1 . .u i 5907 1 MS ! 8^ s Cornell University Library The original of tiiis book is in tine Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924030229540 Cornell University Library HJ5907.N5 M84 Bonds exempt or exemptlble from the pers olln 3 1924 030 229 540 Bonds Exempt or Exemptible from the Personal Property Tax under the Mortgage Tax Law of the State of New York Guaranty Trust Company of New York 140 Broadway Fifth Avenue Office London Office Fifth Ave. & 43d Street 32 Lombard St., E. C. £.V. Cop3Tight, 1916, by Guaranty Trust Company of New York For those desiring assistance in this matter, this company will undertake to secure ex- emption from the Personal Property Tax of bonds which come under the provisions of the Mortgage Tax Law of the State of New York. Guaranty Trust Company of New York ACKNOWLEDGMENT The list of bonds exempt or exemptible in the State of New York, which is given in this booklet, and the determinations as to whether they are exempt in whole or in part, and in the case of bonds partially exempt, the amount of tax to be paid to secure total exemption has been prepared with the assistance of Mr. D. C. Krakauer (formerly with the Secured Debts Tax Bureau and now connected with the Inheritance Tax Bureau of the State Comptroller's Office) and Mr. Edward Endelman, Special Deputy Register of New York County. Through the kindly interest of these gentlemen the information has been secured from official sources and is believed to be correct. It is impossible to make such a list absolutely inclusive, but we believe that no issue of importance has been omitted. FOREWORD The mortgage tax is a tax required to be paid on mortgages secured by real property when offered for record. The tax applies to: (a) All mortgages offered for record subsequent to July 1, 1906. (b) All advances made subsequent to July 1, 1906, under mortgages recorded prior to that date. If at the time a corporate mortgage securing an issue of serial bonds is offered for record, the entire amount secured by the mortgage is not issued the tax is required to be paid on the amount then issued. As further bonds are issued under such mortgage the tax must be paid at the times such bonds are issued. The mortgage tax applies to (a) The ordinary real estate mortgages given by individuals where ordinarily the bond or obligation is held by one person. (b) Mortgages made by corporations, usually to a trust company as trustee, under which serial bonds are issued, which are held by a large number of persons. For purposes of this discussion we are concerned only with the latter class, namely, corporate bonds. The Amount of Tax Fifty cents per $100 or fraction thereof on the face value of the obliga- tion secured by such mortgage . The Exemption Secured Exemption from the personal property tax in the State of New York for the life of the obligation. What Bonds Are Not Exempt Bonds secured by mortgages of real property recorded in the State of New York, which were issued and outstanding prior to July 1, 1906. "What Bonds Are Exempt Bonds secured by mortgages on real property recorded in the State of New York issued and outstanding subsequent to July 1, 1906, when the tax has been paid on the entire amount secured by the mortgage. Certain Bonds Secured by the Same Mortgage May Be Exempt and Others Not Exempt Bonds issued under a corporate mortgage recorded prior to July 1, 1906 issued prior to that date are not tax exempt. Bonds of the same issue, how- ever, issued subsequent to July 1, 1906, if all the property mortgaged lies in New York are tax exempt inasmuch as the tax has been paid in respect [3] thereto. On certain mortgages, therefore, it is important to know when bonds were issued and outstanding. Some Bonds Are Only Partially Tax Exempt If a mortgage securing an issue of bonds covered real property both vdthin and without the State of New York, prior to May, 1916, the mortgagor com- pany was required to pay the recording tax only in respect to the proportion of the value of the property lying within the State of New York. The mort- gagor company at the time the mortgage was offered for record could have a determination made of this proportion. The bonds issued thereunder are therefore exempt from the personal property tax only in such proportion as the tax was paid. By the amendments to the law effective May, 1916, the mortgagor company, if it so desires, may now waive such a determination and may pay the full tax as if all the real property secured by the mortgage lay wholly within the State of New York, whereupon the bonds issued under such mortgage are totally exempt. How Bonds Which Are Not Exempt or Exempt in Part Only May Be Made Exempt from the Personal Property Tax It will be seen from the foregoing that the holder of a bond secured by real property in the State of New York may find his bond is (1) Wholly exempt by reason of his bond being issued subsequent to July 1, 1906, under a mortgage recorded in the State of New York, and secured by property lying entirely within that state. (2) Wholly not exempt by reason of his bond being secured by a mortgage recorded in the State of New York secured by property lying entirely therein, such bond, however, having been issued prior to July 1, 1906. (3) Wholly not exempt, the mortgage securing the property lying both within and without the State of New York, the bonds having been issued and outstanding prior to July 1, 1906. (4) Partially exempt by reason of the bond being issued subsequent to July 1, 1906, but the mortgage securing the bond covering real prop- erty both within and without the State of New York, where the mortgagor company exempted only the proportion of the bond required by law. The Optional Exemption of a Bond by the Holder The Mortgage Tax Law provides that the holder of an obligation secured by a mortgage recorded in the State of New York and issued prior to July 1, 1906, may secure the benefits of the law by voluntarily paying the tax in respect to the obligation which he holds. Prior to the amendments effective May, 1916, the owner of a bond which was secured by a mortgage recorded in the State of New York, but covering property lying within and without the State, if such a bond were issued prior to July 1, 1906, could subject his bond to the Mortgage Tax Law and make it exempt only in the proportion that the value of the property [4] secured by such mortgage lying within the State of New York bore to the total value of the property. The remaining portion of his bond could not be exempted under the Mortgage Tax Law. Under the amendments of 1916, such a bond may now be made wholly tax exempt by paying the full tax on such a bond as if all the property secured by the mortgage lay within the State of New York. The proportion of the value of a bond represented by property lying without the State of New York is defined under the Secured Debts Tax Law as a "secured debt" and prior to the amendments to the Mortgage Tax Law effective May, 1916, the proportion of the bond which was not exemptible under the Mortgage Tax Law could only be exempted under the Secured Debts Tax Law. A " secured debt" may be made tax exempt up to December 30, 1916, for a period of five years from the date of payment of the tax, by a payment of seventy-five cents per $100 of the face value of the " secured debt." The Importance of Knowing Whether a Corporate Bond Is Secured by a Mortgage Recorded in the State of New York It is important for several reasons: (a) The bond may be whoUy exempt from the Personal Property Tax. (b) The bond may not be exempt, but is capable of being made entirely exempt. (c) The bond may be exempt in part and may be made entirely exempt by paying the remainder of the tax. (d) Where the mortgage which secures a bond lies partly within and partly without the State of New York, the proportion of the value which lies without the State of New York is defined by the Secured Debts Tax Law as a "secured debt." The holder of a "secured debt" who has failed to make his obligation tax exempt may not offset his just debts against the amount of tax assessed against such "secured debt." The offset of debts is very Uttle understood by persons generally. By permission of the Hon. Lawson Purdy, President of the Board of Tax Com- missioners, we quote the following from a pamphlet pubhshed by the Depart- ment of Taxes and Assessments of the City of New York. "Offset of Debts" From the assessed value of personal property liable to taxation, the person or corporation assessed is allowed to deduct the total of all 'just debts owing by him' subject, however, to the limitation affecting unregistered secured debts. Just Debts "These debts which may be deducted are: (1) Amount owing on bond and mortgage on wliich the person claiming the offset is liable, while he remains the owner. (2) Amount owing on promissory notes. (3) Amount owing on book debts or contracts. [5] Just debts do not include contingent liabilities as guarantor or endorser, unless such liabilities have become fixed. Persons and Corporations The law makes no distinction as to liability for taxation. A corporation IS liable for taxation on its personal property in the same manner as if it were a natural person subject to exceptions in a few minor particulars." It is, therefore, important to remember that a person holding a bond secured by a mortgage recorded in the State of New York covering property both within and without the State of New York, has a bond a portion of which is termed a "secured debt," and against such portion he may not offset his just debts if he has failed to make his bond tax exempt. It is important to remember that the proportion of such a bond which is termed a " secured debt " which formerly could be made tax exempt only under the Secured Debts Tax Law may now be made exempt under the Mortgage Tax Law. The Advantage of Paying the Mortgage Tax as Against the Secured Debts Tax The tax under the Secured Debts Tax Law is 75 cents per $100 face value, and under the Mortgage Tax Law only 50 cents per $100 face value. The exemption obtained under the Secured Debts Tax Law is only for a period of five years from the date of payment of the tax. The privilege of securing this exemption ceases Dec. 30, 1916. The exemption secured under the Mortgage Tax Law is for the life of the obligation. There are many bonds which are secured by mortgages lying within and without the State of New York where the proportion of the mortgaged property lying within the State of New York is very small indeed, and persons are apt to consider them wholly as "secured debts" and are therefore liable to seek exemption under the Secured Debts Tax Law. It must not be forgotten, however, that as long as the mortgage covers real property in the State of New York, and is recorded therein, the holder of a bond may now make it exempt under the Mortgage Tax Law. How the Mortgage Tax May Be Paid To subject a bond to the Mortgage Tax the bond must be presented to the recording officer of the County where the mortgage was first recorded, giving a description of the mortgage and the liber and page of record. In most in- stances the recording officer makes a nominal charge, which is permitted by law, for affixing his seal to the bond. The accompanying list endeavors to enumerate mortgages recorded in the State of New York, and to show what bonds are totally exempt, what bonds are wholly not exempt, but exemptible, what bonds are exempt in part, and the proportion that must be paid in order to make them wholly exempt. [6] Equipment Trust Certificates Equipment Trust Certificates issued under the so-called "Philadelphia Plan," where title to the equipment remains in the Trustee and the certifi- cate holder has a share interest in the Equipment Trust, may not be within the provisions of the Personal Property Tax Law and therefore may not be subject to the Personal Property Tax. If the Equipment Trust Certificate has endorsed thereon a guaranty of payment of the face amount of the certificate and the interest to become due thereon, such a guaranty would probably be considered as an obligation to pay money, and as such would probably be subject to the Personal Property Tax. Exemption in such cases should be secured under the Secured Debts Tax Law. [7 EXPLANATION OF CAPTIONS Class Under the heading of "Class" will be found the Roman numerals "I" and "II." The Roman numeral "I" indicates that the bond to which it refers is secured by a mortgage recorded prior to July 1, 1906, and that the bond was issued prior to that date. The Roman numeral "II" indicates that the bond to which it refers was issued subsequently to July 1, 1906. Amount Exempt This column indicates the proportion of the value of the property lying within the State of New York with respect to each bond of $1,000 face value, and shows the proportion of the bond upon which the tax has already been paid by the Mortgagor Company. Value Out of State This column shows the proportion of a bond which is a "secured debt," inasmuch as it represents the proportion of the value of the real property covered by the mortgage which Hes outside of the State of New York and, therefore, in respect to which the tax has not been paid. Tax to Be Paid on This column indicates the amount of the bond upon which the tax must be paid in order to secure total exemption. If the full tax has been paid there will be found the word " Exempt." If no tax has been paid, but must be paid upon the full face value of the bond, there will be found the figures " $1,000." Note: The entire table is constructed on the basis that the face value of .each bond is $1,000; should the bond be of lesser denomination the figures in the table must be reduced proportionately. As the tax is at the rate of fifty cents per $100, or fraction thereof, holders of bonds of $100 must pay at least fifty cents. [8] TITLE OF BONDS VALUE TAX AMOUNT OUT OP TO BID EXSUFT BTATB PAID ON Acker, Merrall & Gondii Co. Deb. 6s, 1923 I 1,000. Adams Express Building Co. 1st Mtge., 1962 II Exempt Adirondack Elec. Pow. Corp. 1st 5s, 1962 II Exempt Adirondack Ry. 1st 4i/^s, 1942 I 1,000. Albany Ry. Co. Genl. Mtge. 5s, 1947 I 1,000. Albany Ry. Co. Cons. 5s, 1930 I 1,000. Albany Southern R. R. 1st 5s, 1939 11 Exempt Albany & Susq. R. R. 1st 3J^s, 1946 I 1,000. Am. Agric. Chem. Co. 1st Con. 5s, 1928 II 92. 908. 908. Am. Dock & Tr. Co. 1st 5s, 1930 II Exempt Am. Hide & Leather Co. 1st 6s, 1919 I ? 1,000. Am. Ice Co. Real Estate 1st & Gen. 6s, 1942 H 456. 544. 544. Am. Lithographic Co. 1st Mtge, 5s, 1921 I ? 1,000. Am. Malting Co. 1st. Mtge. 6s, Dec. 1, 1914 I ? 1,000. Am. Malting Co. 1st Ref. 5s, 1926 II ? ? 1,000. Am. Road Machy. Co. 1st 6s, 1938 II 422. 578. 578. Amsterdam Elec. Lt. Ht. & Pow. 1st Mtge., 1937. . . . I 1,000. Arion Society City of New York 5s, 1917 I 1,000. Armour & Co. Real Estate 1st 4^8, 1939 11 16. 984. 984. Astoria Lt. Ht. & Pow. Co. 1st 53^s, 1963 II Exempt Atlantic Ave. R. R. Co. Improvement 5s, 1934 I 1,000. Atlantic Avenue R. R. Gen. Cons. 5s, 1931 I 1,000. Atlantic Yacht Club 2nd 5s, 1913 I 1,000. Aubuin (N. Y.) Gas Co. 1st 5s, 1927 I 1,000. Auburn & Syracuse El. R. R. Co. 1st & Ref. 5s, 1942 I 1,000. Automobile Club of America 4s, due 1926 I 1,000. Automobile Club of America 4th Mtge., due 1930 ... 11 Exempt Bartholomew Brewing Co. of Rochester Deb. 6s, 1910 and after I ? 1,000. Bath & Hammondsport R. R. Co. 2nd 5s, 1923 I 1,000. Bemheimer & Schwartz Pils. Brewing Co.2nd 5s, 1930 I 1,000. Berkley Institute 2nd 5s, 1920 I 1,000. Belt Line R. R. 1st Mtge., 5s 1943 II Exempt Binghamton Gas Works 1st Mtge. 5s of 1938 I 1,000. Binghamton Light & Power Co. 1st Mtge. 5s, 1942. .1 1,000. Binghamton (N. Y.) R. R. 1st. 5s, 1912-23 I 1,000. Binghamton (N. Y.) Ry. 1st Cons. Ss, 1931 I 1,000. Bleecker Street & Fulton Ferry R.R. Co. 7s, 1880, ex- tended and reduced to 4s, 1950 I 1,000. Bluff Point Land Imp. Co. 1st 4s, 1940 I 1,000. Blythboume Water Co. 1st 6s, 1929 , . I 1,000. Broad Exchange Co. 1st 4s, 1929 11 Exempt Broadway Realty Co. (N.) 1st 5s, 1926 I 1,000. Broadway & Seventh Ave. R. R. 1st Cons. 5s, 1943. .1 1,000. Broadway Surface R. R. 1st 5s, 1924 I 1,000. Bronx Gas & Elec. Co. 1st & Ref. 5s, 1960 H Exempt Brooklyn, Bath & West End R.R. Gen. 5s, 1933.... I 1,000. [9] TITLE OF BONDS VALUE TAX AMOUNT OUT OF TO BE EXEMPT STATE PAID ON Brooklyn, Bath & West End R. E. 1st Mtge. Ser. B 5s, 1917 Brooklyn Bor. Gas Co. Gen. 5s, 1945 Brooklyn City & Newtown 1st 5s of 1939 Brooklyn City R. R. 1st Cons. 5s, 1941 Brooklyn Ferry Co., 5s, 1948 Brooklyn Heights R. R. Co. 5s of 1941 Brooklyn & Mont. R. R. 2d (Now 1st) 5s, 1938 Brooklyn & N. Y. Ferry 1st 6s, 1911 Brooklyn, Queens Co. & Sub. R. R. 1st 5s, 1941 Brooklyn, Queens Co. & Sub. R. R. 1st Cons. 5s, 1941 . Brooklyn Rap. Trans. Co. 1st Ref . 4s, 2002 Brookyn Union Elevated R. R. 1st 5s, 1950 Brooklyn Union Gas Co. 1st Cons. 5s, 1945 Brush Elec. Ilium. Co. 1st 6s, July 1, 1893 Buff. Creek R. R. Cons. (Now 1st) 5s, 1941 Buff. Gas Co., Buff. City Gas 1st 5s, 1947 Buff. General Electric Co. 1st 5s, 1939 Buff. Gen. Elec. Co. 1st Ref. 5s, 1939 Buff. & Lack. Trac. Co. 1st 5s, 1928 Buff. & Lake Erie Trac. Co. 1st & Ref. 5s, 1936 Buff. & Lockport Ry. 1st 5s, 1938 Buff., Lockport & Rochester Ry. 1st 5s, 1954 Buff., New York & Erie R. R. Co. 1st Mtge. Renewal Currency 7s, June 1, 1916 Buff. & Niagara Falls Elec. Lt. & Power Co. 1st 5s, 1942 Buff. & Niagara Palls Elec. Ry. 1st 5s, 1935 Buffalo Ry. Co. 1st Cons. 5s, 1931 Buff., Roch. & Pittsburgh R. R. Gen. 5s, 1937 Buff., Roch. & Pittsburgh R. R. Cons. 4^8, 1957.. . . Buff. & Southwestern R. R. 1st Ext. 5s, 1918 Buff. & Susquehanna Iron Co. 1st 5s, 1932 Buff. & Susquehanna Ry. 1st 4i^s, 1953 Buff. Traction Co. 1st 5s, 1948 Buffalo & Williamsville El. Ry. 5s, 1944 Bush Terminal Buildings Co. 1st Skg. Fd. 5s, 1960 . . Bush Terminal Co. 1st 4s, 1952 Bush Terminal Co. Cons. 5s, 1955 *Carbon Iron Co. 2nd. Mtge. 6s Carthage & Adirondack Ry. 1st 4s, 1981 Carthage, Watertown & Sack. Harb. R. R. Cons. (Now 1st) 5s, 1931 Cataract Power & Conduit 1st 5s, 1927 Cayadutta Electric R. R. Co. 1st 6s, 1922 Cayuga Cement Corp. 1st 6s, 1930 11 *No property in N. Y. but mortgage recorded in N. Y. [10] 348. 3. ? 652. ? 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. Exempt Exempt Exempt 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 652. 1,000. 1,000. 1,000. 1,000. 1,000. Exempt 1,000. 1,000. 0. 1,000. 1,000. 1,000. 1,000. Exempt TITLE OF BONDS VALUB TAX AMomrr our of to be EXEMPT STATE PAID ON Cent. Crosstown R. R. Co., 1st 6s, 1922 Cent. Foundry Co. 1st 6s, 1931 Cent. Hudson Gas & Electric Co. 1st & Ref. 5s, 1941 Cent. & Hudson Steamboat Co. 1st 5s, 1919 Cent. New England Ry., 1st 4s, 1961 Cent. New York Gas & Electric Co. 1st Skg. Fd. 5s, 1941 n Cent. New York & Western R. R. 1st Mtge. 5s, 1943 Cent. R. R. of New Jersey, Gen. 5s. 1987 Cent. Union Gas Co. 1st 5s, 1927 Cent. Vermont Ry. 1st 4s, 1920 Charlton School 4l^s Bonds of 1905 Chelsea (The) 6s Bonds of 1905, due 1925 Citizens Gas Light Co. of Brooklyn, Cons'd 1st 5s, 1940 Citizens Water Supply Co. of Newton, 1st Mtge. 5s, 1926 Citizens Water Supply Co. 2nd Mtge 4s, 1921 Cohoes Ry. Co. 1st 5s, 1924 Collegiate Realty Co. 2nd Mtge. 6s, 1927 Colony Club New Incomes, 1966 Columbia University Club Bonds of 1905 4s of 1925 . Columbus & Ninth Ave. R. R. 1st 5s, 1993 Commercial Cable Co. 1st 4s, 2397 Coney Island & Bklyn. R. R. Co. 1st 4s, 1948 ♦Consolidated Water Co. of Utica, N. Y. Deb. 5s, 1930 Consolidated Water Co. (Utica) 1st, 5s, 1930 Cooperstown & Susquehanna Valley R. R. 5s, 1918. . Country Club 1st 5s, 1934 Criterion Club of Metropolis of City of New York 4s, 1954 Crescent Athletic Club, 2d Mtge. 5s, 1923 Crosstown St. Ry. (Buff.), 1st, 5s, 1932 Cudahy Packing Co., 1st, 5s, 1924 11 Deep WeU Water Co. 1st 5s, 1950 H Delaware & Hudson Co. 1st & Ref., 4s, 1943 11 Depew k Lake Erie Water, 1st 5s, 1930 I Dry Dock & East Broadway & Battery R. R. Co. Gen'l Mtge. 5s, 1932 I Durland Company 2nd Mtge. 5s, 1925 I n 102. 898 20. East Creek Elec. Lt. & Pow. Co. 1st & Ref. 5s, 1960 Edison Electric Hl'g. Co. of Brooklyn, 1st, Cons. 4s, 1939 I EdisonElec. Ulum. Co. of N. Y. IstCons. 5s, 1995.. I ElUcott Square Co. 1st 5s, 1935 I Elmira (N. Y.) Water, Lt. & R. R. 1st Cons. 5s, 1956 H Ehnira & Williamsport R. R. 1st 4s, 1950 I *Bonds from No. 416 upwards are tax exempt and are so stamped. [11] 1,000. 898. Exempt 1,000. Exempt ? ? ? 980. Exempt 1,000. 1,000. 1.000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. Exempt Exempt 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 980. Exempt Exempt 1,000. 1,000. 1,000. Exempt 1,000. 1,000. 1,000. Exempt ? 1,000. TITLE OF BONDS VALUE TAX AMOUNT OUT OB* TO BE BIBMPT BTATB PAID ON Empire Gas & Elec. Co. and Empire Coke Co. Joint 1st & Ref. 5s, 1941 11 Exempt Engineers Club, 2nd Mtge. 4s, due Aug., 1924 I 1,000. Equitable Gas & Elec. Co. of Utica, 1st 5s, 1942 I 1,000. Equitable Gas Light Co. of N. Y. 1st Cons. 5s, 1932. I 1,000. Equitable OflSce Bldg. Co. Mtge. 6s, 1943 II Exempt Erie & Jersey R. R. 1st 6s, 1955 II Exempt Erie R. R. Buff. & Southw. Div. 2d Ext. 5s, 1918. ... I 1,000. Erie R. R. Conv. 4s, 1953 I ? 1,000. Erie R. R. Cons. Prior Lien 4s, 1996 I ? 1,000. Erie R. R. Cons. Gen. Lien 4s, 1996 I ? 1,000. Erie Ry. 1st Cons. 7s, 1920 I ? 1,000. Erie Ry., Buff. Branch, 1st Ext. 4s, 1931 I 1,000. Everard Breweries (James) 1st 5s, 1915 I 1,000. Fifth Ave. Investing & Improvement Co. Mtge. 6s, 1929 II Exempt Fire Go's. Bldg. Corp. 1st Mtge., 4 J^s, 1961 II Exempt Fonda, Johnstown & GloversviDe R. R. 1st Cons. Ref. 4}^s, 1947 I 1,000. Frontier Telephone Co. (Buff.) 1st 5s, 1923 I ? 1,000. Fuld & Hatch Knitting Co. 1st 6s, 1930 II Exempt General Baking Co. 1st 6s, 1936 II 350. 650. 650. ♦General Elec. Co. 5% Deb., 1952 II Exempt Genesee River R. R. Co. 1st 6s, 1957 II Exempt Glens Falls, Sandy Hill & Fort Edward St. Ry. Co. 6s, 1921 I 1,000. Goshen & Deckertown R. R. 1st Ext. 6s, 1928 I 1,000. Goshen & Deckertown R. R. 2nd Ext. 6s, 1929 I 1,000. Gouverneur & Oswegatchie R. R. 1st 5s, 1942 I 1,000. Greenwich & Johnsonville Ry. 4s of 1924 I 1,000. Hamilton Club 2nd Mtge., 4s 1921 I 1.000. Harlem River & Portchester R. R. 1st 4s of 1954 .... I 1,000. Harmonie Club of City of N. Y. 5s, 1955 I 1,000. Hecker Jones Jewell Millmg Co. 1st Mtge. 6s (dated 1892), due 1922 I 1,000. Herkimer, Mohawk, Ilion & Frankfort El. Ry. Co. 1st 5s, 1926 I 1,000. Hoboken Ferry Co. 1st 5s, 1946 I ? 1,000. Hoffman Brewing Co. (Jacob) 6s, 1921 I 1,000. Holly Mfg. Co. 1st 5s, 1922 II Exempt Hudson & Manhattan R. R. 1st Conv. i^s, 1957. . . II 584. 416. 416. Hudson & Manhattan R.R. Co. Ref. A, 5s, 1957 II Exempt Hudson & Manhattan R. R. Adj. Inc. 5s, 1957 H Exempt *Tax paid by General Electric Co. under provisions of Secured Debt Tax Law in 1912 and all bonds of this issue, dated September 2, 1912, are stamped exempt. [12] TITLE OF BONDS VALUE TAX AUOUHT OTJT Or TO BE EXBUPT BTATE PAID ON (dated Hudson River Gas & Elec. 1st, 5s, 1929 Hudson River Pulp & Paper Co. 2nd Mtge. 6s 1898), due 1918 I Hudson Valley Ry. Cons. 5s, 1951 I n 1,000. Interborough Rapid Trans. Co. 1st & Ref . 5s, 1966 . . International Agricul. Corp. 1st & Coll. Tr. Skng. Fd. 5s, 1932 II International Mer. Marine Co. Coll. Tr. 43^s, 1922 .... I International Nav. Co. 1st 5s, 1929 I International Paper Co. 1st Cons. 6s, 1918 I International Paper Co. Cons. Conv. 5s, 1935 I International Ry. (BuflFalo, N. Y.) Ref. & Impr. 5s, 1962 n International Steam Pump Co. 1st Lien Skg. Fd. 5s, 1929 n Interocean Tel. & Td. Co. 1st Mtge., 1933 I Jamaica & Bklyn. R. R. Co. 5s, 1930 *Jamaica Water Supply Co. 1st Unif. 5s, 1954 ... Jamaica Water Supply Co. Consolidated Mtge. due Feb. 1, 1928 Jamestown (N. Y.) Street Ry. 1st 6s, 1923 5s Kings County Elec. Lt. & Pwr. Co. 1st 5s, 1937 .... Kings County Elec. Lt. & Pow. Co. Pur. Money 6s, 1997 Kings County Elevated R. R. 1st 4s, 1949 Kings County Light Co. 1st Ref. 5s, 1954 Kings County Refrigerating Co. 1st 5s, 1919 Kingston City R. R. Co. Cons. 5s, 1923 Kingston Gas & Elec. Co. 1st Mtge 5s, of 1952 Lackawanna Steel Co. 1st Conv. 5s, 1923 Lackawanna Steel Co. 1st Cons. 5s, 1950 Lake Shore & Mich. So. Ry. Deb. 4s, 1928 I Lake Shore & Mich. So. Ry. Deb. 4s, 1931 H Lake Shore & M. So. Ry. 1st S^s, 1997 Larchmont Water Co. 4s, 1923 Larchmont Yacht 1st 5s, 1931 Leggett, Francis H. & Co. 1st Gold 6s (dated July 1, 1902), due July 1, 1922 Lehigh & Hudson River Ry. Gen. 5s, 1920 Lehigh & Lake Erie R. R. 1st 4i^s, 1957 11 Lehigh & New York R. R. 1st 4s, 1945 I 99. 316. 114. 114. 901 ? ? ? ? 1,000. 1,000. Exempt 901. 1,000. 1,000. 1,000. 1,000. Exempt a. 684. ? 1,000. 886. 886. ? 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. Exempt 886. 886. 1,000. 1,000. 1,000. 1,000. ? 1,000. Exempt 1,000. •Bonds No.l/250 inc. and No. 631/1000 inc. are "Tax Exempf'and are so endorsed. [13] TITLE OF BONDS VALUIE TAX AMOUNT OUT OJ- TO BE JEXBMPT STATH PAID ON Lehigh Valley R. R. of Penn. Gen. Cons. 4s and 4>^s, 2003 Lehigh Valley Railway (of N. Y.) 1st 4j^s, 1940 Lexington Ave. & Pav. Ferry R. R. 1st 5s, 1993 Lincoln Park & Charlotte R. R. 1st 5s, 1939 Little Falls & Dolgeville R. R. 1st 3s, 1932 Lockport (N. Y.) Lt., Ht. & Pow. Co. 1st & Ref. 5s, 1938 Lockport & Olcott Ry. 1st 5s, 1920 Locomobile Co. of Am. 1st 6s, 1922 Long Acre Elec. Lt. & Pow. Co. 4s, 1956 I Long Island City & Flush. R. R. 1st Cons. 5s, 1937. . Long Acre Land Co. 1st 6s, 1928 I Long Island Lighting Co. 1st 5s, 1936 I Long Island R. R. 2nd (Now 1st) Cur. 7s, 1918 Long Island R. R. Ferry 1st 4j^s, 1922 Long Island R. R. 1st Cons. 4s & 5s, 1931 Long Island R. R. Stewart Line Pur. Mon. 4s, 1932. . Long Island R. R. North Shore Branch 1st Cons. 5s, 1932 Long Island R. R. Gen. 4s, 1938 Long Island R. R. Unified 4s, 1949 Long Island R. R. Ref. 4s, 1949 *Manhattan Ry. Conv. (Now 1st) 4s, 1990 Manhattan Ry. Co. 2nd 4s, 2013 Maritime Assn. of the Port of N. Y. 2nd 5s, 1924 .... Maritime Building Co. 2nd 5s, 1941 Merchants Refrigerating Co. 1st 6s, 1908-23 Metropolitan Street Railway Co. (Bonds of 1897) . . . Metropolitan Tel. & Tel. Co. 1st 5s, 1918 Mohawk Hydro. Elec. Co. 1st 6s, 1940 Mohawk & Malone Ry. 1st 4s, 1991 Mohawk & Malone Ry. Cons. 3j^s, 2002 Montauk Ext. R. R. Co. 1st 5s, 1945 Montauk Water Co. 1st 5s, 1945 Montgomery & Erie R. R. 1st Ext. 5s, 1926 Montgomery & Erie R. R. 2nd Ext. 5s, 1927 fMortgage Bond Co. of N. Y. 4% (Ser. 1), 1966 Municipal Gas & Elec. Co. of Rochester 1st 4j^s, 1942 Mutual Term. Co. (Buffalo, N. Y.) 1st Skg. Fd. 4s, 1924 Mutual Union Telegraph Co. 1st Ext. 5s, 1941 62. 938. 1,000. 1,000. 1,000. 1,000. 1,000. Exempt 1,000. 938. Exempt 1,000. Exempt Exempt 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. Exempt 1,000. 1,000. 1,000. 1,000. 1,000. Exempt 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. Exempt 1,000. 1,000. 1,000. ♦Bonds Nos. 28183/39000 and 40001/40894 of this issue are "Tax Exempt." fBonds up to No. 2150 of Series 3 are exempt under provisions of Secured Debt Tax Law and all bonds up to this number are stamped exempt. [14] TITLE OF BONDS VALDB /TAX AMOUNT OUT OF TO BE EXEMPT 8TATB PAID ON Nassau Electric R. R. 1st 5s, 1944 Nassau Electric R. R. 1st Cons. 4s, 1951 Nassau Light & Power Co. 1st 5s, 1927 Nassau & Suffolk Lighting 1st 5s, 1945 National Enam. & Stamp Co. Ref. 1st Real Est. 5s, 1929 National Starch Mfg. Co. 1st Gold 6s of May 1, 1920 New Amsterdam Gas Co. 1st Cons. 5s, 1948 Newburgh (N. Y.) Lt. Ht. & Pwr. Co. 1st 5s, 1921 . . Newburgh & N. Y. R. R. 1st 5s, 1929 New England R. R. Cons. 4s & 5s, 1945 New Jersey & New York R. R. General 5s, 1933 .... New Jersey & New York R. R. 1st Ext. 5s, 1950 New Jersey Steamboat Co. 1st Mtge. Bonds, 1921 . . . Newtown Railway 1st Mtge. 5s, due 1924 Newark & Marion Ry. 1st 5s, 1945 N. Y. Bay Ext. R. R. 1st 5s, 1943 N. Y. Air Brake Co. 1st Conv. 6%, 1928 N. Y., Brooklyn & Man. Beach Ry. 1st Cons. 5s, 1935 . *N. Y. Cent. & Hud. Riv. R. R. Deb. 4s, 1934 *N. Y. Cent. & Hud. Riv. R. R. Deb. 4s, 1942 N. Y. Cent. & Hud. Riv. R. R., Spuyten Duyvil & Port Morris R. R. 1st S}4s, 1959 N. Y. Cent. & Hud. Riv. R. R. Mtge. 3i^s, 1997. . . . N. Y. Cent. & Hud. Riv. R. R., Lake Shore Coll. Tr. S}4s, 1998 *N. Y. Cent. & Hud. Riv. R. R., Mich. Cent. Coll. 33^s, 1998 *N. Y. Cent. & Hud. Riv. R. R. Ref. & Imp., A 4i^s, 2013 N. Y. Cent. R. R. Consolidation 4s, 1998 N. Y., Chic. & St. Louis R. R. 1st 4s, 1937 N. Y. Connecting R. R. 1st 4j^s, 1953 N. Y. Dock Co. 1st 4s, 1951 N. Y. & East Riv. Gas Co. 1st 5s, 1944 N. Y. & East Riv. Gas Co. 1st Cons. 5s, 1945 N. Y. & Erie R. R. 2nd Ext. 5s, 1919 N. Y. & Erie R. R. 4th Ext. 5s, 1920 N. Y. & Erie R. R. 3rd Ext. 4j^s, 1923 N. Y. & Erie R. R. 5th Ext. 4s, 1928 N. Y. Gas Elec. Lt. Ht. & Pwr. Co. 1st 5s, 1943 N . Y. Gas Elect. Lt. Ht. & Pwr. Co. P. M. 4s, 1949 . . . N. Y. & Harlem Riv. R. R. S}4s, of 2000 New York Interurban Water 1st 5s, 1931 *Exempt because the tax has been paid under the New York Central R. R. Co. Consolidation 4% mortgage given to secure these issues. I 1,000. I n n 1,000. Exempt Exempt II 124. 876. 876. I ? 1,000. I 1,000. I 1,000. I 1,000. I ? 1,000. I ? 1,000. 1 ? 1,000. I ? 1,000. I 1,000. I 1,000. I II 1,000. Exempt I II II II 1,000. Exempt Exempt Exempt I II II 1,000. Exempt Exempt Exempt Exempt I ? 1,000. Exempt I 1,000. I 1,000. I 1,000. I 1,000. I 1,000. I 1,000. I 1,000. I 1,000. I 1,000. I 1,000. I 1,000. [15] TITLE OF BONDS TALUM TAX AMOUHT OUT OF TO BB EXEMPT STATE PAID ON N. Y. & Jersey R. R. 1st 5s, 1932 N. Y., Lack. & West. Ry. 1st 6s, 1921 N. Y., Lack. & West. Ry. Const. 5s, 1923 N. Y., Lack. & West. Ry. Term. Impr. 4s, 1923 N. Y. & New Jersey Ferry Co. 1st 5s, 1946 N. Y. & New Jersey Telephone Co. Gen. Mtge. 5s, May 1, 1920 N. Y., N. H. & H. R. R.— Harlem Riv. & P'tchester 1st 4s, 1954 N. Y. & Northern Ry. 1st 5s, 1927 N. Y., Ont. & West. Ry. Gen. 4s, 1955 N. Y., Ont. & West. Ry. Ref. 1st 4s, 1992 N. Y. & Penn. Tel. & Tel. Genl. Mtge. 4s, 1929 N. Y., Penn. & Ohio R. R. Reorg. Prior Lien 4j^s, 1935 N. Y. & Putnam R. R. 1st Cons. 4s, 1993 N. Y. & Queens El. Lt. & Pwr. Co. 1st Cons. 5s, 1930 . . N. Y. & Queens Gas Co. 1st & Gen. 5s, 1934 N. Y. Railways R. E. & Ref. 4s, 1942 i: N. Y. Railways. Adj. Income 5s, 1942 I N. Y. & Richmond Gas Co. 1st 5s, 1921 N. Y. & Rockaway Beach Ry. Co. 1st Mtge. 5s, 1927 . N. Y. State Railways 1st Cons. 50-year 4j^s (Series "A"), 1962 N. Y. Suburban Gas Co. 1st Mtge. 5s, 1949 N. Y. Telephone Co. 1st & Gen. 30-yr. Skg. Fd. 4)^s, 1939 N. Y., Westchester & Boston Ry. 1st 4j^s, 1946 I N. Y. & Westchester Lighting Co. Gen. 4s, 2004 Niagara & Erie Power Co. 1st 5s, 1941 I Niagara Falls Power Co. 1st 5s, 1932 Niagara Falls Power Co. Ref. Gen. 6s, 1932 i: Niagara Falls Water Works Co. 1st 5s, 1927 Niagara, Lockport & Ont. Power Co. 1st 5s, 1954 Northern New York Pr. Corp. 1st Ser. 6s, 1917-40. . . Northern New York Utilities, Inc. 1st Ref. 5s, 1963. . Northern R. R. of New Jersey General 4j^s, 2000 . . . Northern Union Gas Co. 1st Mtge. 5s, 1927 Northern Westchester Lting. Co. 1st Cons. 5s, 1955 . . Norwich Gas & Elec. Co., dated July 1, 1909 I Nyack Gas & Fuel 1st 5s, 1918 Ogdensburg & Lake Champlain Ry. 1st 4s, 1948 Olean Elec. Light & Power 1st & Ref. 5s, 1943 I Oswego Falls Pulp & Paper 6s, 1918-41 i: Oswego & Rome R. R. Co. 2nd Mtge. 5s, due May 1, 1915 Oswego & Syracuse R. R. 5s, due 1923 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. Exempt Exempt 1,000. 1,000. Exempt 1,000. Exempt Exempt 1,000. Exempt 1,000. Exempt 1,000. 1,000. Exempt Exempt 1,000. 1,000. 1,000. Exempt 1,000. 1,000. Exempt Exempt 1,000. 1,000. [16' TITLE OF BONDS VAUJI TAX AMOT^T OUT OP TO BB BXBMPT STATE PAID ON Paul Smith Elec. Lt. & Pow. & Ry. Co. 1st 5s, 1936 . Peekskill Lighting & R. R. Co. 1st Mtge. 5s, due 1930. . Penn. R. R. Real Estate Pur. Mon. 4s, 1923 Pittsburgh, Shawmut & North R. R. Co. Ref. 1st 4s, 1952 Plattsburg (N. Y.) Gas & Elec. Co. 1st 5s, 1939 Poughkeepsie City & Wappinger Falls Elec. Ry. Co. 1st 5s, 1924 Prospect Park & C. I. R. R. Co. 2nd Mtge. 6s, Bonds, due March 1, 1931 Prospect Park & C. I. R.R Co. 1st Mtge. 4l/^s, Bonds, due Feb. 1, 1926 Racquet & Tennis Club 5s, 1930 Raquette Lake Ry. 1st 5s, 1950 Reading Co. & Phila. & Read. Coal & Iron Co. Gen. 4s, 1997 Red Hook Lt. & Pow. Co. 1st 5s, 1960 Remington Typewriter Co. 1st Con. 6s, 1917-26 Rensselaer & Saratoga R. R. 1st 7s, 1921 Republic Distilling Co. S. F. 7s, due 1915. Ext. 1920 . Retsof Mining Co. 1st 5s, 1925 Richmond Light & R. R. 1st 4s, 1952 Rochester & Pitts. R. R. 1st 6s, 1921 Rochester & Pitts. R. R. Cons. 1st 6s, 1922 Rochester Ry. 1st Cons. 5s, 1930 *Rochester Ry. & Light Co. Cons. 5s, 1954 xRochester, Syracuse & Eastern R. R. 1st 5s, 1945 . . Rockaway Elec. Lt. Co. 1st 6s, 1920 Rockland Lt. & Power Co. 1st 5s, 1938 11 Rogers-Brown Iron Co. (Buffalo) 1st & Ref . 5s, 19 14-40 H Rome Locomotive & Machine Works General Mort- gage 5s, due 1925 Rome, Watertown & Ogdens R. R. 1st Cons. 5s, 4s, 3i/^s, 1922 Rome, Watertown & Ogdens. Term. R. R. 1st 5s, 1918 St. Lawrence & Adirondack Ry. 1st 5s, 1996 . . St. Lawrence & Adirondack Ry. 2nd 6s, 1996 . St. Regis Paper Co. 1st Mtge. 6s Salmon River Power Co. 1st 5s, 1952 Schenectady & Duanesburgh R. R. 1st 6s, 1924 . Second Ave. R. R. (N. Y.) 1st Cons. 5s, 1948. II Exempt I 1,000. I 1,000. I II ? 1,000. Exempt I 1,000. I 1,000. I 1,000. I 1,000. I 1,000. I n II 2. 998. 998. Exempt Exempt I ? 1,000. I ? 1,000. I 1,000. I 1,000. I 1,000. I ? 1,000. I 1,000. I 1,000. I 1,000. I n n 1,000. Exempt Exempt I 1,000. I 1,000. I 1,000. I 1,000. I 1,000. I n 1,000. Exempt I 1,000. I 1,000. *Bonds from No. 5198 tax exempt. xBonds No. 2001/5000 inc. are tax exempt. [17] TITLE OF BONDS VALUE TAX AMOUNT OUT OF TO BB EXEMPT STATE PAID ON Sodus Bay & Southern R. R. 1st 5s, 1924 Somerset Investing Co. Ref. Mtge., 1928 I South Ferry R. R. Co. 1st Mtge. 5s of 1919 Southern Boulevard 1st Mtge. 5s, due 1945 Standard Gas Light Co. 1st 5s, 1930 Standard Milling Company 1st 5s, 1930 Staples & Hanford Co. 1st 5s, 1921 Staten Island Ry. 1st 4j^s, 1943 Steinway Ry. 1st 6s, 1922 Sulzberger & Sons Co. 1st 5s, 1925 Swift & Co. 1st 5s, 1944 I Symington, T. H. Co. 1st 6s, 1920 I Syracuse (N. Y.) Gas Co. 1st 5s, 1946 Syracuse, Lake Shore & Northern R. R. 1st 5s, 1947 .. . Syracuse Lighting Co. 1st 5s, 1951 Syracuse Rapid Transit Ry. 1st 5s, 1946 Tenth Ave. k 23rd Street Ferry 1st Mtge., due 1919 . . . Terminal Warehouse Co. 1st Lien 5s, 1942 Third Ave. R. R. 1st 5s, 1937 Third Ave. Ry. 1st Ref. 4s, 1960 11 Third Ave. Ry. Adj. Inc. 5s, 1960 I' Thirty-fourth St. Crosstown Ry. 1st 5s, 1996 Troy & Boston R. R. 1st 7s, 1924 Troy City Ry. 1st Cons. 5s, 1942 Troy Gas Co. 1st Cons. 5s, 1939 Twenty-eighth St. & 29th St. Crosstown Ry. Co. 1st 5s 1996 Twenty-third St. Ry. Co. Imp. & Ref. 5s, 1962 I Twin States G. & Elec. Co. 1st & Ref. 5s, 1953 I Ulster & Dela. R. R. 1st Cons. 5s, 1928 Ulster & Dela. R. R. 1st Ref. 4s, 1952 Underwriters Building Co. 1st Mtge. 5s, 1928 11 *Union Bag & Paper Co. 1st Skg. Fd. 5s, 1930 Union Carbide Co. 1st Mtge. 6s. 1950 Union Ferry Co. of N. Y. and Brooklyn 1st 5s, 1920 Union Gas Lt. Co. Cons. 5s, 1920 Union Ry. Co. of New York 1st 5s, 1942 United Elec. Lt. & Pow. Co. 1st 5s, 1924 United Tract Co. (N. Y.) Cons. 4^3. 2004 U. S. Light & Heating 1st 6s, 1929 University Club 2nd 5s, 1917 University of the City of N. Y. 1st Mtge. 4s, of 1920 . . . Utica & Black River R. R. 1st 4s, 1922 Utica, Clinton & Binghamton Ry. Co. 1st 5s, 1939 Utica Gas & Elec. Co. Ref. & Extn. 5s, 1957 H *Bonds Nos. 3600/5000 of this issue are "Tax Exempt." [18] ? 96. 42. ? ? 904. 958. ? ? 1,000. Exempt 1.000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 904. Exempt 1,000. Exempt 1,000. 1,000. 1,000. 1,000. 1,000. Exempt Exempt 1,000. 1,000. 1,000. 1,000. 1,000. Exempt 958. 1,000. 1,000. Exempt 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. 1,000. Exempt 1,000. 1,000. 1,000. 1,000. Exempt TITLE OP BONDS VALUE TAX AMOUNT OUT OF TO BE EXEMPT STATE PAID ON Utica Knitting Co. 1st 5s, 1920 I Utica & Mohawk Valley Ry. 1st 4j^s, 1941 I Ward Baking Co. 1st 6s, 1937 II Watertown (N. Y.) Lt. & Power Co. 1st 5s, 1959. . . . II Westchester Elec. R. R. Co. 1st 5s, 1943 I Westchester Lighting Co. 1st 5s, 1950 I Western Elec. Co. 1st 5s, 1922 II Western N. Y. & Penna. Ry. 1st 5s, 1937 I Western N. Y. & Penna. Inc. 5s, 1943 I Western N. Y. & Penna. Trac. Co. 1st & Ref . 5s, 1957 II Western N. Y. & Penna. Ry. General 4s, 1943 I Western Union Tel. Co. Funding & R. E. 4,}/^s, 1950 ... I Westmghouse Co. 1st 5s, 1931 II West Shore R. R. 1st 4s, 2361 I White Plains Lighting Co. 5s, 1938 I Whitestown Water Works 1st 5s, 1920 I Wood, Walter A., Mowing & Reaping Machine Co. 1st Mtge. 5s, 1925 I Yonkers R. R. Co. 1st 5s, 1946 I 188 1,000. 1,000. Exempt Exempt 1,000. 1,000. i. 812. 812. ? 1,000. ? 1,000. ? ? ? ? 1,000. ? 1,000. Exempt ? 1,000. 1,000. 1,000. 1,000. 1,000. 19