mis Return this book on or before the Latest Date stamped below. University of Illinois Library FREDERICK D. TAPPEN Mu.W.a\ \»t t. <*_ I N 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. 53702 fl09£0 Digitized by the Internet Archive in 2017 with funding from University of Illinois Urbana-Champaign Alternates https://archive.org/details/tributetofiftyniOOmutu jpREDERICK 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, and a 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. Bray ton 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. 4 New York Clearing House Loan Committee, 1893 AT a meeting of the New York Clearing House Association, held in memory of Mr. Tappen, at the Clearing House, Monday, March io, 1902, 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. Mr. (fourth & Williams, QHjainttatt, President of uJlje GUjemiral National iBank. 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. 5 lion. 31. Ebfoari) g’unmmta, •jSJreaiktttt of tl|* IFonrtlj National Sank. 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. Sinn. A. $. ijfpbimt, ■fttre-JIrpstiient of GUjaa* National Hank. 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 6 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. ©tm. Suafplj (&. itrnhrix, •Prraiiient of Qltje National IBank of (Comntprre. 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. ffimt. Alexander (Silbtrt, Prusibrnt of 0% iHarkrt anb 3ffulton National Sank. 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 7 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. tSjon. (Iljntnas Si. Jameo, iJreai&mt of ©tje SCutraltt National 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. 8 c jbHm of the; THE NEW YORK CLEARING HOUSE, CEDAR STREET, NORTH SIDE, BETWEEN BROADWAY AND NASSAU STREET. OFFICERS. President: Secretary: GEORGE F. BAKER, President First National Bank, New York HENRY F. DAVISON, President Liberty National Bank. Manager: WILLIAM SHERER Assistant Manager: WILLIAM J. GILPIN. CLEARING HOUSE COMMITTEE. WILLIAM A. NASH, President Corn Exchange Bank. GEORGE G. WILLIAMS, President Chemical National Bank. JAMES T. WOODWARD, President Hanover National Bank. STEPHEN BAKER, President Bank of the Manhattan Company CHARLES H. FANCHER, President Irving National Bank. THE NEW YORK CLEARING HOUSE The importance of the New York Clearing House in the banking world of the United States is graphically illustrated by the following figures for the calendar year 1901: Clearings through New York Clearing House . $79,420,418,435 Clearings through all other Clearing Houses in United States. 39,098,148,706 Total . $1 18,518,567,141 Clearings of New York Clearing House exceeded those of London Clearing House by . $32,857,525,405 Over sixty-seven per cent, of the total bank clearings in the United States in 1901 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. 9 Capital and net profits of incorporated banking institutions in New York City. The fifty-nine Clearing House banks have an aggregate capital of . (Surplus) Net Profits . Non-member Banks, capital and net profits Trust Companies, capital and net profits Total . $83,622,700 103,655,700 14,230,200 145,653,792 $347,162,392 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, for the 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-seven per cent, of the bank clearings of the United States. The Manager, Mr. William Sherer, #s 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-seven 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 $7,000 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 association, 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 from 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 without 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 Fifty-Ninth Annual Report of The Mutual Life Insurance Company: The principles upon which the funds of this Company have been invested by its Trustees justify a few words of notice, because a different theory which blacklists stock investments has recently been promulgated and even advocated. No criticism is made on the right of any institution to limit the range of its own investments, but 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. It is not believed that the name or external form of a security is an infallible guide in making this choice. There is no such unvarying nomenclature of investments, that those which bear one name may always be confidently regarded as perfectly safe, while those which bear a different name must always be looked upon with suspicion. This Company has no pre-conceived views which favor corporate stocks above other securities ; but where a substantial investment which promises to be fruitful is offered, preference is given to the substance rather than to the form. For many years, alike through periods of depression and of prosperity, the Company has pursued this policy, and the results have been uniformly beneficial. There has been no year since it began this method of making investments, even though panic and disaster have prevailed in the financial world at large, when the investments of this class made by the Company have not been at all times convertible into money at an advance upon their cost, and there has been no period of five years in which the income yielded by 13 this class of investments has not been at least as great as that obtained by the Company from an equal amount invested in any other class of securities. In this connection the Trustees desire again briefly to call attention to the essential difference between life insurance companies and other moneyed institutions. Leaving out of consideration the great combinations of industrial and financial activity, whose existence marks so strongly the close of the nineteenth and the beginning of the twentieth centuries, and confining our comments to moneyed institutions pure and simple, meaning thereby banking in its ordinary sense, we wish to point out that these institutions are governed, and properly so, by quite a different code of ethics from that which applies to life insurance companies, savings banks and the executors of trust estates. Each one of the latter necessarily exercises certain moneyed functions ; but these are subsidiary to the fundamental obligation of the preservation of the trust from diversion to the private or personal benefit of its managers whatever may be their designation. A banking house is organized for personal gain ; an incorporated bank for corporate gain. Making money in the ordinary sense is its primary object. A savings bank or a life insurance company is not organized to make money in the ordinary sense as its primary object, but for mutual protection and in the case of the insurance company for the equitable distribution of inevitable loss—inasmuch as all insurance contemplates and implies loss. In fire or marine insurance it is the burning of the house or the wreck of the ship, and the insurance money only partially replaces the loss to the individual by distributing it among all the associates or stockholders. In life insurance it is the loss caused by the cessation of the active brain and of the physical force which are the productive agencies for the accumulation of a competency for the support of the family. When these are extinguished, just so much productive energy is extinguished also and the life insurance money in like manner only partially replaces the loss to the individuals by distributing it among the survivors. 14 List of Stocks absolutely owned by the Company, December 31, 1901 : DESCRIPTION. Par Value. Market Value Net American Exchange National Bank. $168,800 00 $382,045 04 Astor National Bank. 10,000 00 60,000 00 Atlantic Trust Co. 100,000 00 225,000 00 Bank of America. 73,400 00 367.000 00 Brooklyn Trust Co. 71,800 00 287,200 00 Central Trust Co. 133,000 00 2,394,000 00 Chemical National Bank. 14,000 00 560,000 00 Consolidated Gas Co. 500,000 00 1,076,650 00 Continental Insurance Co. 25,000 00 140,452 50 Fifth Avenue Trust Co. 200,000 00 1,000,000 00 First National Bank. 100,000 00 650,000 00 Gallatin National Bank. 14,950 00 60,248 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. 100,000 00 302,500 00 Morristown Trust Co. 87,500 00 612,500 00 Morton Trust Co. 200,000 00 1,500,000 00 National Bank of Commerce. 2,000,000 00 6,500,000 00 National Safe Deposit Co. 111,500 00 113,362 05 Title Guarantee & Trust Co. 516,200 00 2,322,900 00 United States Mortgage & Trust Co. 1,106,500 00 4,426,000 00 Baltimore & Ohio Railroad, Preferred.... 100,000 00 91,640 00 Brooklyn City Railroad. 1,247,000 00 2,894,037 60 Chicago & Northwestern Ry., Preferred.. 450,000 00 990,000 00 Chicago, Milwaukee & St. Paul Ry., Pref. 1,650,000 00 3,074,940 00 Georgia Railroad & Banking Co. 100,000 00 222,290 00 Massawippi Valley Railroad. 35,000 00 35,728 00 Morris & Essex Railroad. 500,000 00 950,000 00 New York & Harlem Railroad. 454,250 00 1,817,000 00 New York Dock Co., Preferred. 1,787,500 00 715,000 00 New York, New Haven & Hartford R. R.. 650,000 00 1,300,000 00 Pennsylvania Railroad. 5,000,000 00 7,271,000 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 00 340,000 00 Worcester, Nashau & Rochester R. R.... 1,663,400 00 2,162,445 14 Total. $21,826,200 00 $53,524,838 83 15 List of Bonds absolutely owned Company, December 31, 1901: NAME. • Par Value. U. S. of America Bonds 4%, 1907. $25,000 00 Austrian Govt. Rentes 4%, Perpetual.... 1,436,595 50 British Govt. Consols 2£%, Perpetual.... 97,400 00 British Govt. Consols 2£%, 1923. 2,045,400 00 Cape of G. H. Govt. Stock 3|%, 1949... 48,700 00 Canadian Govt. Bonds 4%, 1903. 150,000 00 Italian Govt. Rentes 5%, Perpetual. 1,391,317 70 Prussian Govt. Consols 3%, Perpetual... 721,306 60 S. Australian Govt. Stock 3%, 1916. 5,162 20 S. Australian Govt. Stock 3^%, 1920. 24,350 00 Spanish Govt. Rentes 5%, Perpetual. 77,200 00 Tasmanian Govt. Stock 3£%, 1921. 24,350 00 Transvaal Govt. Bonds 5%, 1942. 97,400 00 U. S. of Mexico Bonds 5%, 1945. 2,425,000 00 Victorian Govt. Stock 3%, 1917. 24,350 00 W. Australian Govt. Stock 3|%, 1910.... 53,959 60 Arizona Territory 5%, 1942. 15,000 00 Province of Manitoba 4%, 1929. 200,000 00 Province of New Brunswick 4%, 1921.... 69,000 00 Province of New Brunswick 4%, 1930.... 100,000 00 Province of New Brunswick 4%, 1932.... 30,000 00 Province of New Brunswick 4%, 1932.... 20,000 00 Province of Nova Scotia 4%, 1919. 25,000 00 Province of Nova Scotia 4%, 1920. 125,000 00 Province of Nova Scotia 4%, 1920. 250,000 00 Atchison County, Kan. 5%, 1916. 68,000 00 Chatham County, Ga. 5%, 1910. 50,000 00 Hudson County, N. J. 5%, 1905. 160,000 00 Sedgwick County, Kan. 5%, 1908. 200,000 00 Sedgwick County, Kan. 5%, 1909. 50,000 00 Atlanta, Ga., 4|%, 1922. 345,000 00 Augusta, Ga., 1924. 104,000 00 Augusta, Ga., 6%, 1915. 15,000 00 Brooklyn, N. Y., 3|%, 1925. 100,000 00 Colorado Springs, Col., 6%, 1905. 32,000 00 Duluth, Minn., 5%, 1913. 50,000 00 Elizabeth, N. J., 4%, 1922. 500,000 00 Guelph, Ontario, Can., 5%, 1910. 18,000 00 Guelph, Ontario, Can., 5%, 1917. 97,400 00 Guelph Ontario, Can., 5%, 1920. 9,000 00 Jersey City, N. J., 5%, 1902-12. 55,000 00 by the Market Value Net. $27,750 00 1,407,863 59 91,069 00 1,911,872 20 49,674 00 151,260 00 1,349,578 17 627,536 74 4,800 85 25,080 50 50,340 60 24,350 00 98.062 32 2,391,292 50 22,645 50 53,754 55 16,281 00 208,540 00 69,000 00 100,000 00 30,000 00 20,000 00 25,000 00 125,000 00 250,000 00 73.480 80 52.480 00 166,784 00 208,360 00 52,365 00 383,778 00 113,245 60 18,204 00 103,250 00 32,000 00 53,460 00 495,000 00 19,229 40 108,825 02 10,146 60 57,431 00 16 NAME. Par Value. Jersey City, N. J., 5%, 1916. $75,000 00 Jersey City, N. J., 5%, 1916. 70,000 00 Jersey City, N. J., 6%, 1904. 200,000 00 Memphis, Tenn., 4*%, 1926. 750,000 00 Memphis, Tenn., 6%, 1915. 55,000 00 Montreal, Quebec, Can., 3$%, 1939. 400,000 00 Montreal, Quebec, Can., 4%, 1925. 200,000 00 Montreal, Quebec, Can., 4%, 1927. 165,000 00 Montreal, Quebec, Can., 4%, 1933. 200,136 71' Nashville, Tenn., 5£%, 1905. 200,000 00 Nashville, Tenn., 6%, 1905. 85,000 00 Nashville, Tenn., 6%, 1911. 35,000 00 Nashville, Tenn., 6%, 1913. 50,000 00 Omaha, Neb., 5%, 1905. 18,000 00 Omaha, Neb., 5%, 1905. 20,000 00 Omaha, Neb., 5%, 1908. 75,000 00 Ottawa, Ontario, Can., 5%, 1909. 40,000 00 Portland, Ore., 5%, 1923. 230,000 00 Richmond, Va., 4%, 1924. 10,000 00 Richmond, Va., 4%, 1926. 1,000 00 Stockholm, Sweden, 4%, 1941. 243,500 00 Toronto, Ontario, Can., 4%, 1905. 25,000 00 Toronto, Ontario, Can., 4%, 1910. 85,000 00 Toronto, Ontario, Can., 4%, 1911. 75,000 00 Toronto, Ontario, Can., 4%, 1911. 101,000 00 Albany & Susquehanna R. R. 5%, 1902.. 21,727 55 Allegheny & Western Ry. 4%, 1998. 700,000 00 Atch. Top. & Santa Fe Ry. Adj. 4%, 1995 500,000 00 Atch. Top. & Santa FeRy. Gen’l 4%, 1995 7,000,000 00 At. & Char. Air Line Ry. 4%, 1907. 750,000 00 At. & Char. Air Line Ry. 7%, 1907. 500,000 00 Atlantic & Yadkin Ry. 4%, 1949. 450,000 00 Baltimore & Ohio R.R. Prior L. 3^%, 1925 4,500,000 00 Baltimore & Ohio R. R. 4%, 1948. 750,000 00 Bangor & Aroostook R. R. 5%, 1943. 500,000 00 Bway. & Seventh Ave. R. R. 5%, 1943... 2,000,000 00 Brooklyn, Q. Co. & S. R. R., 1st 5% 1941 918,000 00 Canada Southern Railway 5%, 1913. 657,000 00 Central of Georgia Railway 1st 5%, 1945 2,500,000 00 Central Pacific Railway 4%, 1949. 5,500,000 00 Chateaugay Railway 6%, 1907. 200,000 00 Chesapeake & Ohio Railway 4£%, 1992.. 815,000 00 Chicago & Alton Railroad 3%, 1949. 1,000,000 00 Chicago & Northwestern Ry. 5%, 1909... 25,000 00 Chicago & Northwestern Ry. 5%, 1921... 1,675,000 00 Chicago & Northwestern Ry. 5%, 1933... 560,000 00 Market Value Net. $83,085 00 77,546 00 208,520 00 808,200 00 64,812 00 383,880 00 209,320 00 173,085 00 211,224 28 208,580 00 89,794 00 39,676 00 57,805 00 18,684 00 20,798 00 79,372 50 42,716 00 272,182 00 10,000 00 1,000 00 243,500 00 25,000 00 85,000 00 75,000 00 101,000 00 21,727 55 700,000 00 450,000 00 7,000,000 00 737,475 00 564.950 00 432,000 00 4,230,000 00 750,000 00 588.950 00 2,359,000 00 991,990 80 700,493 40 2,927,750 00 5,500.000 00 217,220 00 847,600 00 865,000 00 26,512 50 1,898,780 00 659,512 00 17 NAME. Par Value. Chicago & Northwestern Ry. 6%, 1929... $463,000 00 Chicago, Burlington & Quincy R. R. Syn. Chicago, Bur. & Quincy R. R., 4%, 1921 467,000 00 Chicago, Bur. & Quincy R. R., 5%, 1905 894,000 00 Chicago, Bur. & Quincy R. R., 5%, 1913 426,000 00 Chicago, Mil. & N’western Ry., 6%, 1905 100,000 00 Chicago, Mil. & St. Paul Ry. 6%, 1920... 370,000 00 Chicago, Rock I. & Pac. Ry. 4%, 1988... 1,250,000 00 Chicago, St. P., M. & O. Ry. 6%, 1930... 560,000 00 Christopher & 10th St. R. R., 4%, 1918... 210,000 00 Cin., Sand. & Cleve. R. R., 5%, 1928.... 500,000 00 Clev., Cin.. C. & St. L. Ry. 4%, 1990.... 250,000 00 Clev., Cin., C. & St. L. Ry. 4%, 1993.... 750,000 00 Clev., Col., Cin. & Ind. Ry. 7%, 1914.... 271,000 00 Columbia & Greenville R. R., 6%, 1916... 156,000 00 Columbus & Toledo R. R., 7%, 1905. 239,000 00 Columbus Con. Street R. R., 5%, 1909... 145,000 00 East Tenn., Va. & Ga. Ry. 5%, 1930. 100,000 00 Erie Railroad, Penna, Coll. 4%, 1951. 3,000,000 00 Erie Railroad, Prior Lien 4%, 1996. 1,000,000 00 Erie Railway 7%, 1920. 300,000 00 Evansville & T. H. R. R., 6%, 1921. 250,000 00 Fargo & Southern Ry. 6%, 1924. 152,000 00 Frem’t, E. H. & M. V. R. R., 6%, 1933... 270,000 00 Galveston, H. & S. A. Ry. 6%, 1910. 377,000 00 Georgia Pacific Railway 6%, 1922. 172,000 00 Georgia R. R. & Banking Co., 5%, 1922 1,000,000 00 Indiana, B. & W. Ry. 4%, 1940. 328,000 00 Indiana, D. & W. Ry. 5%, 1935. 200,000 00 Indianapolis & St. L. Ry. 7%, 1919. 400,000 00 Long Island Railroad 4%, 1949. 500,000 00 Long Island Railroad 4|%, 1922. 134,000 00 Metropolitan Street Ry., 5%, 1997. 1,500,000 00 Milwaukee & N. R. R. 6%, 1913. 1,000,000 00 Milwaukee City Railrod 5%, 1908. 62,000 00 Minneapolis & St. L. R. R. 7%, 1909. 183,000 00 Minneapolis Street, Railway 6%, 1913.... 183,000 00 Missouri Pacific Railway 5%, 1917. 500,000 00 Mobile & Ohio Railroad 6%, 1927. 500,000 00 Morgans L. & T. Railroad 7%, 1918. 250,000 00 Nashville, C. & St. L. Railway 7%, 1913... 253,000 00 Nashville, C. & St. L. Railway 6%, 1917... 78,000 00 Nassau Electric Railroad 4%, 1951. 925,000 00 New England Railroad 5%, 1945. 3,000,000 00 New York & Canada Railroad 4|%, 1904 450,000 00 New York C. & H. R. R. R. 3*%, 1998... 10,000,000 00 Market Value Net. $532,079 60 675,000 00 458,313 80 912,148 20 460,463 40 107,040 00 466,089 00 1,300,000 00 772.968 00 210,000 00 558,650 00 252,500 00 765,000 00 349.969 40 185,499 60 258,574 10 149,567 50 115,050 00 2,784,500 00 990,000 00 411,510 00 302,925 00 196,201 60 366.606 00 412,287 20 213.606 80 1,082,700 00 337.840 00 210,000 00 534.840 00 485,000 00 135,340 00 1,760,100 00 1,181,900 00 64,951 20 214,091 70 206,167 80 525,000 00 641,300 00 330,100 00 315,769 30 89,512 80 867,375 00 4,001,400 00 453,690 00 9,500,000 00 18 NAME. Par Value. New York, L. & W. Railway 4%, 1923... $245,000 00 New York, N. H. & H. R. R. 4%, 1908... 2,400,000 00 New York, 0. & W. Ry. 4%, 1903-12.... 500,000 00 Northern Pacific Railway 4%, 1997. 2,550,000 00 N. P. & Gt. Northern Railway 4%, 1921. 4,750,000 00 Ocean Steamship Co. 5%, 1920. 494,000 00 Oswego & Rome Railroad 5%, 1915. 100,000 00 P. & O. Ry. (Guar, by Fr. Gt.) 3%, 1951 95,824 50 P., L. & M. Ry. (G. by Fr. Gt.) 3%. 1958 95,052 50 Pennsylvania Car Trust 3£%, 1902-10.... 450,000 00 Pennsylvania Company 3|%, 1916. 900,000 00 Pennsylvania Company 3|%, 1941.. . 325,000 00 Peoria & Northwestern Ry. 3£%, 1926... 70,000 00 Pitts., C. C. & St. L. Ry. 3i%, 1949. 500,000 00 Pittsburg, McK. Y. R. R. 6%, 1934. 300,000 00 Princeton & Northwestern Ry. 3i%, 1926 100,000 00 Reading Company 4%, 1951. 1,500,000 00 Richmond & Danville Railroad 5%, 1927 118,000 00 Richmond & Danville Railroad 6%, 1915 500,000 00 Richmond, Y. R. & C. R. R. 4*%, 1910... 244,000 00 Richmond, Y. R. & C. R. R. 5%, 1910... 394,000 00 Rochester & Pittsburg Railroad 6%, 1922 291,000 00 Rutland Railroad 4^%, 1941. 500,000 00 St. Louis, I. M. S. Ry. 5%, 1931. 350,000 00 St. Paul & Duluth Railroad 5%, 1931. 100,000 00 St. Paul & Duluth Railroad 5%, 1917. 175,000 00 St. Paul & N. P. Ry. 6%, 1923, Reg. 76,000 00 St. Paul & N. P. Ry. 6%, 1923, Coupon... 162,000 00 St. Paul City Railway 6%, 1934. 297,000 00 Sault Ste. M. & S. Ry. 5%, 1915. 128,000 00 Second Avenue Railroad 5%, 1948. 500,000 00 Sioux City & Pacific Ry. 3i%, 1936. 140,000 00 Southern Pac. R. R. of Cal. 6%, 1905.... 461,000 00 Southern Pac. R. R. of Cal. 6%, 1906.... 1,075,000 00 Southern Pac. R. R. of Cal. 6%, 1912.... 562,000 00 Southern Railway 4%, 1902-3. 1,200,000 00 Southern Railway 4£%, 1996. 1,000,000 00 Southern Railway 5%, 1902-3. 900,000 00 S. Ry. of Fr. (G. by Fr. Gt.) 3%, 1984... 95,438 50 Terminal R. R. A. of St. L. 4*%, 1939... 248,000 00 Third Avenue Railroad 4%, 2000. 2,000,000 00 Union Pacific Railway 4%, 1947. 4,500,000 00 Union Ry. of New York 5%, 1942. 400,000 00 Utah & Northern Railway 7%, 1908. 263,000 00 Virginia Midland Railway 6%, 1916. 250,000 00 Wabash Railroad 1st 5%, 1939. 2,000,000 00 Market Value Net. $253,942 50 4,800,000 00 500,000 00 2.626.500 00 4,560,000 00 509,067 00 109,190 00 87,200 30 85,547 25 441,855 00 877,590 00 316,875 00 70,700 00 487,500 00 417,270 00 101,000 00 1.387.500 00 128,714 40 595,000 00 231,800 00 394,000 00 366,660 00 549.400 00 396.900 00 117,250 00 193,147 50 95,942 40 204,508 80 372,972 60 139,724 80 589.900 00 141.400 00 491,149 40 1,162,397 50 650,627 40 1,186,890 00 1,100,000 00 900,000 00 80,168 34 277,288 80 1,980,000 00 4,680,000 00 451,760 00 303,712 40 299.900 00 2,331,800 00 19 NAME. Par Value. Washington T. & E. Co. 4i%, 1949. $3,000,000 00 Western Ry. of Alabama 4j%, 1918. 1,350,000 00 W. Ry. of Fr. (G. by Fr. Gt.) 3%, 1956 96,210 50 Brooklyn & N. Y. Ferry Co. 6%, 1911... 158,000 00 Brooklyn Union Gas Co. 5%, 1945. 1,050,000 00 Columbia College 3%, 1909. 250,000 00 Duluth Union Depot Co. 5%, 1930. 300,000 00 Equitable Gas Light Co. 5%, 1906. 500,000 00 Equitable Gas Light Co. 5%, 1932. 500,000 00 Ft. Street Union Depot Co. 4|%, 1941... 50,000 00 Hoboken Ferry Co. 5%, 1946. 1,000,000 00 Hudson Coal Co. 4%, 1906-17. 1,100 000 00 Jefferson & C. C. & I. Co. 1st 5%, 1926., 800,000 00 Laclede Gas Light Co. 5%, 1919. 1,000,000 00 Lehigh & W. Coal Co, 4*%, 1910. 800,000 00 Long Branch & W. S. Co. 5%, 1906. 100,000 00 Met. O. & R. Estate Co. 5%, 1903. 800,000 00 Minneapolis Gas Light Co. 6%, 1902. 200,000 00 Morris Aqueduct Co. 4%, 1915. 65,000 00 N. Y. & E. R. Gas Co. 5%, 1914. 250,000 00 New York Dock Co. 4%, 1951. 1,787,500 00 N. German Lloyd Dock Co. 4%, 1911.... 790,000 00 Philadelphia Bourse 5%, 1913. 275,000 00 Sharon Estate Company 5%, 1903. 1,000 000 00 U. S. Mortgage & Trust Co. 4%, 1917.... 460,000 00 U. S. Mortgage & Trust Co. 4%, 1918... 974,000 00 U. S. Mortgage & Trust Co. 4%, 1918.... 101,000 00 U. S. Mortgage & Trust Co. 4%, 1918.... 783,000 00 U. S. Mortgage & Trust Co. 4%, 1919.... 522,000 00 U. S. Mortgage & Trust Co. 4%, 1919.... 300,000 00 U. S. Mortgage & Trust Co. 4%, 1920.... 677,000 00 U. S. Mortgage & Trust Co. 4%, 1921.... 949,000 00 Western Union Telegraph Co. 5%, 1938. 1,000,000 00 Total.$137,675,281 86 Market Value Net. $1,732,500 00 1,410,885 00 86,589 45 178,492 60 1,193,850 00 250,000 00 337,140 00 500,000 00 577.500 00 51,120 00 1,095,700 00 1,100,000 00 832,000 00 1,050,000 00 820,000 00 101,880 00 802,560 00 200,220 00 65,000 00 277.500 00 1,610,895 00 790,000 00 269.500 00 1,000,000 00 460,000 00 974,000 00 101,000 00 783,000 00 522,000 00 300,000 00 677,000 00 949,000 00 1,107,900 00 $144,539,142 41 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 funds, 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 of 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 hereunto 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 101st Street, New York City, 23 State of New York, County of New York, ss.: 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. 24 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 from the living are often insincere—those from the dead, never. Always cordially yours, Elbridge T. Gerry. Richard A. McCurdy, President, etc. 25 From Hon. Frederic P. Olcott, President of the Central Trust Company of New York, formerly Comptroller of the State of 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 I From Hon. Levi P. Morton, President of the Morton Trust Company, formerly representative from New 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. Tappers 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 Mutual 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. 27 Lazard Speyer-Ellissen, Frankfort ^Main. Speyer Brothers, 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 *