REPORT OF AUDITORS. 41 



Schedule of Securities — continued. 

 Par Value. SECURITIES. Investment Value. Total. 



$22,551,350 Brought forward $22,523,815.52 



Reserve Fund. 

 50,000 American Telephone & Telegraph Company, 



Collateral Trust 4% Bonds, due 1929 $45,500.00 



96,000 American Telephone & Telegraph Company, 



4^% Convertible Bonds 99,456.25 



100,000 Baltimore & Ohio Railroad Company, Gen- 

 eral and Refunding 5% Bonds, due 1995 . . 102,375.00 

 50,000 Central Pacific Railway Company, First Re- 

 funding Mortgage 4% Registered Gold 



Bonds, due 1949 48,250.00 



150,000 Chicago, Burlington & Quincy Railroad Com- 

 pany, General Mortgage, 4% Bonds, due 



March 1, 1958 141,263.75 



15,000 Chicago, Milwaukee & St. Paul Railway 

 Company, General Mortgage 4J^% Gold 



Bonds, due May 1, 1989 14,925.00 



120,000 Chicago and North-Western General Mort- 

 gage 3H% Bonds, due November 1, 1987. 100,300.00 

 155,000 General Electric, 5% Gold Debenture Bonds. 158,213.47 

 48,000 Great Northern Railway Company, First and 

 Refunding Mortgage 4*4% Bonds, due 



1961 48,109.25 



100,000 Illinois Central Railroad Company, Refund- 

 ing 4% Bonds, due 1955 89,668.75 



280,000 Interborough Rapid Transit Company, First 



Refunding Mortgage 5% Bonds, due 1966 . 276 , 701 . 00 



50,000 Lake Shore & Michigan Southern Railway 

 Company, Registered 25-year 4% Gold 



Bonds, due September 1, 1928 47,000.00 



50,000 Long Island Railroad Company, Refunding 



Mortgage 4% Bonds, due 1949 48,285.00 



50,000 New York, Westchester & Boston Railway 

 Company, First Mortgage 4^% Bonds, 



due 1946 49,187.50 



50,000 Northern Pacific Railway Company, Re- 

 funding and Improvement, 6% Bonds, due 



2047 48,250.00 



50,000 Northern Pacific Railway Co., General Lien 

 Railway and Land Grant 3% Bonds, due 



Jan. 1, 2047 33,101.25 



2,000 Oregon Short Line Railroad Co., Consolidated 

 First Mortgage, 5% Guaranteed Gold 



Bonds, due 1946 1,955.00 



50,000 Oregon- Washington Railroad & Navigation 

 Company, First and Refunding 4% Mort- 

 gage Bonds, due 1961 46,375.00 



30,000 Pennsylvania Railroad Company, General 



Mortgage 4H% Bonds, due June 1, 1965. . 29,837.50 



101,000 Pennsylvania Railroad Company, Consoli- 

 dated Mortgage, 4J^% Bonds, due Aug. 



1, 1960 105,608.12 



100,000 Southern Pacific Railroad First Refunding 



Mortgage, 4% Bonds, due 1955 92,148.75 



140,000 Union Pacific Railroad Co. First Lien and 



Refunding 4% Bonds, due June 1, 2008. . . 128,722.50 



112,500 United States Liberty Loan — 1st Converted 



4Ms— due 1947 112,500.00 



384,300 United States of America Liberty Loan of 



1917— 2d Converted 349,286.85 



419 , 500 United States of America Third Liberty Loan 



of 1918 404,728.20 



364,000 United States of America Fourth Liberty 



Loan of 1918 357,181.30 



120,800 United States of America Victory Liberty 



Loan of 1919 120,800.00 3,099,729.44 



25,789,450 25,623,544.96 



