72.4^3 
 
 9) 
 
 O 
 

 A 
 
 TRIBUTE to 
 
 Fifty-nine Years 
 Conservative Adminis- 
 tration of the Largest 
 Accumulation of Trust 
 Funds in the World 
 
Digitized by the Internet Archive 
 
 in 2008 with funding from 
 
 IVIicrosoft Corporation 
 
 http://www.archive.org/details/bankerswilltribuOOnewyrich 
 
FREDERICK D. TAPPEN 
 
TN the last clause of his will, after making 
 bequests to his family, Mr. Tappen provides 
 for certain trusts, and instructs his executors 
 and trustees to invest the proceeds of his estate 
 only in securities "included in the list of invest- 
 ments made by The Mutual Life Insurance 
 Company of New York, not limiting my said 
 executors and trustees or their successors or 
 successor to such investments only as trustees 
 are by law authorized to make." 
 
 The peculiar import of this provision will be 
 understood by those familiar with Mr. Tappen*s 
 career and with the conservative policy under 
 which the investments of The Mutual Life 
 Insurance Company of New York are made. 
 Others may find the following pages of interest 
 in presenting the conditions that make significant 
 this tribute of confidence. 
 
 Mr. Tappen had no connection with The 
 Mutual Life Insurance Company except as a 
 policy-holder. 
 
 A/ 
 M331710 
 
 
T^REDERICK D. TAPPEN, President 
 of the Gallatin National Bank of New 
 York, since 1868, twice President of 
 the New York Clearing House Association, 
 Chairman of the Clearing House Loan 
 Committee in 1873, 1884, 1893, ^^^ ^ 
 conspicuous figure in the banking world 
 for the last fifty years, died at Lakewood, 
 N. J., February 28, 1902. Among the 
 institutions represented at the funeral services 
 in All Soul's Church, New York City, 
 March 3, were the New York Clearing 
 House Association, the Gallatin National 
 Bank, the Union League, Union and 
 Metropolitan Clubs, the Red Cross Associ- 
 ation, the New York Hospital Association, 
 and the New York Stock Exchange 
 
The following gentlemen acted as pall 
 bearers : 
 
 Thatcher M. Adams, Member New York Stock Exchange. 
 
 James W. Alexander, President Equitable Life Assurance Society. 
 
 William Waldorf Astor. 
 
 George F. Baker, President First National Bank. 
 
 Stephen Baker, President Bank of the Manhattan Co. and 
 
 member of Clearing House Committee. 
 Samuel G. Bayne, President Seaboard National Bank. 
 Cornelius N. Bliss, Ex-Secretary of the Interior. 
 George A. Crocker, Director Bank of America; Virginia and 
 
 Southwestern Railway Co. ; Virginia Iron, Coal & Coke Co. 
 Col. Joel B. Erhardt, President The Lawyers Surety Co. 
 
 Trustee Bowery Savings . Bank. 
 Elbridge T. Gerry, Ex-President Society for the Prevention of 
 
 Cruelty to Children. 
 George G. Williams, President Chemical National Bank. 
 Adrian Iselin, Jr., Director Gallatin National Bank. 
 Brayton Ives, President Metropolitan Trust Co. 
 Dr. E. L. Keyes. 
 J. Pierpont Morgan. 
 O. D. Munn, President Munn & Co. 
 William A. Nash, President Corn Exchange Bank. 
 E. H. Perkins, Jr., late President Importers and Traders 
 
 National Bank. 
 George R. Sheldon, Member New York Stock Exchange. 
 J. Edward Simmons, President Fourth National Bank. 
 A. H. Stevens, Vice-President Astor National Bank, and 
 
 Gallatin National Bank. 
 
AT a meeting of the New York Clearing 
 ^ ^ House Association, held in memory 
 of Mr. Tappen, at the Clearing 
 House, Monday, March i o, 1 902, resolutions 
 were adopted expressing the Association's 
 appreciation of the great services rendered 
 the Association itself and the banking in- 
 terests of the entire country by Mr. Tappen. 
 From the addresses made by leading 
 financiers, the following extracts are made. 
 
 Prratitrttt of ^l}e Oltfratiral NatUinal Sank. 
 
 Gentlemen: 
 
 This meeting has been called for the purpose of paying a 
 suitable tribute of respect to the memory of our deceased friend 
 and associate, Mr. Frederick D. Tappen. 
 
 Mr. Tappen has filled almost every position of consequence 
 in the Association, and we had learned to trust him as a leader, 
 as a strong and steadfast guide, as a pilot who would safely take 
 us through the terrible anxieties which at times came upon us. 
 
Ipxeaihtat of tift aTottrtli Nattanal »anb- 
 
 This is the first distinctively memorial service in the history 
 of this Association. 
 
 Frederick D. Tappen, identified with this Association from 
 its birth, the recognized and beloved leader of the bank 
 presidents of New York, amidst universal expressions of sorrow, 
 has entered upon the rest which is eternal. 
 
 Who of us can ever forget the great financial battle of 1893 
 and the glorious victory achieved by the Associated Banks of 
 New York under the brilliant generalship of Mr. Tappen. 
 
 In 1895, when the Venezuelan boundary question threatened 
 war between this country and Great Britain, and in 1896 when 
 the danger of a victory of the free silver party seemed imminent 
 and a collapse of the public credit was apprehended, and in 
 1899, when the failure of prominent financial institutions in 
 Boston and New York caused great solicitude, he rendered 
 invaluable services; and last May when the troubles in Northern 
 Pacific stock created the most intense alarm, men turned to Mr. 
 Tappen ** as the traveler turns to the shadow of a great rock in 
 a weary land." With keen perception, deliberate judgment and 
 heroic courage, he undertook to bring order out of chaos. 
 
 "Mut-'J^xeBxhrnt of Srijp CJliaBf National »anfe. 
 
 Frederick D. Tappen, pursuing this quiet vocation, all his 
 life a banker, from sheer force of character, integrity of purpose, 
 clearness of vision and commanding courage, became a leader 
 
among men, and in several financial crises rendered service so 
 conspicuous and meritorious as to approximate heroism and win 
 the applause of the nation. 
 
 His bank was strong, clean and secure. It was not involved 
 in the success or failure of any scheme. His personal affairs 
 were beyond the influence of boom or panic, hence, whatever 
 the crisis, he was a man whose judgment could be brought to 
 bear uninfluenced and unswerved by personal interest, his sole 
 regard being for the associated banks and the public interests for 
 which they stand. 
 
 IfivtBlhmt of Eift National Sank of (Eommexte. 
 
 His experience developed resource. He was fertile in 
 expedients. His first process was a diagnosis. Then he decided 
 upon the remedy. He could be deaf to the voice of speculation. 
 He was alert to the first whisper affecting credit. He could 
 differentiate sharply between a spirit which would use the banks 
 and that which would make the banks more useful. For hysteria 
 he had no prescription. For genuine commercial illness he was 
 the devoted physician. 
 
 He kept himself scrupulously independent of any set of 
 financial interests or influences which did not have their 
 beginning and end in sound banking. 
 
 IpttBibtnt of Eift Matktt smh JTultan NatUinal Vank. 
 
 We, the members of this Association, have watched his 
 goings and comings for many years; we have seen him spend his 
 time, his energy and his best thought in the interest of the 
 
Clearing House and the Associated Banks, and we can truly say 
 that in a large measure the efficiency of the Clearing House 
 to-day and its importance to the Associated Banks are due to 
 his unflagging interest in its behalf. 
 
 |^»Bi2imt of Q^tf? Hinraln Natumal IBank. 
 
 There was something so dramatic, so courageous, in his 
 service in 1893, and it was continued for such a length of 
 time and was of such palpable benefit to the entire country, that 
 there came public recognition of what he then did; and, since 
 that time, his name has been almost a household word in 
 financial and commercial circles; and it became typical of the 
 highest integrity, utmost unselfishness, and the capacity to use 
 with the most skillful strategy the latent resources which this 
 institution possesses and which are available in time of peril 
 and panic. 
 
THE NEW YORK CLEARING HOUSE, 
 
 CEDAR STREET, NORTH SIDE, BETWEEN BROADWAY AND NASSAU STREET. 
 
 OFFICEKS. 
 
 President : Secretary : 
 
 JAMES STJLLMAN, President National City Bank. GATES W. McGARRAH, President Leather 
 
 Manager: WILLIAM SHERER. Manufacturers National Bank. 
 
 Assistant Manager: WILLIAM J. GILPIN. 
 
 CLEABINa HOUSE COMMITTEE. 
 
 JAMESIT. WOODWARD. President Hanover National Bank. STEPHEN BAKER, President Bank of the Manhattan Company. 
 
 CHARLES H. FANCHER President Irving National Bank. J. EDWARD SIMMONS. President Fourth National Bank. 
 
 DUMONT CLARKE, President American Exchange National Bank. 
 
THE NEW YORK 
 CLEARING HOUSE 
 
 The importance of the New York Clearing House in the 
 banking world of the United Stales is graphically illustrated 
 by the following figures tor the calendar year 1902: 
 
 Clearings through New York Clearing 
 
 House $76,328,189»165 
 
 Clearings through all other Clearing 
 
 Houses in the United States 41,268,428,568 
 
 Total $117,596,617,733 
 
 Clearings of New York Clearing House 
 exceeded those of London Clearing 
 House by $27,488,617,733 
 
 Over sixty-five per cent, of the total bank clearings in 
 the United States in 1902 passed through the New York 
 Clearing House. 
 
 When the New York Clearing House was organized in 
 1853, it was composed of 
 
 52 banks, with an aggregate capital of $47,000,000 
 
 To-day it consists of 
 59 banks, with an aggregate capital of $83,622,700 
 
 Balances at the New York Clearing House are now settled daily 
 instead of weekly, as was the case before the establishment of the 
 Clearing House. 
 
Capital and net profits of incorporated 
 banking institutions in New York City. 
 
 The fifty-six Clearing House banks have 
 
 an aggregate capital of $109,822,700 
 
 (Surplus) Net Profits ... 129,181,300 
 
 Non-member Banks, capital and net profits 17,984,300 
 
 Trust Companies, capital and net profits 179,677,500 
 
 Total $436,665,800 
 
 To this must be added the enormous capital employed in 
 private banking in this city. 
 
 The New York Clearing House, is in the first instance, a 
 highly organized machine for effecting exchanges between its 
 members: Organized in 1853, ^°^ ^^^ purpose of facilitating the 
 exchange of checks and drafts, at that time carried from bank 
 to bank by porters, it soon broadened its powers so as to give it 
 absolute power to examine, and suspend or expel members. 
 These powers are largely exercised through the most important 
 committee in the association, known as the Clearing House 
 Committee. 
 
 This committee can examine any bank, a member of the 
 association, and can demand from any member securities deemed 
 necessary for the protection of balances against the bank at the 
 Clearing House. This committee has discretion in the matter 
 
 10 
 
of allowing members to clear for an outside institution, and it 
 has the same right of examination over outside institutions 
 clearing through members. As all banking institutions of the 
 metropolis not members of the Clearing House must clear 
 through some member, the Clearing House, through the Clearing 
 House Committee has practically within its custody institutions 
 through which pass over sixty -five per cent, of the bank 
 clearings of the United States. 
 
 The Manager, Mr. William Sherer, is the executive officer of 
 the Clearing House, and his assistant is Mr. W. J. Gilpin. 
 
 The admission fees are 
 
 Banks having $5,000,000 capital or under ... $5,000 
 Banks having over $5,000,000 capital ... ... 7,500 
 
 The expenses are apportioned according to the exchanges 
 made by the bank. 
 
 The service rendered by the New York Clearing House to 
 financial interests and the country at large in time of panic, is 
 perhaps appreciated only by those who have intimate knowledge 
 of its operations. With the advent of panic, the decline of 
 confidence, the rise in rates for money and the contraction of 
 credit that follow a report of crop failure, strike or war, hoarding 
 of cash begins, bank deposits are withdrawn, institutions in other 
 cities finding their resources dwindling, draw upon their deposits- 
 in New York, and a scarcity of cash funds results. 
 
 New York City, where over sixty-five per cent, of the 
 exchanges of the country take place, feels this drain at 
 once. The banks must not only pay out cash but must 
 accommodate customers with loans. They find themselves 
 "with an abundance of securities and negotiable instruments 
 pledged by their customers that would afford ample protection 
 
 11 
 
in ordinary times, but the great and pressing need is for cash, a 
 circulating medium that will pass current from hand to hand 
 anywhere in the United States, without reference to market 
 values of stocks or bonds. This cannot be had except at a 
 ruinous premium. In 1893 one of the largest New York City 
 banks paid ;^7,ooo premium in one day for ^ 100,000 in bills of 
 small denominations to supply the demand of its customers. 
 Under these conditions the remedy must be applied at the center 
 of the banking system of the country. New York City, to 
 produce any general relief. The Clearing House appoints a 
 loan committee, usually consisting of five bank officers, and in 
 exchange for securities deposited by the banks, issues loan 
 certificates in denominations of five, ten and twenty thousand 
 dollars in the proportion of seventy-five per cent, of the value of 
 securities deposited. These certificates are available only for the 
 settlement of balances at the Clearing House, and among 
 members cf the assoc'.ation, and enable the banks to use their 
 cash resources for the ordinary purposes of business. The 
 resources of all the associated banks are thus combined for the 
 preservation of their common credit and solvent institutions are 
 saved fi-om failure and confidence restored. Since i860, this 
 expedient has been resorted to but eight times, and four of 
 these issues were during the Civil war. Certificates to the 
 amount of ^168,774,000 have been issued and redeemed 
 w'thout the loss of a dollar. This loan committee has the 
 practical custody of the credit of the nation in times of financial 
 disturbance. 
 
 In order to inspire general confidence, the chairman and 
 members of this committee, must be men known for their 
 intimate knowledge of the values of securities, for their 
 familiarity with banking methods, and for their ability to act 
 quickly in times of emergency. 
 
 12 
 
From the Sixtieth Annual Report of 
 The Mutual Life Insurance Company : 
 
 It is interesting to observe that the Company's income for 
 every eleven minutes of an average business day is now greater 
 than for the entire first month of its operations, and that it pays 
 to its policy-holders every business day more than it paid during 
 the entire first four years of its activity. 
 
 The Company also may take satisfaction in the fact that as 
 the explorer and first cultivator of the great field into which so 
 many have since entered, it can claim to have contributed no 
 little to their successes. The United States is the only nation 
 in which life insurance on the mutual plan far exceeds in amount 
 all other forms; and this is unquestionably due to the demonstra- 
 tion of its value given by the founders of this Company. It 
 was also the first to introduce in America the principles of 
 actuarial science which have become universally recognized as 
 sound and permanent, and the first to adopt those equitable 
 methods of adjusting the mutual rights of members, called the 
 Contribution System of Dividends, which have controlled the 
 distribution of many scores of millions of dollars among their 
 living members by this and other companies. 
 
 But the most remarkable development in the history of life 
 insurance has been that of recent years, in which also this Com- 
 pany has led the way, by which the relations of the institution 
 to the community have undergone a radical though natural and 
 inevitable change. In its earlier stages it was regarded and 
 prosecuted simply as a means of protection against the hazard of 
 premature death. The diversion from business capital of the 
 smallest sums which would serve to meet this hazard, and their 
 careful accumulation, were kept in view. But the amounts thus 
 
 13 
 
collected became important factors in the financial world. The 
 highest skill was demanded and exercised in their investment and 
 management. It was found that in most instances the safety 
 and productiveness of funds thus handled contrasted advantage- 
 ously with the results reached through the ordinary hazards of 
 business. It became the obvious dictate of prudence to success- 
 ful men in professional life or trade to place a substantial part of 
 their income under the guardianship of such an institution. The 
 demand became strong for plans of insurance which should 
 include investment features, and enable men engaged in a doubtful 
 struggle for wealth to make sure of a competence. And thus 
 life insurance has become an attractive form in which to place a 
 large share of the savings of men of substance; and the great and 
 wisely managed corporations engaged in it have become the 
 largest holders of active capital and directors of investment in the 
 financial world. 
 
 From the Fifty-Ninth Annual Report : The practice 
 of this Company has been, in seeking for investments, to look 
 firstly for entire security, and secondly for productiveness ; 
 and where a choice is to be made between different investments, 
 which, after a careful study of their character and of every 
 feature, promise equal security, always to choose that from which 
 the largest yield for the benefit of the policy-holders may be 
 expected. 
 
 14 
 
List of Stocks absolutely owned by the 
 
 Company, December 31, 1 902 : 
 
 DESCRIPTION. Par Value. Vauiy N^et. 
 
 American Exchange National Bank $200,000 00 $522,660 00 
 
 Astor National Bank 10,000 00 60,333 00 
 
 Atlantic Trust Co 100,000 00 300,000 00 
 
 Bank of America 100,000 00 500,000 00 
 
 Brooklyn Trust Co 71,800 00 287,200 00 
 
 Central Realty Bond & Trust Co 150,000 00 900,000 00 
 
 Central Trust Co 133,000 00 2,394,000 00 
 
 Chemical National Bank 14,000 00 560,000 00 
 
 Commercial Trust Co. of New Jersey... 100,000 00 300,000 00 
 
 Consolidated Gas Co 1,000,000 00 2,103,300 00 
 
 Continental Insurance Co 25,000 00 152,952 50 
 
 Fifth Avenue Trust Co 200,000 00 1,000,000 00 
 
 First National Bank 100,000 00 650,000 00 
 
 Gallatin National Bank 39,950 00 160,998 50 
 
 Girard Trust Co 100,000 00 550,000 00 
 
 Guaranty Trust Co 856,400 00 5,138,400 00 
 
 Industrial Trust Co 100,000 00 252,500 00 
 
 Lawyers' Title Insurance Co 429,000 00 1,515,785 70 
 
 Morristown Trust Co 175,000 00 875,000 00 
 
 Morton Trust Co 200,000 00 1,600,000 00 
 
 Mutual Alliance Trust Co 100,000 00 200,000 00 
 
 National Bank of Commerce 2,032,000 00 6,096,000 00 
 
 National Bank of the United States 20,000 00 75,291 66 
 
 National Safe Deposit Co 111,500 00 113,362 05 
 
 Title Guarantee & Trust Co 516,200 00 2,064,800 00 
 
 United States Mortgage & Trust Co 1,076,500 00 4,306,000 00 
 
 Brooklyn City Railroad 1,247,000 00 3.018,737 60 
 
 Chicago & Northwestern Ry., Preferred 450,000 00 1,057,500 00 
 
 Chicago, Milwaukee & St. Paul Ry., Pref. 2,050,000 00 3,919,600 00 
 
 Delaware, Lackawanna & West'n R. R. 100,000 00 251,360 00 
 
 Georgia Railroad & Banking Co 100,000 00 252,290 00 
 
 Illinois Central Railroad 550,000 00 797,500 00 
 
 Massawippi Valley Railway 35,000 00 35,728 00 
 
 Morris & Essex Railroad 500,000 00 950,000 00 
 
 N. Y. Central & Hudson River Railroad 500,000 00 760,050 00 
 
 New York & Harlem Railroad 454,250 00 1,817,000 00 
 
 New York Dock Company Preferred... 1,787,500 00 811,882 50 
 
 New York, New Haven & Hartford R. R. 840,000 00 1,764,000 00 
 
 Pennsylvania Railroad 5,000,000 00 7,725,000 00 
 
 Pittsburg. Ft. Wayne & Chicago Ry 600,000 00 1,140,000 00 
 
 Rensselaer & Saratoga Railroad 800,000 00 1,600,000 00 
 
 Sixth Avenue Railroad 200,000 00 350,000 00 
 
 Washington Ry. & Electric Co., Pref... 1,650,000 00 742,500 00 
 
 Worcester, Nashua & Rochester R. R.. 1,663,400 00 2,461,832 00 
 
 Total $26,487,500 00 $62,133,563 51 
 
 15 
 
List of Bonds absolutely owned by the 
 Company, December 31, 1902: 
 
 NAME. Par Value. 
 
 Market 
 Value Net. 
 
 U. S. of America 4%, 1907 $25,000 00 $27,250 00 
 
 Austrian Govt. Rentes 4%, Perpetual... 1,495,750 00 1,480,792 50 
 
 British Govt. Consols 2^4% 97,400 00 89,608 00 
 
 Cape of Good Hope Stock 3>^%, 1949.. 48,700 00 48,700 00 
 
 Canadian Govt. Bonds 4%, 1903 150,000 00 150,000 00 
 
 Italian Govt. Rentes 5%, Perpetual 1,639,766 60 1,639,766 60 
 
 Prussian Govt. Consols 3%, Perpetual 721,306 60 634,749 81 
 
 Queensland Govt. Stock 3%, 1947 50,648 00 45,583 20 
 
 So. Australian Govt. Stock 3%, 1916... 8,084 20 7,275 78 
 
 So. Australian Govt. Stock 3^%, 1920 24,350 00 24,350 00 
 
 Spanish Govt. Rentes 5%, 1950 77,200 00 50,340 60 
 
 Tasmanian Govt. Stock 3X%, 1921 24,350 00 23,526 97 
 
 Transvaal Govt. Bonds 5%, 1942 97,400 00 97,400 00 
 
 U. S. of Mexico Bonds 5%, 1945 2,416,270 00 2,367,944 60 
 
 Victorian Govt. Stock 3%, 1917 24,350 00 22,645 50 
 
 W. Australian Govt. Stock 3>^%, 1910 55,566 70 55,011 03 
 
 Arizona Territory 5%, 1942 15,000*00 16,180 50 
 
 Province of Manitoba 4%, 1929 200,000 00 208,360 00 
 
 Province of New Brunswick 4%, 1921.. 69,000 00 69,000 00 
 
 Province of New Brunswick 4%, 1930.. 100,000 00 100,000 00 
 
 Province of New Brunswick 4%, 1932.. 30,000 00 30,000 00 
 
 Province of New Brunswick 4%, 1932.. 20,000 00 20,000 00 
 
 Province of Nova Scotia 4%, 1919 25,000 00 25,000 00 
 
 Province of Nova Scotia 4%, 1920 125,000 00 125,000 00 
 
 Province of Nova Scotia 4%, 1920 250,000 00 250,000 00 
 
 Atchison County, Kan., 5%, 1916 68,000 00 73,195 20 
 
 Chatham County, Ga., 5%, 1903-19 -^7,000 00 49,223 10 
 
 Sedgwick County, Kan., 5%, 1908 200,000 00 207,180 00 
 
 Sedgwick County, Kan., 5%, 1909 50,000 00 52,085 00 
 
 Atlanta, Ga., 4>^%, 1922 345,000 00 379,948 50 
 
 Augusta, Ga., 4>^%, 1924 84,000 00 89,989 20 
 
 Augusta, Ga., 6%, 1915 15,000 00 17,851 50 
 
 Brooklyn, N. Y.. 3>^%, 1925 100,000 00 103,810 00 
 
 Colorado Springs, Col., 6%, 1905 27,000 00 27,000 00 
 
 Duluth, Mmn., 5%, 1913 50,000 00 53,230 00 
 
 Elizabeth, N. J., 4%, 1922 270,000 00 267,300 00 
 
 Guelph, Ontario, Can., 5%, 1910 18,000 00 19,096 20 
 
 Guelph, Ontario, Can., 5%, 1917 97,400 00 108,308 80 
 
 Guelph, Ontario, Can., 5%, 1920 9,000 00 10,102 50 
 
 jersey City, N. J., 5%, 1903-12 50,000 00 51.500 00 
 
 Jersey City, N. J., 5%, 1916 75,000 00 80,655 00 
 
 16 
 
NAME. Par Value. 
 
 Market 
 Value Net, 
 
 ersey City, N. J., 5%, 1910 $70,000 00 $75,278 00 
 
 ersev City, N. J., 6%, 1904 150,000 00 153,165 00 
 
 emphis, Tenn., ^^%, 1936 750,000 00 806,775 00 
 
 Memphis, Tenn., 6%, 1915 55,000 00 64,256 50 
 
 Montreal. Quebec, Can., 3>^%, 1939... 400,000 00 380,240 00 
 
 Montreal, Quebec, Can., 4%, 1925 200,000 00 207,520 00 
 
 Montreal, Quebec, Can., 4%, 1927 165,000 00 171,534 00 
 
 Montreal, Quebec, Can., 4%, 1933 200.136 71 209,162 88 
 
 Nashville, Tenn., 5>^%, 1905 200,000 00 206,440 00 
 
 Nashville, Tenn., 6%, 1911 35,0U0 00 39,259 50 
 
 Nashville, Tenn., 6%, 1913 50,000 00 57,255 00 
 
 Omaha, Neb., 5%, 1905 18,000 00 18,410 40 
 
 Omaha. Neb.. 5%, 1905 20,000 00 20,486 00 
 
 Omaha, Neb., 5%, 1908 75,000 00 78,367 50 
 
 Ottawa, Ontario, Can., 5%, 1909 40,000 00 42,420 00 
 
 Portland, Ore., 5%, 1923 80,000 00 92,648 00 
 
 Richmond, Va., 4%, 1924 10,000 00 10,000 00 
 
 Richmond, Va., 4%, 1926 1,000 00 1,000 00 
 
 Toronto, Ontario, Can., 47c, 1905 25,000 00 25,000 00 
 
 Toronto, Ontario, Can., 4%, 1910 85,000 00 85,000 00 
 
 Toronto, Ontario, Can., 4%, 1911 75,000 00 75,000 00 
 
 Toronto, Ontario, Can., 4%, 1911 101,000 00 101,000 00 
 
 Atch.Top.&San.FeRy.Deb.4%,1904-14 5.000,000 00 4,785,020 00 
 
 Atch. Top. & San. Fe Ry.Gen'l 4%, 1995 6,355,000 00 6,355,000 00 
 
 At. & Char. Air Line Ry. Ex., 4%, 1907 750,000 00 739.800 00 
 
 At. & Char. Air Line Ry., 1st 7%. 1907 500,000 00 550,100 00 
 
 Atlantic & Yadkin Ry., 1st 4%, 1949... 450,000 00 427,320 00 
 
 Bait. & Ohio R. R., Pri. Lien S}4%, 1925 4,500,000 00 4,185,000 00 
 
 Bait. & Ohio R.R., S.W. Div. 3Ji%,1925 1,000,000 00 870,000 00 
 
 Bait. & Ohio R.R., P.L.E.&W.Va.4%1941 500,000 00 470,000 00 
 
 Bait. & Ohio R. R., 1st Cons., 4%, 1948 750,000 00 750,000 00 
 
 Bangor & Aroostook R. R.. 1st 5%, 1943 500,000 00 588,100 00 
 
 Bway.«& 7th Ave.R. R., 1st Cons. 5%,1943 2,000,000 00 2.320,000 00 
 
 Bklyn., Q. Co. & S. R R., 1st 5%, 1941 918,000 00 988,135 20 
 
 Canada Southern Railway, 2d 5%, 1913 657,000 00 697,339 80 
 
 Central of Georgia Railway, 1st 5%, 1945 2,520,000 00 2,947,644 00 
 
 Central Pacific Railway, 1st 4%, 1949.. 5,500,000 00 5,445,000 00 
 
 Chateaugay Railway, 1st 6%, 1907 200,000 00 214,440 00 
 
 Chesapeake & Ohio Ry.,Gen'14>^%, 1992 815,000 00 831,300 00 
 
 Chicago & Alton R. R., Ref. 3%, 1949 1,480,000 00 1,213,600 00 
 
 Chicago & Alton R. R., Col.Tr. 4%, 1907 1,500,000 00 1,469,700 00 
 
 Chi. &No'westernRy.,Gen'13)^%,1987 325,000 00 325,000 00 
 
 Chi. & No'western Ry., Deb. 5%, 1909 25,000 00 26,252 50 
 
 Chi. & No'western Ry., Deb. 5%, 1921 1,675,000 00 1,861,595 00 
 
 Chi. & No'western Ry., Deb. 5%, 1923 560,000 00 636,440 00 
 
 Chi. & No'western Ry., Deb. 6%, 1929 456,000 00 510,720 00 
 
 17 
 
NAME. Par Value. ^^^^^^^[^ 
 
 Chi., B.& Q. R. R., So.W. Div.,47o,1921 $467,000 00 $452,056 00 
 
 Chi., B. & Q. R. R., Iowa Div., 5%, 1905 894.000 00 907,231 20 
 
 Chi., B. & Q. R. R., Deb. 5%, 1913 543,000 00 574,439 70 
 
 Chi. Mil. «&N'\vrnRy.,C.&T.D.6%,1905 100,000 00 105,300 00 
 
 Chi., R. I. & Pac. Ry.. Col. 4%, 1903-18 2,000,000 00 1,938,000 00 
 
 Chi., St. P., M. & 0. Ry., Cons. 6%, 1930 500,000 00 675,000 00 
 
 Christopher & 10th St. R.R., 1st 4%,1918 210,000 00 207,816 00 
 
 Cin.,Sand.& Cleve.R.R., Cons. 5%, 1928 500,000 00 560.000 00 
 
 Cleve.,C.,C.&St.L.Rv., St.L.D4%,1990 250,000 00 252,500 00 
 
 Cleve.,C.,C.&St.L.Ry.,Gen'14%, 1993 750,000 00 735.000 00 
 
 Cleve.,Col.,C.&Ind.Rv.,Cons.7%,1914 271,000 00 344,928 80 
 
 Columbia& Greenville R. R., 1st 6%,1916 156,000 00 183,050 40 
 
 Columbus Con. St. R. R., 5%, 1909 143,000 00 146,989 70 
 
 EastTenn.,Va.&Ga. Ry.,Cons.5%,1930 100,000 00 114,310 00 
 
 Erie Railroad, Pa. Coal Co., Col.4%,1951 3,000,000 00 2,706,147 00 
 
 Erie Railroad, Prior Lien 4%, 1996 1,000,000 00 980.000 00 
 
 Erie Railway, 1st Cons. 7%, 1920 300,000 00 405,000 00 
 
 Evans.&TerreHauteR.R.,Cons.6%1921 250,000 00 295,000 00 
 
 Frem't, E. H. &M. V. R. R.,6%, 1933... 270,000 00 365,067 00 
 
 Gal., Har. & San Ant. Ry., 1st 6%, 1910 405,000 00 435,375 00 
 
 Georgia Pacific Railway. 1st 6%, 1922 172,000 00 210,975 20 
 
 Georgia R. R. & Banking Co., 5%, 1922 1,000,000 00 1,063,400 00 
 
 Ind., Bloom. & W. Ry., lstPref.4%,1940 73,000 00 74,795 80 
 
 Ind., Dec. & W. Ry., 1st 5%, 1935 200,000 00 210,000 00 
 
 Ind'polis & St. Louis Ry., 1st 7%, 1919 400,000 00 529,520 00 
 
 K. C, Ft. S. & M. R. R., Cons. 6%, 1928 250,000 00 305,000 00 
 
 Long Island Railroad, Unified 4%, 1949 500,000 00 490,000 00 
 
 Long Island R. R. Ferry, 1st 4j^%, 1922 157,000 00 157,000 00 
 
 Lou. &N.-SO. Ry.Monon,Col.47o,1952 1,530,000 00 1,392,300 00 
 
 Manitoba &So'easternRy., 1st 4%, 1929 175,320 00 173,445 54 
 
 Metropolitan Street Ry., Ref. 4%, 2002 2,000,000 00 1,910,800 00 
 
 Metropolitan Street Ry.,Gen'15%, 1997 1,500,000 00 1,739,850 00 
 
 Milwaukee &N.R.R., 1st Cons.6%, 1913 800,000 00 944,560 00 
 
 Minn. & St. L. R. R., Iowa Ext. 7%, 1909 183,000 00 210,450 00 
 
 Minneapolis Street Railway, 2d 6%, 1913 183,000 00 204,667 20 
 
 Missouri Pacific Ry., Trust 5%, 1917... 1,000,000 00 1,025,000 00 
 
 Mobile & Ohio R. R., 1st 6%, 1927 500,000 00 633,700 00 
 
 Morgans L. & T. R. R., 1st 7%. 1918... 250,000 00 326,575 00 
 
 Nash., Chat. & St. L. Ry., 1st 7%, 1913 371,000 00 454.920 20 
 
 Nash., C.&St.L.Ry.,McM. Br. 67o, 1917 89,000 00 101,753 70 
 
 Nassau Electric R. R., Cons. 4%, 1951 915,000 00 768,600 00 
 
 New England R. R., Cons. 5%, 1945... 3,000,000 00 3,960,000 00 
 
 New York & Can. R.R., Deb. 4}4%, 1904 450,000 00 451,440 00 
 
 N. Y. C. & H. R. R. R., Bond Syndicate 480,000 00 
 
 N.Y.C.&H.R.R.R.,L.S.Col.3>^%,1998 10,000,000 00 9,200,000 00 
 
 N. Y., Lack. & W. Ry., Ter. 47c, 1923 245,000 00 249.287 50 
 
 18 
 
NAME. Par Value. 
 
 Market 
 Value Net. 
 
 N.Y.,N.H.& H.R.R., Con.Deb.47r, 1903 $3,400,000 00 $5,208,000 00 
 
 N.Y., Ont. & W. Ry., Notes 5%, 1903-12 500,000 00 500,000 00 
 
 Nor. &W. Ry, Poc.C. &C.lst4%, 1941 1,500,000 00 1,365,000 00 
 
 Northern Pacific Ry., Pri. Lien 4%, 1997 2,400,000 00 2,448,000 00 
 
 Nor. Pac— Gt. Nor. Ry., Col. 4Vc, 1921 6,000,000 00 5,610,000 00 
 
 Ocean Steamship Co., 1st Cons.5%,1920 494,000 00 508,573 00 
 
 Oregon Short Line R. R., Col. 4%, 1927 1,000,000 00 940,000 00 
 
 Oswego & Rome R. R., 2d 5%, 1915... 100,000 00 109,660 00 
 
 Pennsylvania Car Trust, 3^%, 1903-10 400,000 00 388,840 00 
 
 Pennsylvania Company, 3>^%, 1903-16 47,000 00 44,180 00 
 
 Pennsylvania Company, 3^7o, 1941.... 325.000 00 302,250 00 
 
 Penn. R. R., Conv. Deb. 3>^7o, 1912.. 1,250,000 00 1,312,500 00 
 
 Peoria & N'western Ry., 1st 3>47c, 1926 70,000 00 67,900 00 
 
 Pitts.. C. C. & St. L. Ry., dyiVc, 1949 500,000 00 460,000 00 
 
 Pittsburg, McK. & Y. R. R., 2d 6%, 1934 300,000 00 414,000 00 
 
 Princeton &N'west'nRy,,lst3K%,1926 100,000 00 97,000 00 
 
 Reading Co., Jersey Cen., Col. 4%, 1951 1,500,000 00 1,365,000 00 
 
 Richmond &Danv'leR.R.,Deb.5%,1927 134,000 00 146,448 60 
 
 Richmond &Danv'le R. R., 1st 6%, 1915 500,000 00 584,150 00 
 
 Rich., Y.R. & Ches.R.R., 2d 4}4%, 1910 254,000 00 251,460 00 
 
 Rich., Y. R. & Ches. R. R., 1st 5%, 1910 394,000 00 394,000 00 
 
 Rochester & Pitts. R. R. , Cons. 6%, 1922 291,000 00 360,840 00 
 
 Rutland Railroad. Cons. 4j^%, 1941.... 500,000 00 540.000 00 
 
 St. Louis, L M. & S. Ry., Ref. 5%, 1929 1,000,000 00 890,000 00 
 
 St. Paul & Duluth R. R., 2d 5%, 1917.. 175,000 00 189,280 00 
 
 St. Paul & N. Pacific Ry., 1st 6%, 1923 76,000 00 93,844 80 
 
 St. Paul & N. Pacific Ry., 1st 6%, 1923 162,000 00 200,037 60 
 
 St. Paul City Ry., 1st Cons. 6%, 1934.. 297.000 00 371,903 40 
 
 Sault Ste. M. & S. Ry., 1st 5%, 1915... 128,000 00 139,072 00 
 
 Second Ave. R. R., 1st Cons. 5%, 1948 500,000 00 589.250 00 
 
 Sioux City & Pacific Ry., 1st d)4%, 1936 107,000 00 103,790 00 
 
 Southern Pac. R. R. ofCal., lst67o, 1906 400,000 00 425,800 00 
 
 Southern Railway, Cer. 4%, 1903 600,000 00 596,460 00 
 
 Southern Railway, Cer. 5%, 1903 3,000,000 00 3,000,000 00 
 
 Southern Railway, Cer. 5%, 1903 300,000 00 300,000 00 
 
 Southern Ry., Mem. Div., 4}^%, 1996 1,000,000 00 1,120,000 00 
 
 Term'alR.R. A. ofSt.L., Ist4^%, 1939 173,000 00 189,573 40 
 
 Third Ave. R. R., 1st Cons. 4%, 2000.. 2,000.000 00 1,940,000 00 
 
 Union Pacific Railway, 1st 4%, 1947.... 4,450,000 00 4,539,000 00 
 
 Union Ry. of New York, 1st 5%, 1942.. 400,000 00 464,000 00 
 
 Utah & Northern Ry., 1st 7%, 1908 300,000 00 336,180 00 
 
 Virginia Midland Railway, 6%, 1916 250,000 00 289,650 00 
 
 Wabash Railroad, 1st 5%, 1939 2,000,000 00 2,300,000 00 
 
 Washington Ry.& E. Co., Cons.4%,1951 1,650,000 00 1,278,750 00 
 
 Western Ry. of Ala., Cons. 4j4%, 1918 1,350,000 00 1,408,185 00 
 
 B'klyn & N. Y. Ferry Co., 1st 6%, 1911 178,500 00 196,314 30 
 
 19 
 
NAME. Par Value. 
 
 Market 
 Value Net. 
 
 Brooklyn Union Gas Co., 5%, 1945 $1,050,000 00 $1,192,695 00 
 
 Columbia College, 3%. 1909 250,000 00 242,875 00 
 
 Duluth Union Depot Co., 1st 5%, 1930 300,000 00 345,000 00 
 
 Equitable Gas Light Co., Ct. 5%, 1906 500,000 00 500,000 00 
 
 Equitable Gas Light Co. , Cons. 5%, 1932 500,000 00 573,800 00 
 
 Fort St.Union Depot Co., 1st 4^%,1941 50,000 00 51,110 00 
 
 Hobokeu Ferry Co., 1st 5%, 1946 1,000,000 00 1,074,800 00 
 
 Hudson Coal Co., 4%, 1906-1917 1,100,000 00 1,080,310 00 
 
 Jeff. & Clear. C. & I. Co., 1st 5%. 1926 738,000 00 774,900 00 
 
 Laclede Gas Light Co., 1st 5%, 1919.... 1,000,000 00 1,060,000 00 
 
 Lehigh & Wilkes. Coal Co., 4>^%, 1910 1,800,000 00 1,782,000 00 
 
 Long Branch Water Sup. Co., 5%, 1906 100,000 00 101,460 00 
 
 Met. Opera & Real Est. Co., 5%, 1903 800,000 00 800,640 00 
 
 Morris Aqueduct Co., 4%, 1915 65,000 00 65,000 00 
 
 Navigation Bond Syndicate 1,200,000 00 
 
 N. Y. & E. R. Gas Co., 1st 5%, 1944... 250,000 00 280,000 00 
 
 New York Dock Co., 1st 4%, 1951 2,443,500 00 2,234,825 00 
 
 No. German Lloyd D. Co., 1st 4%. 1911 1,355,000 00 1,355,000 00 
 
 Philadelphia Bourse, 1st 5%, 1913 275,000 00 269,500 00 
 
 Sharon Estate, 1st 5%, 1903 1,000,000 00 1,000,000 00 
 
 U. S. Mortgage & Trust Co., 4%, 1917 460,000 00 460,000 00 
 
 U. S. Mortgage & Trust Co., 4%, 1918 974,000 00 974,000 00 
 
 U. S. Mortgage & Trust Co., 4%, 1918 101,000 00 101,000 00 
 
 U. S. Mortgage & Trust Co., 4'/.,, 1918 783,000 00 783,000 00 
 
 U. S. Mortgage & Trust Co., 4%, 1919 522,000 00 522,000 OO 
 
 U. S. Mortgage & Trust Co., A%., 1919 300,000 00 300,000 00 
 
 U. S. Mortgage & Trust Co., 4%, 1920 677,000 00 677,000 00 
 
 U. S. Mortgage & Trust Co., 4%, 1921 899,000 00 899,000 00 
 
 U. S. Mortgage & Trust Co., 4%, 1922 370.000 00 370,000 00 
 
 U. S. Mortgage & Trust Co., 4%, 1922 500,000 00 500,000 00 
 
 W. U. Tel. Co., Col. Tr., 5%, 1938 1,000,000 00 1,080,000 00 
 
 Total $151,706,998 81 $158,006. 742 51 
 
 20 
 
The Seventh Clause of the will of the 
 late Frederick D. Tappen, certified as 
 correct by the Clerk of the Surrogate's 
 Court is as follows : 
 
 Seventh. I hereby nominate, constitute and appoint my 
 friends, Samuel Woolverton, at present the Cashier of the 
 Gallatin National Bank, and Edward J. Hancy, executors of 
 this my last will and trustees of all the trusts created in and by 
 the same, and hereby authorize and empower the said executors 
 and trustees or trustee for the time being, and the survivors of 
 them and their successors and successor, in their or his discretion 
 at any time to sell and convey any real estate or any interest 
 therein which I may own at the time of my decease or which 
 may form part of the capital of any of said trusts either for the 
 purposes of dividing or distributing my said estate, or for 
 carrying out any of the purposes of this my will, and to invest 
 and reinvest the proceeds of said sale or any other property held 
 in trust, or authorized, under this will, in such investments as 
 trustees are by law authorized to make and in addition any such 
 bonds, stocks and other securities as in their or his judgment 
 may constitute judicious investments of such trust fund or fiinds, 
 giving preference in their or his discretion to non-taxable 
 securities, and provided further that at the time of making each 
 investment such security shall be included in the list of invest- 
 ments made by The Mutual Life Insurance Company of New 
 York, not limiting my said executors and trustees or their 
 successors or successor to such investments only as trustees are 
 by law authorized to make, and I also authorize my said 
 executors and trustees to retain any investments made by me. 
 
 21 
 
Some of the Trusts established in the 
 Will of the late Frederick D. Tappen: 
 
 Fourth. I give and bequeath the sum of forty thousand 
 dollars ($40,000) to my executors hereafter named and the 
 survivor of them, their successors and successor, upon trusty 
 to invest and reinvest the same, and to receive the rents, issues, 
 income and profits thereof, and to apply the net income to the 
 maintenance and support of my said daughter Grace Tappen 
 Seney, during the term of her natural life, and on her death to 
 hold the said trust fund upon trust to receive the rents, income, 
 issues and profits thereof, and apply the net income thereof 
 to the maintenance, education and support of her daughter 
 Phoebe A. Seney, during the term o{ her natural life. 
 
 Fifth. In case my said wife shall survive me, I give, devise 
 and bequeath all the rest, residue and remainder of my estate, 
 real and personal whatsoever and wheresoever situated, to my 
 executors hereinafter named, and the survivor of them, and 
 their successors and successor, upon trusty to invest and reinvest 
 the same and receive the rents, issues, income and profits 
 thereof, and to apply the net income to the use of my said wife 
 during the residue of her natural life, and on her death to 
 divide the said residuary estate into as many equal parts or 
 shares as I may leave daughters (other than the said Grace 
 Tappen Seney) and the lawful issue of any other daughter who 
 may have died before me leaving lawful issue her surviving, such 
 issue of a deceased daughter together representing their mother 
 in such division. 
 
 22 
 
In Witness Whereof, I have hereunro set my hand and 
 seal this nineteenth day of December, in the year of our Lord 
 one thousand nine hundred and one. 
 
 Frederick D. Tappen, [seal] 
 
 Signed, sealed, published and declared 
 by the said testator Frederick D. Tappen 
 as and for his last will and Testament 
 in our presence, who, in his presence, 
 at his request and in the presence of 
 each other have hereunto subscribed 
 our names as attesting witnesses the day 
 and year last above written. 
 
 George F. Butterworth, 
 
 104 East 30th Street, New York City. 
 Francis Smyth, 
 
 930 West End Avenue, New York City. 
 Arthur W. Andrews, 
 
 69 West 10 1st Street, New York City, 
 
 23 
 
State of New 
 County of Ne 
 
 ' York, ^ 
 
 >• ss. : 
 w York, \ 
 
 I, J. Fairfax McLaughlin, Clerk of 
 the Surrogate's Court of said County, do 
 hereby certify that I have compared the 
 foregoing copy of the last Will and Testa- 
 ment of Frederick D. Tappen, deceased, 
 with the original record thereof now 
 remaining in this office, and have found 
 the same to be a correct transcript there- 
 from and of the whole of such original 
 record. 
 
 In Testimony Whereof, I have here- 
 unto set my hand and affixed the Seal of 
 the Surrogate's Court of the County of 
 New York, this 24th day of 
 April in the year of our Lord 
 one thousand nine hundred 
 and two. 
 
 J. Fairfax McLaughlin, 
 
 Clerk of the Surrogate's Court. 
 
 U 
 
From Elbridge T. Gerry, Ex- President Children's Aid 
 Society, Trustee Fifth Avenue Trust Company, The Mutual 
 Life Insurance Company of New York, Director Newport 
 Trust Company. 
 
 2 East Sixty-first Street. 
 
 April 5, 1902. 
 Dear Mr. McCurdy: 
 
 I enclose (what you may have seen) a notice of the greatest 
 tribute of confidence yet paid our Company. Compliments 
 fi-om the living are often insincere — those from the dead, never. 
 
 Always cordially yours, 
 
 Elbridge T. Gerry. 
 
 Richard A. McCurdy, 
 
 President, etc. 
 
 *5 
 
From Hon. Frederic P. Olcott, President of the Central 
 Trust Company of New York, formerly Comptroller of the 
 State ot New York. 
 
 CENTRAL TRUST CO. 
 
 56 Wall Street, New York. 
 
 May 8, 1902. 
 Dear Mr. McCurdy : 
 
 Mr. Tappen's example could well be followed by all who 
 leave their estates in trust. In naming as a model of sound 
 financiering the securities of The Mutual Life Insurance 
 Company he has pointed a new way of aiding trustees to safe- 
 guard the funds left in their keeping. 
 
 F. P. Olcott. 
 
 Mr. Richard A. McCurdy, 
 
 President, etc. 
 
 26 
 
From Hon. Levi P. Morton, President of the Morton Trust 
 Company, formerly representative from Nev^r York in the 
 Congress of the United States, Governor of the State of New^ 
 York, United States Ambassador to France and Vice-President 
 of the United States. 
 
 MORTON TRUST CO., 
 
 38 and 40 Nassau Street, New York. 
 
 May 8, 1902. 
 
 Dear Mr. McCurdy : 
 
 This provision in Mr. Tappen's will is particularly impressive 
 in that it is the expression of a judgment ripened by half a 
 century's study of investment securities. No one knew better 
 than he the pitfalls that beset the path of trustees — the tempta- 
 tions to increase revenue by taking a little extra hazard. That 
 he not only set up The MuCual Life Insurance Company's 
 investments as a model, but specifically limited his executors to 
 that list in investing his trust funds, is the highest endorsement 
 that could be given to faithful trusteeship. 
 
 Levi P. Morton. 
 
 To Richard A. McCurdy, 
 
 President, etc. 
 
 21 
 
Lazard Speyer-Ellissen, Speyer Brothers, 
 
 Frankfort ^Main. London. 
 
 SPEYER & CO. 
 
 30 Broad Street. 
 
 Cable Address : Spy, New York. 
 
 Mail Address: P. O. Box 477. 
 
 New York, May 12, 1902. 
 
 Richard A. McCurdy, Esq., President, 
 
 The Mutual Life Insurance Company of New York, 
 City. 
 My dear Mr. McCurdy: 
 
 The safe and proper investment of money always causes 
 more or less anxiety, and the best advice obtainable is eagerly 
 sought and highly prized. The opinion of the late Mr. 
 Frederick D. Tappen upon financial investments was greatly 
 respected; and when I read in the daily newspapers a digest 
 of Mr. Tappen' s will, in which he directs that his estate 
 shall be invested only in those securities which appear upon the 
 list of the investments of The Mutual Life Insurance Company, 
 I feel that a great help has been given to investors, and that 
 in following the restrictions placed upon Mr. Tappen' s 
 executors, individuals will be pursuing a wise and conservative 
 course in their investments. 
 
 Yours very truly, 
 
 James Speyer. 
 28 
 
DELAWARE, LACKAWANNA & WESTERN RAILROAD COMPANY. 
 
 W. H. TRUESDALE, 
 
 PRESIDENT, 
 
 NEW YORK CITY. 
 
 May 13, 1902. 
 My dear Mr. McCurdy : 
 
 Mr. Tappen represented all that was best in the banking 
 world. He kept his bank free from entangling alliances. His 
 influence was always on the side of conservatism. He was 
 himself the administrator of many estates and understood the 
 sacred nature of such a trust. When, therefore, he placed in 
 his will the instructions that all funds left by him in trust for his 
 wife and children, be invested only in such securities as were on 
 the list of investments of The Mutual Life Insurance Company, 
 he provided for his executors, what in his mature judgment, was 
 the safest guide in the world. Mr. Tappen' s action is certainly 
 a great tribute to The Mutual Life Insurance Company. 
 
 Yours very truly, 
 
 W. H. Truesdale, 
 
 President. 
 
 Mr. Richard A. McCurdy, 
 
 President The Mutual Life Insurance Company, 
 New York City. 
 
 29 
 
550I