg. 1996 5s
T., St. L. & W R. R. pr hen 1925 3|s
Toledo Term. R. R. 1st mtg. 1957 4Js
U. & D. R. R. 1st cons. mtg. 1928 5s
TJ. & D R. R. 1st ref. mtg. 1952 4s
Undergd. Elec. Rys. London Ltd. 1933 4$s
Undergd. Elec. Rys. London Ltd income 194S 6s.
Union Elev R. R. Chic, 111., 1st mtg 1945 5s
Union Pae R. R. 1st lien & ref mtg. 23084s
UnionRy Co N. Y. City 1st mtg. 1942 5s
Utd. Rds. of San Francisco, Cal., skg. fd. 1927 4s...
Utd. Ry. & Elec. Co., Bait., Md., 1st cons. mtg.
1949 4s .
...
Utd. Rys. Co., St. L., Mo., 1st gen. mtg. 1934 4 s . . .
Utd. Trac. Co., Albany , X. Y., cons. mtg. 2004 4Js.
Virginia Midland Ry. Co. gea. mtg. 1936 5s
Virginian Ry. 1st lien eqpt. nts. ser. A 5s
Wabash-Pittsburgh Term. Ry. Co. 1st mtg. 1954 4s.
Wabash-Pittsburgh Term. Ry. Co. 2d mtg. 1954 4s.
Wabash R. R. Co. 1st lien term. 1954 Is
Washington Water Power Co., Spokane, Wash.,
1st & ref mtg 1939 5Q
Western Md. R. R. Co. 1st mtg. 1952 4s
W Pac Ry. Co 1st mtg. 1933 5s
W. & L. H. R. R. 1st cons, mtg 1949 4s
Wichita Falls — & N. W. Ry. 1st mtg. 1939 5s . . .
Wis. Cent. Rv. 1st & ref. mtg 1959 4s
Wis. Cent. Ry. Sup. & Dul. Div. & Term. 1st mtg.
1936 4s
Worcester & Coim. E. Rv. l s t m t g . 1943 4Js
Worcester, Mass., Cons. St. Ry. deb. 1920 4Js
Am. Hide & Leather Co. 1st mtg. skg. fd. 1919 6s.
Am. Tel. & Tel. Co. col. tr. 19294s
Beech Creek C. & C. Co. Pa. lst'mtg. skg. fd. 1944 5s
Bkln. Union Gas Co. 1st cons. mtg. 1945 os
Buff. Gen. Elec. Co. lit ref. mtg. 1939 5s
Cal. Gas & Elec. Corp. unfyg. & ref. mtg. 1937 5s..
Cent. Hud. Gas. & Elec. Co. 1st & ref. mtg. 19415s




92,513
505,876
260,049
172,676
843,659
244,119
209,707
498,680
479,025
99,543

1

100,000
500,000
250,000
175,000
850,000
250,000
200,000
495,000
500,000
100,000

92,513
505,876
260,049
172,676 |1
843,659
244,119 I
209,707
498,680
479,025
99,543

92,000
515,000
255,000
173,250
765,000
230,000
212,000
499,950
470,000
100,000

2163

MONEY TRUST.
Schedule of bonds and stocks owned—Continued.
1Book value.

Par value.

Amortized '
value.

Market
value.

BONDS—continued.
Cent. Leather Co. 1st lien 1925 5s
Chic. Tel. Co. 1st mort. 1923 5s
Cleveland Elee. 111. Co. 1st mtg. 1939 5s
Dayton Gas Co 1st mtg 1930 5s
Detroit Edison Co.. Mich., 1st mtg. 1933 os
Ed. Elec. 111. Co., Bkln., 1st. cons. mtg. 1939 4 s . . . .
Ed. Elec. 111. Co., N. Y. City, 1st cons. mtg. 1995 os.
Equitable Gas Lt. Co., N. Y. City, 1st cons. mtg.
1932 5s
Fairmount Coal Co., W. Va., 1st mtg. skg. Jd.
1931 5s
Gen. Bub. Co., N. J.,deb. 19154js
Kansas Gas & Elec. Co., Wichita, Kans., 1st mtg.
1922 5s
Kings Co. Elec. Lt. & Power Co. mtg. 1937 5s
Kings Co. Elec. Lt. & Power Co. pch. money 1997 6s.
Kings Co. Ltg. Co. 1st ref. mtg. 1954 os
Laclede Gas Lt. Co. ref. & ext. mtg. 1934 5s
Lincoln, Neb., Ht. Lt. & Pow. Co. 1st mtg. 1932 5s.
Louisville Ltg. Co., Ky., 1st. mtg. 1953 5s
Maison Blanche Realty Co., New Orleans, La., 1st
mtg. skg. fd. 1926 5s
Memphis Cons. Gas & Elec. Co. 1943 5s
Michigan State Tel. Co. 1st mtg. 1924 5s
Milwaukee Gas Lt. Co. 1st mtg. 1927 4s
Minn. Gas Lt. Co. 1st mtg. 1930 5s
Mut. Fuel Gas Co., III., 1st mtg. 1947 os
Mut. Union Tel. Co. 1st mtg. ext. 1941 5s
New Amsterdam Gas Co., N.Y., 1st cons. mtg. 19485s.
N. Y. & East River Gas Co. 1st mtg. 1944 5s
N. Y. & East River Gas Co. 1st cons. mtg. 1945 5s..
N. Y. & N. J. Tel. Co. gen. mtg. 1920 os
N. Y. & Queens Elee. Lt. & Pow. Co. 1st cons. mtg.
1930 5s
N. Y. & Rich. Gas. Co. 1st mtg. 1921 5s
N. Y. & Westchester Ltg. Co. geo. mtg. 2004 4s . . .
N. Y. Gas Elec. Lt. Ht. & Pow. Co. pch. money
1949 4s
N. Y. Tel. Co. 1st & gen. mtg. 1939 4js
N. W. Tel. Co. 1st mtg. fdg. 1934 4J3
Pac. Coast Co. 1st mtg. 1946 5s
Peoples Gas Lt. & Coke Co. Chic 111., 1st cons
mtg 1943 6s
Peoples Gas Lt. & Coke Co., Chic, 111., ref. mtg.
19475s
Pittsburgh Co. 1st mtg. & col. tr. 1919 4*s
Portland, Oreg., Gas & Coke Co. 1st & ref. mtg.
19405s.
.
Portland, Oreg., Gen. Elec. Co. 1st mtg. 1935 53..
Queens Borough Gas & Elec. Co. gen. mtg. 1952 5s.
Roch. Gas. & Elec. Co., Rocii., N. Y., cons. mtg.
1912 5s
Roch. Gas & Elec. Co., Roch., N. Y., imp. 1921 4Js.
Rockford Elec. Co., Rockford, 111., 1st & ret. mtg.
1939 5s
St. Joseph Stk. Yds. Co., St. Joseph, Mo., 1st mtg.
1930 4Js.. .
So. Bell Tel. & Tel. Co. 1st mtg. skg. M. 1941 5s..
Union Elec. Lt. & P. Co., St. Louis, Mo., 1st mtg.
19325s... .
. ...
Utd. Elec. Lt. & Pow. Co., Bait., Md., 1st cons,
mtg 1929 4Js
•
Utica Knit Co., Utica, N. Y., 1st mtg. skg. fd.
1920 5s
Westchester Ltg. Co. 1st mtg. 1950 5s
Western Pocahontas Corp., \V. Va., land pch.
money 1st mtg. (guar. by C. & O ) 1943 4Js
Wheeling Elec. Co., W. Va., 1st mtg. 1941 5s

S250,482
516,335
255,257
49,529
747,109
599,019
192,816

$250,000
500,000
250,000
50,000
750,000
630,000
160,000

$250,482
516,335
255,257
49,529
747,109
599,019
192,816

$240,000
515,000
255,000
50,000
757,500
560,700
180,800

592,646

521,000

592,646

552,260

668,522
97,319

671,000
100,000

668,522
97,319

650,870
97,000

478,853
125,277
487,412
349,390
757,052
22,401
593,243

500,000
128,000
400,000
350,000
750,000
24,500
600,000

478,853
125,277
487,412
349,390
757,052
22,401
593,243

480,090
133,120
460,000
350,000
757,500
24,255
528,000

1,400.049
500,392
49d,423
1,006,351
497,646
9,444
334,656
488,098
540,719
211,403
127,921

1,423,800
525,000
500,000
1,050,000
500,000
10,000
325,000
478,000
497,000
200,000
121,000

1,400,049
500,392
49b, 423
1,006,351
497,646
9,444
334,656
488,099
540,719
211,403
127,921

1 423 800
488,250
500,000
945,000
500,000
10,100
334,750
485,520
521,850
204,000
125,840

148,054
453,338
549,499

154,000
450,000
629,000

148,054
453,338
549,499

155,540
445,500
528,360

763,523
1,405,747
111,689
8S5.048

825,000
1,437,000
114,500
750,000

763 523
1,405,747
111,689
835,048

734 250
1,451,370
109,920
780,000

249,807

210,000

249,807

245,700

2,138,823
33,000

2,100,000
33,000

2,138,823
33,000

2,142,000
32,340

294,679
503,450
668,837

300,000
500,000
698,000

294,679
503,450
668,837

297,000
505,000
677,060

265,320
685,261

265,000
690,000

265,320
685,261

265,000
669,300

262,435

275,000

262,435

264,000

735,651
96,732

724,000
100,000

735,651
96,732

651,600
99,000

179,421

176,000

179,421

177,760

373,466

400,000

373,466

376,000

43,000
104,416

43,000
100,000

43,000
104,416

43,430
105,000

336,936
186,071

330,000
200,000

336,936
186,071

330,000
188,000

69,838
79,604
649,905
1,681,598
48,190
175,500
38,900
21,000

50,000
284,300
1,171,000
496,600
32,100
150,000
40,000
20,000

STOCKS.

500 B. R. & P Ry Co. pfd . .
2 843 C G W R R Co com
11 710 C G W R R Co pfd
4,966 L. S. & M S Ry. Co . .
321 M C R R Co
1,500 Milwaukee Elec. Ry. & Lt. Co. pfd
400 No. R. R of N. J
400 SharonRv. Co., Sharon, Pa




Market
value.
70,000
51,174
421 560
1,986,400
52,965
156,000
34,800
23,000

70,000
51,174
421,560
1,986,400
52,965
156,000
34,800
23,000

2164

MONEY TEUST.
Schedule of bonds and stocks owned—Continued.
Market
value.

Market
value

Book value.

1'ar value.

$263,220
420,124
50,000

$246,000
330,000
20,000

$273,060
471,900

$273,060
471,900

491,513
15,869
119,248
99,917
211,425
29,497
71,823
1,698,076
854,228
112,500
76,725
66,383
596,031
150,525
23,400
75,000
196,600

493,000
14,000
60,800
22,600
100,000
20,700
52,200
1,043,200
148,100
50,000
7,300
265,700
582,700
49,000
156,000
150,000
160,000

419,050
144,060
141,056
63,280
270,000
31,050
46,980
2,096,832
604,248
114,500
83,950
5,314
46,616
84,770
67,080
100,500
139,200

419,050
144,060
141,056
63,280
270,000
31,050
46,980
2,096,832
604,248
114,500
S3,950
5,314
46,616
84,770
67,080
100,500
139,200

152,433,093

153,670,880

150,757,697

147,444,890

STOCKS—continued.
2,460 Southwestern R. R. Co. (Central ol Ga. Ry.).
3,300 Twin City Rapid Transit Co. pfd
400 Ursula & No Fork Ry
4.930 Worcester Rys. & Inv. Co., Mass. (N. Y.,
N H & H. System)
.
140 Cent Trust Co., N. Y City
608 Fed. Tr. Co., Newark, N. J
226 Franklin Tr Co Bkln N Y
1 000 Hmlton Tr. Co., Bkln.,N. Y
207 Howard Nat. Bk.. Burlington, Vt
522 Int Bkg. Corp., N. Y City
10 432 Met Bk N Y City
1,481 Met. Tr. Co., N. Y. City
500 Peoples State Bk., Detroit, Mich...
73 United States Trust Co., N. Y. City
2 657 Allis-Chalmers Co com
5 827 Allis-Chalmers Co pfd
490 N. Y. Mut. Gas. Lt. Co
1 560 Pope Mfg. Co. com
1 500 Pope Mfg Co. pfd
1,600 U. S. Exp. Co., N. Y. City
Total

MUTUAL LIFE INSURANCE CO. OF NEW YORK.

Schedule of real estate owned, classified by States and counties.
Book and
market value.

State or country.
Ot\liff>mii\

$400,000.00
1,009,500.00
13,000.00
17,504,761.57
1,089,814.33
450,000.00
975,000.00
1,215,900.00
750,000.00
250,000.00

,

New York
England
France
Mexico
South Africa
Total

23,657,975.90

Schedule of mortgages owned, classified by States and countries.
State or country.
Alabama .
California
Connecticut
Florida
Georgia
Illinois.
Kentucky
Maryland
Missouri
Nebraska. . .




Amount of principal unpaid.
$183,600.00
45.000 00
450,000 00
875,000.00
185,000.00
155,000.00
466,600.00
10,000.00
310,000.00
360,000.00
1,000,000.00
780,500.00
30,000 00
206,000.00

State or country.

New York
Ohio
Utah
Virginia
Washington
Cuba
Total

Amount of principal unpaid.
$6,702,989.50
121 672,507 55
305,000.00
3,908,600.00
15,000.00
284,000.00
50,000.00
135,000.00
1,350,000.00
20,000.00
149,940.00
139,649,737.05

2165

MONEY TEXJST.
Schedule of bonds and stocks owned.
Book value. Par value.

Amortized
value.

Market
value.

BOXT>S.

Cape of Good Hope Govt. stock 1949 3£s
Italian Govt. rentes (3|% to Deo. 31,1911) 3Js
Queensland Govt stock 1947 3s
Republic of Cuba 1944 5s
So. Australian Govt stk 1920 3}s
So. Australian Govt. scrip ctfs 1936 3Js
Spanish Govt rentes 1950 5s
United States of Mexico 1945 5s
United States of Mexico 1954 4s
Victorian Govt. stock 3s
. .
West Australia Govt stk 1923 4s
West Australia Govt. stk 1924 4s
West Australia Govt stk 1935 3Js
AfitnnA Territory rfd£ 1047 Hq,
Asheville, N. C , rfdg 19415s
Atchison Co Kans rfg 1916 5s
Brooklyn, N. Y., 1925 3Js
Chatham Co., Ga., ct house 1912-1919 5s
Columbia, S. C , rfdg 19415s
Dutath, Minn., school 1913 5s
Duluth, Minn., water and light 1936 4s
Geulph, Ont., 1917 6s
Guelph, Ont., Can., 1920 5s
Louis, state of, new cons. 1914 4s
Manitoba, Prov. of, 1929 4s
Memphis, Term., rfdg. 1926 4Js
Memphis, Tenn., taxing dist. comp. 1915 6s
Montreal, Que., Can , 1939 3js
Montreal, Que., Can., 1925 4s
Montreal, Que., Can 1927 4s
Montreal, Que., Can., 1933 4s
Nashville, Tenn., water 1913 6s
New Brunswick Prov. 19214s
New Brunswick Prov. 1930 4s
New Brunswick Prov. 1932 4s
New Brunswick Prov. 1932 4s
New Orleans, La., new pub. imp. 1942 4s
New York City, Brooklyn, main sewer 1927 3Js....
Norfolk, Va , renewal 1941 4Js
Nova Scotia Prov. 1919 4s
Nova Scotia Prov 1920 4s
Nova Scotia Prov. 1920 4s
Richmond, Va., 1924 4s
Richmond, Va., 1926 4s . .
Richmond, Va., gas wks. 1941 4s
Ttinhmnnri Va , pi It TT 10194s
Salt Lake City, Utah wtr. 1952 4s
Salt Lake City, Utah, sew. 1925 4s
Savnrtnfth, f}**,, rMg 19fi94$S
TrninflSRftft sfittlfimftnt 1913 3<s

Topeka, Kansas, water 1924 4s
Toronto, Ont., Can., 1918 4s
Ala. Gt. So. R. R. gen. 1927 5s
Atch. T. & S. F. Ry deb 1913 4s
Atch. T. & S. F. Ry. deb. 1914 4s
Atch. T. & S. Fe Ry gen. 1995 4s
. .
Ateh. T. & S. F. Ry. Transcon. Short Line 1st
1958 4s
Atlantic & Yadkin Ry. 1st guar. by Southern Ry.
19494s
... ..
Atl. Coast Line R. R. 1st cons. 1952 4s
Atl. Coast Line R. R., Louisv. & Nashv. coll.
19524s
. . .
Atl. Coast L. R. R. equip. 1913 4s
Atl. Coast L . R . R . equip. 1913 4s
Atl. Coast L. R. R. equip 19144s
Atl. Coast L. R. R. equip. 1914 4s
Atl. Coast L. R. R. equip. 1915 4s
Atl. Coast L. R. R. equip. 1915 4s
Atl. Coast L . R . R. equip. 1916 4s
Atl. Coast L. R. R. equip 1916 4s
Atl. Coast L . R . R . equip. 19174s
AU Coast L. R. R. equip. B 1912 4te
AU. Coast L. R. R. equip. B 1912 4Js




14,050,644
129,738
48,889
162,865
3,456,359
663,174
48,941
846,185
12,144
34,488
49,122
159,545
24,350
905,009
3,533,644
24,311
4,857
6,799
87,864
15,001
82,768
69,292
102,600
15,717
74 823
50,255
275,000
99,319
9,398
118,860
218,500
767,700
55,170
415 840
204,580
167,673
200,000
30,235
69 000
100,390
29,877
19,892
1,800,000
9,908
148.875
25,225
126,362
252,825
9 961
956
100,000
300 000
852,805
150,495
1,052,340
196,400
297,720
490,978
255,821
144.934
134,082
4,650,500

(4,069,405 S3,906,629
150,970
116,246
48,700
48,889
183,926
1521659
3,542,766
3,613,621
721,307
598,684
50,648
48,941
986,000
846,185
12,954
10,493
34,090
34,488
50,356
49,122
193,000
159,545
24,350
24,350
916,650
905,009
3,918,000
3,533,644
24,350
24,311
4,870
4,857
6,818
6,799
90,852
87 864
15,000
15,001
80,000
82,768
68,000
69,292
100,000
102,600
15,500
15,717
70 000
74 823
50,255
50,000
275,000
275,000
99 319
97 400
9,398
9,000
118,860
120,000
218,500
200,000
767,700
750.000
55,170
55,000
415 840
400 000
200,000
204,580
165,000
167,673
200,137
200.000
50,000
50,235
69 000
69 000
100,000
100,390
30.000
29,877
20,000
19,892
2,000,000
1,800,000
10,000
9,908
150,000
148,875
25.000
25,225
125,000
126,362
250,000
252,825
10 000
9 961
956
1 000
100,000
100,000
300 000
300 000
852,805
850,000
150,495
150,000
1,052,340
1,000,000
196,400
200,000
297,720
300.000
490 978
498 000
255,821
243,500
144,934
146,000
134,082
136,000
4.650,500
5,000,000

$3,906,629
116,247
47,726
152,659
3,1,13,621
598,684
43,051
1,015,580
10,493
33,749
48,845
194,930
23,620
925,817
3,643,740
20,454
4,870
6,818
S6 959
15,000
83,200
70,720
94,000
16,655
75 600
30,500
284,000
99 348
9,270
120,000
200,000
757,500
57,200
360 000
200,000
165,000
200,137
51,000
69 000
100,000
30,000
20,000
1,880,000
9,300
151,500
26,000
125,000
250,000
9 800
980
97,000
291 000
824,500
145,500
1,110,000
196,000
294,000
493 020
255,675
146,000
134,640
4.950,000

1,409,850

1,500,000

1,409,850

1,395,000

342,055
1,430,792

350,000
1,500,000

342,055
1.430,792

301.000
1,425,000

2 833 200
108,438
107,789
155,760
154,848
12.859
12,839
20,473
9,843
4.914
24,988

3 000 000
110,000
110,000
160,000
160,000
13,000
13 000
21,000
10,000
5,000
25,000
25,000

2 833 200
108,438
107,789
155,760
154,848
12,859
12 839
20,473
9,843
4 914
24,988
24,976

2 850 000
110,000
110,000
158,400
158,400
12,740
12 740
20,580
9,800
4 900
25,000
25,000

24,976

2166

MONEY TBTJST.
Schedule of bonds and stocks owned—Continued.
Book value.

Par value.

$24,964
24,953
24,941
24,931
24,920
24,909
24.899
24,899
24,879
24,870
24,861
24,852
24,843
24,834
24,826
24,817
24.809
24,801
6,209,450
2,568,883

$25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
6,500,000
2,767,000

Amortized
value.

Maiket
value.

BONDS—continued.
Atl. Coast L. R. R. equip. B 1913 Us
Atl. Coast L. R. R. equip. B 1913 4}s
Atl. Coast L. R. R. equip. B 1914 4is
Atl. Coast L. R. R. equip. B 1914 4Ji
Atl. Coast L. R. R. equip. B 1915 4|s
Atl. Coast L. R. R. equip. B 1915 4|s
Atl. Coast L. R. R. equip. B 1916 4*s
Atl. Coast L. R . R . equip. B 19I6 4JS
Atl. Coast L. R. R. equip. B 1917 4js
Atl. Coast L. R. R. equip. B 1917 4Js
Atl. Coast h. R. R. equip. B 1918 4Js
Atl. Coast L. R. R. equip. B 1918 4|s
Atl. Coast L. R. R. equip. B 1919 4Js
Atl. Coast L. R. R. equip. B 1919 4js
Atl. Coast L. R. R. equip B 1920 44s
Atl. Coast L. R. R. equip. B 1920 4Js
Atl. Coast L. R. R. equip. B 1921 4Js
Atl. Coast L. R. R. equip. B 1921 4Js
B & 0 R R prior lien 1925 3^s
Bait. & 0 . R. R. Southwestern "div. coupon 1925 3Js.
Bait. & 0 . R. R. Southwestern div. registered 1925
3js
Bait & 0 . R R., P. L. E & W. V. Sys. refunding
1941 4s
Broadway & 7th Av. R. R. 1st cons. N. Y. City
1943 5s
Brook., Queens & Suburban R. R. 1st Brooklyn,
N. Y., 19415s
Burl., Roeh. & Pitts. Ry. cons. 1957 4Js
Buff., Roch. & Pitts. Ry. equipment E 1922 4 J s . . .
Buff., Roch. & Pitts. Ry. equipment G 1929 4s
Canada Southern Ry. 1st ext. 1913 8s
Canada Southern Ry. 2dcoupin 1913 5s
Canada Southern Ry. 2d reg. 1913 5s
Can. No. Ry. Winn. ter. 1939 4s
Central Branch Ry. 1st 1919 4s
....
Central of Ga Ry 1st 1945 5s
Central of Ga Ry cons 1945 5s
Central of Ga Rv notes 1912 5s
Cen. of Ga Rv eq H 1915 4Js
Cen of Ga Rv eq H 1915 4is
Central of da." Ry. eq. ass je.'11912 4Js
Central of (la. Ry. eq. assw. 11912 4js
Central of Ga. Ry. eq. ass « . 11913 4Js
Central of C.a. Ry. eq. assoc. 11914 4ts
Central of Ga. Ry. eq. assx. K 1912 5s
Central of Ga. R v. eq. ass >c. K 1912 5s
Central of Ga. Ry. eq. assjc. K 1913 5s
Central of Oa. Ry. cq. assic. K 1913 5s
Central of Ga. Rv. eq. assjc K 1914 5s
Central of C.a. Ry. eq. a s s x . K 1914 5s
Central of Ga. Ry. eq. assoc. K 1915 5s
Central of Ga. Ry. eq. assDC. K 1915 5s
Central of Ga. Ry. eq. ass^e. K 1916 5s
Central of Ga. Ry. eq. assw. K 1917 5s
Den. Pac. Rv. 1st ref. guar. by So. Pac. Co. 1949 4s.
Ches. & 0 . Rv gen. 1992 4ls
Ches. & 0 . Ry. ea. H 1912 4s
Ches. & 0 . Rv.eq. H 19124s
Ches. & O. Rv eq. H 1913 4s
Chic. & Utori R R ref 1949 3s
Chic. & Alt. eq. ass. C 1912 4s
Chic. & Ut. eq. ass. C 1912 4s
Chic. & kit eq. ass. C1913 4s
Chic. & Ut eq ass C 1913 4s
Chic. & Alt. eq. ass. C 1914 4s
Chic. & Ylt. eq. ass. C 1914 4s
Chic & Alt eq ass C1915 4s
Chic. & Alt. eq. ass. 01915 4s
Chic. & No. Rv deb. 1921 5s
Chic. & No Rv. deb coup. 1933 5s
Chic. &No. Ry. deb. reg. 1933 5s
Chic. & No. Rv. gen. 1987 3Js
Chic. & N o R y . ext. 1926 4s
Chic & W R R c gr 1952 4s
Chic. B . & Q. R . R . een. 1958 4s . .
Chic. B . & Q. R R deb. 1913 5s
Chic I n d & So R . R 1956 4s
Chic. I n d . & L . R y . ref. ser. C. 1947 4s
C.I. & L . R y . eq. A1912 4JS




$24,964
21,953
24,941
24.931
24.920
24,909
24.899
24 899
24,879
24,870
24,861
24,852
24,843
24,834
24,826
24,817
24,809
24,801
6,209,450
2,568,883

$25,000
25.00C
•25,OCC
25,00C
25,00C
25,00C
25.900
25.00C
25.00C
25.00C
25.00C
25.00C
25.00C
25,000
25,000
25,000
25,000
25,000
5,980,000
2,517,970

27,018

30,000

27,018

27,300

1,923,285

1,950,000

1,923,285

1,774,500

1,882,000

2,000,000

1,882,000

2,060,000

920,368
616,620
327,665
654,695
531,802
740,953
15,088
483,000
267,366
2,416,932
892,995
649,480
25,015
25,017
67,000
7,990
996
15,034
25,010
19,030
30.087
28,112
31,171
28,174
34,248
18,149
38,353
3,034
8,418,400
2,479,600
49,850
49,545
49,215
5,870,200
49,920
49,800
49,680
4<5,565
49,450
49,340
41,235
49,130
1,702,302
89,828
501,980
935,100
1,967,400
2,347 750
1,272,116
569,136
4,514,500
935,300
15,992

920,000
600,000
325,000
671,000
528,000
735,000
15,000
500,000
279,000
2,520,000
815,000
650,000
25,000
25,000
67,000
8,000
1,000
15,000
25,000
19,000
30,000
28,000
31,000
28,000
34,000
18,000
38,000
3,000
8,500,000
2,500,000
50,000
50,000
50,000
7,000,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
1,675,000
85,000
475,000
1,000,000
2,000,000
2,500,000
1,285,000
568,000
5,000,000
1,000,000
16,000

920,368
616,620
327,665
654,695
531,802
740,953
15,088
483,000
267,366
2,416,932
892,995
649,480
25,015
25,017
67,000
7,990
996
15,034
25,010
19,030
30,087
28,112
31,171
28,174
34,248
18,149
38,353
3,034
8,418,400
2,479,600
49,850
49,545
49,54?
5,870,200
49,920
49,800
49,680
49,565
49,450
49,340
49,235
49,130
1,702,302
89,828
501,980
935,100
1,967,400
2,347,750
1,272,116
569,136
4,514,500
935,300
15,992

920,000
636,000
325,000
637,450
538,560
735,000
15,000
500,000
256,680
2,822,400
888,350
650,000
24,750
24,750
67,000
8,000
1,000
14,850
25,000
19,000
30,000
28,000
31,310
28,280
34,340
18,180
38,380
3,030
8,160,000
2,550,000
50,000
50,000
49,500
4,970,000
50,000
50,000
49,500
49,500
49,000
49,000
48,500
48,500
1,758,750
92,650
517,750
870,000
1,960,000
2,300,000
1,246,450
573,680
4,600,000
930,000
16,000

MONEY TBXJST.

2167

Schedule of bonds and stocks owned—Continued.
Amortized
value.

Market
value.

Book vafue.

Par value.

$15,973
15,954
15,934
15 917
16,899
15,882
15,866
15,849
15,834
15,818
15,802
15,787
15,773
16,743
16,728
16 714
16,701
IB, 685
2,370,200
1,000,000
924,312
328,350
238,927
123,562
128,063
122,787
127,283
4,376,000
7,961
73,563
74,377
99,220
168,453
182,142
110,824
98,900
1,962
11,758
2,935
27,322
35,086
22,386
22,361
27,188
7,759
2,906
19,354
19.332
18,344
17,361
17,343
603,915
1,316,040

$16,000
16,000
16,000
16,000
16,000
16,000
16,000
16,000
16,000
16,000
16,000
16,000
16,000
17,000
17,000
17,000
17,000
17,000
2,500,000
1,000,000
927,000
330,000
241,000
125,000
130,000
125,000
130,000
5,000,000
8,000
74,000
75,000
100,000
170,000
184,000
112,000
100,000
2,000
12,000
3,000
28,000
36,000
23,000
23,000
28,000
8,000
3,000
20,000
20,000
19,000
18,000
18,000
650,000
1,200,000

$15,973
15,954
15,934
15,917
15,899
15,882
15,866
15,849
15,834
15,818
16,802
15,787
15,773
16,743
16,728
16,714
16,701
16,685
2,370,200
1,000,000
924,312
328,350
238,927
123,562
128,063
122,787
127,283
4,376,000
7,961
73,563
74,377
99,220
168,453
182,142
110,824
98,900
1,962
11,758
2,935
27,322
35,086
22,386
22,361
27,188
7,759
2,906
19,354
19,332
18.344
17,361
17,343
603,915
1,316,040

$16,0OC
15,84C
15,84C
15,84C
15,84C
15,840
15,84C
15,84C
15,84C
15,68C
15,681
15,68C
15,68C
l b , 66C
16,66C
16,49C
16,490
16,490
2,375,000
990,000
927,000
326,700
236,180
121,250
126,100
120,000
123,500
4,450,000
8,000
73,260
74,250
99,000
168,300
182,160
110,880
99,000
1,980
11,880
2,970
27,440
35,280
22,540
22,540
27,440
7,840
2,940
19,600
19,600
18,620
17,640
17,640
598,000
1,284,000

208,908
46,906
46,765
46,629
46,492
71,021
36,397
34,338
40,118
20,496
24,985
24,967
24,945
24,925
24,905
24,887
24,870
24,852
24,835
24,817
24,800
24,785
24,767
24,752
24,737
24,722

210,000
47,000
47,000
47,000
47,000
72,000
37,000
35,000
41,000
21,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000

208,908
46,906
46,765
46,629
46,492
71,021
36,397
34,338
40,118
20,496
24,985
24,967
24,945
24,925
24,905
24,887
24,870
24,852
24.835
24,817
24,800
24 785
24,767
24,752
24,737
24,722

186,900
47,000
47,000
47,000
47,000
71,280
36,630
34,650
40,590
20,790
25,000
25,000
25,000
25,000
24,750
24,750
24,750
24,750
24,750
24,750
24,750
24,750
24,750
24,750
24,500
24,500

BONDS—continued.
C. I. & L. Ey eq A 1912 4£s
C. I. & L. Ry eq A 1913 4Js
C. I. & L. Ry eq A 1913 4Js
C. I. <ft L Ry eq i. 1914 4$s
C. I. & L. Ry. eq. A1914 4£s..
C. I. & L. Rv eq A 1915 4is
C. I. & L Ry eq A 1915 4*s
C I. <fc L Ry eq A 1916 44s
C. I. & L. Rv. eq. A 1916 4}s
C. I. & L. Ry eq \ 1917 4is
C I. & L Ry eq A 1917 44.S
C I & L Ry eq A 1918 4Js
C. I. & L. Ry eq A 1918 4Js .
C. I. & I*. Ry eq A 1919 4^s
C I. & L Ry eq A 1919 4^s
C. I. & L. Ry eq. A 192044s
C. I. & L . Ry. eq. A 1920 4Js
C I & L Ry eq A 1921 4}s
Chic. H. & P S. Ry. 1st 1949 4s
Chic. Mil. St P Ry sen 1989 4s
C. R. I. & P Rv coll tr 1912 4s
C R 1 & P Ry coll tr 1913 4s
Chic. R. I. & Pacific Rv. collateral trust 1914 4s....
Chic. R. I. & Pacific Ry. collateral trust 1915 4s....
Chic. R. I. & Pacific Rv. collateral trust 1916 4s....
Chic. R. I. & Pacific Ry. collateral trust 1917 4s....
Chio. R. I. & Pacific Ry. collateral trust 1918 4s....
Chic. R. I. & Pac. Rv. 1st & rfdg. 1934 4s
Chic. R. I. * P a o . Ry. equip. C1913 4£s
Chic. R. I. & Pac. Ry. equip. C 1914 4is
Chic. R. I. & Pac. Ry. equip. C 1915 4|s
Chic. R. I. & Pac. Ry. equip. C 1915 4Js
Chic. R. I. & Pac. Rv. equip. C 1916 4^s
Chic. R. I. & Pac. Ry. equip. C 1916 « s
Chic. R. I. & Pac. Ry. equip. C 1917 Vts
Chic. R. I. &Pac. Rv. equip. C 1917 4|s
Chic. R. I. & Pac. Rv. equip. D 1917 4 s
Chic. R. I. & Pac. Ry. equip. D 1918 4te
Chic. R. I. & Pac. Ry. equip. D 1918 4}s
Chic. R. I. <&Pae. Ry. equip. D 1919 4',s
Chio. H. I. & Pac. Ry. equip. D 1920 4|s
Chic. R. I. & Pac. Ry. equip. D 1920 4Js
Chic. R. I. & Pac. Ry. equip. D 192J 4is
Chic. R. I. & Pac. Ry. equip. D 1921 4|s
Chic. R. I. & Pac. Rv. equip. D 1922 4|s
Chic. R. I. & Pac. Ry. equip. D 1922 4}s
Chic. R. I. & Pac. Ry. equip. D 1923 4Js
Chic. R. I. & Pac. Rv. equip. D 1923 4Js
Chic. R. I. & Pac. Rv. equip. D 1924 4£s
Chic. R. I. & Pac. Rv. equip. D 1924 4js
Chic. R. I. & Pac. Rv. equip. D 1925 4js
Chic. S. P. Minn. & Omaha Ry. cons. 1930 3Js
Chcotaw Okla. & Gulf R. R. cons. 1952 5s
Christopher & 10th St. Railroad 1st extended 1918
4s
Cine. N. Orl. & Tex. Pac. R. R. equip. B 1912 4Js..
Cine. N. Orl. & Tex. Pac. R. R. equip. B 1912 4Js..
Cine. N. Orl. & Tex. Pac. R. R. equip. B 1913 4|s..
Cine. N. Orl. & Tex. Pac. R R. equip. B 1913 Us..
Cine. N. Orl. & Tex. Pac. R. R. equip. B 1914 4Js..
Cine. N. Orl. & Tex. Pac. R. R equip. B 1914 4*s..
Chic. N. Orl. & Tex. Pac. R. R. equip. B 1915 iU..
Cine. N. Orl. & Tex. Pac. R. R. equip. B J91S 4Js..
Cine. N. Orl. & Tex. Pac. R. R. equip. B 1916 4}s..
Cine. N. Orl. & Tex. Pae R. R. equip. C 1912 4ls..
Chic. N. Orl. & Tex. Pac. R. R. equip. C 1912 4J3Cinc. N. Orl. & Tex. Pac. R. R. equip: C 1913 4*s.
Cine. N. Orl. & Tex. Pac. R. R. equip. C 1913 4Js.
Cine. N. Orl. & Tex. Pac R. R. equip. C 1914 41s..
Cine. N. Orl. & Tex. Pac. R. R. equip. C 1914 4is..
Cine. N. Or]. & Tex. Pac. R. R. equip. C1915 4ts..
Cine. N. Orl. & Tex. Pac. R. R. equip. C 1915 4}s..
Cine. N. Orl. & Tex. Pac. R. R. equip. C 1916 4js..
Cine. N. Orl. & Tex. Pac. R. R. equip. C 1916 4is..
Cine. N. Orl. & Tex. Pac. R. R. eqiup. C 1917 4Js..
Cine. N. Orl. & Tex. Pac. R. R. equip. C 1917 4Js..
Chic. N. Orl. & Tex. Pae. R. R. equip. C 1918 4is..
Chic. N. Orl. & Tex. Pac. R. R. equip. C1918 4£s..
Cine. N. Orl. & Tex. Pae. R. R. equip. C 191»4£s..
Cine. N-. Orl. & Tex. Pac. R. R. equip. C 1919 4|s..




2168

MOXEY TBUST.
Schedule of bonds and stocks owned—Continued.
Maike*
value

i P o n k value

Par value.

Amortized
value.

124,707
24,692
24,680
528,697
185,260

$25,000
25,000
25,000
513,000
200,000

$24,707
24,692
24,680
526,697
185,260

324,500
24,500
24,500
548,910
186,000

187,080
841,405
4,957,779
209,238
207,517
2,520,787
1,927,200

200,000
855,000
5,000,000
200,000
199,000
2,625,000
2,000,000

187,080
841,405
4,967,779
209,238
207,517
2,520,787
1,927,200

182,000
829,350
4,850,000
206,000
210,940
2,651,250
1,980,000

1,515,625
306,240
148,901
1,043,700
46,619
46,065
45,524
45,002
44,495
44,006
43,531
43,071
42,624
51,169
29,820
34,751
34,713
29,724
34,643
34,608
29,634
34,541
34,510
29,553
34,447
34,419
29,478
34,356
34,335
3,882,462
827,227
50,980
695,908
1,000,000
507,300
1,972
24,612
24,575
24,537
22,542
2,431,600
105,470
290,042
949,200
1,178,600

1,500,000
300,000
140,000
1,000,000
47,000
47,000
47,000
47,000
47,000
47,000
47,000
47,000
47,000
57,000
30,000
35,000
35,000
30,000
35,000
35,000
30,000
35,000
35,000
30,000
35,000
35,000
30,000
35,000
35,000
4,210,000
708,000
50,000
619,000
1,000,000
500,000
2,000
25,000
25,000
25,000
23,000
2,500,000
100,000
275,000
1, COO,000
1,000,000

1,515,625
306,240
148,901
1,043,700
46,619
46,065
45,524
45,002
44,495
44,006
43,531
43,071
42,624
51,169
29,820
34,751
34,713
29,724
34,642
34,608
29,634
34,541
34,510
29,553
34,447
34,419
29,478
34,356
34,335
3,882,462
827,227
50,980
695,908
1,000,000
507,300
1,972
24,612
24,575
24,537
22,542
2,431,600
105,470
290,042
949,200
1,178,600

1,500,000
309,000
151,200
1,020,000
47,000
47,000
46,530
46,530
46,060
46,060
46,060
46,060
45,590
55,290
29,700
34,650
34,650
29,700
34,650
34,650
29,700
.34,650
34,650
29,400
34,300
34,300
29,400
34,300
34,300
3,746,900
835,440
46,500
699,470
1,060,000
505,000
1,940
24,250
24,000
24,000
22,080
2,400,000
117,000
321,750
940,000
1,170,000

27,994

28,000

27,994

28,000

7 989

8 000

7 989

3 000

37,901

38,000

37.901

38,000

55,7S7

56,000

55,787

56,000

69,657

70,000

69,657

69,300

84,490

85,000

84,490

X4,150

72,482

73,000

72,482

72,270

60,000
50,000
2,000,000
1,500,000
2,500,000
1,029,000

59,508
57,470
1,904,000
1,474,950
2,415,750
886,039

59,400
57,500
2,060,000
1,470,000
2,325,000
895,230

BONDS—continued.
Cinc.,X. Orl. & Tex. Pac. R. R. equip. C 1920 4js..
Cine, N. Orl. <fc Tex. Pac. R. R. equip. C 1920 Us..
Cine, N. Orl. & Tex. Pac. R. R. equip. C 19214|s..
CHIP., Sand. & Cleve. R. R. cons. 1928 5s
Cleve., Cine, Chic. & St. Louis Ry. gen. 1993 4s....
Cleve., Cine & S. L. Ry. White \ \ tr. Val. Div.
lstl9404s
Colo. & So. Ry. 1st 1929 4s.
Colo. & So. Rv. rfdg. & ext. 1935 4ts
Colo. Spgs. & Crip. Creek Dist. Ry". 1st 1930 5s
Col. & Greenv. R R. 1st 1916 6s
D. & H. Co 1st lien eq. 1922 4|s
D. & H. Co. 1st & rfdg. 1943 4s
Det. River Tun. Co. Det. Term. & Tunnel 1st
19614is
••
Dul. Union Dep. Co. 1st Dul. Minn. 1930 5s
East Tenn., Va. & Ga. R. R. 1st Div. 1930 Ss
El Paso & Rock Is Ry. 1951 5s
Erie R. R. car trust J 1912 4s
Erie R. R. oar trust J 1912 4s. .
Erie S . R. car trust J 1913 4s
Erie R. R. car trust J 1913 4s
Erie R. R. car trust' J 1914 4s
Erie R. R. car trust J 1914 4s
Erie R. R. car trust J 1915 4s
Erie R. R. car trust J 1915 4s
Erie R. R. car trust J 1916 4s.
. .
Erie R. R. car trust J 1916 4s
. .
Erie R. R. eq. tr. Q 1914 4js
Erie R. R. eq. tr. Q 1915 4Js
Erie R. R. eq. tr Q 1915 4£s
Erie R. R. eq. tr. Q 1916 4$s
Erie R. R. eq. tr. Q 1916 4}s
Erie R. R. eq. tr. Q 1917 4£s
Erie R. R. eq. tr Q 1917 4£s
Erie R. R. eq. tr. Q 1918 4js
Erie R. R. eq. tr Q 1918 4Js
Erie R. R. eq. tr. Q 1919 4is
Erie R. R. eq. tr. Q 1919 4is
Erie R. R. eq. tr. Q 1920 4}s
Erie R. R.eq. tr. Q 1920 4js...
Erie R. R. eq. tr. Q 1921 4Js
Erie R. R. eq. tr. Q 1921 4Js
Erie R. R. Penna.col. 19514s...
Erie R. R. 1st cons. 1920 7 s . . .
Fort St. Un. Dep. Co. 1st Detroit, Mich. 1941 44s...
Georgia Pac. Ry. 1st 1922 6s
Ga. R. R. & Bank Co. deb. 1922 5s
Gt. North. Ry. 1st & rfdg. ser. A 1961 4Js
Hock. Val. Rv. car tr. No. 1 of 1908,1916 4s
Hock. Val. Ry. car tr. No. 1 of 1908,1916 4s
Hock. Val. Rv. car tr. No. 1 of 1908,1917 4s
Hock. Val. Ry. car tr. No. 1 of 1908,1917 4s
Hock. Val. Rv. car tr. No. 1 of 1908,1918 4s
111. Cent. R. R. rfdg. 1955 4s
Ind. & St. L. R. R. 1st A 1919 7s
Ind. & St. L. R. R. 1st B 1919 7s
Jamest. Frankl., & Clearf. R. R. 1st 1959 4s
Kans. City, Ft. Scott & Memp. R. R. cons. 19286s..
Kans. City, Fort Scott & Mem. Rv. equip. B 1912
4Js
Kans. City, Fort Scott & Mem. R i . equip B 1912
4Js
Kans. Citv, Fort Scott & Mem. Ry equip. B 1913
4tS
Kans. City, Fort Scott <fc Mem. Rv. equip. B 19'3
4^s
....
Kans. City, Fort Scott & Mem. Ry. equip. B 1914
Kans. Citv, Fort Scott & Mem. Ry. equip. B 1914
4Js
K a n s . Citv, F o r t Scott & Mem. R \ . e q u i p . B 1915
4^s
K a n s . Citv, Fort Scott & Mem. R v e q u i p . B 1915
4^s
K n o x v . & Ohio R . R. 1st 1925 6s
Lehigh & L . E K R . 1st 1957 4£s
Lehigh Val. R . R. gen. cons. 2003 4s
Long Isl. R . R . rfdg. 1949 4s
.
Los Ang. P a c Co. 1st rfdg. 1950 4s




59,508
57,470
1,904,000
1,474,950
2,415,750
886,039 I

2169

MONEY TBUST.
Schedule of bonds and stocks owned—Continued.
]

Amortized
value.

Market
value.

Book value.

Par value.

$7 397 336
Loui*\ & Nash. R R un. 1940 4s
Louisv. & Nash. R. R. Atl. K. & C. div. 1955 4s...
3,729,530
Louisv. & Nash.—Southern Ry. Monon. coll. 1952
2,030,600
4s
173 829
Manitoba & S E Rv 1st 19°9 4s
914,600
Manifcmoc G. B. & N. W. Ry. 1st 1941 3£s
251,075
Mem. Un. Sta. Co. coll. notes guar. 1913 5s
Met. St. Ry. rfdg. (Farmers L. & T. Co. cert, of
800,000
dep ) 2002 4s
1,200,000
Met. St. Ry. gen. (guar. tr. co. cert, of dep.) 1997 5s..
Michigan Cent. R. R. G. R. Val. 1st 1959 4s
288,300
Minn., St. P. & Sault Ste. Marie Rv. & C. T. Ry.,
475,000
Chir T. 1st 1941 4s
183,952
Minneapolis St. Ry. 2d 1913 6s
. .
332,670
Misso.,TCan. & Ok. R. R. 1st 1942 5s
1,851,682
Mo., K. & T. Ry, 1st & rfdg. 2004 4s
1 022,200
Missouri Pacific Ry. tr. 1917 5s
1 016,510
Mobile & Ohio R R 1st 1927 6s
3 046
Mob & Ohio R R eq \. 1919 5s
18,288
Mob. & 0, R. R. eq. B 1919 5s
MoK & Ohio R. R. equip, guar. by Am. Cai &
•'4,762
Fdry Co 1913 5s
8 995
Mob & 0 R R. eq E 1912 4Js
8,982
Moh. & O. R. R. eq. E 1912 4Js
8,969
Mob A 0. R. R. eq. E 1913 Us
3 981
Mob &O R R. eq E 191?Us
8,945
Mob. & 0 . R. R. eq. E 1914 4js
8,933
Mob. & 0. R. R. eq. E 1914 4Js
8 922
Mob & 0 R R. eq E 1915 4£s
7 920
Mob <fc 0 R R eq E 1915 44s
256,225
Morgan's La. & Tex. R. R. & 5. S. Co. 1st 1918 7s...
184,817
Nash , Chat. & St. Louis Ry. 1st 1913 7s
53,555
Nash?, Chat. & St. L. Ry. Lebanon Br. 1917 6s
199,489
Nash., Chat. & St. L. Rv. McMinne Br. 1917 6s....
6 649 500
New England R. R cons 1945 5s
2 673 500
499,000
V H & N. Co. rfdg. cons. 1956 4s
38,941
Now Orleans & Northeastern Ry. equip. C1912 4*s..
New Orleans & Northeastern Ry equip. C 1912 4Js..
38,824
New Orleans & Northeastern Rv equip. C1913 4$s..
38,707
N. Y. C. & H. R. R. R. L S. coll. reg. 1998 3$s
1,795,232
N. Y. C. & H. R. R. R. L. S. coll. coupon 1998 3is... 7,966,768
961,400
X. Y. C. & H. R. R. R. debs. 1934 4s
3,578,339
N. Y. C. & H R. R. R. rfdg. ree. 1997 3*s
1 851,578
N. Y C & H. R. R. R. rfdg. coupon 1997 3+s
132,779
N . Y Central Lines eq. tr. 1912 5s
18,178
N Y Central Lines eq tr. 1913 5s
18,346
N Y Central Lines eq tr. 1914 5s
28,361
N Y Central Lines eq tr 1915 5s .
22,744
N Y Central Lines eq tr 1916 5s
N Y Central Lines eq tr 1917 os
154,736
89,844
N Y Central Lines eq tr 1918 5s
595,002
N Y Central Lines eq tT 1919 5s
1,318,950
N . Y Central Lines eq. tr. 1920 5s
1,898,480
N Y Central Lines eq. tr. 1921 os
. .
2 001,500
V Y Central Lines eq tr 1922 5s
96,486
N. Y. Central Lines eq. tr. 1917 4Js
100,000
N . Y C lines equip, tr. 1923 4Js
1,483,600
N Y C lines equip tr 1925 4?s
991,515
N. Y., N. H. & Hartford R. R. conv. 1956 34s
N. Y., N. H. & H. R. R. Harl. Riv.-Pt. Chester
219,622
1st 1954 4s
.
.
.
1,341,400
N. Y., 0 . & W. Ry. generall955 4s
51,002
N. Y., 0 . .ft W. Rv. 1st lien notes 1912 5s
10,000
N . Y . , 0 . & W. Ry. 1st lien notes 1912 5s
1,007
N. Y., 0 . & W. Ry. 1st lien notes 1913 5s
10,091
N. Y.. O. & W. Ry. 1st lien notes 1913 5s
14,158
N. Y., 0 . & W. Rv. 1st lien notes 1914 5s
2,027
N. Y., 0 . & W. Ry. 1st lien notes 1914 5s
12,187
N. Y., O.k W . R y . 1st lien notes 1915 5s
10,177
N. Y., 0 . & W. Ry. 1st lien notes 1915 5s
34,930
N. Y., O. & W. Rv. equip. " B " 1913 4*s
34,909
N. Y., 0 . & W. Ry. equip. " B " 1914 4Js
34,891
N. Y., 0 . & W. Ry. equip. " B " 1914 4Js
34,870
N . Y . , 0 . & W . R y . equip. " B " 1915 4is
34,853
N. Y., 0 . & W. Ry. equip. " B " 1915 4Js
34,835
N. Y., 0 . & W. Ry. equip. " B " 1916 4Js
2,326,750
Norfolk* W. Ry. P. C & C. 1st 1941 4s
Norfolk & W. Ry. div. 1st lien & general 19M 4s...
1,875,600
Nor. Pac.-O t. Nor. Ry Burl. coll. 1921 is
5,869,800

$7,460,000
4,000,000

17,397,336
3,729,530

$7 385,400
3,680,000

2,200,000
175,320
1,000,000
250,000

2,030,600
173 829
914,600
251,075

1,980,000
173 567
870,000
250,000

2,000,000
1,500,000
300,000

1,140,000
1,455,000
288,300

1,140,000
1,455,000
291,000

500,000
183,000
300,000
2,170,000
1,000,000
876,000
3,000
18,000

475,000
183,952
332,670
1,851,682
1,022,200
1,016,510
3,045
18,288

485,000
186,660
321,000
1,736,000
1,000,000
1,059,960
3,060
18,360

25,000
9,000
9,000
9,000
4,000
9,000
9,000
9,000

24,762
8,995
8,982
8,969
3,981
8,945
8,933
8,921
7,920
256,225
184,817
53,555
199,489
6,649,500
2,673,500
499,000
38,941
38,824
38,707
1,795,232
7,966,768
981,400
3,578,339
1,851,578
132,779
18,178
18,346
28,361
22,744
154,736
89,844
595,002
1,318,950
1,898,480
2,001,500
96,486
100,000
1,483,600
991,515

25,000
9,000
9,000
9,000
4,000
8,910
8,910
8,910
7,920
282,500
186,160
54,500
206,010
6,380,000
2,500,000
495,000
39,000
39,000
38,610
1,489,590
6,610,41(1
930,OOf
3,329,040
1,704,560
132,000
18,180
18,180
28,560
22,440
151,980
88,580
598,430
1,404,000
1,976,000

219,622
225,000
1,500,000
1,341,400
51,002
51,000
10,000
10,000
1,007
1,000
10,091
10,000
14,158
14,000 1
2,027
2,000
12,187
12,000
10,177
10,000
34,930
35,000
34,909
35,000
34,891
35,000
34,870
35,000
34,833
35,000
34,835
35,000
2,500,000
2,326,750
1,875,600
2,000,000
5.869,800
6,000,000

222,75C
1,380,000
51.00C
10,000
1.01C
10, IOC
14,14C
2,020
12,240
10,200
35,000
35,000
35,000
35,000
35,000
35,000
2,300,000
l,880,00C
5,820,000

BONDS—continued.




s,ooo

250,000
179,000
50,000
189,000
5,500,000
2,500,000
500,000
39,000
39,000
39,000
1,839,000
8,161,000
1,000,000
3,783,000
1,937,000
132,000
18,000
18,000
28,000
22,000
149,000
86,000
581,000
1,350,000
1,900,000
2,000,000
97,000
100,000
1,500,000
1,050,000

2,080,000
97,970
101,000
1,515,000
966,000

2170

MONEY TBUST.
Schedule of bonds and stocks owned—Continued.
1
Par value.

Amortized
value.

12,884,800 ' $3,000,000

12,884,800

$2,820,000

2,000,000
235,000
1,492,000
2,756,000
1,700,000
6,053,000

1,853,100
232,485
1,385,322
2,557,568
1,677.560
5,990,654

1,860,000
200,150
1,327,880
2,452,840
1,666,000
5,871,410

Book value.

Market
value.

BONDS—continued.
Oregon Short Line R. B . ref. guar. by TJ. P. R. R
19294s. . .
Oregon-Wash. R. R. & Nav. Co. 1st & rfdg. guar.
bv TJ. P. 1961 4s
Penn. Co. series B 19413Js
P«nn (V wripft f! 10,42 31R
Ponn Co, f^nes P1944 3*s
Ppnnsyl R, R, (M>T1V. Ift'-** 3*fl
Pennsylvania Steel Car Trust guar. by Penn. R. R.
1912 3Js
Pennsvlvana Steel Car Trust guar. by Penn. R . R .
1912 3Js
Peoria & E. Ry. 1st cons. 1940 4s
Pitts., Cinn., Chi. & St. L. Ry. cons. F ls)53 4s
Pitts., Cinn., Chi. & St. L. Ry. cons. G 1957 4s
Reading Co. N. J. C. coll. 1951 4s
Richmond & D. R. R. deb. 1927 6s
Richmond & D. R. R. cons. 1915 6s
Roch. * P. R. R. 1st eons. 1922 6s
Rock Island-Frisco Ter. Ry. 1st guar. 1927 5s
Rutland R. R. 1st cons. 1941 4Js
St Jos & G I Ry 1st 1947 4S
St. L. & S. P. R. R. gen. 1931 5s
St. L. & S. F. R. R. rfdg. 1951 4s
St. L., Iron Mtn. & So. Ry. unifying & rfdg. 1929 4s..
St. Paul & D. R. R 2d 1917 5s
St. Paul & No. P. Ry. gen. 1923 6s
St. Paul & No. P. Ry. gen. 1923 6s
St. Paul City Ry. 1st cons. St. P. Minn. 1934 6s
Seaboard Air Line Ry. rfdg. 1959 4s
Second Ave. R. R. 1st cons. (Guar. Trust Co. cert,
of dep.) 1948 5s
So. Pac. Co. S. F. T. 1st 1950 4s
So. Pac. R. R. 1st rfdg. 1955 4s
So. Ry. develop & gen. series " A " 1956 4s
So. Ry. 1st cons. 1994 5s
So. Ry. E. Tenn. Reorg. 1938 5s
So. Ry. Memphis div 1st 1996 5s
So. Rv M. & 0 . coll. 1938 4s
So. Ry. equip. L 1913 4Js
So. Ry. equip. L 1914 4Js
So. Ry equip. L 1914 4Js
So. Ry equip L 1915 4^s
So. Ry. equip. L 1917 4is
So. Ry. equip. L 1917 4Js
So. Ry. equip. L 1919 4Js
So. Ry. equip. L 1920 4JS..
So. Ry. equip. L 1920 4$s .
So. Ry. equip. M 1913 4js
So. Ry. equip. M 1914 4Js
So. Ry. equip. M 1915 4Js.. .
So. Ry. equip. M 1915 4Js
So. Ry. equip. M 1916 4*s
So. Ry. equip. M 1916 4|s
So. Ry. equip. M 1917 4*s
So. Ry. equip. M 1917 ifa
So. Ry. equip. M 1918 4Js
So. Ry. equip. M 1918 4js
So. Ry. equip. M 1919 4§s
So. Ry. equip. N 1912 4Js
So. Ry. equip. N 1912 4Js
So. Ry. equip. N 1913 4Js
So. Ry. equip. N 1913 4Js
So. Ry. equip. N 1914 4$s
3o. Ry. equip. N 1915 4Js...
So. Ry. equip. N 1915 4Js
Suf. & Car. Ry. 1st cons. 1952 5s
Sup. Short Line Ry. 1st 1930 5s.
Third Ave. R. R. 1st cons. 4 N. Y. city (Cent.
Trust Co. ctf. of deposit) 2000 4s
Tidewtr. Co. 1st lien con. 1913 6s
'
Tol. & O. Cent. Ry. car tr. 1912 4s
...
!
Tol. & O. Cent. Rv. car tr. 1913 4s
Tol. & 0 . Cent. Rv. car tr. 1913 4s
Tol. & 0 . Cent. Ry. car tr. 1914 4s
Tol. & 0 . Cent. Ry. car tr. 1915 4s
Tol. & 0 . Cent. Rv. car tr. 1915 4s
T. & 0 . C. Ry. car tr. B 1916 4s
T. & 0 . C. Ry. car tr. B 1916 4s
|




1,853,100
232,485
1,385,322
2,557,568
1,677,560
5,990,654
49,745

50,000

49,745

50,000

292,758
235,082
1,018,500
1,930,800
1,339,800
206,480
513,375
369,912
373,692
389,800
481,750
110,160
425,600
1,059,380
183,907
176,661
87 888
299,370
206.300

295,000
251,000
1,000,000
2,000,000
1,500,000
200,000
501,000
326,000
380,000
400,000
500,000
100,000
500,000
1,175,000
175,000
162,000
80 000
300,000
250,000

292,758
235,082
1,018,500
1,930,800
1,339,800
206,480
513,375
369,912
373,692
389,800
481,750
110,160
425,600
1,059,380
183,907
176,661
87 888
299,370
206,300

295,000
230,920
990,000
1,980,000
1,470,000
210,000
526,050
378,160
383,800
392,000
440,000
108,000
400,000
940,000
180,250
186,300
92 000
348,000
207,500

200,000
1,386,100
6,205,550
1,577,600
5,561,850
751,050
1,545,870
284,232
36,944
24,950
12,969
16,944
23,892
8,956
20,866
193,420
289,620
24,977
9,989
24,960
24 955
14,970
24,945
24,940
24,935
24,930
24,925
24,922
17,978
996
58,652
59,508
4,947
30,541
15,730
177 614
1,083,100

500,000
1,500,000
6,500,000
2,000,000
4,975,000
664,000
1,450,000
295,000
37,000
25,000
13,000
17,000
24,000
9,000
21,000
200,000
300,000
25,000
10,000
25,000
25 000
15,000
25,000
25,000
25,000
25,000
25,000
25 000
18,000
1,000
59 000
60,000
5,000
31,000
16,000
171 000
1,000,000

225,000
1,386,100
6,205,550
1,577,600
5,561,850
751,050
1,545,870
284,232
36,944
24,950
12,969
16,944
23,892
8,956
20,866
193,420
289,620
24,977
9,989
24,960
24 955
14,970
24,945
24,940
24,935
24,930
24,925
24 922
17,978
996
58,652
59,508
4,947
35,541
15,730
177 614
1,083,100

225,000
1,365,000
6,175,000
1,580,000
5,373,000
703,840
1,580,500
253,700
37,000
25,000
13,000
17,000
23,760
8,910
20,790
198,000
297,000
25,000
10,000
25,000
25 000
15,000
25,000
24 750
24,750
24,750
24,750
24 750
18,000
1 000
59 000
60,000
5,000
31,000
16,000
176 130
1,090,000

1 184 000
496,900
11 824
27,362
27,143
9 617
9,470
11,280
38,740
38,600

2 368 000
500 000
12 000
28,000
28,000
10 000
10,000
12,000
40 000
40,000

1 799 680
496 900
11 824
27,364
27,143
9 617
9,470
11,280
38 740
38,600

505 000
12 000
27,720
27,720
9 900
9,800
11,760
38 800
38,800

2171

MONEY TBTJST.
Schedule of bonds and stocks owned—Continued.
Book value.

Par value.

Amortized
value.

Market
value.

BONDS—continued.
T & 0 C Ry car tr B 1917 4s
T. & 0 C Ry car tr B 1917 4s
T. & 0 C Ry car tr B 1918
T & 0 C Ry car tr B 1919 4s
Tol. Peo. & West Ry. 1st 19171s
U. Pac. R. R. 1st 1 & rfdg. 2008 4s
Union Ry. of N. Y. 1st N. Y. city 1942 5s
Utah & No Ry 1st ext 1933 4s

....
. ...

Vandalia R. R. cons, ser . B 1957 4s
WabashR. R 1st 1939 5s
.
Washington Ry. & Elec. Co. cons. Washington,
D. C , 1951 4s
Western Md. R. R. 1st 1952 4s
Western Ry. of Ala. 1st cons. guar. by Georgia R. R.
1918 4Js
Wis Cent Ry lstgen 19494s
Wisconsin Cent. Hy., Minneapolis Terminal 1st
1950 3 Js
Wisconsin Cent. By., S. & D. Div. & Terminal 1st
1936 4s
Armour & Co. r. est. 1st 1939 4^s
Atlas Port Cem Co 1st 1925 6s
Brooklyn & New York Ferry Co. 1st 1911 6s
Brooklyn UHion Gas Co. 1st cons. 1945 5s
Equitable Gas Light Co. 1st cons. N. Y. City 1932 5s.
Hoboken Ferry Co. 1st N. Y. City 1946 5s
Hudson Coal Co deb 1912 4s
HudsDn Coal Co deb 1913 4s
Hudson Coal Co deb 1914 4s
Hudson Coal Co. deb. 1915 4s..
Hudson Coal Co deb 1916 4s
Hudson Coal Co deb 1917 4s
International Mercantile Marine coll. trust 1922 4is.
Jeflersjn & Clearfleld Coal & Iron Co. 1st 1926 5s...
Laelede Gas Light Co. 1st St. Louis, Mo., 1919 5s..
Lehigh & Wilkes-Barre Coal Co. 1912 5s
Lehigh & Wilkes-Barre Coal Co. cons. 1920 4s
Lehigh & Wilkes-Barre Coal Co. cons. 1925 4s
Lehigh & Wilkes-Barre Coal Co. eons. 1930 4s
Long Branch Water Supply Co., Long Branch,
New York & East River Gas Co. 1st N. Y. City 1944
5S

N. Y. Dock Co. 1st 1951 4s
N. Y. Dock Co. 1st 19514s.
Ocean Steamship Co 1st 1920 5s
Palace Hotel Co., of San Fran., 1st San Fran., Cal.,
1928 6s
Phila Rr» l«f Phjla Pfi lQlft fip
U. S. Mtg. & Tr. Co. ser. E 1917 4s
U. S. Mtg. & Tr. Co. ser. G 1918 4s
U. S. Mtg. & Tr. Co ser. H 1918 4s
U. S. Mtg. &Tr. Co. ser. 11919 4s
U. 8. Mtg. & Tr. Co ser. J 1919 4s
U. S. Mtg. & Tr. Co. sei. K 1920 4s
U. S. Mtg. & Tr. Co. ser. L 1921 4s
U. 8. Mtg. & Tr Co ser. M 1922 4s
U. S. Mtg. & Tr. Co. ser. N 1922 4s
Wash. Water Power Co. 1st rfdg. Spokane, Wash.,
1939 5s
Westchest. Light Co. 1st 1950 5s
West. U. Tel. Co. coll. tr. 1938 5s

$57,696
19,164
4,759
13,238
94,640
1,902,200
403,120
967,800
2,531,250
480,700
3,156,900

$60,000
20,000
5,000
14,000
100,000
2,000,000
400,000
1,000,000
2,500,000
500,000
3,000,000

$57,696
19,164
4,759
13,238
94,640
1,902,200
403,120
967,800
2,531,250
480,700
3,156,900

$58,200
19,400
4,850
13,440
94,000
1,940,000
416,000
970,000
2,400,000
480,000
3,150,000

1,209,812
858,300

1,625,000
1,000,000

1,209,812
858,300

1 381 250
880,000

1,366,638
428,985

1,365,000
450,000

1,366,638
428,985

1,324,050
418,500

83,460

100,000

83,460

81 000

187,280
1,912,200
428,240
188,500
2,913,380
521,400
2,204,619
100,000
100,000
100,000
100,000
100,000
50,000
951,150
473,851
949,900
105,399
948,052
494,000
946,300

200,000
2,000,000
400,000
188,500
2,723,000
500,000
2,165,000
100,000
100,000
100,000
100,000
100,000
50,000
1,500,000
487,000
1,000,000
105,000
980,000
520,000
1,000,000

187,280
1,912,200
428,240
171,535
2,913,380
521,400
2,204,619
100,000
100,000
100,000
100,000
100,000
50,000
951,150
473,851
949,900
105,399
948,052
494,000
946,300

184,000
1,840,000
412,000
171,535
2,886,380
530,000
2,273,250
100,000
99,000
99,000
98,000
98,000
49,000
1,005,000
491,870
1,020,000
105,000
970,200
514,800
980,000

100,000

100.000

100,000

100,000

247,650
2,800,395
20,515
497,652

260,000
3,050,000
22,000
498,000

247,650
2,800,395
20,515
497 652

262,500
2,531,500
18,260
512 940

1,850,000
275,852
145,000
94,943
783,000
556,000
305,000
635,000
851,000
376,396
501,000

1,850,000
275,000
145,000
95,000
783,000
556,000
305,000
635,000
851,000
377,000
501,000

1,850,000
275,852
145,000
94 943
783,000
556,000
305,000
635,000
851 000
376,396
501,000

1,887,000
272,250
145,000
95,000
783,000
556,000
305,000
635,000
851,000
377,000
501,000

254,900
523,750
1,034,100

250,000
500,000
1,000,000

254,900
523,750
1,034,100

257,500
525,000
1,010,000

Market
value.

STOCKS.

124,700 Brooklyn City R. R . . .
5,000 Chic. & N. W Ry. pfd
19,000 Chic, M. & S. P. Ry. pfd
14.400 Cleve. & Pitts. R. R. btm
10,008 Del., Lacka. & West. R. R
1,000 Ga. R. R. & Banking Co
5,500 Illinois Central R. R
1,750 Lacka wanna R. R. Co.. .
9,000 Morris & Essex R. R
5,670 N. Y. C. & H . R. R. R . . . . :
10,000 N. Y. & Harlem R. R
33,640 N. Y., N. H. & H. R. R




.

.

... .

2,409,210
459,077
1,893,935
761,544
805,615
194,532
742,797
157,500
734,555
758,369
1,071,456
5,553,599

1,247,000
500,000
1,900,000
720,000
500,250
100,000
550,000
175,000
450,000
565,000
500,000
3,564,00

2,094,960
985,000
2,755,000
705,600
2,701,350
266,000
770,000
168,000
787,500
615,850
1,725,000
4,882,680

2,094,960
985,000
2,755,000
705,600
2,701,350
266,000
770,000
168,000
787,500
615,850
1,725,000
4,882,680

2172

MONEY TBUST.
Schedule of bonds amd stocks

owned—Continued.
Market
value.

Market
value.

E Book value. Par value.
I
i

STOCKS—continued.
! $3,402,815
60 000 Pennsylvania R R
1,422,222
8,000 Rens. & Saratoga R. R
1
1,007,541
8.000 Pittsb., Ft. W. & Chic. Ry
254,751
2,000 Sixth Av. R. R., N. Y. City
9,500 Bk. of Cal. Nat. Assn., San Francisco, Cal.. ...1 1,808,817
600,000
1,200 Cent. Tr. Co.,N. Y. City
396,185
l,000Chem. Nat. Bk., N. Y. City
300,000
1,000 Com. Trust Co. of N. J., Jersey City
443,450
1 000 First Nat Bk N. Y. City
292,748
1,500 Galltn. Nat. Bk., N. Y. City
175,500
500 Met. Tr. Co., N. Y. City
1
525,000
1,750 Mornstown Tr. Co., Morristown, N. J
2,128,398
17,294 Nat. Bk. of Com., N. Y. City
560,501
2,500 Title Guar. & Tr. Co., New York City
2,707,506
15,000 Cons. Gas Co., of N. Y
75,000
1,500 D., L. & W. Coal Co . .
715,000
17,875 N. Y. Dock Co. pfd., Brooklyn, N. Y . . . .
Total

.. 327,090,727

13,000,000
800,000
600,000
200,000
950,000
120,000
100,000
100,000
100,000
75,000
50,000
175,000
1,729,400
250,000
1,500,000
75,000
1,787,500

$3,690,000
1,496,000
1,002,000
240,000
1,909,500
1,234,800
445,000
355,000
1,042,000
249,750
204,000
656,250
3,458,800
1,237,500
2,085,000
232,500
983,125

$3,690,000
1,496,000
1,002,000
240,000
1,909,500
1,234,800
445,000
355,000
1,042,000
249,750
204,000
656,250
3,458,800
1,237,500
2,085,000
232,500
983,126

328,615,249

334,853,388

331,455,042

NEW YORK LIFE INSURANCE CO.

Schedule of real estate owned, classified by States and countries.
Book and
market value.

State or country.

$1,337,147.70
6,589,564.20
335,000.00
1,300,000.00
150,000.00
550,000.00
355,000.00

Missouri
New York
Holland
Prussia

10,616,711.90

Total

Schedule of mortgages owned, classified by States and countries.
State or country.

California
District of Columbia
Florida
Illinois

Nebraska
New York"




Amount of principal unpaid.
$1,375,000.00
323,500.00
4,989,000.00
212,000.00
64,000.00
480,000.00
601,500.00
593,250.00
3,917,500.00
72,000.00
85,000.00
320,000.00
2,094,048.00
101,000.00
2,430,500.00
1,119,000.00
38,500.00
86,676,900.50

State or country.

Ohio

South Dakota
Texas
Utah
Vermont
West Virginia
Total

Amount of principal unpaid.
$50,000.00
25,000.00
831,000.00
1,185,000.00
2,207,000.00
85,000.00
29,475.00
135,000.00
80,000.00
1,124,000.00
50,000.00
05,000.00
2,431,150.00
108,000.00
2,370,000.00
116,298,323.50

2173

MONEY TBTJBT.
Schedule of bonds owned.

Argentine internal loan 1905 drawings 5s
Argentine internal gold loan of 1909 drawings until
19455s
.
.
Austrian-Hungarian rentes perp. 4s
Austria" Vmii^ rpr>t«p perp 4P...
Brazilian general pleasure of govt. 6s
Cape of Good Hope 1949 3Js
French Congo (gen. govt. ol) guar. by French Govt.
until 1959 3s
.
.
.
French rentes drawings until 1953 38
French W. Africa guar. by French Govt. drawings
until 1960 3s
German imperial pleasure of govt. 3s
German imperial pleasure of govt. 3Js
Guadeloupe Colony by dawings until 1933 4s
Hungarian gold rentes perpetual 4s
Hungarian kronen rentes perpetual 4s
Imperial Chinese Govt. Hukuang Rys. S. F. gold
loan of 1911 (full paid receipts) drawings until
19515s
Indo-China loan of 1909 guar. by Fr. Govt. drawings until 1984 3s
. . .
Ttalian Govt-, pleasure of govt. 3fs
Italian Govt. pleasure of govt. 3|s
Jap new imp. ban of 1906 drawings until 1936 5s
Madagascar (col. of) guar. by French Govt. drawings until 1962 3s
Madagascar (col. of) guar. by French Govt. drawings until 1957 2Js
Mexican Govt. drawings until 1954 4s
Mexican Govt. extl. cons, drawings until 1945 5s
Mexican Govt. int. debt cons, drawings 5s
Npw Zflaiflti'i dpbs. 19?? 4s

Nftw 7-Aalan<1 debs. 1916 4s
. .
Kew Zealand debs. 1924 4s
Prussian cons, pleasure of govt. 3s
Prussian cons, pleasure of govt. 3$s
Prussian cons. 1923 4s
Prussian cons. 1918 4s
Russian Govt. rentes drawings until 1970 4s
Russian Govt. Agrarians drawings 4s
Servian State loan drawings until 1967 4s
South Australian cons. July 1,1916 3s
South Australian treas. bills 1912 4s
South Australian treas. bills 1913-14 3 js
South Australian treas. bills 1913 3}s
South Australian treas. bills 1914 3§s
South Australian treas. bills 1917 3$s
South Australian treas. bills 1918 3Js
Swedish state drawings until 1961 3js
Swiss Govt. loan of 1883 (Cantonal bfc. Berne) 4s
Swiss Govt. loan of 1897 drawings until 1940 3s
Swiss Govt. loan of 1903 drawings until 1952 3s
Tunisian debt drawings until 1988 3s
United States Govt. reg. 19254s .
Victoria Govt. 3? .
Wurtemberg state drawings until 1957 3ta
Alamance Co., N. C , highway imp. 1959 5s
Arizona. Terr., fdg. 1942 5s
Asheviile, N C, ref. 19415s
\tlanta, Ga., water 1923 4s
Atlanta, Ga.. sewer and school 1918-20 4js
Atlanta, Ga., redpt. 1916 4Js
Atlantic Cilv, N. J^flre house, water, and park 1945
4J-S
Augsburg, Ger., loan of 1907, drawings until 1963 4s..
Baltimore, Md.. public park imp. 1955 4s
Barmen, Ger , loan of 1907,1940 4s
Berlin, Ger., loan of 1904, ser. 2, drawings until
1939 4s ..
.
...
Berlin, Ger., loan of 1904, ser. 2, 2d issue, drawings
'
until 1939 4s




Buok value.

Par value.

Amortized
value.

$2,911,799

53,053,000

$2,961,410

$2,961,410

680,186
5,373,714
1,017,411
1,751,240
528,976
970,363
49,168

684,019
4,688,082
1,116,500
1,924,440
527,000
1,302,500
52,000

680,186
5,343,028
1,016,015
1,751,240
527,000
1,002,925
49,168

684,019
5,343,028
1,016,015
1,751,240
527,000
1,002,925
50,960

789,898
3,752,007
90,106

871,395
4,007,484
92,254

789,898
3,807,110
90,106

775,542
3,807,110
87,641

2,312,934
732,217
1,106,434
240,362
87,458
291,939
366,922

2,575,488
886,193
1,205,922
238,000
88,201
263,900
406,000

2,312,934
735,540
1,109,448
240,362
87,458
288,236
369,460

2,266,430
735,540
1,109,448
242,760
87,319
288,236
369,460

258,104

266,000

258,104

263,340

586,220
2,082,708
373,791
53
64,029

651,278
2,067,204
36», 177
77
78,684

586,220
2,108,548
376,560
54
64,029

579,638
2,108,548
376,560
54
78,684

6,238

6,881

6,238

6,166

2,413
1,814,215
1,013,227
713,433
24,332
24,332
24,332
1,523,617
2,274,774
2,350,250
721,085
466,728
48,361
403,137
2,003,625
15,359
19,557
3,650
4,137
2,190
1,703
1,699
1,947
163,567
618,256
91,317
3,860
9,778
6,762
893,401
121,431
24,333
45,645
39,004
15,014
106,564
129,391
91,347
5,030

2,991
1,927,000
1,021,410
717,018
24,332
24,332
24,332
1,846,808
2,479,317
2,380,000
714,000
476,000
48,665
390,500
2,137,200
20,651
24,332
3,650
4,137
2,190
1,703
1,703
1,947
193,000
650,796
90,678
3,860
9,650
6,755
1,034,480
100,000
24,332
43,911
35,000
15,000
103,000
132,000
90,000
5,000

2,413
1,814,215
1,013,227
717,018
24,332
24,332
24,332
1,532,851
2,280,972
2,356,200
721,085
466,728
48,361
403,137
1,944,852
15,359
19,709
3,650
4,137
2,190
1,703
1,699
1,947
164,050
605,240
91,317
3,860
9,778
6,762
893,401
121,431
24,333
45,645
39,004
15,014
106,564
129,391
91,348
5,030

2,363
1,792,110
1,031,624
717,018
24,332
24,332
24,332
1,532,851
2,280,972
2,356,200
728,280
466,480
46,232
359,260
1,944,852
18,586
19,709
3,650
4,137
2,190
1,703
1,703
1,947
164,050
605,240
81,610
3,860
8,203
5,674
858,618
113,000
20,439
39,959
38,500
15,000
107, l'JO
129,3(«
91, HX)
3,050

Market
value.

328,595
237,485
100,000
339,810

323,000
238, flOO
100,000
333,200

328,595
237,485
100,000
339,810

332, fi'lll
238,000
101,0(10
333,200

228,205

228,956

228,205

231,240

236,933

236,572 i

236,933

238,938

2174

MONEY IKUST.
Schedule ofbvnds ovmed—Continued.

1Book

Boston Mass, nighwav 1934 3Js
Boston, Mass., highway school and lands 1944 3£s...
Boston Mass., imp. 1945 3Js
Boston Mass, sewer 1919 3$s
Bremen State 3£s
Buffalo N . Y., water 1913 3£s
Buflalo N . Y. water 1915 3£s

.

. .

Buffalo N . Y . . water 1919 3£s
Butler Co. 0 , bridge 1921 4£s
Butler Co. 0 , , bridge 1924 4$s
....
Canon City, Colo ref. 1931 5s
C h a r l o t t e , . » . C , school 1941 4Js
Chattanooga, Term., ref. 1939 4Js . .
Chattanooga^ Term., ref 19414$s
Chicago, ill.,'judg. fdg. 1912 4s."
Chicago, 111., judg. fdg. 1913 4 s . .
Chicago 111., judg. fdg. 1914 4s
Chicaeo 111., i u d e . fdg. 1915 4s
Chicago 111-, judg. fde. 1916 4s
Chicago, III., judg. fdg. 1917 4s
Chicago, 111., judg. Idg. 19184s
Chicago, 111-, judg. fdg. 1919 4s
Chicago, HI., judg. fdg. 1920 4s.
Chicago E l . , judg fdg. 1921 4s
Chicago, 111., judg. fdg. 1922 4s
Chicago, HI., judg. fdg. 1923 4s
Chicago, 111., judg. fdg. 1924 4s. .
Chicago, 111., gen. corp. 1912 4s
Chicago, 111M gen. corp. 1913 4s
Cocke Co., Train., road a n d bridge 1919 3s
FockeCo., T e n n . , road a n d bridge 1924 9s
Cocke Co., Tenn., road a n d bridge 1929 5s
Crefeld, Ger., loan of 1907, ser. 2, drawings u n t i l
1945 4s
..
Dallas, T e x . , fdg. 1917 6s .
Dallas, Tex., i m p . 1928 5s
Delta Co., Colo., ref. 1930 5s
Dusseldorf, Ger., loan of 1908 drawings u n t i l 1969 4s.
D u v a l Co., F l a . , road 1939 5s
Essex Co., X . J., p a r k 1915 3.65s
Essex Co., N . J., p a r k 1920 3.65s .
Essex Co., N . J . , p a r k 1925 3.65s
E v e r e t t Wash., fdg. 19315s
F o r t W o r t h , Tex., water 1922 6s
Frankfort, Ger., loan of 1910 drawings u n t i l 1960 4 s . .
Gait ( t o w n of), Ontario, electric power 19314Js
Gait (town of), Ontario, hospital 1931 44s
Galveston, Tex., limited d e b t 1923 5s
Galveston, T e x . , limited d e b t 1927 5s
Galveston, Tex., limited d e b t 1927 os
Grainger Co., T e n n . , road 1940 5s . .
Granvule Co., N . C , road 1939 4 J s . .

Greene Co., Tenn., road annual 1920 5s
Hamblen do., Tenn., road 1939 5s

HfOTliltnn Cn , Tnntl., rr>fi<1 1941 4Js
H a b a n a , Cuba treasury drawings u n t i l 1939 6s
H o k e Co., N . C , courthouse a n d jail 1913 5s
H o k e Co., N . C , courthouse a n d j ail 1915 os
Hoke Co., N. C , courthouse and ail 1917 5s
Hoke Co., N. C , courthouse and ail 1919 5s
Hoke Co., N. C, courthouse and j ail 1920 5s
Hoke Co., N. C , courthouse and ail 1921 5s
Hoke Co., N. C , courthouse and ail 1922 5s
Hoke Co., N. C, courthouse and a n 1923 5s
H o k e Co., N . C , courthouse and jail 1924 5s
H o k e Co., K . C , courthouse a n d jail 1925 5s
H o k e Co., X. C , courthouse a n d jail 1926 5s
H o k e Co., N . C , courthouse a n d jail 1927 5s
Hoke Co., X . C , courthouse a n d jail 1928 5s
H o k e Co., X . C., courthouse a n d jail 1929 5s
H o k e Co., X. C. courthouse and jail 1930 Ss .
H o k e Co.. X C , courthouse a n d jail 1931 5s
H o k e Co , X. C . courthouse and jail 1932 5s




value.

P a r value.

Amortized

value.

Market

value.

J524,727
106,090
101,615
605,593
303,501
524,502
1,793,140
45,554
1 026,864
105,910
16,667
6,667
6,667
6,667
10,283
20,676
60,000
101,817
109,912
53,732
75,000
100,010
75,014
75,021
100,037
ion, ooo
75,034
75,000
75,040
75,000
100,061
100,000
76,051
75,000
75,056
75,000
100,082
100,000
75,066
75,000
75,071
75,000
23,000
23,000
86,000 |
86,000
f
12,000
69,080 {
29,000 1
[
25,000

$530,000
106,000
96,000
564,000
276,000
485 460
1,637,600
43,650
1 010 000
105,910
16,500
6,533
6 533.
6,467
10,400
21 OOO
60 000
101.000
106,080
54 080

283,784
97,400
103,488
243,934
992,671
19,953
897,772
272,676
269,758
2,000
65,000
130,000
103 160
211,467
1,081,180
25,b54
24,625
40,000
54,767 I
73,445
103,491
50,873
25,600
42,494
102,982
24,745
1,004
1,009
1013
1,017
2,039
2,042
2,046
2,049
2,052
2,055
2,058
2,061
2,063
2,066 !
2,068
2,071 1
2,073

290,122
101,650
112,350
270,000
1 010,310
19,992
918 561
271,558
270 000
1,980
63,700
124 800
103 000
214 000
1,081,710
25,500
24,480

1524,727
106,090
101,615
605,593
303,501
524 502
1,793,140
43,554
1 026 864
106,059
16,667
6 667
6 667
6,667
10,283
20 675
60 000
101,817
109 912
53 782
75,000
100,010
75 014
75 021
100 037
75,034
75,040
100 061
75 051
75 056
100.082
75 066
75 071
23,000
86,000
12,341
30,277
26,432

$500,000
100,000
100,000
600,000
300,000
522 000
1,780,000
45,000 ,
1,000,000
119,000 1
16,667
6,667
6,667
6,667
10,000
20,000
60 000
100,000
104,000
53,000
75,000
100,000
75,000
75,000

283,784
97 401
103 488
243 933
992 671
19,953
897 772
272,676
269 758
2,000
65 000
130 000
103 160
211 467
1,081,180
25,654
24,625
40,000
54 767
73 445
103,491 '
50 873
25 600
42,494
102 982
24,744
1,004
1,009
1,013
1,017
2,039
2,042
2,046 1
2,049 '
2,052
2,055
2,058
2,061
2,063
2,06b
2,068
2,071
2,073

290,122
95,000
105,000
250,000
1 010,310
19,600
918,561
271,558
250,000
2,000
65,000
130,000
100 000
200,000
1,071,000
25,000
24,000
40,000
55,000
74 000
100,000
51,000
25,000
40,000
100,000
25,279
1,000
1,000
1,000
1,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000 '

1,075,000

109,000
12,240
30,160
26,000

167,310
104,000
52,530
25 750
41,600
103,000
26,797
1,000
1,010
1,010
1,020
2,040
2,040
2,040
2,040
2,040
2,040
2,060
2,060
2,060
2,060
2,060

2,060

2,060

2175

MONEY IBUST.
Schedule of bonds

owned—Continued.
]Sook

».',(i7*
2,U77 1
-\07H
2,081 |
2,082
2,084 '
2,08b i
2.087
2.089 1
10,443 |
2,090
504,69J
590,586
126,461
102,370
193,305
694,000
97,943
39,302
11 656

Hoke Co., X. <'., courthouse and jail 1933 5s
Hoke Co., N. C , courthouse and jail 1934 3s
Hoke Co., N.1 C , courthouse and jail 1935 5s
Hoke Co., X . C , courthouse and jail 1936 5s
Hoke Co., N . C , courthouse and jail 1937 os
Hoke Co , X . r . , courthouse and jail 1938 5s
Hoke Co., X . C , courthouse and jail 1939 os...
Hoke Co., X . C , courthouse and jail 1940 5s
Hoke Co., X . C , courthouse and jail 1941 os
Hoke Co., I*. C , courthouse an i jail 1942 5 s . . . .
Hudson Co , N. J., county buil ling 1946 4s
Hudson Co , N J., countv buil ling 1050 4Js
Hutchinsor , Kans., public building 1961 44s. -•
Jefferson Cc>. Ala., imp. 1921 6s
Jefferson C(>. Ala., courthouse 1 J17 6s
Jersey City N. J., water and assessment 1916 5s.
Jersey City N. J., water and assessment 1911 58..
Jersey City N J 1913 7s
sb ref 1920 44s
Lincoln, N sb., ref 1921 44s
Lincoln, N sb ref 1922 4Js
Lincoln, N sb., ref 1923 4js
sb.,ref1924 4§s
Lincoln, N sb ref 1925 4Js
Lincoln, N 3b lef 1926 4Js
q. Cal.. w w 1014 42
Los Angeles, Cal., w. w. 1915 *
Los Angeles, Cal., w. w. 1916 4i
Los Angeles, Cal., w w. 1917 4i
Los Angeles, Cal., v. w. 19184
Los Angeles, Cal., w. w. 1919 + fS
Los Angeles, Cal., w. w. 1920 4
Los Angeles, Cal., w. w 1921 4j
Los Angeles, Cal., w. w. 1922 4
Los Angeles, Cal., w. w. 1923 4- [S
Los Angeles, Cal., w. w. 1924 4
Los Angeles, Cal., w w 1925 4i
Los Angeles, Cal., w. w. 1926 4
Los Angeles c&l W W I QOT a
Los Angeles, Cal., w. w 1928 4
Los Angeles, Cal., w. w. 1929 4
Los Angele8, Cal., w w 1930 4
Los Angeles, Cal., w. w. 1931 4
Los Angeles, Cal., v. w. 1932 4
Los Angele s, Cal., w . w. 1933 4
Los Angele
Los Angele8, Cal., w . w. 1935 4
Los Angele s, Cal., W. w. 1936 4.
Los Angeles, Cal., w. w. 1937 *
Los Angeles, Cal., v. w. 1938 4
Los Angele s, Cal., w. w. 19391
s. Cal.. w. w. 1040 4J
Los Angeles, Cal., w. w. 1941 4
Los Angeles- Cal.. w w. 1Q42 4J
Los Angele s Cal w w 1943 4J
Los Angele s, Cal., w. w. 1944 4: s
Los Angeles. Cal., w. w. 1945 4
Los Aneeles, Cal., w. w. 1947 4
Las Animus, Col., ref 1931 4£s.
Macon Co. Mo., ref
Macou Co. Mo. ref
Mo ref
Mo., ref
Macon Co. Mo. ref
Macon Co. Mo ref
Mo., ref
Mo.,ref
Macon Co. Mo ref

Msicon
Co. Mo., ref 1927 5s
Manon Co. Mo., re/1928 5s
Mo ref 1929 5s
Mo., ref 19205s
Mo., ref 1923 5s
Mo. ref 1924 5s
\Tn

pfif 1Q9.1 Rs

Madison Co., Ala., 1929 5s
Maisonn've. Cue.. Can. 1951 4£s




..---

I

. . .

1 Amoitized
i alue.

)2 («• '
2.00C
J.OOl
..000
2,000
2,000
2,000 '
L-.000
2.000
10,000 '
2,000
•,oo,ooo
(80,000
125,000
100,000
190,000
694,000
97,000
39,000
11,500
11,500
11,500
6,500
1,500
1,500
1,500
10,000
15,000
15,000
15,000
16,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15 000
10,000
94,000
71 217
13,000
12,000
12 non
10,000
12,000
10,000
12,000
10,000

Market
value.
$2,060
2,060
2,080
2,080
2,080
2,080
2,080
2,080
2,080
10,400
2,080
500,000
406,600
127,500
110,000
203,300
721,760
103,790
40,560

34,484

45,955
10,000
15,000
15,150
15,150
15,150
15,160
15,150
15,160
15,150
15,150
15,150
15,160
15,160
15,150
15,ISO
15,300
15,300
15,300
15,300
15,300
15,300
15,300
15,300
15,300
15,300
15,300
15,300
15,300
15,300
15,300
15,300
15,300
15 300
10,200
94,000
71 217

m.ooo

10,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000 |
15,000 !
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15.000 ,
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15 POO
10,OPO
93,774
71.217
Id,156
12.186
12,233
10,229
12,310
10,288
12,382
10.348
13,492

47.882

46 000

47.882

10,229
14,445
23,801
3,114
30,056
248.187

10,000
14,000
23,000
3,000
30,000
i'43,333

10,229
14,445
23,801
3,114
30,056
248.187

10,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
18,000
15,000
15,000
15,000
15,000
15.000
15,000
15,000
15,000
15,000
15 000
10,000
93. 733
71 217
13.156 '
12.18b
12,233
10,229
12,310
10,288
12,382
10.348
13 492

I

I aT "alue

K.O75
2,077
2,079 '
2.081
2,082
2,084
2.086
2.087
2,089 I
10,443
2,090 i
504,693 I
i90,586
126,461
102,370
193,305
694,000
97,943 ,
39,302
11,656

34 484

1 1Q4Q 4<;

1917 5s
1918 5s
1919 5s
1920 5s
1921 5s
1922 5 s
1923 5s
19245s
1925 5s

value

206,000

30,600
245,767

2176

MONEY TRUST.
Schedule of bonds owned—Continued.
Book value.

Maisonn've, Que., Can. 1951 4is
Massachusetts State 1929 3s
Massachusetts State 1929 3s
Massachusetts State 1936 3s
Massachusetts State 1939 3s
Massachusetts State 1939 3s
Mecklenburg Co., N. C , 1920 6s
Memphis, l i n n . , tax dis 1915 6s
Memphis, Tenn., imp. 1946 4js
Middletown Ct. sen. dis. 1915 4s
Milwaukee, Wis., 1912 4s
Milwaukee, Wis., 1912 4s
Milwaukee, Wis., 1913 4s
Milwaukee, Wis., 1913 4s
Milwaukee, Wis., 1914 4s . .
Milwaukee, Wis., 1915 4s
Milwaukee, Wis., 1916 4s
Milwaukee, Wis., 1917 4s
Milwaukee, Wis., 1918 4s
Milwaukee, Wia 1919 4s .
Milwaukee, Wia 1920 4s
Milwaukee, Wis., 1921 4s
Milwaukee, Wis., 1922 4s
Milwaukee, Wis., 1923 4s
Milwaukee, Wis., 1924 4s
Milwaukee, Wis 1925 4s .
Milwaukee, Wis.,1926 4s
Milwaukee Co., Wis., via. 1912 4s
Milwaukee Co., Wis., via. 1913 4s
Milwaukee Co., Wis., via. 1914 4s
Milwaukee Co., Wis., via. 1915 4S
Milwaukee Co., Wis., via. 1916 4s
Milwaukee Co., Wis., via. 1917 4s
Milwaukee Co., Wis., via. 1918 4s
Milwaukee Co., Wis., via. 1919 4s
Milwaukee Co., Wis., via. 1920 4s
Milwaukee Co., Wis., via. 1921 48
Milwaukee Co., Wis., via. 1922 4s
Milwaukee Co., Wis., via. 1923 4s
Milwaukee Co., Wis., via. 1924 4s
Milwaukee Co., Wis., via. 1925 4S
Mobile Co., Ala., ref. 19315s
Mobile, Ala., ref 1937 44s
Montgomery, Ala., sewer 1918 6s
Montgomery, Ala., 1924 6s
Montg'rv, Ala., gen. ind. 1940 5s
Montreal, Can., i944 4s
Morris Co., N . J . , road 1935 4s
Morris Co., Kan., rel. 1913 4fs
Morris Co., Kan., ref. 1914 4! s
Morris Co., Kan., ref. 1915 4*s
Morris Co., Kan., ref.1916 * s
Morris Co., Kan., ref. 1917 4fs
Morris Co., Kan., ref. 1918*9
Morris Co., Kan., ref. 1919 4Js
Morris Co., Kan., ref. 1920 4}s
Morris Co., Kan., ref. 1921 * s
Morris Co., Kan., ref. 1922 4 s
Morris Co., Kan., ref. 1923 4 a s..
Muskocee, Okla., fdg. 1929 5s
Nashville, Tenn., water 1919 4s
Mfish-lR, T«nn T ( 1 , R R 19?4 4a
Nashville, Tenn., sewer 1940 4Js
N Y City corp 1960 41s
N. Y. City assess. 1914 3Js
N Y. City eorp. 1929 3Js . . .
N Y City corp 1942 3Js
N Y City corp 1953 3is
N . Y. City corp. 1954 3is
N. Y. City corp 1954 3is . .
N Y City doc 1924 3s
N. Y. City Morrisania 1916 7s
N. Y. City Morrisania 1917 7s
N. Y. City Momsania 191S 7s
N , Y . City Morrisaaia 1919 7B
N. Y. City Morrisania 1920 7s
N. Y. City Morriaania 1921 7s
N . Y . City Morrisania 1922 7s
N. Y. City Morrisania 1923 7s
N. Y. City Morrisania 1924 7s
N . Y. City Morrisania 1925 7s .




Par value.

$63,753
165,028
400,000
405 399
335,000
339 538
25,000
25,389
1,943,000
2,976,144
1,000,000
1,015,052
5,000
5 353
100,000
100,940
500,000
301,4T2
50,000
50 000
10,000
10,000
21,011
24,026
24,000
21,033
21,000
21,054
21,000
21,075
21,000
14,000
14,063
21,000
21,113
21,000
21,131
21,000
21,149
21,000
21,165
21,000
21,182
21,000
21,198
21,000
21,213
21,000
21,227
8,000
8,092
1,000
1,012
22,500
22 545
22,500
22,612
22,500
22,676
22,737
22,500
22,796
22,500
22,500
22,854
22,500
22,909
22,500
22,962
22,500
23 013
•22,500
23,063
22,500
23,110
22,500
23,156
22,500
23,201
22,500
23,243
117,000
125,625
100,000
94,463
91,000
94,290
95,000
99,504
14,000
14,522
62,000
(54,466
100,000
101,829
260,000
260,000
4,300
4,523
4,500
4.537
4,500
4,551
4,500
4,564
4,500
4,576
4,500
4,588
4,500
4 600
4,500
4,611
4,500
4,621
4,500
4,631
4,500
4,641
74,000
79,403
300,000
300,000
500,000
462,655
250,000 1
J57,516
1,550,000
1,570,828
500,000
500,111
I 1,152,429 1 1,150,000 1
1
400,000
405,303 1
i 1,621,207 1 1,600,000 i
4,845,000
I
4,920,443
155,000
156,371
400,000
106,842 ,
1,000 !
i
1,020
1,000
1,024
1
1,000
'.,02S
1,000 1
1,031
1,000
i
1,035
1,000
i
1,038
1,000
I
1,041
1,000
1,043
1,000
1,046
1,000
•-,')4S

•a, ooo

.

Amortized
value.
(65,028
405,399
399,538
25,389
2,976,144
1,015,052
5,353
100,940
301,472
50,000
10,000
21,011
24,026
21,033
21,055
21,075
14,063
21,113
21,132
21,149
21,166
21,182
21,198
21,213
21,227
8,092
1,012
22,545
22,612
22,676
22,737
22,796
22,854
22,909
22,962
23,013
23,063
23,110
23,156
23,201
23,243
125,625
94,463
94,290
99,504
14,522
64,466
101,829
260,000
4,523
4,537
4,551
4,564
4,576
4,588
4,600
4,611
4,621
4,631
4,641
79,403
300,000
462,655
257,516
1,570,828
500,111
1,152,429
405,303
1,621,207
4,920,443
156,371
406,842
1,020
1,024
1,028
1,031
1,035
1,038
1,041
1,043
1,046
1,048

Market
v.alue.
$64,391
356,000
298,150
21,500
2,501,550
850,000
5,450
104,000
306,000
50,000

309,000

124,020
100,000
97,370
103,550
15,680
65,720
100,000
254,800
4,500
4,545
4,545
4,545
4,545
4,545
4,590
4,590
4,590
4,590
4,590
76,220
294,000
485,000
257,500
1,581,000
495,000
1,058,000
356,000
1,408,000
4,263,600
136,400
356,000
1,110
1,130
1,150
1,170
1,180
1,200
1,220
1,240
1,250
1,270

2177

MONEY TRUST.
Schedule of bonds owned— Continued.

1
N. Y. City Morrisania 19267s
. ..
N . Y . City Morrisania 1946 7B
. ..
N . Y . City Morrisania 1967 7s....
N. Y. City Morrisania 1968 7s...
N . Y . City Morrisania 1969 7s.
. . .
N . Y . City Morrisania 1970 7s....
N . Y . City Morrisania 1973 7s
N Y City Morrisania 1794 7s
N. Y. City Morrisania 1979 7s
N. Y. City Morrisania 1980 7s
. ...
N. Y. City West Farms 2123 7s
N Y City West Farms 2141 7s
. .
N. Y. City West Farms 2142 7s
N. Y. City West Farms 214S 7s
N. Y City West Farms 2147 7s
N. Y. City Corleax's Hook Park 1913 3is
N. Y. City school 1913 3s
N. Y. City street 1916 3s
North Bergen (township of), N. J., fdg. 1941 5s . . . .
North Knoxville, Tenn 1919 5s
North Vancouver, British Columbia, sewer and
water 19605s
Norwaik, Conn., fdg. 1918 3Js
Oklahoma, State of, fdg 1920 4s
...
Ontario Prov Canada, 1936 3$s
Pawtucket, R. I., highway and bridge 1950 4}s.
Philadelphia. Pa., 1934 3is
Pueblo Co., Colo., ref. 19314*
Putnam Co., Tenn., road 1939 4Js
Putnam Co., Tenn., road 1941 4§s
Quebec City, Canada, 1933 3Js
Quebec City, Canada, 1914 4J8
Quebec City, Canada, 1922 4Js
Quebec City, Canada, 1930 3*s
Quebec Citv, Canada, 1931 3§s
Quebec City, Canada, 19313Js
Raleigh, N. C., buildingandref. 1939 5s
Richmond, Va.( 1925 4s
Richmond, Va., 1926 4s
Ridgewood, village of, N. j . , sewer 1913 5s
Ridgewood, village of, N. J., sewer 1914 5s
Ridgewood, village of, N. J., sewer 1915 5s
Ridgewood, village of, N- J., sewer 1916 5s
Ridgewood, village of, N. J., sewer 1917 5s
Ridgewood, village of, N. I., sewer 1918 5s
Ridgewood, village of, N. J., sewer 1919 5s
Ridgewood, village of, N. J., sewer 1920 5s
Ridgewood, village of, N. J., sewer 1921 5s
Ridgewood, village of, N. J., sewer 1922 5s
Ridgewood, village of, N. I., sewer 1923 5s
Ridgewood, village of, N. J., sewer 1924 5s
Ridgewood, village of, N. J., sewer 1925 5s
Ridgewood, village of, N. J., sewer 1926 6s
Rock Hill, S. C , water works 1951 5s....
Rome, Ga., ref. 1926 4$s
Rotterdam, Holland, drawings until 1968 4s. ...
St. Boniface, Manitoba, Canada, 1931 5s.. .
St. Joseph, Mo., school board 1914 4s..
St. Louis, Mo., asylum 1928 4s
...
Salt Lake City, Utah, school dist.1913 5s
Salt Lake City, Utah, 1914 5s
Salina, Kans., imp. 193144s
San Diego County, Cal., highway 1935 4Js.. .
San Diego County, Cal.. highway 1936 4Js
San Diego County, Cal., highway 1937 4is
San Diego County, Cal., highway 1938 4§s
San Diego County, Cal., highway 1939 4js
San Diego County, Cal., highway 1940 4js
San Diego County, Cal., highway 1941 4Js
San Diego County, Cal., highway 1942 4}s... .
San Diego County, Cal., highway 1943 4js
San Diego County, Cal., highway 1944 4Js
San Diego Coun ty, Cal., highway 1945 4§s
San Diego County, Cal., highway 1946 4}s... .
San Diego County, Cal., highway 1947 4js
San Diego County, Cal., highway 1948 4Js ..
San Diego County, Cal., highway 1949 4js .
Seattle, Wash., judg. 1912 5s
Seattle, Wash., school district 1924 4Js.
Seattle, Wash., school district 1912 4Js.
Seattle, Wash., school district 1913 4Js.
Seattle, Wash., school district 1914 4*s




Book value. Par value.

Amortized
value.

11,000

Jl,051

11,051

1

538

Market
value.
$1,280
735

538

500

1,081
2,081
1,081

1,000
1,000
1,000

1,081
1,081 '
1,081 1

1,550
1,550
1,550

1,081

1,000

1,081

541
541

500
500

541
541

1,570
785

541
541
541

500
500
500

541
541
541

775
780
780
800

;,o8i

1,000

1,081

1.600

541
541
541

500
500
500

541
541
541

800
800
800

100,512
300,532
503,589
191,132
100,000

100,000
300.000
500,000
174,000
100,000

100,512
300,532
503,589
191,132
100,000

99,000
294,000
475,000
187,920
104,000

103,933
252,098
46,000
45,972
100,409
2,535,149
302,936
49,883
99,758
64,984
50,000
150,000
413,130
96,624
96,161
156,906
98,269
29,463
5,049
5,079
5,107
5,134
5,160
5,184
5,208
5,231
5,252
5,273
5/293
5,312
5,331
4,813
25,619
162,914
369,036
104,736
185,533
506,578
50,038
300,000
10,146
3,162
d,166
3,170
3,174
3,177
4,241
3,184
4,249
3,190
4,257
3,195
4,264
3,201
4,271
3,205
499 988
20', 000
19,000

100,000
250,000
46,000
50,000
95.000
2,500,000
300,000
50,000
100,000
70,000
50,000
150.000
425,000
100,000
100,000
150,000
100,000
30,000
5,000
5,000
5,000
5,000
5,000
5.000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
4,500
25,000
163,000
369,036
99,766
187,000
500,000
50,000
300,000
30,000
3,000
3,000
3,000
3,000
3,000
4,000
3,000
4,000
3,000
4,000
3,000
4,000
3,000
4,000
3,000
500,000
20,000
19,000
11,000
IS. 000

103,933
252,098
46,000
45,972
100,409
2,635,149
302,936
49,883
99,758
64,984
50,000
150,000
413,130
96,624
96,162
156,906
98,259 }
29,463
5.049
5,079
5,107
5,134
5,160
5,184
5,208
5,231
5.252
5,273
5,293
5,312
5,331
4,813
25,619
162,914
369,036
104,736
185,533
506,578
50,038
300,000
30,146
3,162
3,166
3,170
3,174
3,177
4,241
3,184
4,249
3,190
4,257
3,195
4,264
3,201
4,271
3,205
499,983
20,000
19,000
11,000
18,000

105,000
242,500
46,000
47,000
101,650
2,360,000
300,000
50,000
100,000
64,400
50,000
150,000
•S»5,250
92,000
92,000
159,000
127,400
5,050
5,050
5,100
5,150
5.150
5,200
5,200
5.200
5,260
5,250
5,300
5,300
5,300
4,816
25,750
163,000
372,726
106,753
187,000
505,000
50,500
303,000
30,600

J1,000

18 000

.51, 50t>

500,001)
20,200
19,000
11,000
18,000

2178

MONEY TRUST.
Schedule of bonds

owned—Continued.
Amortized
value.

{14, MO
24,000
5,000
20,000
1,000
509,373
284,766
200,146
15,551
79,423
548,460

{14,000
24,000
5,000
20,000
1,000
500,000
269,000
202,203
15,000
80,000
555,000

J14,000
24,000
5,000
20,000
1,000
509,373
284,766
200,146
15,551
79,423
548,460

f 14,000
24,240
5,050
20,200
1,010
475,000
274,380
202,203
15,750
79,200
549,490

232,263
662,989

248,756
650,000

232,262
662,989

231,343
676,000

Seattle, Wash., school district 1915 4is
Seattle, Wash., school district 1916 4> s
Seattle, Wash., school district 1917 4is
Seattle, Wash., school district 1925 4js
Seattle, Wash., school district 1926 4 s
Shelby Co . Tenn , courthouse 1955 4s
Spokane Wash school dist 1929 4£s
Stockholm, Sweden, drawings until 1941 4s
Sumter, S. C, imp. 1951 5s
Toronto, Canada, 1913 3Js
.
Toronto, Canada, 1914, 3Js
Vera Cruz City, Mexico, guar. bv State of Vera
Cruz 1930 5s
....
*
Adirondack 1st mtg. D. & H. 1942 4$s
Am. Dock & Imp. Co. 1st mtg., guar Cen. of N. J.,
19215s
Atch., Top. & Santa Fe adjustment stamped 1995
4s.
.
Atch. Top. & Santa Ft debs., series J, 1912 4s
Atch.. Top. & Santa Fe debs., series K, 1913 4s....
Ateh., Top. & Santa Fe debs , series L, 1914 4s....
Atch., Top. & Santa Fe, eastern Okla. div., 1st
mtg. 1928 4s
Atch., Top. & Santa Fe gen. mtg. 1995 4s
Atch., Top. & Santa Fe Transcontinental Short
Line 1st mtg 1958 4s
Atlantic Coast Line 1st con. mtg. 1952 4s
Atlantic Coast Line, Louis .<: Nash coli 1952 4a. .
Atlantic Coast Line equip , ser B, 1912, 4Js. .
Atlantic Coast Line equip., se>- B, W12 4Js
Atlantic Coast Line equip , ser B, 19U 4Js
1
Atlantic Coast Line equip., ser. B, 1913 4Js
Atlantic Coast Line equip , ^er B, 1914 4 ^ .. .. 1
Atlantic Coast Line equip ser B. 1914 4J».
Atlantic Coast Line e^uip., sor B 19L5 4^s
Atlantic Coast Line equip , ser B, /.tts tys . .
Atlantic Coast Line equip , ser B, 1916 4Js. . .
Atlantic Coast Line equip , ser B, l»l'i 4}s
Atlantic Coast Line equip , ser. B, 1917 4>s
Atlantic Coast Line equip., sor B, 1917 4>s .
Atlantic Coast Line equip , ser B. 1918 4Js
Atlantic Coast Lino equip., -ier B, 1918 Hi
Atlantic Coast Line equip *si B, 1919 4>s
Atlantic Coast Line equip , ser B, 1919 4Jo
Atlantic Coast Line equip , ser B, i'«0 4is
Atlantic Coast Line equip., ser B, 1920 4 b .
Atlantic Coast Lme equip., ser B, 1921 4Js.
Atlantic Coast Line equip.. 3er B, 1921 4 j s . . .
Austin & Northwestern 1st mU w i r So Pic Co
19415s
. .
Bait. & Ohio 1st mtsi. 1948 4s.
Bait. & Ohio Pitts. L E. & W Vi H41 4s, .
Bait. & Ohio prior lien 1925 3Js.
Bait, ti Ohio So. W. Div 1st mt< 1925 3$s . .
Beeeii Creek e t t n . 1st mtg. guar. N V 0. & H R
1951 3Js
Big Sandy Rv. ]>t mtg Chesa & Ohio 1944 4 s . . .
Boston & N. Y. Air Line R R l i t nit? guar X. Y
N. H. & H. 1953 4s. . . .
Buffalo, N. Y. & Erie 1st raw 1916 7s
Buffalo, Roeh. & Pitts, cons. mtg. 1957 4Us
Bur. C. R. & Xo. 1st cons, mte 1934 5s
Can. Southern 1st mt? extd. 1913 6s
Can Southern i d mts 19215s..
Can. Northern 1st mts 1929 4s...
Can. \ortti«rn 1st mrs. 1930 4s...
Carolina Clinchfield & Ohio 1st mt« i*S8 3s .
Cedar Rapid J F & X W. 1st rut? <uar B '" R.
A N 19215s
Cent. New Eng. 1st mtu suar by N Y N H. AH. 1961 4b.. . . . .
Cent. Pac. 1st ref guar by So. Par Ry. 1949 4s
Cent. Pac through Short Line guar ^o Pat. Co.
19514s
Cent. R. R. & B. Co u a coll. tr. Wi7 js
Cent. R. R. of X. J . equip., ser. B, WU 4s .
Cent R . R . o f X J. ?en mtg. 1987 5s .
•}
Cent. R. R of N . I . gen mtg. reg. W87 >s.
Charleston & Sav 1st mtg 1936 7s
. .
Ches & Ohio 1st uons 1939 5s.
Ches A Ohio een m u 1992 Us .




Market
value.

Book value. Par value.

401,501

400,000

401,501

436,000

1,440,319
999,268
1,485,934
1,473,579

1,900,000
1,000,000
1,500,00)
1,500,000

1,440,319
999,268
1,489,934
1,473,579

1,729, COO
1,000,000
1,500,000
1,486,000

445,008
3,095,516

500,000
3,510,000

445.008
3,095,516

480,000
3,474,900

1,181,008
.',375,778
4,694,533
11,995
12,988
11,984
12,976
11,973
12,965
U.962
12,954
11,953
12,943
11,943
12,933
11,934
12,924
11,925
12,915
11,917
12,906
11,909
12,897

1,254,000
2,491,000
5,000,000
12,000
13,000
12,000
13,000
12,000
13,000
12,000
13,000
12,000
13,000
12,000

1,166,220
2,366,450
4,750,000

12,000
13,000
12,000
13,000
12,000
13,000
12,000
13,000

1,181,008
2,375,778
4.694,533
11,995
12.98S
11,984
12,976
11,973
12,965
11,962
12,954
11.953
12,943
11,943
12,933
11,934
12,924
11,925
12,915
11,917
12,906
11,909
12,897

31,577
3,931,245
2,284,133
1,028,833
2,718,048

30,000
3,935,000
2,300,000
1,100,000
2,903,000

31,577
3,931,245
2,284,133
1,028,833
2,718,048

31,500
3,858,300
2,093,000
1,012,000
2,641,730

417,491
244,281

440,000
2S1.000

417,491
244,281

382,800
247,280

817,793
54,104
53,669
1,193,042
67,000
72,299
959,096
1,946,667
1,463,533

813,780
54,500
13,000
1,221,000
68,340
72,000
973,320
1,946,667
1,470,000

S17.7M
54,103
53,669
1,193,042
67,000
72,299
959,0%
1,946,667
1.463,533

rs,ooo

822,000
50,000
50,000
1,100,000
67,000
72,000
973,320
1,946,667
1,500,000 i

250,000

1

469,919

514,500

2,600,000 1
5,000,000 1

2,439,993
4,932,921

2,418,000
4.800,000

609.204
660,000
609,204
l,01S,804
1,000,000
1,018,804
104,815
105,000
104,815
2.416,504 \/ 2,337,000
63,000 1} 2,461,504
446,708
323,000
446,708
2,183,011
2,000,000
2,183,011
3,342,933
3,322,000
3,342,933

613,800
1,030,000
105,000
2,928,000
442,510
2,220,000
3,286,440

469,919
J,439,993
4,932,921

490,000

2179

MONEY TBUST.
Schedule of bonds

owned—Continued.
Book value. Par value.

Chi. & Alton rtdg. 1949 3s
Chic. Bur. & Quincy 111. div 1949 3is
Chic. Bur. & Quincy 111 div 1949 4s
ChiC). & Eastern 111. 1st cons 1934 6s
Chic. & Eastern 111. gen. cons. 1st 1937 5s
Chi. Ind. & Southern mtg. guar. bv Lake Shore
& Mich. So. 1956 4s
Chic. tods. & Louis, ref. mtg. 1947 4s
Chic. Inds. & Louis, ref. mt?. 1947 5s
Chic.Inds. & Louis, ref. mtg. 1947 6a
Chic. Inds. & Louis, equip 1912 4is
. . .
Chic. Inds. & Louis, equip 1912 4$s
Chic. Inds. & Louis, equip. 1913 4Js
Chic. Inds. & Louis, equip 1914 44s
Chic. Inds. & Louis, equip 1914 44s
Chic. Inds. & Louis, equip. 1916 44s
Chic. Inds. & Louis, equip 1916 4^6
Chic. Inds. & Louis, equip 1917 44s
Chic. Inds. & Louis, equip 1917 4Js
Chic. Inds. & Louis, equip 1919 4Js
Chic. Inds. & Louis, equip 1919 4is

. ...

.

...

Chic. Inds. & Louis, equip 1921 4Js
C. I. & St. L. S. L. guar. 6. C. C. & St. L. 1953 4s..
C. L. Sh. & E . l s t g . by E. T. &E.1969 4JS
C. M. & St. P . g. m 1989 34s
. .
C. M. & St. P. gen. mtg 1989 4s
Chic. & N . W. deb. 19215s
0 . & N. W. g. m. reg. 1987 34s
...
C. & N. W. skg. fd. of 1879 reg. 1926 6s
C. & N. W. cons, skg fd 1915 7s
C. R. I. & P. gen. mtg 1988
4s
C. R I & P eq 1921 35 43s
C. & St. L 1st mtg. 1915 6«
C , 9t. P., M. & 0 . cons. 1930 6s
C. & W. I eons. 1952 4s
C. & W. I. gen. skg. fd. 1132 6s
Chinese F . Ry. g. Rus.gov drawings until 19704s
Cine,D. <S.Ir. 1st mtg., auai.byCin., Ham. &Dc>tonl9415s
Cin., Ham. & Dav. gt»n m 1942 5s
C., I., St. I.. & C.'g. 1st m 1936 Is
Cin., Sand. & CAe\ e. 1ST C. 1928 5s
C , C.,0. * S t . !,. gen. mtg 1993 4s
C , C , 0. & 1. 1st cons 1914 7 s . . .
r . , C . , C . s i . gen. eons. 1934 6s ..
C , L. & W. 1st cons. 1933 5s
C , L. & W. 1st cons. stpd. 1933 5s
Cleve. Term. & Vai. 1st m'g., guar. bv B. & 0.1995
4s
Colo. <fe So. 1st mtg. 1929 4s
Colo & So rpf. & ext 1935 4}s
Cons. Ry., guar. Rus. gov drawings until 1971 4s .
Den. & Rio G. 1st cons 1936 4s
Den. & Rio G 1st cons 1936 4Js
Det. & Mack. mtg. 1995 4s
Dul. & Ir. Rge. 1st mtg 1937 5s
Dul , Miss & No gen mtg 1941 5s
E. R. Co. new is guar. bv Fch. gov. drgs. until Nov.
1,1954,3s
E. R. of Minn. N. div. 1st guar. St. P., M. & M. &
Gt.N. Ry. 1948 4s.
E. Tenn., Va. & Ga c in 1956 5s
Elg., Jol. 4 Eas*. 1st mtg. 19415s
El P. & R. I. guar. N M. Ry. & C. Co. 1951 5 s . . .
Emp. Eliz. R. R. 1st issue guar. bv Aus. Gov. drgs.
until 1946 5}s..
Emp. Eliz. R R. 2d issue guar. bv Aus. Gov. drgs.
until 1954 5 Js..
Emp. Eliz. R R. 3d issue guar. bv Vus. Gov. drgs.
until 19625s
'
Frie R. R. 1st eons, mtg 1920 7s
-...
Erie R. R. Penn. e"l. tr. 1151 4s
Erie R. R. gen. hen 1996 4s
F . & 1.1st eons euar. E & T. H 1126 6s




$5,412,577
2,043,701
2,600,023
250,456
1,694,308

Amortized
value.

Market
value.

$5,746,000
2,250,000
2,550,000
225,000
1,533,000

$5,412,577
2,048,701
2,600,023
250,456
1,694,308

$4,079,680
1,980,001)
2,550,000
279,000
1,686,300

2,059,319
1,623,226
117,935
703,598
21,992
22,978
21,966
22,951
21,941
22,926
21,917
22,901
21,894
22,878
"1,872
22,855
21,851
22,834
21,831
22,813
21 812
22,794
21,794
22,776
790,430
3,081,676
1,588,148
2,000,000
2,028,202
994,717
451,875
434,644
522,515
269,249
256.354
2,334 331
3 W7.462
116.461
44,591

2,250,000
1,727,000
108,000
551,000
22,000
23,000
22,000
23,000
22,000
23,000
22,000
23,000
22,000
23,000
22,000
23,000
22,000
23,000
22,000
23,000
22,000
23,000
22,000
23,000
800,000
2,925,000
1,600,000
2,000,000
2,000,000
1,000,000
401,000
400,000
525,000
276,000
250.000
2 000,000
,i 500.000
802.000
43,250

2,059,319
1,623,226
117,935
703,598
21,992
22,978
21,966
22,951
21,941
22,926
21,917
22,901
21,894
22,878
21,872
22,855
21,851
22,834
21,831
22,813
21,812
22,794
21,794
22,776
790,430
3,081,676
1,588,148
2,000,000
2,028,202
994,717
451,875
434,644
522,515
269,249
256,354
2,334 331
3.397,462
«16 461
44.591

2,070,000
1,606,110
117,720
609,770
22,000
23,000
21,780
22,770
21,780
22,770
21,780
22,770
21,780
22,770
21,780
22,540
21,580
22,540
21,560
22,540
21,340
22,310
21,340
22,310
768,000
3,042,000
1,392,000
1,980,000
2,100,000
870,000
449,120
432,000
504,000
270,480
265.000
2 460,000
3,220.000
874.180
38.060

54S,677
1.131 .SO]
221 372
586.608
2. S95.393
511.929
1.037.376
240.385
80,059

515,000
1 137.000
228,000
572,000
3.000,000
490.000
1 050.000
250.000
75 000

54S, 677
1.131.301
221 372
586 608
2 895.393
511 029
1,037.370
240 385
S0.C5P

535,600
1 171.110
223.440
612,040
2,790,000
519,400
1 302.000
277.500
« . 250

37 716
821.309
735.S80
7.033,782
(584,910
734,822
47,075
57,635
1 031 277

40.000
S63,0O0
7.50.000
S 290.500
S0O.0OO
700,000
81.000
52,000
968,000

J7.716
S21.309
735.880
7.033 782
W4,910
734.822
47,075
57.635
1,031 277

37,600
837,110
727 500
7 793,070
712 000
67P.00K
72 900
5J.640
1 006.730

4,238,988

4,853.274

4 238 888

4 028.21S

1.736.176
652 246
207 136
419.8S2

1,700.000
647.000
185,000
400,000

1.736,176
652,246
207,135
419,882

1,666,000
718,170
203.500
408.000

28,6(12

24,360

28, «I2

27,113

8, ^72

S.120

8,872

8,445

52,723
3 173 H2
3 308.438
221.204
479.896

18. 720
2 %5.000
3.500.000
259.000
403,000

52 723
.i. 173.112
3.308.43S
221,204
479, S96

49.694
3.380.700
3 115,000
204,610
509 300

2180

MONEY TBUST.
Schedule of bonds

owned—Continued.
1
Book value.

Par value. ]

1
Amortized '
value.

*192,191
320.363
75,116
108,490
543, 707
25tS, 737
2.629,119
1,165.363
99,516
975,864
2,617,118
220,413
3,085,269
334,489
2,775,472
977,011
487,874
149,853

$200,000
300,000
75,000 l
100 000 '
545,000 *
272,000 |
2,848.911
1,000,000
100,000
1,020,000
2,500,000
250,000
3.119,000
417,000
2.829,000
1,000,000
500.000
141,000

J192,191
320,363
75,116
108,490
543,707
256,737 !
2,629,119 '
1,165,363
99,516
975,8«4
2,617.118
220,413
3,085.269
334,489
2,775,472 !
977,011 i
487.874
149,863 i

$220,000
336,000
76,500
110.000
528.650
252,960
2,507,042
1,270,000
108.000
918.000
2.575,000
262,500
2.651,150
312,750
2.432.940
900,000
480,000
164,970

146 716
74,924
1,216, 722

172.542
75 000
1,090,600

146,716
74,924
1,216,722

139,759
75.000
1.1S8,100

527,129
1,065,642

600,000
1,125,080

527,129
1,065,642

528,000
1 057.500

564,985
168.770
48,770
47,397
921,064
4,881,005
4,142,124
806,425
430,553
379,176
398,948
14,635
1,325,901
3,354,605
307,416
1,740,583
167,552
1,029,979
263,847
213,847
2,348,227
488,376 i
6,284,624

540,000
200.000
50,000
50,000
900,000
5,000,000
4,500,000
800,000
400,000
380,000
420,000
13,124
1,122,000
3,400,000
300,000
1,945,000
150,000
1,000,000
211,000
184,000
2,535,000
500,000
6,274,000

564,965
168,770
48,770
47,397
921,064
4,881,005
4,142,124
806,425
430,553
379,176
398,948
14,635 1
1,325,901
3,354,605
307,416
1,740,583
167,552
1,029,979
263,847
213,847
2,348,227
488,376
6,284,624

529.200
160 000
49,000
47,500
936,000
4,700,000
4,005,000
840,000
452,000
380,000
411,600
14,961
1,402,500
3,254,000
327,000
1,789,400
165,000
1,050,000
267,420
209,760
2,281,500
475,000
6,211,260

371,442 1
196,615 |

400,000
199,531

371,442
196,615

681,000

616,350

E. & I.1st mtg. guar. E. & T. H. 1924 6s
E & T H 1st cons 1921 6s
E & T H 1st gen mtg 1943 5s..
Flint & Pere Mar. 1920 6s
Flor. E. C 1st ratg 1959 4*s
Flor. So. 1st mtg. guar. Sav., Flo. & West. 1945 4s.
F-E. Ry. goar. by Feh. Gov. drawings until 2007 SJs
F., E. & M. V. cons. guar. 0. & N. W. 1933 6s
Ga So. & Fla 1st mtg 1945 5s
Gr Ry 1st guar C & O 1940 4s
Hock V Ry 1st cons 1999 44s .
H. E. & W. Tex. 1st mtg. guar. So. Pac. Ry. 19335s. i
111. Cent. I div & ter. 1953 3is
'
HI Cent. O div *st mt? 19513s..
111. Cent. St. L. div. &ter. 1951 3is
Ill Cent M L ext 19513te
IU. Cent. ref. mtp. 1955 4s
Ind & St. L 1st 1919 7s
.
I-C. & Y. Ry. gr. by Col. of I-C. & FrcK Gov. drgs.
nntil 1976 3s
Int & Gt No equip 1912 13 5s
Int. <fc Gt. No. 1st mt?. 1919 6s
la., M. & N . W. 1st mtg. reg. gr. b y Chic. & N . \V.
1935 3Js
1., F. & C. 1st mtg. guar. L. 8 . & M. So. 1959 4 s . . . .
K. & H . C. Co. 1st mtg. gr. H . V . & T. & O. Cen.
19515s
.
K. C , F t . S. & M. ref. ?r St. I.. & S. F. 1936 4 s . . . .
Kan. City Ter. 1st mtg. guar 12 R. Rs. 1960 4s
E y . Cent. 1st mtg. 1987 4s
L. E. & W. 2d mtg. 19415s
L. S. & M. So. debs. 1928 4s
L. 8. & M. So. 1st m. r. 1997 31s . .
L. V. R. of N. Y. 1st mtg. guar. L. V. R. R. 1940 4js
L. V. Ter. 1st mtg. 1941 5s
L. & W-B. Coal Co. mtg. 1912 5s
L. & W-B. Coal Co. cons. guar. Cen. of N. J. 1930 4s.
L-S. Ry. ann. drgs. until 1960 5s . .
Long Oock Co 1st mtg 1935 6s
L. I. ref. mtg. gr. P. R R 1949 4s
Lonis. West. 1st mte 1921 6s
L. & N. A. K & C. div 1955 4s
L. & N. 1st mtg col tr 1931 5s
L. & N M & M 1st m 1945 4is
I/. & N. N. O. & M. div. 1st mtg. 1930 6s
L. & N. St. L. div. 1st m. 1921 6s
L. & N . So. Ry. "Mono." 1952 4s
L. & N. T. Co. 1st m. gr. 1952 4s
L. & N. unif. 1940 4s
Mahoning Coal R. R. 1st mtg. gr. L. S & M. So. 1934
5S
Mani. &S. E . 1st mtg. guar. Prov. Manitoba 19294s.
M., G., B. & N. W. 1st mtg. guar. by C. & N. W.
194131s
Met. St. Ry. N. Y. gen. mtg. (Guar. Trust Co. cfe.)
19975s..
Mich. Cent. R R. 1st m 1952 3*s
M. C. J. L. & S div 1st 19513Js
M. C. J. & N. Ind. div. 1st 1957 4s
Midl'd. of N. J 1st m. ext 1940 5s
Mil. E . Ry. & L. Co. c. m. 1926 5s
Mil. & No. 1st m. ext. 1913 4Js . .
...
M. St. P . 4 S. S. M. 1st c 1938 4s
M. U. 1st mtg. guar. St. P. M. & M. 1922 5s
Mobile & Ohio 1st mtg. 1927 6s
M. & O. M. div. 1st mtg. 1947 5s
M. & M. Ry. guar. N. Y. C. & H. R. 2002 3Js
Mon. Cen. 1st mtg. guar. Gt. No. 1937 5s
Mon. Cen. 1st mtg. guar. Gt. No. 1937 6s
Morgan's L. & T. R. R. & S. S. 1st mtg. 1918 7s....
M. J. & A. Ry. 1895 guar. by Bus. gov. drawings
until 1943 4s
M. J. & A. Ry. 1897 guar. by Rus. gov. drawings
until 1943 4s .
..
Mosc. Kaz. Ry. guar. Rus. gov. dgs. until 1945 4s..
Mosc. Kaz. Ry. guar. Rus. gov. drgs. until 19474s..
Mosc. K. & w . Ry. guar. Rus. gov. drawings until
1955 4s
Mosc-Riasan Ry. guar. Rus. gov. drawings until
1
19454s
Mosc. W. & R. Ry. 1897 guar. by Rus. gov. drgs.
until 1955 4s
!




616,350
748,750 i
5,124,797
189,943
975,42*
854,771
246,769
50,000
2,397,894
510,413
430,068
326,230
2,703,637
1,437,085
168,442
803,906

i

1,000,000
5,127,000
216,000
1,000,000
782,000
250,000
50,000
2,394,000
510,000
355,500
288,000
2,800,000
1,240,000
128,000
750,000

39,123

39,400

163,352
859,317
434,733

164,220
1,101,226
438,000

970,000
5,124,797 1
189,943
975,424
854,771
246,769
50,000
2,397,894
510,413
430,068
326,230
2,703,637
1,437,085
168,442
803,906

Market
value.

448,000
197,535
592,470
970,000
4,511,760
190,080
970,000
868,020
260,000
50,000
2,322,180
540,600
430,155
316,800
2,352,000
1,388,800
163,840
847,500

39,123

35,460

163,352 i
859,317 ,
434,733 i

147,798
991,103
394,200
21,328

21,095

23,437 i

21,095 1

12,335

12,376 1

12,335

11,138

86,519

87,584

86,519

78,826

2181

MONEY TBUST.
Schedule of bonds owned— Continued.
Book value.

!
Amortized
Par value. '
value.

Mosc. W. & R. Ry. 1898 guar. by Rus. gov. drgs.
$764,756
until 1966 4s
Mosc. W. & R. Ry. 1903 guar. by Rus. gov. drgs.
16,843
until 1955 4s .
. .
578,169
N. C. & St. L. 1st cons. 1928 5s
569,851
N. C. & St. L. 1st mtg. 1913 7s
.
Nat. Rys. of Mex. gen. mtg. guar. by Mex. gov.
285,939
1977 4s
N. E . R. R. cons. mtg. guar. by N. Y., N. H. & H.
19456s
635,601
N. E. R. R. cons. mtg. guar. by N. Y., N. H. & H.
3,244,039
1945 4s
N. H. & N. Co. ref. cons. guar. by N. Y., N. H.
1,020,982
& H. 1956 4s
.
3,236,968
New Or. Ter. 1st mtg. 19531s
802,000
N. Y. C. L. equip, guar. by 8 R. Rs. 1923-254Js...
2,997,801
N. Y. C. & H? R. debs 1934 4s
169,788
N. Y C & H R. mtg. 1997 3*s
1,596,162
N. Y. C. & H. R. L. S. coll. tr. 1998 3Js
352,515
N. Y. C. & H. R. M. C. coll. tr. 1998 3*3
5,599,303
N. Y. & H. 1st mtg.2,000 3is
250,000
N. Y. & J. R. R. 1st mtg. 1932 5s.. :
N. Y., L. E. & W. D. & I Co. 1st mtg. 1913 6 s . . . .
i,m?,4m
N. Y., N. H. & H. (Har. River & Port) 1st 19544s.
2,221,062
N. Y., 0 . & W. gen. mtg. 1955 4s
1,669,368
N . Y . , 0 . 4 W. ref. mtg. 1992 48
1,648,876
N. Y., S. & W. 1st ref. 1937 5s
. .
504,205
83,093
N. Y. S. & W. Ter. 1st mtg. 1943 5s
86.962
Nicolas Ry. guar. Rus. gov. drgs. until 19514s
1,531,098
N. & W. Div. 1st lien and gen. mtg. 1944 4s
958,230
N. & W. 1st cons. 1996 4s
245,337
N. & W. gen. mtg. 1931 6s
452,265
N . & W . - P . J t . 19414s. . .
12,219,592
No. Pac. Gt. No. C. B. & Q, coll. 1921 4s
1,235,052
No. Pac. St. P. & D. div. mtg. 1996 4s
No. Pac. Ter. 1st mtg. gr. 1933 6s
498,298
North Ry. Co. new issue ser. B. gr. French Gov.
drgs. until 1950 3s..
475,556
.306,210
Ohio, I n d . & W . (pref.) 1st m t g . 1938 5s
2,058,828
Oregon R . R . & N a v . cons. m t g . 1946 4s
1,149,097
Oregon Short Line cons. 1st m t g . 1946 5s
1,100,088
Ore. Short L . 1st m t g . 1922 6s . .
Orleans-Chalons R y . a n n u i t i e s drawings until 1960.
29,917
5s
170,000
Pac. R. R.of Mo. 1st mtg. extd. 1938 4s
Paris,Lyon& Med.Ry. guar by French Gov. draw402,485
ings until 1958 2 J s . . .
936,775
Penn.Co.tr.gr. P. R. R. 1944 3Js
2,038,449
Penn. Co. tr. gr P. R. R. 19413Js
Pann.Co.tr.gr. P. R. R. 1916 3*3
857,550
Penn. equip, tr. guar. Penn. R. R. 1912 3Js
399,670
PATIIV R . R. i>nns. 194R4*
959,301
Patin R R m n v 101^ 3 } S
3,204,845 i
1,059,718
Phila., B. & W. 1st mtg *I943 4s
1,398,857
Pine Creek 1st g. N. Y."C. & Phila. & Read 1932 6s.
Pitts., Cin., Chic. & St. L. cons. ser. A. guar Penn.
Co. 1940 4Js
1,004,828
Pitts., Cin., Chic. & St. L. cons. ser. E guar Penn.
1,004,176
Co. 1949 3Js..
Pitts., Cin., Chic. & St. L. cons, ser F guar Penn.
2,066,759 :
Co. 1953 4s
195,572
Pitts. & L. Erie 1st mtg 1928 6s
Providence Term, lstmtg. guarbyN.Y.,N. H. & H.
2,573,364
19564s
. .. .
300,000
Raleigh & Gas. 1st m t g 1947 5s
1,890,355 ,
Reading Co. Jer. C. coll 1951 4s.. .
Rlason-Oural Ry. 1894 guar. by Russ. Gov. draw,
1,414 1
until 1947 4s
Riasan-Oural Ry. 1897 guar. by Russ. Gov. draw,
108,156 |
until 1947 4s
Riasan-Oural Ry. 1898 guar. by Russ. Gov. draw,
314,181 |
until 1947 4s
Riasan-Oural Ry. 1903 guar. by Russ. Gov. draw,
122,827 1
until 1964 4s
]
Richmond-Washington g. P. R. R. and five others
3,964,630
reg 1943 4s
Rio Grande Juc. Ry. 1st guar. V>. & R. G. & Col.
126,502 .
Md. 1939 5s. .
1,837,309 i
Rio Grande "W. 1st cons 1949 4s
468,200
Rio Grande W. lstmtg. 1939 4s
109.12<i
Rochester & Pittsburg cons. 1st mtg. 1922 6s
75.219
Roc. & Pi.ts 1st mte. 19216s
FRASER

Digitized for


$769,454

(764,756

Market
value.

$692,509

18,750 1
563,000 1
547,000

16,843 .
578,169 I
569,851 |

17,250
619,300
568,880

325,000

286,939 i

279,500

500,000

635,601

580,000

3,250,000

3,244,039

3,250,000

1,025,000
3,500,000
802,000
3,000,000
195,000
1,789,000
400,000
5,176,000
250,000
1,500,000
2,217,000
1,877,000
1,639,000
500,000
72,000
89,200
1,846,000
1,000,000
195,000
500,000
12,500,000
1,244,000
493,000

1,020,982
3,236,968
802,000
2,997,801
169,788
1,596,162
352,515
5,599,303
250,000
1,507,450
2,221,062
1,669,368
1,648,876
504,205
83,093
86,962
1,731,098
958,230
245,337
452,265
12,219,592
1,235,052
498,298

1,014,750
3,080,000
810,020
2,790,000
171,600
1,449,090
316,000
4,658,400
257,500
1,530,000
2,194,830
1,726,840
1,557,050515,000
78,480
82,956
1,735,240
980,000
241,800
460,000
12,125,000
1.194,240
o47,230

531,715
300,000
2,055,000
1,000,000
972,000

475,556
306,210
2,058,828
1,149,097
1,100,088

446,640
318,000
1.972,800
1,110,000
1,108,080

24,704
170,000

29,917
170,000

29,645
164,900

508,555
1,000,000
2,020,000
864,000
400,000
1,000,000
3,225,000
1,000,000
1,100 000

402,485
936,775
2,038,449
857,550
399,670
959,301
3,204,845
1,059,718
1,398,857

.386,502
890,000
1,797,800
846,720
400,000
1,040,000
3,128,260
1.020,000
1,353,000

1,000,000

1,004,828

1,070,000

1,000,000

1,004,176

930,000

1,988,000
161,000

2,066,759
195,572

1,968,120
194.81C

2,600,000
300,000
2,000,000

2,573,364
300,000
1,890,365

2,574,000
327,00(1
1,960,000

1,406

1,414

1.266

110,194

108,156

•W.175

316,897

314,181

285.207

135,927

122,827

125,062

4,000,000

3,964,630

3,880.000

114,000
2,000,000
501.000
100 000
70,000

126,502
1,837,309
468.200
109.126
75,219

117,420
1,620,000
435, R70
116.000
79, W

•2182

MONEY TRUST.
Schedule of bonds owned—Continued.
Book value.

Par value.

Amortized
value.

$106 29K
250,000
409,400
4.725.330
937.Ill
350,867
358.740
1.3O0.238

$109, 361
250.000
314,500
4.129,000
1.000,000
350.000
325,000
1,500,000

$106,298
250,000
409,400
4,525,330
937,111
350,867
358,740
1,300,238

Kybinsk R v . guar. Russian C.ovt. drawings until
1956 4s
Si. L a w . & Adir 1st m t g . 1996 5s
S t . L. Bridge Co. 1st mtg. 1929 7s
S t . L. I. Mt. & S. gen. 1. g. 1931 5s
S t . L. I. Mt. & S . ( R . & G. Div.'i 1st 1933 4s
S t . L. & San F. gen. m t g . 1931 5s
St. L. & San F . gen. m t g . 1931 6s
S t . I.. & San F . ref. m t g . 1951 4s

St. Paul, Minn. & Man. cons. mtg. stam. guar. Gt.

North 1933 4s .
S i . P . , Minn. & Man. 1st cons. guar. Gt. N o r t h . 1
1933 4*s
i
S i . 1'., Minn. & Man. 1st cons. guar. Gt. N o r t h , reg.
1933 4Js
.
. ..
St. P., M. & M. 1st cons. guar. Gt. N o r t h . 1933 6 s . .
Sf. P.. M. <t M. Mont. E x . 1st m t g . g. Gt. N o r t h .
1937 4s
St. Paul, M. & M. Pac. E x t n . guar. Gt. North 1940
4S
Si. i \ & N . P. 1st gen. m t g . 1923 6s
X
S t . P . & N . P . 1st g. m . reg. 1923 6s
Santa Fe, Prescott & Phoenix 1st m t g . 1942 5s
Sav., Fla. & West. 1st m t g . 1934 6s
Sav., Fla & West. 1st m t g . 1934 5s
Second Av. Tt. R., N . Y . , 1st. cons. (guar. T r u s t
Co. ctfs '' 1948 5s
So. & N o . Ala. cons. guar. I,. & N . 1936 £s
So. Car. & Ga. 1st 1919 5 s .
Southeast R y . g. Russ. govt. drawings u n t i l 1953 4s.
Southeast R> g. Russ govt drawings u n t i l 1954 4s.
S o u t h . Pac. 1st ref. g. South. Pac. Co. 19E5 4s
S. Pac. (ofCal.) 1st cons. 1937 5s
So. Pa. Co. San. F . T e r m . 1st m t g . 1950 4s
So. Ry. E . Term, reorganization 1938 5s
So. R v . 1st cons. 1994 5s
So. Ry. St. L. div. 1st m t g . 1951 4s
Southw. R y . g. Russ. govt. drawings until 19524s..
Spokane Int 1st m t g 1055 5s
Swiss Fed. R v . g. by Swiss govt. drawings u n t i l
1962 3Js
' '
T a i l o r ' s Fails <1- L. S. 1st mtg. guar. St. P . & I ) .
1914 6s
Term, R. R. uf St. Louis cons. 1944 5s
T e r m . R. R. of St. I., ref. 1953 4s
Tex .V- l'*c 1st m t g 200(15s
Tex A Piic La div 19315s.
Third Vv. R. R., N . Y., 1st cons. m t g . (Cen. Tr.
Co ot f s ^tamped) 2000 -Is
Thirty-fourth St. Crstivn. N . Y . 1st m t e . 199'0 5 s . . .
•Toledo. Can. So. & Det. 1st mtg. g. Mich. Cpnt.
1956 4s
'.
Toledo & Ohio Cen. W. Div. 1st m t g . 1935 5s
T., H a m & Buff 1st m t « . 1946 4s
TJn. P. Rv. * I,. G. 1st m t g . 1947 4s
]•
l*n. P . R v . & L. G. 1st rmg. reg. 1947 4s
Union Rv., N*. Y., 1st m t g . 1942 5s
United So. Austn. L o m b a r d & Cent. Italian R. P..
user Bt, gr. b v Austrian govt. drawings until
1955 5s
. .
Utah 4 N o r t h . 1st m t g . ext. guar. b y Ore. Short
' Line 1933 4s
...
Vund. R R con ser. \ 1955 4s
Vand. R. R cons, ser. B 1957 4s

j

$98,425
280.00C
405,705
4,376.740
830, UK)
378,000
388,750
1,200,000

103,000

103,000

103,000

101,970

1 055,213

1.061,000

1,055.213

1.124.660

1,276.271

1,106,000

1,276,271

1,393,560

553.721

567,. 000

553,721

555,660

494,828
1 244.397

500.000
1,200,000

494,828
1.244,397

490,000
1,380,000

1,073,977
1,155.406
502,1)77

978.000
992,000
500.000

1.074,977
1,155,466
502,677

1,066,020
1,240,000
5f5,000

59.687
3.308.XS3
248,526
1.967.326
96. 875
2. 400. 882
169^ 6!6
-SS3, 148
278.828
7.987,792
2,470,759
12.027
531. 784

250.000
2.958.000
261.000
2,031,000
99.841
2,500.000
148.000
000,000
245.000
6,960,000
2,500,000
11,312
517,000

112,500
3,308.883
248.526
l,967,32f!
96,875
2.400.882
169.616
463.14S
278,828
7.987, 792
2,470,759
12.027
531,784

112,500
3.283,380
271,440
1,827,900
89,857
2.375,000
164,280
455.OOP
259,700
7.516,800
2,200,000
10,749
532,510

644,024

656,200

644,024

616,828

210,313
320, 754
4.038,007
397 539
793. 121

210,000
285,000
4.000,000
343,000
757,000

210,312
329,754
4.038,007
397,539
793.121

218,400
319.200
3.800.000
377,300
764,570

1 583 375
106. 099

2.650,000
175,000

2,014,000
196,099

2.014.000
166.250

1.276.211
249.3)1
493.549
3.030,742
50.078

1.300,000
250,000
500,000
3,300,000

1.276,211
249,311
493,649
3,030.742

1,235,000
275,000
445,000
3,333,000

50.000

50,078

52,000

176,623

142.100

176.623

165,326

1.816.436
2. ]:«, 441
If4.145
824,783

1.877.000
2,090,000
160,000
768,000

1.816,436
2.133,441
154.145
824,783

1,820.690
2,006.400
153.600
806,400

1,584,000

1,523,837

1,393.920

860,683

730,517

705.760

679,939

587,507

571.149

165,690

138.739

139,180

104,000

99,202

93,600

1,439,000

1.440,767

1.453,390

500,000

481,556

565,000

76.160

74.310

6H.544

Wabash R. R. 1st mtg. 1939 5s
Wash. Term. 1st guar. P. B. & W. & B. & o . 1945
1,523,837
3Js....
W. Algerian Ry. g. bv Fr. govt. drawings until
730,517
1975 3s . . . . .
.
...
Western Ry. of France (new) guar. by French
587,507
govt drawings until 1956 3s
Western Ry. of France (old) guar. by French govt.
138.739
drawings until 1951 3s
Western Transit Co. guar. N. Y. C. & H. R. 1923
99,202
ijs....
West Shore 1st mtg. guar. N. Y. C. & H. R. 2361 4s. ]
West Shore 1st mtg. reg. guar. N. Y. c. & H. R. \ 1.440.767
23614s
Wilmar & S. F. 1st mtg. guar. St. P. M. & M. & Gt.
•I81.55fi
\'o. 1938 5 s . .
Wladikawkas Ry. gr. Russ. govt. drawings until
74.310
19.W4S




Market
value.

2183

MONEY TRUST.
Schedule of bonds owned—Continued.

Wladikawkas Kv. gr. Russ. govt. drawings utiril
1956 4 s . . .
Brooklyn Union G. I.. Co. cons. 1945 5s
Commercial Cable Co. 1st. mtg- 2397 4s
Consumers Gas L. Co. Chic. 111. 1st mtg. 1936 5s....
Intemati. Mercantile Marine nug. & Coll. tr. 1922
4js
Kansas City Mo. Gas Lt. Co. 1st mtg. 1922 5s
Mut. Fuel Gas Co. Chic. 1st mtg. guar. P. G. Lt. &
Coke 1947 5s
Pat. & Passaic Gas & El. Co. cons. mtg. 1949 5s....
People's G. L. & C. Co. Chic. 1st cons. 1943 6s
Provident Loan Soc. of N. Y. 1921 4Js
Bt. Paul Minn. Gas Lt. Co. cons. extn. 1918 bs
St. P. Minn. G. L. Co. gen. mtg. 1944 5s
St. P. Minn. Gas L. Co. 1st mtg. 1915 6s
Sunday Crk. Co. coll. tr 1944 5s
Westchester Ltg. Co. 1st mtg. gr. by Cons. Gas Co.
N Y. 1950 5s
Western Union Tel. Co. coll. tr. 193!* os
Western Union Tel. Co. fdg. & r. e. mtg. 1950 4Js..
Total

Amoilized
value.

Market

Book value.

l'ar value.

$:i.lO8. 166
628.069
93.777
159. 787

*.'!. 205.000
594,000
100,000
150.000

H . 108, l(ili
628,069
93.777
159,767

$2,916,550
629,640
84.000
153,000

2 156 000
246.45B

3 200 000
250, 000

2.144,000
246, 45(i

2.144,000
247,500

118,056
509,380
222,985
192,409
196,944
411,270
201,565
433

125,000
500,000
192,000
200,000
200,000
475,000
200,000
131,000

118,056
509,380
222,985
192,409
196,944
411,270
201.565
433

126,250
515,000
224,640
190,000
216,000
405,500
212,000
87,770

104 967
430,345
921,668

100 000
441,000
900,000

104 967
430,345
921,668

105 000
445,410
873,000

42H,7W,48ii

value.

437,210,388 i 430,547,775 ! 422,078,190

Mr. UNTERMYEE. Mr. Chairman, there is a letter here dated the
3d of January, 1913, from Messrs. Carter, Ledyard & Milburn, counsel
for the New York Stock Exchange, together with a list appended, in
explanation of Mr. Sturgia' testimony. It should go into the record.
It will be Exhibit 239.
The papers referred to were marked "Exhibit No. 239, February
25, 1913/ and are here printed in the record as follows:
EXHIBIT NO. 239,

FEBRUARY 25,

J913.

NEW YORK, January 3, 191.1.
SAMUEL UNTERMYER,

Esq.,

SI Wall Street, City.
DBAR SIR: Certain questions were put to Mi'. Sturgis in the course of his examination to which he was unable to give a reply, and you requested that he supply the
information, if able to obtain it, later. Herewith inclosed is a list of the names of members of the stock exchange who have failed since January, 1900, and the date of failure.
The number of failures is 72, or 6£ a year. Of the 72 members who failed, 24 settled
with their creditors and were reinstated, and 12 more settled in full with their creditors,
although they were not reinstated.
On May 10, 1869, the day after the three exchanges were combined, the number of
issues listed on the stock exchange was 356, as against 1,583 in 1912. We have no
means of ascertaining the capitalization of the companies whose issues of securities
were listed in 1869. The Financial Chronicle doe« not stale the amount of transactions
in stocks in 1869. In the year 1879—that is the year in which the membership of the
exchange was increased from 1,060 to 1,100—the sales of stock were 75,000,000 shares,
and in 1880, 100,000,000 shares. In 1912 the number of shares sold were $129,324,169.
The bond transactions for 1869. as reported bythe Financial Chronicle, were310,541,559.
]n 1879 the total sales of bonds were $413,000,000: in 1880, $570,000,000; and in 1912,
$664,942,420. Average day's transactions in 1879 were 250,000 shares and $1,043,333
bonds; in 1880, 333,000 shares and $2,990,000 bonds; and in 1912, 425,000 shares and
$2,221,600 bonds.
These figures were obtained by Mr. Martin, the assistant secretary of the stock
exchange, from the Financial Chronicle and furnished to us.
Very truly, yours,




CAKTER, LEDYAKD & MH.BURN.

2184

MOHEY TRUST.
Date ol failure.

Name of member.

Egbert Mills
D.B.Hatch
C. F. Grant
J Fletcher Shera
Edward Brandon

1900.
Jan. 17.
Jan. 31.
Apr. 3.
Sept. 13.
Sept. 13.
May 28.
June 4.
Sept. 24.
Sept. 18.
Nov. 13.
NOT. 19.
Aug. 31.

Henry Coolidge..
W. L. Stow
E. B. Havens
F. W. Duryea
Philip O. Mills
N. T. Thayer
Louis T Watson
A. H. Gross
G.R. Leslie...
A. G. Baylis
Alfred Kessler
Max H. Scbultze

M.M.Jamison
R. A. Jobnson
Henry Marquand

1901.
May 6.
May 17.
J tine 2a

G.N.Whitney

H. H. Henry
H. B. Lockwood
Robert Offenbach

1902.
May 5.
MayS.
May 5.

Williftro Tiftsmt
F. E. Brumley
T. J. Taylor "
W . W . Sharp
Chas. S. Bryan
W.L.Stow
Henry Coolidge
E. C. Jurgensen
J. C. Kflbreth
15. Santord Hatch

isoa.
July 27.
July 27.
July 24.
Aug. 5.
Aug. 5.
July 24.
Jury 24.
Aug. 3.
Oct 14
Aug. 5.

D. J.Sully
Thomas S. Smith
B. Klopfer
H. H. Hahlo
C. Schumacher, jr

1904.
Mar 18
\pr 4
July 14
Aug 15
Dec H

H. G. Tunstall
A. M. Hunter
W. 0 . McCormiok
R. M. StuarMVortley

1905.
Feb. lb.
May 27
Tune 28.

Charles Henrotin
R. H. Donnelly

1906.
Apr. 19.
July 11.
Oct. 22.
Dec 22
May 2.

I. B. Newcombe
W. S. Alley
J. W. Henning

E.F.Leo

C. W. Saacke

Date of failure.

Name of member.

1907.
Apr. 15.

.. .

May 22.
Aug. 22
Sept 10
Sept. 7.
Oct. 18.
Oct. 22.
Oct 22.
Oct. 31.
Oct. 17.
1908.
Jan. 16
Apr. 29.
Apr. 24.
July 20.
Aug. 24.
Aug 17
Aug. 25.
Aug. 25.
Dec. 28.
Jan. 13

J. G. Melntyre
Clarence DeWitt
Fred Dorr
A.C.Brown
L. G. Young
Henry W. Poor.
H. H. Weekes

... .

F. W. Parker
F. P. Holran
•

1910.
Jan. IS).
Jan.19
Jan 20
Jan. 2.
Oct. 15
Deo. 17.

H. R. Hftsbins
C. M. Washtrarn
H F Criss
A Han F . O<^™

,..

A. M. Jndson

Big. H. Rosenblatt
H. Coolidge.
J. B. Van Schaick
J. W Henning
L. E. Whicher

•

.. .

1909.
Feb. 18.
Mar. 18.
June 23.
Sept. 3

1911.
Jan. 23.
May 31.
Sept. 12
Nov. 10
Nov. 11
1912.
Mar. 9
Apr. 25.
June 7.

C A Painter
Henry Spronl

Total failures 72, of whom 24 settled in full with their creditors and ware reinstated and 12 settled Sn
full with their creditors but were not reinstated.

Mr. UNTERMYER. The report of ihe committee appointed by Gov.
Hughes on speculation in the s^ock exchange, to whicli reference has
been made in the examination of witnesses, which is Exhibit 27 in
the recoid, is not printed as an exhibit. It slit uld be printed.
The report referred to which is "Exhibit No. 27, June 12, UH2."
is here printed in the record ss follows:
(EXHIBIT NO. 27, JUNE 12, 1912.)
REPORT OP GOV. HUGHES' COMMITTEE ON SPECULATION IN SECURITIES AND COMMODITIES, JUNE 7, 1909.
X E W Y O R K , June 7, 19<Y>
Hon. CHARLES B. HUGHES,

Governor, Albany, A'. Y.
DEAR SIR: The committee appointed by you on December 14, 1908, to endeavor IO
ascertain "what changes, if any, are advisable in the laws of the State bearing upon




MONEY TBUST.

2185

speculation in securities and commodities, or relating to the protection of investors, or
with regard to the instrumentalities and organizations usea in dealings in securities
and commodities which are the subject of speculation," beg leave to submit the following report:
We nave invited statements from those engaged in speculation and qualified to discuss its phases; we have taken testimony offered from various sources as to its objectionable features; we have considered the experience of American States and of
foreign countries in their efforts to regulate speculative operations. In our inquiry
we have been aided by the officials of the various exchanges, who have expressed their
views both orally and in writing, and have afforded us access to their records.
THE SUBJECT IN GENERAL.

Markets have sprung into being wherever buying and selling have been conducted on
a large scale. Takeu m charge by regular organizations and controlled by rules, such
markets become exchanges In New York City there are two exchanges dealing in
securities and seven in commodities. In addition there is a security market, without
fixed membership or regular officers, kuown as the "'Curb." The exchanges dealing
in commodities are incorporated, while those dealing in securities are not.
Commodities are not held for permanent investment, but are bought and sold primarily for the purpose of commercial distribution; on the other hand, securities are
primarily held for investment; but both are subjects of speculation. Speculation
consists in forecasting changes of value and buying or selling in order to take advantage
of them; it may be wholly lesritimate, pure gambling, or something partaking of the
qualities of both. In some form it is a necessary incident of productive operations.
When carried on in connection with either commodities or securities it tends to steady
their prices. Where speculation is free, fluctuations in prices, otherwise violent and
disastrous, ordinarily become gradual and comparatively harmless. Moreover, so far
as commodities are concerned, iu the absence of speculation, merchants and manufacturers would themselves be forced to carry the risks involved in changes of prices
and to bear them in the intensified condition resulting from sudden and violent fluctuations in values. Risks of this kind which merchants and manufacturers still have to
assume are reduced in amount, because of the speculation prevailing; and many
of these milder risks they are enabled, by "hedging," to transfer to others. For the
merchant or manufacturer the speculator performs a service which has the effect of
insurance.
In law, speculation becomes gambling when the trading which it involves does not
lead, and is not intended to lead, to the actual passing from hand to hand of the property thrt is dealt, in. Thus, in the recent case of Hurd u. Taylor (181 N. Y., 231), the
Court of Appeals of New York said:
"The law of this State as to the purchase and sile of stocks is well settled. The
purohwe of stocks through a broker, though the party ordering such purchase does not
intend to hold the stocks as an investment, but expects the broker to carry them for
him with the design on the pirt of the purchaser to sell again the stocks when their
market value his enhanced is, however speculative, entirely legal. Equally so is a
'short sile,' where the seller has not fhe stock he assumes to sell, but borrows it and
expects to replace it when the market value his declined. But to make such transactions legal, they must contemplate an actual purchase or an actual Bale of stocks by
the broker, or through him. If the intention is that the so-called broker shall pay his
customer the difference between the market price at which the stocks were ordered
purchased and that at which they were ordered sold, in case such fluctuation is in
favor of the customer, or that in case it is against the customer, the customer shall pay
the broker that difference, no purchases or sales being made, the transaction is a wager
and therefore illegal. Such business is merely gambling, in which the so-called commission for purchases and sales that are never made is simply the percentage which in
other gambling games is reserved in favor of the keeper of the establishment."
This is also the law respecting commodity transactions.
The rules of all the exchanges forbid gambling as denned by this opinion; but they
make so easy a technical delivery of the property contracted for, that the practical
effect of much speculation, in point of form legitimate, is not greatly different from
that of gambling. Contracts to buy may be privately offset by contracts to sell. The
offsetting may be done, in a systematic way, by clearing houses, or by "ring settlements." Where deliveries are actually made, property may be temporarily borrowed
for the purpose. In these ways, speculation which has the legal traits of legitimate
dealing may go on almost as freely as mere wagering, and may have most of the
pecuniary and immoral effects of gambling on a large scale.
A real distinction exists between speculation which is carried on by persons of
means and experience, and based on an intelligent forecast, and that which is carried



2186

MOXEl TKUSX.

on by persons without these qualifications. The former is closely connected with
regular business. While not unaccompanied by waste and loss, this speculation accomplishes an amount of good which offsets much of its cost. The latter does but a small
amount of good and an almost incalculable amount of evil. In its nature it is in the
=ame class with gambling upon the race track or at the roulette table, but is practiced
on a vastly larger scale. Its ramifications extend to all parts of the country. It
involves a practical certainty of loss to those who engage in it. A continuous stream of
wealth, taken from the actual capital of innumerable persons of relatively small means,
swells the income of brokers and operators dependent on this class of business; and
insofar as it is consumed like most income, it represents a waste of capital. The total
amount of thiB waste is rudely indicated by the obvious cost of the vast mechanism ol
brokerage and by manipulators' gains, of both of which it is a large constituent element.
But for a continuous influx of new customers, replacing those whose losses force them
out of the "street," this costly mechanism of speculation could not be maintained on
anything like its present scale.
THE VHOBLEM TO BE SOLVED.

The problem, wherever speculation is strongly rooted, is to eliminate that which
is wasteful and morally destructive, while retaining and allowing free play to that
which is beneficial. The difficulty in the solution of the problem lies in the practical
impossibility of distinguishing what is virtually gambling from legitimate speculation.
The most fruitful policy will be found in measures which will lessen speculation by
persons not qualified to engage in it. In carrying out such a policy exchanges can
accomplish more than legislatures. In connection with our reports on the different
exchanges, as well as on the field of investment and speculation which lies outside of
the exchanges, we shall "make recommendations directed to the removal of various
evils now existing and to the reduction of the volume of speculation of the gambling
type.
THE NEW YORK STOCK EXCHANGE.

The New York Stock Exchange is a voluntary association, limited to 1,100 members,
of whom about 700 are active, some of them residents of other cities. Memberships are
sold for about $80,000. The Exchange as such does no business, merely providing
facilities to members and regulating their conduct. The governing power is in an
elected committee of 40 members and is plenary in scope. The business transacted
on the floor is the purchase and sale of stocks and bonds of corporations and governments. Practically all transactions must be completed by delivery and payment on
the following day.
The mechanism of the exchange, provided by its constitution and rules, is the evolution of more than a century. An organization of stock brokers existed here in 1792,
acquiring more definite form in 1817. It seems certain that for a long period the
members were brokers or agents only. At the present time many are principals as
well as agents, trading for themselves as well as for their customers. A number of
prominent capitalists hold memberships merely for the purpose of availing themselves
of the reduced commission charge which the rules authorize between members.
The volume of transactions indicates that the exchange is to-day probably the most
important financial institution in the world. In the past decade the average annual
sales of shares have been 196,500,000 at prices involving an annual average turnover
of nearly $15,500,000,000; bond transactions averaged about $800,000,000. This
enormous business affects the financial and credit interests of the country in so large
a measure that its proper regulation is a matter of transcendent importance. While
radical changes in the mechanism, which is now so nicely adjusted that the transactions are carried on with the minimum of friction, might prove disastrous to the whole
country, nevertheless measures should be adopted to correct existing abuses.
PATBONS OF THE EXCHANGE.

The patrons of the exchange may be divided into the following groups'
(1) Investors, who personally examine the facts relating to the value of securities
or act on the advice of reputable and experienced financiers and pay in full for what
they buy.
(2) Manipulators, whose connection with corporations issuing or controlling particular securities enables them under certain circumstances to move the prices up
or down, and who are thus in some degree protected from dangers encountered by other
speculators.



MONEY TEUST.

2187

(3) Floor traders, who keenly study the markets and the general conditions of business and acquire early information concerning the changes which affect the value of
securities. From their familiarity with the technique of dealings on the exchange
and ability to act in concert with others and thus manipulate values they are supposed
to have special advantages over other traders.
(4) Outside operators having capital, experience, and knowledge of the general
conditions of business. Testimony is clear as to the result which in the long run
attends their operations. Commissions and interest charges constitute a factor always
working against them. Since good luck and bad luck alternate in time, the gains
only stimulate these men to larger ventures, and they persist in them till a seriout. or
ruinous loss forces them out of the ''Street."
(5) Inexperienced persons, who act on interested advice, ''tips," advertisements in
newspapers, or circulars sent by mail, or "take flyers" in absolute ignorance and with
blind confidence in their luck. Almost without exception they eventually lose.
CHARACTER OF TRANSACTIONS.

It is unquestionable that only a small part of the transactions upon the exchange
is of an investment character. As ubstantial part may be characterized as virtually
gambling. Yet we are unable to see how the State could distinguish by law between
proper and improper transactions, since the forms and the mechanisms used are
identical. Rigid statutes directed against the latter would seriously interfere with the
former. The experience of Germany with similar legislation is illuminating; but the
exchange, with the plenary power over members and their operations, could provide
correctives, as we shall show.
MARGIN TRADING.

Purchasing securities on margin is as legitimate a transaction as a purchase of any
other property in which part payment is deferred. We therefore see no reason whatsoever for recommending the radical change suggested that margin trading be prohibited.
Two practices are prolific of losses, namely, buying active securities on small margin
and buying unsound securities, paying for them in full. The losses in the former case
are due to the quick turns in the market to which active stocks are subject. These
exhaust the margins and call for more money than the purchasers can supply. The
losses in the latter case are largely due to misrepresentations of interested parties and
unscrupulous manipulations.
To correct the evils of misrepresentation and manipulation, we shall offer in another
part of this report certain recommendations. In so far as losses are due to insufficient
margins, they would be materially reduced if the customary percentage of margins
were increased. The amount of margin which a broker requires from a speculative
buyer of stocks depends in each case on the credit of the buyer, and the amount of
credit which one person may extend to another is a dangerous subject on which to
legislate. Upon the other hand, a rule made by the exchange could safely deal with
the prevalent rate of margins required from customers. In preference, therefore, to
recommending legislation, we urge upon all brokers to discourage speculation upon
small margins and upon the exchange to use its influence and, if necessary, its power,
to prevent members from soliciting and generally accepting business on a less margin
than 20 per cent.
PYRAMIDING.

"Pyramiding," which is the use of paper profits in stock transactions as a margin
for further commitments, should be discouraged. The practice tends to produce
more extreme fluctuations and more rapid wiping out of margins. If the stock brokers
and the banks would make it a rule to value securities for the purpose of margin or
collateral, not at the current price of the moment, but as the average price of, say,
the previous two or three months (provided that such average price were not higher
than the price of the moment), the dangers of pyramiding would be largely prevented.
SHORT SELLING.

We have been strongly urged to advise the prohibition or limitation of short sales,
not only on the theory that it is wrong to agree to sell what one does not possess, but
that such sales reduce the market price of the securities involved. We do not mink
that it is wrong to agree to sell something that one does not now possess, but expects
to obtain later. Contracts and agreements to sell and deliver in the future property
which one does not possess at the time of the contract, are common in all lands cf



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MOKBY TEUST.

business. The man who has "sold short" must some day buy in order to return the
stock which he has borrowed to make the short sale. Short sellers endeavor to select
times when prices seem high in order to sell and times when prices seem low in order
to buy, their action in both cases serving to lessen advances and diminish declines of
price. In other words, short selling tends to produce steadiness in prices, which is an
advantage to the community. No other means of restraining unwarranted marking
up and down of prices has been suggested to us.
The legislation of the State of New York on the subject of short selling is significant.
In 1812 the legislature passed a law declaring all contracts for the sale of stocks and
bonds void unless the seller at the time was the actual owner or assignee thereof or
authorized by such owner or assignee to sell the game. In 1858 this act was repealed
by a statute now in force, which reads as follows:
"An agreement for the purchase, sale, transfer, or delivery of a certificate or other
evidence of debt, issued by the United States or by any State or municipal or other
corporation, or any share or interest in the stock of any bank, corporation, or jointstock association, incorporated or organized under the laws of the United States or of
any State, is not void, or voidable, because the vendor at the time of making such
contract is not the owner or possessor of the certificate or certificates or other evidence
of debt, share, or interest."
It has been urged that this statute "specifically legalizes stock gambling." As a
matter of fact, however, the law would be precisely the same if that statute were
repealed, for it is the well-settled common law of this country, as established by the
decisions of the Supreme Court of the United States and of the State courts, that all
contracts, other than mere wagering contracts, for the future purchase or sale of securities or commodities are valid whether the vendor is or is not at tie time of making
such contract the owner or possessor of the securities or commodities involved in the
absence of a statute making such contracts illegal. So far as any of these transactions
are mere wagering transactions, they are illegal and not enforceable as the law now
stands.
It has been suggested to us that there should be a requirement either by law or by
rule of the stock exchange, that no one should sell any security without identifying
it by number or otherwise. Such a rule would cause great practical difficulties in
the case of securities not present in New York at the tune when the owner desires
to sell them, and would increase the labor and cost of doing business. But, even if
this were not the effect, the plan contemplates a restriction upon short sales, which,
for the reasons set forth above, seems to us undesirable. It is true that this identification plan exists in Kngland as to sales of bank shares (Leeman act of 1867); but
it has proved a dead letter. It has also been used in times of apprehended panic
upon the French Bourse, but opinions in regard to its effect there are conflicting.
While some contend that it has been useful in preventing panics, others affirm that
it has been used simply for the purpose of protecting bankers who were loaded down
with certain securities which they were trying to distribute, and who through political
influence, procured the adoption of the rule for their special benefit.
MANIPULATION OP PRICES

A subject to which we have devoted much time and thought is that ofjmanipuiation of prices by large interests. This falls into two general classes:
(1) That which is resorted to for the pu pose of making a market for issues of new
securities.
(2) That which is designed to serve merely speculative purposes in the endeavor to
make a profit as the result of fluctuations which have been planned in advance.
The first kind of manipulation has certain advantages, and when not accompanied
by "matched orders" is unobjectionable perse. It is essential to the organization and
carrying through of important enterprises, such as large corporations, that the organizers should be able to raise the money necessary to complete them. This can be done
only bv the sale of securities. Large blocks of securities, such as are frequently issued
by railroad and other companies, can not be sold over the counter or directly to the
ultimate investor, whose confidence in them can, as a rule, be only gradually established. They must therefore, if sold at all. be disposed of to some syndicate, who will in
turn pass them on to middlemen or speculators, until, in the course of time, they find
their way into the boxes of investors. But prudent investors are not likely to be
induced to buy securities which are not regularly quoted on some exchange, and which
they can not sell, or on which they can not borrow money at their pleasure. If the
securities are really good and bids and offers bona fide, open to all sellers and buyers,
the operation is harmless. It is merely a method of bringing new investmentsinto
public notice.



MONEY TBTJST.

2189

The second kind of manipulation mentioned is undoubtedly open to serious criticism. It has for its object either the creation of high prices for particular stocks, in
order to draw in the public as buyers and to unload upon them the holdings of the
operators, or to depress the prices and induce the public to sell. There have been
instances of gross and unjustifiable manipulation of securities, as in the case of American ice stock. While we have been unable to discover any complete remedy short of
abolishing the stock exchange itself, we are convinced that the exchange can prevent
the worst forms of this evil by exercising its influence and authority over the members
to prevent them. When continued manipulation exists it is patent to experienced
observers.
"WASH SALES" AND "MATCHED OKDBES."

In the foregoing discussion we have confined ourselves to bona fide sales. So far as
manipulation of either class is based upon fictitious or so-called "wash sales," it is
open to the severest condemnation, and should be prevented by all possible means.
These fictitious sales are forbidden by the rules of all the regular exchanges, and are
not enforceable at law. They are less frequent than many persons suppose. A transaction must take place upon thefloorof the exchange to be reported, and if not reported
does not serve the purpose of those who engage in it. If it takes place on the floor
of the exchange, but is purely a pretense, the brokers involved run the risk of detection and expulsion, which is to them a sentence of financial death. There is, however, another class of transactions called "matched orders," which differ materially
from those already mentioned, in that they are actual and enforceable contracts. We
refer to that class of transactions, engineered by some manipulator, who sends a number of orders simultaneously to different brokers, some to buy and some to sell. These
brokers, without knowing that other brokers have countervailing orders from the
same principal, execute their orders upon the floor of the exchange, and the transactions become binding contracts; they cause an appearance of activity in a certain
security which is unreal. Since they are legal and binding, we find a difficulty in
suggesting a legislative remedy. But where the activities of two or more brokers in
certain securities become so extreme as to indicate manipulation rather than genuine
transactions, the officers of the exchange would be remiss unless they exercised their
influence and authority upon such members in a way to cause them to desist from such
suspicious and undesirable activity. As already stated, instances of continuous
manipulation of particular securities are patent to every experienced observer, and
could without difficulty be discouraged, if not prevented, by prompt action on the
part of the exchange authorities.
CORNERS.

The subject of corners in the stock market has engaged our attention. The stock
exchange might properly adopt a rule providing that the governors shall have power
to decide when a corner exists aDd to fix a settlement price, so as to relieve innocent
persons from the injury or ruin which may result therefrom. The mere existence
of such a rule would tend to prevent corners.
FAILURES AND EXAMINATION OF BOOKS.

We have taken testimony on the subject of recent failures of brokers, where it has
been discovered that they were insolvent for a long period prior to their public declaration of failure, and where their activities after their insolvency not only caused great
loss to their customers, but also, owing to their efforts to save themselves from bankruptcy, worked great injury to innocent outsiders. For cases of this character, there
should be a law analogous to that forbidding banks to accept deposits after insolvency
is known; and we recommend a statute making it a misdemeanor for a broker to receive
any securities or cash from any customer (except in liquidating orfortifyingan existing
account), or to make any further purchases or sales for his own account, after he has
become insolvent; with the provision that a broker shall be deemed insolvent when
he has on his books an account or accounts which, if liquidated, would exhaust his
assets, unless he can show that he had reasonable ground to believe that such accounts
were good.
The advisability of requiring by State authority an examination of the books of
all members of the exchange, analogous to that required of banks, has been urged
upon us. Doubtless some failures would be prevented by such a system rigidly
enforced, although bank failures do occur in spite of the scrutiny of the examiners.
Yet the relations between brokers and their customers are of so confidential a nature
that we do not recommend ar examination of their books by any public authority.
71352—PT 28—13
4




2190

MONEY TRUST.

The booka and accounts of the members of the exchange should, however, be subjected to periodic examination and inspection pursuant to rules and regulations to be
prescribed by the exchange, and the result would be promptly reported to the governors thereof.
It is vain to say that a body possessing the powers of the board of governors of the
exchange, familiar with every detail of the mechanism, generally acquainted with
the characteristics of members, can not improve present conditions. It is a deplorable
fact that with all their power and ability to be informed, it is generally only after a
member of the firm is overtaken by disaster, involving scores of nundreds of innocent
persons, and causing serious disturbances, that the exchange authorities take action.
No complaint can be registered against the severity of the punishment then meted
out; but in most cases the wrongdoing thus atoned for, which has been going on for a
considerable period, might have Deen discovered under a proper system of supervision,
and the vastly preponderant value of prevention over cure demonstrated.
BEHYPOTHECATION OF SECURITIES.

We have also considered the subject of rehypothecating, loaning, and other use of
securities by brokers who hold them for customers. So far as any broker applies to
his own use any securities belonging to a customer, or hypothecates them for a greater
amount tiian the unpaid balance of the purchase price, without the customers consent, he is undoubtedly guilty of a conversion under the law as it exists to-day, and
we call this fact to the attention of brokers and the public. When a broker sells the
securities purchased for a customer who has paid therefor in whole or in part, except
upon the customer's default, or disposes of them for his own benefit, he should be
held guilty of larceny, and we recommend a statute to that effect.
DEALING FOB CLERKS.

The exchange now has a rule forbidding any member to deal or carry an account
for a clerk or employee of any other member. This rule should be extended so as to
prevent dealing for account of any clerk or subordinate employee of any bank, trust
company, insurance company, or other moneyed corporation or banker.
LISTING REQUIREMENTS.

Before securities can be bought and sold on the exchange they must be examined.
The committee on stock list is one of the most important parts of the organization
since public confidence depends upon the honesty, impartiality, and thoroughness of
its work. While the exchange does not guarantee the character of any securities, or
affirm that the statements filed by the promoters are true, it certifies that due diligence
and caution have been used by experienced men in examining them. Admission
to the list therefore establishes a presumption in favor of the soundness of the security
so admitted. Any securities authorized to be bought and sold on the exchange
which have not been subjected to such scrutiny are said to be in the unlisted department, and traders who deal in them do so at their own risk. We have given consideration to the subject of verifying the statements of fact contained in the papers filed
with the applications for listing, but we do not recommend that either the State or
the exchange take such responsibility. Any attempt to do so would undoubtedly
give the securities a standing in the eyes of the public which would not in all cases
be justified. In our judgment the exchange should, however, adopt methods to
compel the filing of frequent statements of the financial condition of the companies
whose securities are listed, including balance sheets, income and expense accounts,
etc., and should notify the public that these are open to examination under proper
rules and regulations. The exchange should also require that there be filed with
future applications for listing a statement of what the capital stock of the company
has been issued for, showing how much has been issued for cash, how much for property, with a description of the property, etc., and also showing what commission, if
any, has been paid to the promoters or venders. Furthermore, means should be
adopted for holding those making the statements responsible for the truth thereof.
The unlisted department, except for temporary issues, should be abolished.
FICTITIOUS TRADES.

Complaint is made that orders given by customers are sometimes not actually executed, although so reported by the broker. We recommend the passage of a statute
providing that, in case it is pleaded in any suit by or against a broker that the pur


MONEY TEUST.

2191

chase or sale was fictitious or •Has not an actual bona fide purchase or sale by the
broker as agent for the customer, the court or jury shall make a special finding upon
that fact. In case it is found that the purchase or sale was not actual and bona fide
the customer shall reco\er three times the amount of the loss which he sustained
thereby; and copies of the finding shall be sent to the district attorney of the county
and to the exchange, if the broker be a member
UNIT OF TRADING

The exchange should insist that all trading oe doixc "n ihe basis of a reasonably
small unit (say 100 shares of stock or $1,000 of bonds), and should not permit the
offers of such lots, or bids for such lots, to be ignored by traders offering or bidding
for larger amounts. The practice now permitted of allowing bids and offers for large
amounts, all or none, assists the manipulation of prices. Thus a customer may send
an order to sell 100 shares of a particular stock at par. and a broker may offer to buy
1,000 shares, all or none, at 101, and yet no transaction take place. The bidder in
such a case should be required to take all the shares offered at the lower price before
bidding for a larger lot at a higher price. This would tend to prevent matched orders.
STOCK CLEARING HOUSE.

We have also considered the subject of the Stock Exchange Clearing House. While
it is undoubtedly true that the clearing of stocks facilitates transactions which may
be deemed purely manipulative, or virtually gambling transactions, nevertheless we
are of the opinion that the exchange could not do its necessary and legitimate business but for the existence of the clearing system, and therefore that it is not wise to
abolish it.
The transactions in stocks which are cleared are transcribed each day on what are
called "clearing sheets," and these sheets are passed into the clearing house and
here filed for one week only. In view of the value of these sheets as proving the
transactions and the prices, they should be preserved by the exchange for at least
six years, and should be at the disposal of the courts in case of any dispute.
SPECIALISTS.

We have received complaints that specialists on the floor of the exchange, dealing
in inactive securities, sometimes buy or sell for their own account while acting as
brokers. Such acts without the principal's consent are illegal. In every Buch case
recourse may be had to the courts.
Notwithstanding that the system of dealing in specialties is subject to abuses, we
are not convinced that the English method of distinguishing between brokers and
jobbers serves any better purpose than our own practice, while its introduction here
would complicate business. It Bhould also be noted that the practice of specialists
in buying and selling for their own account often serves- to create a market where
otherwise one would not exist.
BRANCH OFFICES.

Complaint has been made of branch offices in the tuy of New York, often luxuriously furnished and sometimes equipped with lunch rooms, cards, and liquor. The
tendency of many of them is to increase the lure of the ticker by the temptation of
creature comforts, appealing thus to many who would not otherwise speculate. The
governors of the exchange inform us that they realize that some of these offices have
brought discredit on the exchange, and that on certain occasions they have used
their powers to suppress objectionable features It seems to us that legitimate investors and speculators might, without much hardship, be compelled to do business at
the main offices, and that a hard-and-fast rule against all branch offices in the city of
New York might well be adopted by the exchange In any event, we are convinced
that a serious and effective regulation of these branch offices is desirable.
INCORPORATION OF EXCHANGE

We have been strongly urged to recommend that the exchange be incorporated, in
order to bring it more completely under the authority and supervision of the State
and the process of the courts. Under existing conditions, being a voluntary organization, it has almost unlimited power over the conduct of its members, and it can
subject them to instant discipline for wrongdoing, which it could not exercise in a
summary manner if it were an incorporated body We think that such power residing




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MONEY TRUST.

in a properly chosen committee is distinctly advantageous The submission of such
questions to the courts would involve delays and technical obstacles which would
impair discipline without securing any greater measure of substantial justice. While
this committee is not entirely in accord on this point, no member is yet prepared to
advocate the incorporation of the exchange and a majority of us advise against it,
upon the ground mat the advantages to be gained by incorporation may be accomplished by rules of the exchange and by statutes aimed directly at the evils which
need correction.
The stock exchange in the past, although frequently punishing infractions of its
rules with great severity, has, in our opinion, at tunes failed to take proper measures
to prevent wrongdoing. This has been probably due not only to a conservative
unwillingness to interfere in the business of others, but also to a spirit of comradeship
which is very marked among brokers, and frequently leads them to overlook misconduct on the part of fellow members, although at the same time it is a matter of
cynical gossip and comment in the street The public has a right to expect something more than this from the exchange and its members. This committee, in refraining from advising the incorporation of the exchange, does so in the expectation that
the exchange will in the future take full advantage of the powers conferred upon it
by its voluntary organization and will be active in preventing wrongdoing such as
has occurred in the past. Then we believe that there will be no serious criticism of
the fact that it is not incorporated. If, however, wrongdoing recurs, and it should
appear to the public at large that the exchange has been derelict in exerting its powers
ana authority to prevent it, we believe that the public will insist upon the incorporation of the exchange and its subjection to State authority and supervision.
WALL STREET AS A FACTOR.

There is a tendency on the part of the public to consider Wall Street and the New
York Stock Exchange as one and the same thing This is an error arising from their
location. We have taken pains to ascertain what proportion of the business transacted on the exchange is furnished by New York City. The only reliable sources of
information are the books of the commission houses Au investigation was made of
the transactions on the exchange for a given day, when the sales were l.oOO.OOOOO
shares. The returns showed that on that day 52 per cent of the total transactions
on the exchange apparently originated in N«w York City, and 48 per cent in other
localities.
THE CONSOLIDATED STOCK EXCHANGE.

The Consolidated Exchange w.v< organized as a mining stock exchange in 1875, altering its name and business in 1886 Although of far less importance than the Stock Exchange, it is nevertheless a secondary market of no mean proportions by far the
greater part of the trading is in securities listed upon the main exchange, and the
prices are based upon the quotations made there The sales average about 45,000,000
shares per annum. The fact that its members make a specialty of "broken lots,"
i. e.. transactions in shares less than the 100 unit, is used as a ground for the claim
that it is a serviceable institution for investors of relatively small mean's. But it
is obvious that its utility as a provider of capital for enterprises is exceedingly limited;
and that it affords facilities for the most injurious form of speculation—that which
attracts persons of small means.
It also permits dealing in shares not listed in the main exchange, and in certain
mining shares, generally excluded from the other. In these cases it prescribes a form
of listing requirements, but the original listing of securities is very rarely availed
of. The rules also provide for dealing in grain, petroleum, and other products Wheat
is, however, at present the only commodity actively dealt in, and this is due solely to
the permission to trade in smaller lots than the Produce Exchange unit of 5,000
bushels.
There are 1,225 members, about 450 active, and memberships have sold in recent
years at from $650 to $2,000. In general the methods of conducting business are similar to those of the larger exchange, and subject to the same abuses
Very strained relations have existed between the two security exchanges since the
leaser one undertook in 1886 to deal in stocks Tlw tension has been increased by
the methods by which the Consolidated obtains rhe quotations ot the other, through
the use of the "tickers" conveying them. It is probable that without the use of these
instruments the business of the Consolidated Exchange would be paralyzed; yet the
right to use them rests solely upon a technical point m a judicial decision which
enjoins their removal.



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COGNATE SUBJECTS—HOLDING COMPANIES.

Connected with operations on the Stock Exchange are a class of manipulations
originating elsewhere. The values of railway securities, for example, depend upon
the management of the companies issuing them, the directors of which may use their
power to increase, diminish, or even extinguish them, while they make gains for
themselves by operations on the exchange. They may advance the price of a stock by
an unexpected dividend, or depress it by passing an expected one. They may
water a stock by issuing new shares, with no proportionate addition to the productive
assets of the company, or load it with indebtedness, putting an unexpected lien on
the shareholders' property. Such transactions affect not only the fortunes of the
shareholders, who are designedly kept in ignorance of what is transpiring, but also
the value of investments in other similar companies the securities of which are affected sympathetically Railroad wrecking was more common in the last half century than it is now, but we have some glaring examples of it in the debris of our street
railways to-day.
The existence and misuse of such powers on the part of directors are a menace to
corporate property and a temptation to officials who are inclined to speculate, leading them to manage the property sn as to fill their own pockets by indirect and secret
methods.
A holding company represents the greatest concentration of power in a body of
directors and the extreme of helplessness on the part of shareholders. A corporation may be so organized that its bonds and preferred stock represent the greater
part of its capital, while the common stock represents the actual control. Then, if a
second company acquires a majority of the common stock, or a majority of the shares
that are likely to be voted at elections, it may control the former company, and as
many other companies as it can secure The shareholders of the subsidiary companies
may be thus practically deprived of power to protect themselves against injurious
measures and even to obtain information of what the holding company is doing, or
intends to do with their property.
As a first step toward mitigating this evil we suggest that the shareholders of subsidiary companies, which are dominated by holding companies, or voting trusts, shall
have the same right to examine the books, records, and accounts of such holding companies, or voting trusts that they ha\e in respect of the companies whose shares
they hold, and that the shareholders of holding companies have the same right as
regards the books, records, and accounts of the subsidiary companies. The accounts
of companies not merged should be separately kept and separately stated to their
individual stockholders, however few they may be.
We may point out the fact that the powers which holding companies now exercise
were never contemplated, or imagined, when joint stock corporations were first
legalized. If Parliament and legislatures had foreseen their growth they would have
erected barriers against it.
RECEIVERSHIPS.

Our attention has been directed to the well-known abuses frequently accompanying
receiverships of large corporations, and more especially public service corporations,
and the issue of receivers' certificates. We feel that the numerous cases of long
drawn out receiverships, in some instances lasting more than 10 years, and of the issue
of large amounts of receivers' certificates, which take precedence over evenfirs.tmortgage bonds are deserving of most serious consideration.
Legislation providing for a short-time limitation on receiverships, or for a limitation
of receivers' certificates to a small percentage of the mortgage liens on the property,
could be rendered unnecessary, however, by tie action of the courts themselves along
these lines, so as to make impossible in the future the abuses which have been so common in the past.
EFFECT OF THE MONEY MARKET ON SPECULATION.

It has been urged that your committee consider the influence of the money market
upon security speculation.
As a result of conditions to which the defects of our monetary and banking systems
chiefly contribute there is frequently a congestion of funds in New York City when
the supply is in excess of business needs andthe accumulated surplus from the entire
country generally is thereby set free for use in the speculative market. Thus there
almost annually occurs an inordinately low rate for "call loans," at times less than 1
per cent. During the prevalence of this abnormally low rate speculation is unduly
incited, and speculative loans are very largely expanded.



2194

MONEY TEUST.

On the other hand, occasional extraordinary industrial activity, coupled with the
annually recurring demands for money during the crop-moving season causes money
stringency, and the calling of loans made to the stock market; an abnormally high
interesst rate results, attended by violent reaction in speeculation and abrupt fall in
prices. The pressure to retain funds in the speculative field at these excessively
high interest rates tends to a curtailment of reasonable accommodation to commercial
and manufacturing interests frequently causing embarrassment and at times menacing a crisis.
The economic questions involved in these conditions are the subject of present consideration, by the Federal authorities and the National Monetary Commission. They
could not be adjusted or adequately controlled either through exchange regulation
or State legislation.
THE USURY LAW.

The usury law of this State prohibits the taking of more than 6 per cent interest
for the loan of money, but by an amendment adopted in 1882 an exception is made
in the case of loans of $5,000 or more, payable on demand and secured by collateral.
It is claimed by some that since this exception enables stock speculators in times of
great stringency to borrow money by paying excessively high rates of interest, to the
exclusion of other borrowers, a repeal of this provision would check inordinate speculation. We direct attention, however, to the fact that the statute in question exeepts
Buch loans as are secured by warehouse receipts, bills of lading, bills of exchange, and
other negotiable instruments. Hence its operation is not limited to stock-exchange
transactions or to speculative loans in general. Moreover, the repeal of the statute
would affect only the conditions when high rates of interest are exacted and not those
of abnormally low rates, which really promote excessive speculation. Finally, our
examination indicates that prior to the enactment of the statute of 1882 such loans were
negotiated at the maximum (6 per cent), plus a commission, which made it equivalent
to the higher rate, and a repeal of the statute would lead to the resumption of this
practice. Therefore, as the repeal would not be beneficial, we can not recommend
any legislation bearing upon the interest laws of the State, unless it be the repeal of
the usury law altogether, as we believe that money will inevitably seek the point of
highest return for its use. In nine States of the Union there are at present no usury
laws.
THE CURB MARKET.

There is an unorganized stock market held in the open air during exchange hours.
It occupies a section of Broad Street. An inclosure in the center of the roadway is
made by means of a rope, within which the traders are supposed to confine themselves,
leaving space on either side for the passage of street traffic, but during days of active
trading the crowd often extends from curb to curb.
There are about 200 subscribers, of whom probably 150 appear on the curb each day,
and the machinery of the operations requires the presence of as many messenger boys
and clerks. Such obstruction of a public thoroughfare is obviously illegal, but no
attempt has been made by the city authorities to disperse the crowd that habitually
assembles there.
This open-air market, we understand, is dependent for the great bulk of its business
upon members of the stock exchange, approximately 85 per cent of the orders executed
on the curb coming from stock exchange houses. The exchange itself keeps the curb
market in the street, since it forbids ita own members engaging in any transaction in
any other security exchange in New York. If the curb were put under a roof and
organized, this trading could not be maintained.
ITS UTILITY.

The curb market has existed for upward of {30 years, but only since the great development of trading in securities began, about the year 1897, has it become really
important. It affords a public market place, where all persons can buy and sell
securities which are not listed on any organized exchange. Such rules and regulations
as exist are agreed to by common consent, and the expenses of maintenance are paid
by voluntary subscription. An agency has been established by common consent,
through which the rules and regulations are prescribed.
This agency consists solely of an individual who. through his long association with
the curb, is tacitly accepted as arbiter. From this source we learn that sales recorded
during the year 1908 were roughly as follows:
Bonds
$66, 000. 000
Stocks, industrials, sharps
4, 770,000

Stocks, mining, shares
41. 825,000


MONEY TEUST.

2195

Official quotations are issued daily by the agency and appear in the public press.
Corporations desiring their securities to be thus quoted are required to afford the
agency certain information, which is, however, superficial and incomplete. There is
nothing on the curb which corresponds to the listing process of the stock exchange.
The latter, while not guaranteeing the soundness of the securities, gives a prima facie
character to those on the list, since the stock-list committee takes some pams to learn
the truth. The decisions of the agent of the curb are based on insufficient data, and
since much of the work relates to mining schemes in distant States and Territories and
foreign countries the mere fact that a security is quoted on the curb should create no
presumption in its favor. Quotations frequently represent "wash sales," thus facilitating swindling enterprises.
EVILS OF UNORGANIZED STATUS.

Bitter complaints have reached us of frauds perpetrated upon confiding persons
who have been induced to purchase mining shares because they are quoted on the
curb. These are frequently advertised in newspapers and circulars sent through the
mails as so quoted. Some of these swindles have been traced to their fountainheads
by the Post Office Department, to which complaint has been made, but usually the
Bwindler, when cornered, has settled privately with the individual complainant, and
then the prosecution has failed for want of testimony. Meanwhile the same operations
may continue in many other places, till the swindle becomes too notorious to be
profitable.
Notwithstanding the lack of proper supervision and control over the admission of
securities to the privilege of quotation, some of them are meritorious, and in this particular the curb performs a useful function. The existence of the cited abuses does
not, in our judgment, demand the abolition of the curb market. Regulation is, however, imperative. To require an elaborate organization similar to that existing in the
exchanges would result in the formation of another curb free from such restraint.
As has been stated, about 85 per cent of the business of the curb comes through the
offices of members of the New York stock exchange, but a provision of the constitution
of that exchange prohibits its members from becoming members of, or dealing on, any
other organized stock exchange in New York. Accordingly, operators on the curb
market have not attempted to form an organization. The attitude of the stock exchange is therefore largely responsible for the existence of such abuses as result from
the want of organization of the curb market. The brokers dealing on the latter do not
wish to lose their best customers, and hence they submit to these irregularities and
inconveniences.
Some of the members of the exchange dealing on the curb have apparently been
satisfied with the prevailing conditions and in their own selfish interests have maintained an attitude of indifference toward abuses. We are informed that some of the
most flagrant cases of discreditable enterprises finding dealings on the curb were
promoted by members of the New York Stock Exchange.
REFORMATION OF THE CURB.

The present apparent attitude of the exchange toward the curb seems to us clearly
inconsistent with its moral obligations to the community at large. Its governors have
frequently avowed before this committee a purpose to cooperate to the greatest extent
for the remedy of any evils found to exist in stock speculation. The curb market, as
at present constituted, affords ample opportunity for the exercise of such helpfulness.
The stock exchange should compel the formulation and enforcement of such rules
as may seem proper for the regulation of business on the curb, the conduct of those
dealing thereon, and particularly for the admission of securities to quotation.
If the curb brokers were notified that failure to comply with such requirements
would be followed by an application of the rule of nonintercourse, there is little doubt
that the orders of the exchange would b» obeyed. The existing connection of the
exchange gives it ample power to accomplish this, and we do not suggest anything
implying a more intimate connection.
Under such regulation, the curb market might be decently housed to the relief oi
its members and the general public.
THE ABUSE OF ADVERTISING.

A large part of the discredit in the public mind attaching to '' Wall Street" is due to
frauds perpetrated on the small investor throughout the country in the sale of worthless securities by means of alluring circulars and advertisements in the newspapers.
To the success of such swindling enterprises a portion of the press contributes.




2196

MONEY TBXJSI.

Papers which honestly try to distinguish between swindling advertisements and
others, may not in every instance succeed in doing so; but readiness to accept advertisements which are obviously traps lor the unwary is evidence of a moral delinquency
which should draw out the severest public condemnation.
So far as the press in the large cities is concerned the correction of the evil lies, in
some measure, in the hands of the reputable bankers and brokers, who, by refusing
their advertising patronage to newspapers notoriously guilty in thia respect, could
compel them to mend their ways, and at the same time prevent fraudulent Echemes
from deriving an appearance of merit by association with reputable names.
Another serious evil is committed by men who give standing to promotions by serving as directors without full knowledge of the affairs of the companies, and by allowing
their names to appear in prospectuses without knowing the accuracy and good faith
of the statements contained therein. Investors naturally and properly pay great regard to the element of personal character, both in the offering of securities and in the
management of corporations, and can therefore be deceived by the names used in
unsound promotions.
BRITISH SYSTEM CONSIDERED.

We have given much attention to proposals for compelling registration, by a bureau
of the State government, of all corporations whose securities are offered for public sale
in this State, accompanied by information regarding their financial responsibility and
prospects, and prohibiting the public advertisement or sale of such securities without
a certificate from the bureau that the issuing company has been so registered. The
object of such registration would be to identify the promoters, so that they might be
readily prosecuted in case of fraud. Such a system exists in Great Britain. The
British ''companies act" provides for such registration, and the "'directors' liability
act" regulates the other evil referred to above. Some members of your committee are
of the opinion that these laws should be adopted in this country, so far as they will fit
conditions here.
This would meet with some difficulties, due in part to our multiple system of State
government. If the law were in force only in this State, the advertisement and sale
of the securities in question would be unhindered in other markets, and companies
would be incorporated in other States, in order that their directors and promoters
should escape liability. The certificate of registration might be accepted by inexperienced persons as an approval by State authority of the enterprise in question.
For these reasons the majority of your committee does not recommend the regulation of
such advertising and sale by State registration.
In so far as the misuse of the post office for the distribution of swindling circulars
could be regulated by the Federal authorities, the officials have been active in checking it. They inform us the venders of worthless securities are aided materially by the
opportunity to obtain fictitious price quotations for them on the New York curb
market.
LEGISLATION RECOMMENDED.

For the regulation of the advertising evils, including the vicious "tipsters'"' cards,
we recommend an amendment to the penal code to provide that any person who advertises, in the public press or otherwise, or publishes, distributes, or mails, any
prospectus, circular, or other statement in regard to the value of any stock, bonds, or
other securities, or in regard to the business affairs, property, or financial condition of
any corporation, joint stock association, copartnership, or individual issuing stock,
bonds, or other similar securities, which contains any sta tement of fact which is known
to such person to be false, or as to which such person has no reasonable grounds for
believing it to be true, or any promises or predictions which he can not reasonably
justify, shall be guilty of a misdemeanor; and further, that every newspaper or other
publication printing ot publishing such an advertisement, prospectus, circular, or
other statement, shall, before printing or publishing the same, obtain from the person
responsible for the same, and retain, a written and signed statement to the effect that
such person accepts responsibility for the same, and for the statementsof fact contained
therein, which statement shall give the address, with street number of such person;
and that the pubilsher of any such newspaper or other publication which shall fail to
obtain and retain such statement shall be guilty of a misdemeanor.
BUCKET SHOPS.

Bucket shops are ostensibly brokerage offices, where, however, commodities and
securities are neither bought nor sold in pursuance of customers' orders, the transactions being closed by the payment of gains or losses, as determined by price quotations.




MONEY TRUST.

2197

In other words, they are merely places for the registration of bets or wagers; their
machinery is generally controlled Dy the keepers, who can delay or manipulate the
quotations at will.
The law of this State, which took effect September 1, 1908, makes the keeping of a
bucket shop a felony, punishable by fine and imprisonment, and in the case of corporations, on second offenses, by dissolution or expulsion from the State. In the case of
individuals the penalty for a second offense is the same as for the first. These penalties
axe imposed upon the theory that the practice is gambling; but in order to establish
the fact of gambling it is necessary, under the New York law, to show that both parties
to the trade intended that it should be settled by the payment of differences, and not
by delivery of property. Under the law of Massachusetts it is necessary to show only
that the bucket-shop keeper so intended. The Massachusetts law provides heavier
penalties for the second offense than for the first, and makep it a second offense if a
bucket shop is kept open after the first conviction.
AMENDMENT OF LAW RECOMMENDED

We recommend that the foregoing features of the Massachusetts law be adopted in
this State; also that section 355 of the act of 1908 be amended so as to require brokers
to furnish to their customers in all cases, and not merely on demand, the names of
brokers from whom shares were bought and to whom they were sold; and that the
following section be added to the act:
"Witness's privilege: No person shall be excused from attending and testifying, or
producing any books, papers, or other documents before any court or magistrate, upon
any trial, investigation, or proceeding initiated by the district attorney for a violation
of any of the provisions of this chapter, upon the ground or for the reason that the testimony or evidence, documentary or otherwise, required of him may tend to convict
him of a crime or to subject him to a penalty or forfeiture; but no person shall be prosecuted or subjected to any penalty or foifeiture for or on account of any transaction,
matter, or thing concerning which he may so testify or produce evidence, documentary
or otherwise, and no testimony so given or produced shall be received against him
upon any criminal investigation or proceeding."
There has been a sensible diminution in the number of bucket shops in New York
since the act of 1908 took effect, but there is still much room for improvement.
Continuous quotations of prices from an exchange are indispensable to a bucket
shop, and when such quotations are cut off this gambling ends; therefore every means
should be employed to cut them off.
SALES OF QUOTATIONS.

The quotations of exchanges have been judicially determined to be their own property, which may be sold under contracts limiting their use. In addition to supplying
its own members in New York City with its quotations, the stock exchange sells
them to the telegraph companies, under contracts restricting the delivery of the service in New York City to subscribers approved by a committee of the exchange; the
contracts are terminable at its option. This restriction would imply a purpose on the
part of the exchange to prevent the use of the quotations by bucket-shop keepers.
But the contracts are manifestly insufficient, in that they fail to cover the use of the
service in places other than New York City; if corroboration were needed it could be
found in the fact that the quotations are the basis for bucket-shop transactions in other
cities. In such effort as has been made to control these quotations the exchange has
been hampered to some extent by the claim that telegraph companies are common
carriers, and that as such they must render equal service to all persons offering to pay
the regular charge therefor. This claim has been made in other States as well as in
New York, and the telegraph companies have in the past invoked it as an excuse for
furnishing quotations to people who were under suspicion, although it was not possible
to prove that they were operating bucket shops. Recent decisions seem to hold that
this claim is not well founded. We advise that a law be passed providing that, so far
as the transmission of continuous quotations is concerned, telegraph companies shall
not be deemed common carriers or be compelled against their volition to transmit 6uch
quotations to any person; also a law providing that if a telegraph company has reasonable ground for believing that it is supplying quotations to a bucket shop, it be criminally liable equally with the keeper of the bucket shop. Such laws would enable
these companies to refuse to furnish quotations upon mere suspicion that parties are
seeking them for an unlawful business, and would compel them to refuse such service
wherever there was reasonable ground for believing that a bucket shop was being
conducted.



2198

MONEY XBUST.
LICENSING TICKERS.

Tickers tarrying the quotations should be licensed and bear a plate whereon should
appear the name of the corporation, firm, or individual furnishing the service or
installing the ticker, and a license number. Telegraph companies buying or transmitting quotations from the exchanges should be required to publish semiannually
the names of all subscribers to the service furnished, and the number and location of
the tickers, in a newspaper of general circulation published in the city or town in
which such tickers are installed. In case the service is furnished to a corporation,
firm, or person, in turn supplying the quotations to others, like particulars should be
published. A record, open to public inspection, should be kept by the installing
company showing the numbers and location of the tickers. Doubtless local boards of
trade, civic societies, and private individuals would, if such information were within
their reach, lend their aid to the authorities in the enforcement of the law.
Measures should be taken also to control the direct wire service for the transmission
of quotations, and for the prompt discontinuance of such service in case of improper
use thereof. In short, every possible means should be employed to prevent bucket
shops from obtaining the continuous quotations, without which their depredations
•could not be carried on a single day.
THE COMMODITY EXCHANGES.

Of the seven commodity exchanges in the city of New York, three dealing with
produce, cotton, and coffee are classed as of major importance; two organized by dealers in fruit and hay are classed as minor; and two others, the mercantile (concerned
with dairy and poultry products) and the metal (concerned with mining products),
are somewhat difficult of classification, as will appear hereafter.
THE MAJOR EXCHANGES.

The business transacted on the three major exchanges is mainly speculative, consisting of purchases and sales for future delivery either by those who wish to eliminate
risks or bv those who seek to profit by fluctuations in the value of products. "Cash "
or "spot' f transactions are insignificant in volume.
The objects, as set forth in the charters, are to provide places for trading, establish
equitable trade principles and usages, obtain and disseminate useful information,
adjust controversies, and fix by-laws and rules for these purposes.
Trading in differences of price and "wash sales" are strictly prohibited under
penalty of expulsion. All contracts of sale call for delivery, and unless balanced and
canceled by equivalent contracts of purchase, must be finally settled by a delivery
of the merchandise against cash payment of its value as specified in the terms of the
contract; but the actual delivery may be waived by the consent of both parties.
Possession is for the most part transferred from the seller to the purchaser by warehouse receipts entitling the holder to the ownership of the goods described.
DEALING IN " F U T U R E S . "

The selling of agricultural products for future delivery has been the subject of much
controversy in recent years. A measure to prohibit such selling, known as the Hatch
antioption bill, was debated at great length in Congress during the years 1892, 1893,
and 1894. Although it passed both House and Senate in different forms, it was finally
abandoned by common consent. As shown hereafter, similar legislation in Germany
has proved injurious; and when attempted by our States it has either resulted detrimentally or been inoperative. The subject was exhaustively considered by the
Industrial Commission of Congress which in 1901 made an elaborate report (Vol. VI),
showing that selling for future delivery, based upon a forecast of future conditions of
supply and demand, is an indispensable part of the world's commercial machinery,
by which prices are, as far as possible, equalized throughout the year to the advantage
of both producer and consumer. The subject is also treated with clearness and
impartiality in the Cyclopedia of American Agriculture, in an article on "Speculation
and farm prices," where it is shown that since the yearly supply of wheat, for example,
matures within a comparatievly short period of time somebody must handle and store
the great bulk of it during the interval between production and consumption. Otherwise the price will be unduly depressed at the end of one harvest and correspondingly
advanced before the beginning of another.
Buying for future delivery causes advances in prices; selling short tends to restrain
inordinate advances. In each case there must be a buyer and a seller and the inter


MONEY TRUST.

2199

action of their trading steadies prices. Speculation thus brings into the market a
distinct class of people possessing capital and special training who assume the risks
of holding and distributing the proceeds of the crops from one season to another with
the minimum of cost to producer and consumer.
HEDGING.

A considerable part of the business done by these exchanges consists of "hedging."
This term is applied to the act of a miller, for example, who is under contract to supply a given quantity of flour monthly throughout the year. In order to insure himself
against loss he makes a contract with anybody whom he considers financially responsible, to supply him wheat at times and in quantities needed. He "hedges" against
a possible scarcity and consequent rise in the price of wheat. If the miller were
restricted in his purchases to persons in the actual possession of wheat at the time of
making the contract he would be exposed to monopoly prices. If the wheat producer
were limited in his possibilities of sale to consumers only, he would be subjected to
the depressing effects of a glut in the market in June and September, at times of harvest.
To the trader, manufacturer, or exporter, the act of transferring the risk of price
fluctuations to other persons who are willing to assume it, has the effect of an insurance.
It enables him to use all of his time and capital in the management of his own business instead of devoting some part of them to contingencies arising from unforeseen
crop conditions.
ALTERNATIVE CONTRACTS.

In order to eliminate the risk of a shortage of specific grades of the merchandise thus
traded in, contracts generally permit the delivery of alternative grades, within certain limits, at differential prices; and if the grade to be delivered be not suitable
for the ultimate needs of the purchaser, it can under ordinary circumstances be
exchanged for the grade needed, by the payment of the differential. It is true that
in this exchange of grades there is sometimes a loss or a profit, owing to some unexpected diminution or excess of supply of the particular grade wanted; due to the
weather or other natural causes.
Deposits of cash margins may be required mutually by members at the time of
making contracts, and subsequent additional ones if market fluctuations justify.
Dealings for outsiders are usually upon a 10 per cent margin; obviously if this
margin were increased generally, say to 20 per cent, a considerable part of the criticism due to losses in speculation, particularly as to the cotton exchange, would be
eliminated.
The major part of the transactions are adjusted by clearing systems, the method
most prevalent being "ring settlements," by which groups of members having buying
and selling contracts for identical quantities, offset tnein against each other, canceling
them upon the payment of the differences in prices.
THE PRODUCE EXCHANGE.

The New York Produce Exchange was chartered by the legislature in 1862, under
the style of the '' New York Commercial Association.'' The charter has been amended
several times; in 1907 dealing in securities as well as in produce was authorized.
There are over 2,000 members, but a large number are inactive. Some members
are also connected with the stock and cotton exchanges. The business includes
dealing in all grains, cottonseed oil, and a dozen or more other products; wheat is,
however, the chief subject of trading, and part thereof consists of hedging by and for
millers, exporters, and importers, both here and abroad. The quantity of wheat
received in New York in the five years 1904-1908 averaged 21,000,000 bushels annually.
No record of "cash" sales is kept. The reported sales of "futures" show in five years
an annual average of 480,000,000 bushels, the year 1907 showing 610,000,000. Although some of these sales were virtually bets on price differences, all of them were
contracts enforceable at law.
CLEARING SYSTEM,

The greater part of the transactions are settled by a clearing system. The clearing
association is a separate organization, duly incorporated, with a capital of $25,000.
All members of the association must settle daily by the clearing system; other members of the exchange may do so. The clearing association assumes responsibility for
the trades of all its members, and accordingly controls the exaction of margins from
members to each other, and may increase them at any time if the fluctuations require
it. The records of the clearings show day by day the status of each member's trad


2200

MONEY 1BUST.

ing—-how much he may be "long ' or "short' in the aggregate. Thus the members
have a system of protection against each other; the welfare of all depends upon keeping:
the commitments of each within safe limits. The official margin system operates aa
a commendable restraint upon overspeculation.
From our examination of the trading in mining stocks recently introduced we conclude that the lack of experience of this body in this class of business has resulted in
a neglect of proper safeguards to the investor and an undue incitement to speculative
transactions of a gambling nature, and should not be tolerated on the produce exchange.
THE COTTON EXCHANGE.

The New York Cotton Exchange was incorporated by a special charter in 1871.
Its membership is limited to 450. It is now the most important cotton market in
the world, as it provides the means for financing about 80 per cent of the crop of the
United States and is the intermediary for facilitating its distribution. Infact, itie
the world's clearing house for the staple. Traders and manufacturers in Japan,
India, Egypt, Great Britain, Germany, France, and Spain, as well as the United
States, buy and sell here daily and the business is still increasing.
Cotton is the basis of the largest textile industry in the world. The business is conducted on a gigantic scale in many countries, by means of vast capital, complicated
machinery, and varied processes involving considerable periods of time between the
raw material and the finished product. Selling for future delivery is necessary to
the harmonious and uninterrupted movement of the staple from producer to consumer. Nearly all the trading, beginning with that of the planter, involves short
selling. The planter sells to the dealer, the dealer to the spinner, the spinner to th»
weaver, the weaver to the cloth merchant, before the cotton of any crop year is picked.
Dealers who take the risk of price fluctuations insure all the other members of this
trading chain against losses arising therefrom and spare them the necessity of themselves being speculators in cotton. The risk connected with raising and marketing
cotton must be borne by some one. and this is now done chiefly by a class who cm
give their undivided attention to it.
GRADING OF COTTON.

The grading of cotton is the vital feature of the trade. When no grade is specified
in the contract it is construed to be middling There are now 18 grades ranging
from middling stained up to fair. This classification differs somewhat from that of
other markets, and last January the Department of Agriculture at Washington took
up the subject of standardizing the various grades for all American markets. The
New York Cotton Exchange participated in this work. A standard was thus adopted,
the types of which were supplied by its classification committee. It varies but little
from the one previously in use here. The samples chosen to represent the several
types are now sealed, in possession of the Department of AgricuKure, awaiting the
action of Congress.
The cotton plant is much exposed to vicissitudes of the weather. A single storm
may change the grade of the crop in large sections of the country. It becomes necessary, therefore, to provide some protection for traders who have made contracts to
deliver a particular grade which has become scarce by an accident which could not
be foreseen. For this purpose alternative deliveries are allowed by the payment of
corresponding price differentials, fixed by a committee of the exchange twice annually
in the month of September and November.
Settlements of trades may be made individually, or by groups of members, or
through a clearing system, the agency of which is a designated bank near the exchange.
No record is kept of the transactions, but it is probable that for a series of years the
sales have averaged fully 50.000,000 bales annually.
INORDINATE SPECtrLATION.

There have been in the past instances of excessive and unreasonable speculation
upon the cotton exchange, notably the Sully speculation of 1904. We believe that
there is also a great deal of speculation of the gambling type mentioned in the introduction to this report. In our opinion the cotton exchange should take measures to
restrain and, so far as possible, prevent these practices, by disciplining members who
engage in them. The officers of the exchange must in many cases be aware of the*f
practices, and could, in our opinion, dc much tr discourage them.



MONEY TRUST.

2201

THE COFFEE 3XCHANOE.

The coffee exchange was incorporated by special charter in 1885. It has 320
members, about 80 per cent active.
It was established in order to supply a daily market where coffee could be bought
and sold and to fix quotations therefor, in distinction from the former method of
alternate glut and scarcity, with wide variations in price—in short, to create stability
and certainty in trading in an important article of commerce. Thisit has accomplished
and it has made New York the most important primary coffee market in the United
States. But there has been recently introduced a noncommercial factor known as
"valorization," a governmental scheme of Brazil, by which the public treasury has
assumed to purchase and hold a certain percentage of the coffee grown there in order
to prevent a decline of the price. This has created abnormal conditions in the coffee
trade.
All transactions must be reported by the seller to the superintendent of the exchange,
with an exact statement of the time and terms of delivery. The record shows that the
average annual sales in the past five years have been in excess of 16,000,000 bags of
250 pounds each.
Contracts may be transferred or offset by voluntary clearings by groups of members.
There is no general clearing system. There is a commendable rule providing that, in
case of a "corner" the officials may fix a settlement price for contracts to avoid
disastrous failures.
THE OTHER EXCHANGES.

()f the exchanges which we have classed as minor •hose dealing with fruit and hay
appear to be in nowise concerned with speculation No sales whatever are conducted
on them, all transactions being consummated either in the places of business of the
members or at public auction to the highest bidder No qtiotaiions are made or
published.
In the case of the other two commodity exchanges, the mercantile and the metal, new
problems arise. Although quotations of the products appertaining to these exchanges
are printed daily in the public press, they are not a record of actual transactions
amongst members, either for immediate or future delivery.
It is true that on the mercantile exchange there are some desultory operations in
eo-called future contracts in butter and eggs, the character of which is. however,
revealed by the fact that neither delivery by the seller nor acceptance by the buyer
is obligatory; the contract may be voided by either party by payment of a maximum
penalty of 5 per cent. There are nominal '"calls," but trading is confessedly rare.
The published quotations are made bv a committee, the membership of which is
changed periodically. That committee is actually a, close corporation of the buyers
of butter and eggs, and the prices really represent their views as to the rates at which
the trade generally should be ready to buy from the fanners and country dealers.
Similar, but equally deceptive, is the method of making quotations on the metal
exchange. In spite of the apparent activity of dealings in this organization in published market reports, there are no actual sales on the floor of the metal exchange, and
we are assured that there have been none for several years. Prices are, however,
manipulated up and down by a quotation •'ominittee of three, chosen annually, who
represent the great metal-selling agencies as their interest may appear, affording
facilities for fixing prices on large contracts, mainly for the profit ot a small clique,
embracing, however, some of the largest interests in the metal trade.
These practices result in deceiving buyers and sellers. The making and publishing of quotations for commodities or securities by groups of men calling themselves
an exchange, or by any other similar title, whether incorporated or not, should be
prohibited by law, where such quotations do not fairly and truthfully represent any
oona fide transactions on such exchanges Under present conditions, we are of the
opinion that the mercantile and metal exchanges do actual harm to producers and
consumers, and that their charters should be repealed
THE EXPERIENCE OP GERMANY.

In 1892 a commission was appointed by the German Government to investigate the
methods of the Berlin Exchange The "regular business of this exchange embraced
both securities and commodities; it was an open board where anybody by paying a
small fee could trade either for his own account, or as a broker. The broker could
make such charge as he pleased for his services, there being no fixed rate of commission. Settlements took place monthly Margins were not always required.



2202

MONEY TBUST.

Under these circumstances many undesirable elements gained entrance to the
exchange and some glaring frauds resulted.
The commission was composed of government officials, merchants, bankers, manufacturers, professors of political economy, and journalists. It was in session one year
and seven months. Its report was completed in November, 1893. Atlhough there
had been a widespread popular demand that all short selling should be prohibited,
the commission bceame satisfied that such a policy would be harmful to German trade
and industry, and they so reported. They were willing, howeyer, to prohibit speculation in industrial stocks. In general the report was conservative in tone.
THE LAW OP 1896.

The Reichstag, however, rejected the bill recommended by the commission and in
1896 enacted a law much more drastic. The landowners, constituting the powerful
Agrarian Party, contended that short selling lowered the price of agricultural products, and demanded that contracts on the exchange for the future delivery of wheat
and flour be prohibited. The Reichstag assented to this demand. It yielded also to
demands for an abatement of stock speculation, and prohibited trading on the exchange
in inudstrial and mining shares for future delivery. It enacted also that every person desiring to carry on speculative transactions be required to enter his name in a
public register, and that speculative trades by persons not so registered should be
deemed gambling contracts and void. The object of the registry was to deter the
small speculators from stock gambling and restrict speculation to men of capital and
character.
The results were quite different from the intention of the legislators. Very few
persons registered. Men of capital and character declined to advertise themselves
as speculators. The small fry found no difficulty in evading the law. Foreign
brokers, seeing a new field of activity opened to them in Germany, flocked to Berlin
and established agencies for the purchase and sale of stocks in London, Paris, Amsterdam, and New York. Seventy such offices were opened in Berlin within one year
after the law was passed, and did a flourishing business. German capital was thus
transferred to foreign markets. The Berlin Exchange became insignificant and the
financial standing of Germany as a whole was impaired.
DETRIMENTAL CONSEQUENCES,

This, however, was not the most serious consequence of the new law. While bankers and brokers, in order to do any business at all, were required to register, their
customers were not compelled to do so. Consequently the latter could speculate
through different brokers on both sides of the market, pocketing their profits and
welching on their losses as gambling contracts. Numerous cases of this kind arose,
and in some the plea of wagering was entered by men who had previously borne a
good reputation. They had yielded to the temptation which the new law held out to
them.
Another consequence was to turn over to the large banks much of the business
previously done by independent houses. Persons who desired to make speculative
investments in home securities applied directly to the banks, depositing with them
satisfactory security for the purchases. As the German banks wwe largely promoters
of new enterprises, they could sell the securities to their depositors and finance the
enterprises with the deposits. This was a profitable and safe business in good times,
but attended by dangers in periods of stringency, since the claims of depositors were
payable on demand. Here again the law worked grotesquely, since customers whose
names were not on the public register could, if the speculation turned out badly,
reclaim the collateral or the cash that they had deposited as security.
MODIFICATION OP LAW IN 190?.

The evil consequences of the law of 1896 brought about its partial repeal in 1908.
By a law then passed the Government may, in its discretion, authorize speculative
transactions in industrial and mining securities of eompnaies capitalized at not
less than $5,000,000; the stock exchange register was abolished; all persons whose
names were in the "Handelsreeister" (commercial directory), and all persons whose
business was that of dealing in securities', were declared legally bound by contracts
made by them on the exchange. It provided that other "persons were not legally
bound by such contracts, but if surh persons made deposits ot cash or callateral
security for speculathe contracts, tliey could not reclaim them on the plea that the
contract was illegal.



MONEY TBXTST.

2203

In so far as the Reichstag hi 1896 had aimed to prevent small speculators front
wasting their substance-on the exchange, it not only failed, but, as we have seen, it
added a darker hue to evils previously existing.
Germany is now seeking to recover the legitimate business thrown away 32 years
ago. She still prohibits short selling of grain and flour, although the effects of the
prohibition have been quite different from those which its supporters anticipated.
As there are no open markets for those products, and no continuous quotations, both
buyers and sellers are at a disadvantage: prices are more fluctuating than they were
before the passage of the law against short selling.
THANES TO THE CHAMBER OF COMMERCE.

Our cordial thanks are due to the Chamber of Commerce of the State of New York,
for the free use of rooms in its building for our sessions, and of its library, and other
facilities.
Respectfully submitted.
HORACE WHITE, Chairman,
CHARLES A. SCHIEREN,
DAVID LEVBNTRITT,
CLARK WILLIAMS,
JOHN B. CLARK,
WILLIAM V. KING,
SAMUEL H. ORDWAY,
EDWARD D. PAGE,
CHARLES SPRAGUE SMITH,
MAURICE L. MUHLEMAN, Secretary.
ADDENDUM,
THE SPECULATION IN SECURITIES.

NEW FORK, June —, 1909.
Hon.

CHARLES E. HUGHES,

Governor, Albany, X. Y.
SIR: The committee appointed by you on the 14th of December, 1908, to make an
inquiry into facts regarding speculation in securities and commodities have received
from die New York Bank Note Co. a complaint that the stock exchange prevents
any company except the American Bank Note Co. from engraving any securities
dealt in on that exchange, thereby creating a hurtful monopoly. This complaint,
originally addressed to yourself, was, at your instance, referred to us. As the subject
matter does not strictly appertain to speculation, the committee have directed me to
reply to you in a communication separate from our general report.
we have given the officers of the stock exchange an opportunity to reply to this
complaint. They say that on several former occasions they examined the work of
the New York Bank Note Co. and its predecessor, the Kendall Bank Note Co., and
found that it did not meet the requirements of the exchange as to goodness of work,
safeguards for plates, etc., and that the following named corporations are now eligible
for such work to be used in dealings on the stock exchange:
"American Bank Note Co., International Bank Note Co., Western Bank Note &
Engraving Co. of Chicago, British American Bank Note Co., for Canadian securities;
Bradbury, Wilkinson & Co., London, England, for securities other than American
and Canadian."
It appears to have been the practice of the American Bank Note Co. or the company
which owns it, the United Bank Note Corporation, to absorb any other company that
acquired the right to do work in the United States for the New York Stock Exchange.
In this way the Homer-Lee Bank Note Co. and the Franklin Bank Note Co. were
absorbed in 1904, and the International Bank Note Co. and the Western Bank Note
& Engraving Co. in 1905, although the corporate existence of the two last-named
companies is still preserved. The officers of the exchange admit that the companies
which issue securities are sufferers from this monopoly, both as to prices charged for
engraving and as to promptness of delivery, and say that the exchange would be glad
to be relieved of such monopoly.
From sources not connected with any of the parties to this controversy we learn
that although the stock exchange will accept the work of certain foreign engraving
companies, they will accept it only for foreign securities, and that attempts by American corporations to avail themselves of competitive prices by securing bids from for


2204

MONEY TRUST.

eign engravers have been thus defeated. From this it would seem that other considerations than the goodness of the work and carefulness in guarding the plates are
here operative, and that the stock exchange has not rid itself of the evils of monopoly.
Yours, very sincerely,
HORACE WHITE, Chairman.

Mr. UNTEKMTEK. Attention is called to the fact that 15 exhibits,
being the statements issued by the Bankers Trust Co. of its condition from time to time, and which are marked beginning with Exhibit
57 and ending with Exhibit 66, do not appear to be printed in the
record; but the substance of them is in the record, and unless the
chairman thinks it necessary, I do not think they should be printed
because there is a great amount of duplication.
The CHAIRMAN. I think it would merely encumber the record to
print them in full, and if their substance is already covered by the
testimony, it would be useless to incorporate them.
Mr. UNTERMYER. Then it may be understood that they need not
be incorporated in the printed record. Their substance is fully in
the record.
You may recall, Mr. Chairman, that in the course of Mr. Baker's
testimony he was asked to name any issue of any securities of any
corporation of $10,000,000 or over that was not made or participated in by one of the nine banking concerns to which we referred.
He said that he could not at the time, but that he would like to let
us know. He has written a long letter here covering a number of
subjects, but this subject is covered in the following language:
In regard to a single transaction during the last 10 years amounting to $10,000,000
and over, which has been financed without the participation of Messrs. J. P. Morgan &
Co.; First National Bank; National City Bank; Kuhn, Loeb & Co.; Speyer & Co.;
Lee, Higginson & Co.; Kidder. Peabody & Co.; First National Bank, Chicago; and
Illinois Trust & Savings Bank, Chicago, I beg to say that a search of the files of the
First National Bank, which are not in any way complete, disclose some 16 such
transactions, but to answer your question specifically in regard to one instance, there
was issued $13,500,000 Studebaker Corporation 7 per cent preferred in February, 1911.
The First National Bank had no interest in this issue, and from what information we
have none of the other houses mentioned had an interest.

Mr. Baker was asked to name any and all instances that he could.
In answer to the statement of Mr. Baker as to the instance of thb
Studebaker Co., I read in evidence from the minutes of the meeting
of the directors of the Studebaker Co. in connection with its issue of
$13,500,000, as follows, stating the purpose of the meeting:
3. To approve, ratify and confirm an agreement on behalf of this company with
J P. Morgan & Co. by the terms of which J. P. Morgan & Co. are to receive from this
company $1,000,000 of the common stock of the new company to be organized as provided in the agreement between this company and others as vendors, and Goldman,
Sachs & Co., and others as bankers, heretofore approved by the directors of this company, when said $1,000,000 of common stock shall be received by this company, in
full compensation for the services rendered by J. P. Morgan & Co., in the acquisition
of stock of the Everitt-Metzger-Flanders Co., and for such services as said J. P. Morgan
& Co. may have rendered or may render in connection with the carrying out of the
plan represented by the Vendors-Bankers Agreement dated January 27, 1911.

That is the plan on which this issue was made.
I think, Mr. Chairman, that we had better put this entire letter ot
Mr. Baker in evidence, if there is no objection. It refers to transactions which we requested information on in connection with the
First Security Co. and the First National Bank, giving the public
announcement regarding the issue of securities.
The letter referred to was marked "Exhibit 241, February 25,
1913," and is here printed in the record as follows:



MONEY TBUST.

2205

EXHIBIT XO. 241, FEBRUARY 25,

1913.

FIRST NATIONAL BANK,
New York, January 14, 191S.
SAMUEL UNTERMYEB, ESCJ.,
Counsel for the Committee on Banking and Currency of the
Souse of Representatives, Washington, D . C.

DEAR SIR: Referring to the information which you requested of me while a, witness
before your committee at Washington, I beg to say that I have made inquiry in regard
to the increase in cost of production of anthracite coal, and also in regard to the increase
ip price. From what I consider as reliable an authority as there is I am told that
since 1901 the price of anthracite coal has not increased as much as has the cost of
production. If, however, you desire accurate and detailed information on this subject I would say that the Commissioner of Labor, acting under a resolution of the
House of Representatives No. 578, also the Interstate Commerce Commission, under
date of December 23, 1911, docket No. 4914, has requested information in regard to
this very subject.
With the permission of Messrs. Speyer & Co., we beg to say that during the last
10 years we have participated with them in 21 transactions in Rock Island securities,
in 9 in St. Louis & San Francisco securities, and in 11 in various other securities.
In regard to a single transaction during the last 10 years amounting to $10,000,000
and over, which has been financed without the participation of Messrs. J. P. Morgan
& Co., First National Bank, National City Bank. Kuhn, Loeb & Co., Speyer & Co.,
Lee. Higginson & Co., Kidder, Peabody & Co., First National Bank, Chicago &
Illinois Trust & Savings Bank, Chicago, I beg to say that a search of the files of the
First National Bank, which are not in any way complete, disclose some 16 such transactions, but to answer your question specifically in regard to one instance, there was
issued $13,500,000 Studebaker Corporation 7 per cent preferred in February, 1911.
The First National Bank had no interest in this issue, and from what information
we have none of the other houses mentioned had an interest.
I hand you herewith list of so-called pools, joint account, and syndicate transactions for the past 10 years about which you inquired in regard to the First National
Bank and the First Security Co. I also hand you herewith all of'th« announcements
in regard to the issuing of securities that we are able to find among our records, namely:
Date.

Amount.

February, 1911
June, 1911
December, 1903
February, 1912
March, 1909
Do
April, 1912
Do
June, 1911
June. 1909
April, 1912
June,190S

S3,000,000
20,000,000
40,000,000
9,384.000
16,500,000
21,333,000
15,000,000
10,000,000
10,000,000

Chicago, Burlington & Quincy general 4s.
Great Northern 4Js.
Lake Shore & Michigan Southern 4s.
Atchison, Topeka & Santa Fe, Arisona-Califomia lines 4Js.
Pacific Telephone & Telegraph 1st 5s.
Southern Ry. development 4s.
Indiana Steel as.
National Tube 1st 5s.
Louisville and Nashville, Athmta-Knoxvilte & Cincinnati Divi-

10,000,000
10,000.000
13,000.000

Florida East Coast first 4$s.
Erie 3-vear 5s.
New York Central & Hudson River R. R. Co. 30-year 4 per cent

June, 1910
December, 1911
March, 1910
Do
May. 1911
Po
March, 1911
February, 1909
March, 1905
June, 1911
December, 1909

22,500,000
15,000.000
15,000,000
11,000,000
16,000,000
11,927.000
5,000,000
£10,000,000
£1.000,000
£6,000,000
£2,000,000

New York Central equipment 4Js, 1910.
New York C entral Lines equipment trust, 1912.
Lake Shore & Michigan Southern Ky. 25-year 4s, 1906
Jamestown, Franklin & Clearneld first 4s.
Detroit Terminal & Tunnel first 4is.
Central New England Ry. Co. first 4s.
American Cotton Oil 20-year 5s.
Argentine Government 5 per cent loan.
Great Northern, St. Paul, Minneapolis & Manitoba.
Imperial Chinese Government Hukuang Eys. 5 per cent loan.
Um'ed States of Brazil, State of Sao Paulo, treasury 5 per cent.

We hand you herewith a list of all these securities publicly issued by the First
National Bank and the names of those associated publicly in such issues.
Yours, very truly,
GEO. F. BAKER.

71352—PT 28—13



5

2206

MONEY IBTJST.

Mr. 1'NTEKMYER. Mr. Baker says:
I hand you herewith list of so-called pools, joint account and syndicate transactions
tor the past 10 years, about which you inquired in regard to the First National Bank
and the First Security Co.

As showing certain joint public issues between Messrs. J. P.
Morgan & Co., the First National Bank, and the National City Bank,
I refer to the following printed circulars, which, it seems to me, need
not be printed in the record, but can be filed with the committee:
United States of Brazil, State of San Paulo: Issue of 15,000,000
pounds sterling 5 per cent gold bonds, the circular being signed
December 15, 1908, by J. P. Morgan & Co., the First National Bank,
and the National City Bank.
Imperial Chinese Government loan of 6,000,000 pounds sterling:
The circular making this public issue is dated June 15, 1911, and is
signed by J. P. Morgan & Co., Kuhn, Loeb & Co., the First National
Bank, and the National City Bank.
An issue of 1,000,000 pounds sterling: Great Northern Railway Co.,
St. Paul, Minneapolis & Manitoba Railway Co., Pacific extension 4 per
cent gold bonds. The circular is dated March 20, 1905, and is signed
by Clark, Dodge & Co. and the First National Bank.
Argentine Government loan: The circular is dated February 27,1909,
and signed by J. P. Morgan & Co., the First National Bank, and the
National City Bank.
American Cotton Oil Co.: $5,000,000 5 per cent 20-year gold
bonds dated March, 1911, signed by White, Weld & Co. and the
First National Bank.
$11,5)27,000, Central New England Railway Co. first mortgage 4
per cent gold bonds: The circular is dated May 18, 1911, and is
signed by J. P. Morgan & Co., the First National Bank, and the
National City Bank.
$16,000,000, Detroit Terminal and Tunnel first mortgage 4£ per
cent gold bonds: The circular is dated May 29, 1911, and is signed by
J. P. Morgan & Co., the First National Bank, and the National City
Bank.
$11,000,000, Jamestown, Franklin & Clearfield Railroad Co. first
mortgage 4 per cent gold bonds: The circular is dated March 8, 1910,
and is signed by J. P. Morgan & Co., the Fisrt National Bank, and the
National City Bank.
$15,000,000, the Lake Shore & Michigan Southern Railway Co. 25year 4 per cent gold bonds of 1906: The circular is dated March 14,
1910, and is signed by J. P. Morgan & Co.. the First National Bank,
and the National City Bank.
$15,000,000, \\ per cent gold New York Central lines equipment
trust of 1912: The circular is dated December 22, 1911, and is
signed by J. P. Morgan & Co., the First National Bank, and the
National City Bank.
$13,000,000, New York Central & Hudson River Railroad Co. 4
per cent gold bonds: The circular is dated June 12, 1908, and is
signed by J. P. Morgan & Co., the First National Bank of New York,
and the National City Bank of New York.




MONEY TBI7ST.

2207

>!1O,OOO,OO0, Erie .Railroad Co. three-year 5 per cent collateral
gold notes: The circular is dated April 16, 1912. and is signed by
J. P. Morgan & Co., the First National Bank, and the National City
Bank.
$10,000,000, Florida East Coast Railway Co. first mortgage 4$
per cent gold bonds: The circular is dated June 24. 1909, and is
signed by J. P. Morgan & Co., the First National Bank, and the
National City Bank.
510,000,000, The National Tube Co. first mortgage 5 per cent
gold bonds: The circular is dated April 3, 1912, and is signed by
J. P. Morgan & Co., the First National Bank, and the National City
Bank.
pany; Atlanta, Knoxrille & Cincinnati division 4 per cent gold bonds:
The circular is dated June 3, 1911, and is signed by J. P. Morgan &
Co., the First National Bank, and the National City Bank.
$15,000,000, Indiana Steel Co. first mortgage 5 per cent gold
bonds: The circular is dated April 3, 1912, and is signed by J7 P.
Morgan & Co., the First National Bank, and the National City Bank.
$21,333,000, Southern Railway Co. development and general
mortgage 4 per cent gold bonds (series A): The circular is dated
March 3, 1909, and is signed by J. P. Morgan & Co., the First National Bank, and the National City Bank.
$16,500,000, the Pacific Telephone & Telegraph Co. first mortgage and collateral trust 5 per cent sinking fund 30-year gold bonds:
The circular is dated March 23, 1909, and is signed by J. P. Morgan &
Co., the First National Bank, and the National City Bank. This
circular contains the following statement:
A simultaneous offering is being made by Messrs. Kidder, Peabody & Co. and
ourselves in Boston, and subscriptions will also be received by Messrs. Drexel & Co.,
Philadelphia,; Messrs. Kidder, Peabody & Co., New York; Messrs. N. W. Harris &
Co., New York and Boston, and the Harris Trust and Savings Bank, Chicago.

$9,394,000, the Atchison, Topeka & Santa Fe Railway Co. California-Arizona lines first and refunding mortgage 4£ per cent 50year gold bonds: The circular is dated February 28, 1912, and is
signed by J. P. Morgan & Co., the First National Bank, and the
National City Bank.
The Lake Shore & Michigan Southern Railway Co., issue of
$40,000,000 25-year 4 per cent gold bonds: The circular is signed
by J. P. Morgan & Co., the National City Bank of New York by
James Stillman, president, and by the First National Bank of New
York by George F. Baker, president. The circular says:
Applications mav also be made to Messrs. Harvey Fisk & Sons, New York, Messrs.
Kidder, Peabody & Co., Boston, and Messrs. Drexel & Co., Philadelphia.

I would like to read into the record the following statistics with
respect to Boston national banks, subject to checking the data:
The number of national banks in Boston in 1896 was 55, in 1898 was 58, in 1902
was 39, in 1906 was 28, in 1910 was 20, and in 1912 was 19.
The average deposits of the 55 banks in 1896 were $144,009,057; in 1898 the average
deposits of the 58 banks were $201,292,000; in 1892 the average deposits of the 39
banks were $222,300,000; in 1906 the average deposits of the 28 banks were $222,451,000;
in 1910 the average deposits of the 20 banks were $240,871,911, and the average deposits of the 19 banks m 19] 2 were $251,371,000.




2208

MONEY TRUST.
TESTIMONY OF PHILIIP J. SCUDDEE—Recalled.

Mr. UNTERMYEK. Mr. Scudder, have you examined the testimony
before the committee, and the exhibits ?
Mr. SCUDDER. I have.
Mr. UNTEEMYEK. Have you been asked to prepare certain charts
and diagrams from the testimony and exhibits taken during the
hearings ?
Mr. SCUDDER. Yes
Mr. UNTERMYER. Have you prepared such charts and diagrams ?
Mr. SCUDDER. Yes.
Mr. UNTERMYER. What was the character of this table of joint par-

ticipation that you were asked to prepare ?
Mr. SCUDDER. It is a complete analysis of all the securities in which
the banking firms of J. P. Morgan & Co., the First National Bank, the
National City Bank, and Kuhn, Loeb & Co., of New York; Kidder,
Peabody & Co. and Lee, Higginson & Co., of Boston; the Illinois
Trust & Savings Bank, the First National Bank, the First Trust &
Savings Bank of Chicago; and Kissel, Kinnicut & Co., of New York,
were jointly interested through joint participations or underwritings.
Mr. UNTERMYER. Did you nave any data from J. P. Morgan & Co.
of their underwriters ?
Mr. SCUDDER. NO, sir. All that I had about their underwritings
was derived from the statements of the other banking houses.
Mr. UNTERMYER. And you had no data of who their underwriters
were, had you ?
Mr. SCUDDER. NO, sir.
Mr. UNTERMYER. Nor

had you any data from the First National
Bank or the National City Bank as to who their underwriters were ?
Mr. SCUDDER. NO, sir.
Mr. UNTERMYER. SO that

were you able or not to make a complete
table showing their underwriters, or only their joint participations ?
Mr. SCUDDER. Only the joint participations.
Mr. UNTERMYER. In -some cases did you have the names of underwriters?
Mr. SCUDDER. In some cases I did.
Mr. UNTERMYER. In which cases ?
Mr. SCUDDER. In the case of two Boston houses.
Mr. UNTERMYER. Those were the only two, were they not ?
Mr. SCUDDER. I believe they were.
Mr. UNTERMYER. YOU have produced here, have you not, this table
of joint participations—joint issues- -of rhese two houses that you
have named ?
Mr. SCUDDER. Yes.
Mr. UNTERMYER. Will

you explain, so that the table will be understandable, exactly how this is made up ?
Mr. SCUDDER. At the top of the taible 1 have given the names of
the different banking houses. On the left margin I have given the
name of each security, arranging the names alphabetically. Where
two or more of these banking houses were jointly interested in any
one issue, that fat t is noted by an '"X" inserted under the names of
the different houses interested. Where one or more houses originated the transactions, a red " X " is shown under the name of that
house <>i- ot those houses. Where the houses merely participated or




MONEV TRUST.

2209

took a joint interest through a principal issuing house, that fact is
noted by a black "X." In the case of a subsidiary syndicate being
formed, the syndicate manager is shown by a green "X."
Mr. UNTERMYER. Where did you get the iniormation as to the
relation of Kissel, Kinnicut & Co. to any of these transactions?
Mr. SCUDDER. All the information as to Kissel. Kinnicut & Co.
transactions was derived from the statements of the other houses.
Mr. UNTERMYER. SO that what other transactions they may have
had you were unable to learn, through having no statements from
them ?
Mr. SCUDDER. That is true.
Mr. UNTERMYER. What do these public issues made for joint
account in this way total on that statement'(
Mr. SCUDDER. $3,607,512,637.
Mr. UNTERMYER. HOW many issues of securities does it include?
You have not added them.
Mr. SCUDDER. I have not added them. Ii is about 300 I should
say.
Mr. UNTERMYER. Three hundred different companies.
Mr. SCUDDER. NO; 300 individual issues.
Mr. UNTERMYER. Three hundred individual issues—public issues—
of joint account transactions ?
Mr. SCUDDER. Yes.
Mr. UNTERMYER. Does

it include notations such as the United
States Steel Corporation—the original flotation of a billion and
upward ?
Mr. SCUDDER. NO. sir; I do not believe it does.
Mr. UNTERMYER. Those issues are not in it. are thev <
Mr. SCUDDER. NO, sir.
Mr. UNTERMYER. The

five years, are they not ?

bulk of those issues are in the last four or

Mr. SCUDDER. Yes.
Mr. UNTERMYER. Are there
Mr. SCUDDER. There is one

some that go back of that 'i
or two, possibly. The great majority
of them are since 1907. There were a few in 1905.
Mr. UNTERMYER. I offer this diagram in evidence.
The table referred to was marked "Exhibit No. 242," February 25,
1913, and will be found printed in the report of the subcommittee.
Mr. UNTERMYER. Have you also prepared, from the evidence and
the exhibits here, two diagrams that you now produce ?
Mr. SOUDDER. Yes.
Mr. UNTERMYER. Please

now explain first the sources from which
this diagram is made up and what it purports to be.
Mr. SCUDDER. This diagram is made up from the testimony and
exhibits. It shows the more important affiliations of J. P. Morgan
& Co., the First National Bank, the National City Bank, the Guaranty Trust Co., and the Bankers Trust Co.
Mr. UNTERMYER. With what sort of individuals or corporations ?
Mr, SCUDDER. With all corporations in the United States.
Mr. UNTERMYER. Have you taken anything under a given amount?
Mr. SCUDDER. I have taken in everything over $5,000,000.
Mr. UNTERMYER. Everything «hown by the record, by the testimony, over $5,000,000?




2210

MONEY TBUST.

Mr. SCUDDER. Yes. The affiliations of J. P. Morgan & Co. are
shown in black, by black lines radiating from the center to these
various circles representing the various corporations. The affiliations
of the First National Bank, the Guaranty Trust Co., and the Bankers
Trust Co. are shown by red lines, radiating from the center, and the
affiliations of the National City Bank are shown by green lines.
Mr. UNTERMYEE. What does the difference in size of the circles
represent *
Mr. SCUDDEB. The size of the circles represents the approximate
relative size of the corporations as determined by their capitalistic
and bonded debt, figuring at market value.
Mr. UNTEBMYEE. Not figuring at par value?
Mr. SCUDDEK. No, sir; at market value.
Mr. UNTERMYEE. Let us take a concrete illustration here.
Mr. SCUDDEK. With all corporations in the United States.
Mr. UNTEEMYEE. Have you taken anything under a given amount ?
Mr. SCUDDEE. I have taken in everything over $5,000,000.
Mr. UNTEEMYEE. Everything shown by the record, by the testimony, over $5,000,0001
Mr. SCUDDEK. Yes. The affiliations of J. P. Morgan & Co. are
shown in black, by black lines radiating from the center to these
various circles representing the various corporations. The affiliations of the First National Bank, the Guaranty Trust Co., and the
Bankers Trust Co. are shown by red lines radiating from the center,
and the affiliations of the National City Bank are shown by green
lines.
Mr. UNTERMYEE. What does the difference in size of the circles
represent ?
Mr. SCUDDEE. The size of the circles represents the approximate
relative size of the corporations, as determined by their capitalistic
and bonded debt, figuring at market value.
Mr. UNTEEMYEE. Not figuring at par value ?
Mr. SCUDDEE. NO, sir; at market value.
Mr. UNTEBMYER. Let us take a concrete illustration here.
Look at the chart with the red, green, and black lines connecting
with the United States Steel Corporation. What do those lines
mean ?
Mr. SCUDDER. The straight black lines without any break represent directors. For instance, J. P. Morgan & Co. have four directors
in the United States Steel Corporation. The broken line—dot and
dash and dot—represents fiscal agents, or a company that has handled
large blocks of securities.
Mr. UNTEEMYER. What does the red line connected with the
United States Steel Corporation represent ?
Mr. SCUDDER. The red lines all represent the affiliations of the
First National Bank and the Guaranty Trust Co. and the Bankers
Trust Co. The black line is J. P. Morgan & Co.
Mr. UNTERMYER. And the green one ?
Mr. SCUDDEE. IS the National City Bank.
Mr. UNTEEMYER. SO that by looking at that chart, you can at a
glance tell how many directors from each of those institutions is
represented on the board of thp particular company shown by the
circle ?
Mr. SCUDDER. Yes.



MONEY TBTJST.

2211

Mr. UNTERMYER. What other information can you get on the face
of the chart ? Take the zigzag lines.
Mr. SCUDDEB. The zigzag lines represent voting trustees.
Mr. UNTERMYEB. What do the colors represent ? What does the
black represent ?
Mr. SCUDDER. That means that it is a First National Bank voting
trustee [indicating on chart]. The black one is a Morgan voting
trustee.
Mr. UNTERMYER. Has there been any duplication of the record ?
Mr. SCUDDER. NO, sir.

Mr. UNTERMYER. YOU have eliminated that ?
Mr. SCUDDEB. I have eliminated that.
Mr. UNTEBMYER. Does that take in the Boston and Chicago affiliations ?
Mr. SCUDDER. NO, sir; that does not.
Mr. UNTERMYER. Have you a separate chart taking in those ?
Mr. SCUDDER. I have a separate chart; yes, sir.
Mr. UNTERMYER. Please explain this second chart.
Mr. SCUDDER. The second chart is made up on the same principle,
showing the affiliations J. P. Morgan & Co. have on the first diagram.
Mr. UNTERMYER. Showing only their affiliations with the Boston
and Chicago institutions or otherwise ?
Mr. SCUDDER. The affiliations of J. P. Morgan & Co. are shown in
black as on the other diagram. The affiliations of Lee, Higginson &
Co. and Kidder, Peabody & Co. are shown in red, the affiliations of the
First National Bank and the Chicago Central Savings Bank and the
Continental Commercial National Bank of Chicago are shown in
green.
Mr. UNTERMYER. Taking again, for convenience, the United States
Steel Corporation, I see that you have there four green lines, three
red lines, five black lines, and some other lines that are not straight
lines. What does that mean ?
Mr. SCUDDER. The broken line represents stock interest. J. P .
Morgan & Co. have a large stock interest in the United States Steel
Corporation.
The second broken line represent fiscal agency; and that line,
wherever used on the chart, means that the banking houses are fiscal
agents, syndicate managers, or purchasers of large blocks of securities.
The straight black line represents directors. It shows that J. P .
Morgan & Co. have four directors in the United States Steel Corporation.
Mr. UNTERMYEB. And what do the red lines show ?
Mr. SCUDDER. TWO straight red lines show that Lee. Higginson &
Co. and Kidder, Peabody & Co. have two directors in the United
States Steel Corporation.
Mr. UNTERMYER. And what do the green lines show ?
Mr. SCUDDER. The straight green lines show that the Chicago banks
named have two directors, and the dotted lines show that they have
two directors in subsidiaries of the United States Steel Corporation.
Mr. UNTERMYER. Adding together, by way of illustration, the directors represented by this group of the United States Steel Corporation, taking the two diagrams, how many directorates would that
make, excluding duplications, held by the group represented on the
two charts ?



2212

MONEY TBUST.

Mr. SCUDDER. That would make 12 altogether.
Mr. UNTERMYEB. And taking, for instance, the American Telephone & Telegraph Co., and supposing you add the groups shown on
the two diagrams, how many directorates, what representation, does
that make ?
Mr. SCUDDER. Seven.
Mr. UNTERMYER. And on that basis you can see from the face of
the diagram, can you, what the extent of the directorate representation is in those different concerns ?
Mr. SCUDDER. Yes.
Mr. UNTERMYEB. And

are these charts based entirely on directorate representation, oi* are there other features shown in the way of
affiliations ?
Mr. SCUDDER. They are based on all kinds of affiliation; affiliation
through stock inteiest, through voting trustees, through fiscal
agencies, or through the handling of large blocks of securities.
Mr. UNTERMYER. Stock interests, too ?
Mr. SCUDDER. Stock interests, too; yes, sir.
Mr. UNTERMYER. Taking, again, the first diagram, and by way of
illustration again taking the National Bank of Commerce, for instance,
what do those red and green lines represent in the total of representation of the directorates ?
Mr. SCUDDER. It shows that the First National Bank, the Guaranty Trust Co., and the Bankers' Trust Co. have 13 directors in the
National Bank of Commerce; that they have stock ownership; that
the National City Bank has two directors and J. P. Morgan has two
directors, and J. P. Morgan has a stock interest.
Mr. UNTERMYEB. That is all shown by these lines ?
Mr. SCUDDEB. It is all shown by these lines.
Mr. UNTERMYER. Take another illustration, the Astor Trust Co.;
how would you read those lines ?
Mr. SCUDDER. It shows that the First National Bank, the Guaranty
Trust Co.. and the Bankers' Trust Co. have 14 directors, that J. P.
Morgan & Co. have 3 directors, and that the First National Bank has
a stock interest.
Mr. UNTERMYER. IS that the full explanation you care to make of
those two diagrams ?
Mr. SCUDDER. Yes.

Mr. UNTERMYER. In order to show the affiliations of these corporations, would it be necessary, then, to read the two diagrams
together ?
Mr. SCUDDER. Yes; it would.
Mr. UNTERMYER. I see that the lines representing the Guaranty
Trust and the Bankers' Trust are in red, which would represent the
First National Bank representation. TVhy are they not put in black,
as representing J. P. Morgan & Co. ?
Mr. SCUDDER. I was trying to show those three together as a group.
I thought that they were more closely related than the National City
bank was. I wanted to show that separately.
Mr. UNTERMYER. I offer these two charts in evidence.
The two charts referred to were marked, respectively, "Exhibit No.
243, February 25, 1913," and "Exhibit No. 244, February 25, 1913,"
and will be found printed at the end of the roport of the subcommittee.



MONEY TRUST.

2213

Mr. UNTEEMYEE. Since your early charts were made, have there
been any changes on the directorates to which you want to call
attention as affecting those charts 1
Mr. SCXIDDEE. Yes; there have been several changes in directorates. Mr. Lovett and Mr. Trumbull, president of the Chesapeake
& Ohio, have become directors of the National City Bank.
Mr. UNTEEMYEE. What is Mr. Lovett's position as to other corporations ?
Mr. SCUDDEE. He is a director of the Union Pacific and a director
of the Southern Pacific, or was until recently.
Mr. UNTEEMYEE. IS he a director, or is he the president ?
Mr. SCUDDEE. I have forgotten.
Mr. HAYES. He is president.
Mr. UNTEEMYEE. He has gone into the directorate of the City Bank ?
Mr. SCUDDEE. Yes.
Mr. UNTEBMYER. Has

there also been a change with respect to
the Union Pacific and the Southern Pacific directorates?
Mr. SCUDDEE. Yes; within the last month there has been a considerable change between the directorate of the Southern Pacific.
A great many of the directors who were also in the Union Pacific
have left the board, and others have been elected.
Mr. UNTERMYER. TO that extent, then, your charts and diagrams
would be changed, would they not ?
Mr. SCUDDER. Yes.

Mr. UNTERMYER. Are there any other changes to which you want
to call attention, that have transpired since these diagrams and
charts were made ?
Mr. SCUDDER. Mr. McRoberts and Mr. Talbert. who were directors
of the National City Bank, have resigned from the Continental and
Commercial National Bank of Chicago: but I understand that that
resignation does not take effect until next month.
Mr. UNTERMYER. They appear on the charts and maps as affiliated
with this Chicago institution, and they will not be after next March,
is that it ?
Mr. SCUDDER. Yes, sir. Also Mr. S. S. Palmer, of the National
City Bank, died a few weeks ago.
Mr. UNTERMYER. Have you now enumerated all the changes that
you know of that have taken place since you prepared this data ?
Mr. SCUDDER. Yes, sir. I would like to call attention to the fact
that the changes in the Southern Pacific directorate have not been
taken account of in the diagram, .they have taken place so recently;
but the affiliations of Mr. Lovett and Mr. Trumbull are shown on
the diagram.
Mr. UNTERMYER. What about Mr. McRoberts and Mr. Talbert?
Mr. SCUDDER. They are all shown as directors of the Continental
and Commercial National Bank of Chicago.
Mr. UNTERMYER. That you put on the ground that their resignations have not yet taken effect ?
Mr. SCUDDEE". Yes.

Mr. UNTEEMYEE. IS that all ?
Mr. SCUDDEE. That is all.
Witness excused.
Thereupon, at 11.30 o'clock a. m., the subcommittee adjourned
until to-morrow, Wednesday, February 26, 1913, at 2 o'clock p. m.

X