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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 2188 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 2192 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. MONEY TKUST. 2193 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