REPORT OF AUDITORS. 39 



Schedule of Securities — continued. 



Par Value. SECURITIES. Investment Value. Total. 



$24,036,950 Brought forward $1,124,762.47 $22,838,231.26 



Reserve Fund — continued. 



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 4i^% Bonds, 



due 1946 49,187.50 



50,000 Northern Pacific-Great Northern, Convert- 

 ible 6^% Bonds, due 1936 48,250.00 



50,000 Northern Pacific Railway Co., General Lien 

 Railway and Land Grant 3% Bonds, due 



Jan. 1,2047 33,101.25 



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, 4i^% 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 



4K'3, due 1947 112,500.00 



384,300 United States of America Liberty Loan of 



1917— 2nd 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 



3,097,774.44 



Pension Fund. 



50,000 United States of America Victory Liberty 



Loan of 1919 50,000.00 



61,350 United States of America Second Liberty 



Loan Converted 4>^s 53,532.41 



103,532.41 



26,220,400 26,039,5.38.11 



