More Than You Probably Want to Know About Trust Companies and the Panic of 1907

This post was prompted by a new paper that Fohlin and Lu have on the Panic of 1907 in the most recent AEA Papers and Proceedings, “How Contagious Was the Panic of 1907?  New Evidence from Trust Company Stocks.”

 

One of the central questions about the Panic of 1907 is “Why were New York City trust the target of runs rather than banks?” For a long time, the answer to this question was that people ran on trust companies because they were new and under-regulated “shadow banks.” Moen and Tallman added that trust companies were not members of the Clearinghouse Association and therefore did not have access to that associations ability to act as a lender of last resort. I argued that trust companies were not new, they had been around since the 1820s, and were far from unregulated. Moreover, the runs targeted only a handful of trust companies. Specifically, they targeted “uptown trust companies” that focused on personal deposits rather than the service to large business that had been the traditional focus of trust companies Hansen 2014 and Hansen 2018. But I also agreed with Moen and Tallman that the lack of membership in the Clearing House Association was a crucial problem.

 

Fohlin and Lu are also interested in learning from the variation among trust companies. They analyze new data that they collected on stock prices to try to gain a better understanding of how the Panic impacted different companies. They are particularly interested in the potential influence of connections between different financial institutions as reflected in interlocking directorates (the same individuals serving on the boards of multiple firms).

 

They initially raise a very old question about the Panic: Did the big financial firms promote the Panic to punish upstarts? Although, most people now regard J.P. Morgan as the hero of the Panic, many people at the time regarded him as the villain and believed that he had started the Panic. In 1908, Senator Robert La Follette claimed that “it only needs to be followed step by step to show that it [the Panic] was planned and executed.”  Recent research by Mary Tone Rodgers and James Payne does find evidence that Morgan may have benefited from the Panic.

 

Fohlin and Lu do not directly answer the question about whether Morgan was hero or villain, but they do set out to determine whether connection to established financial networks, like Morgan’s, benefited trust companies during the Panic as reflected in their stock prices. They find that it did. Only a handful of firms experienced large and lasting declines in stock prices. They conclude that “The vast majority of the trusts declined modestly and then rebounded to pre- crisis valuation within a year. These findings support Hansen’s (2014) hypothesis that most trusts were well regulated and properly functioning.” Obviously, since they conclude that I was correct their paper must be right.

 

I do believe that they arrived at the right conclusion but have some questions about exactly how they got there.  But first, just in case not everyone reading this is entirely familiar with trust companies and the Panic, I’ll provide a little background on each.

 

Trust Companies

           

A trust is a legal arrangement in which one person, the donor, transfers property to another person, the trustee, to be used for the benefit of a third person, the beneficiary. A trust company is a corporation that is authorized to act as a trustee. In February 1822, the State of New York granted a charter to the Farmers’ Fire Insurance and Loan Company, authorizing it to provide a number of services: life insurance, fire insurance, annuities, and lending on collateral. Two months later, on April 30, the legislature authorized the company to act as a trustee, creating the first trust company. Other early trust companies received charters similar to Farmers’.  These early trust companies were also in the insurance business. The establishment of a trust was viewed as an alternative means to provide for relatives after one died.  The opportunities provided by trusts eventually proved more profitable than insurance, particularly when these early trust and insurance companies faced increased competition from insurance companies organized on a mutual basis.  Consequently, the original trust companies eventually abandoned life insurance and focused on the trust business.

 

The development of the American economy gave rise to new opportunities for trust companies. The financing of railroads, for example, created a demand for trust companies to serve as trustees for mortgages, registrars of stocks and bonds, transfer agents, and fiscal agents.  Trust companies also acted directly as financial intermediaries by allowing people to create trusts in which they were both the donor and the beneficiary; the trust company invested the deposited funds and paid a fixed rate of interest. Early depositors at trust companies received trust certificates that stated the rate of interest, the dates upon which interest would be paid, and the redemption date.  By the mid 1870s, most of the liabilities of New York City trust companies were deposits payable on demand or short notice (ten days).  Because trust companies already provided a number of financial services to corporations and paid interest on deposits they provided a convenient place for corporations to deposit funds. Although available on demand, trust company deposits were generally regarded as savings accounts. Consequently, clearings by trust companies were only about seven percent as large as of those of banks.  In 1905, for instance, the Clearing House banks in New York had $977,651,300 in deposits and clearings of $93,822,060,201; trust companies, on the other hand, had $926,390,568 in deposits and clearings of only $6,869,162,000. 

 

To sum up, by the beginning of the 20^th century, New York City trust companies had evolved from a type of insurance company into firms that carried on a banking business, taking in deposits and making loans, serving primarily large corporations and wealthy individuals.

 

The Panic of 1907

 

The first thing to know about the Panic of 1907 is that the economy was ripe for a panic in October 1907. Industrial production peaked in July 1907 and then fell 30 percent in the second half of the year; by October 1907, stock prices had fallen 25 percent from their November 1906 peak. The Panic probably exacerbated the downturn, but it was the result of the recession not the cause.

 

The Panic of 1907 is consistent with Calomiris and Gorton’s emphasis on the role of asymmetric information in financial crises during the National Banking Era (1863-1813). Given the decreases in industrial production and stock prices, it was reasonable to conclude that the value of assets at financial firms were also declining and the risk of insolvency was increasing. Depositors, however, did not know with certainty which financial firms were most at risk. Consequently, they were more likely to respond to new information that raised doubts about a firm.

 

The underlying cause of the Panic was the downturn in the economy, but the proximate cause of the Panic was an attempt to corner the market in United Copper.  When the corner failed the price of United Copper shares plummeted. The failed corner might not have been problematic had the Heinze brothers, who were behind the corner, not been involved in a number of financial institutions. In addition, they were frequently linked to Charles Morse and E.R. Thomas, who controlled several other financial institutions.  

 

When rumors spread that the Heinze brothers had financed their scheme with money from the banks that the Heinze-Morse-Thomas group controlled, the banks were threatened by large withdrawals. The banks appealed to the New York Clearing House Association for assistance.  The Association agreed to provide assistance on the condition that the men behind the attempted corner give up their positions of control. The Association could assist solvent but illiquid banks by issuing Clearing House certificates. Clearing House certificates were loans from the Clearing House Association, secured by assets from the borrowing bank. The bank could use the certificates to settle with other banks and conserve its currency. 

 

The actions of the Clearing House averted the failure of the banks, but suspicion spread to people rumored to be associated with the conspirators, particularly Charles Barney, president of the Knickerbocker Trust Company. Like the banks, the Knickerbocker appealed to the Clearing House Association for assistance, but the Clearing House only provided assistance to member banks. Barney appealed to J.P. Morgan, but Morgan also declined. When assistance did not materialize, the Knickerbocker paid out $8,000,000 that it had available and then closed its doors.

 

 

Charles Barney had also served on the board of the Trust Company of America, and when the New York Times reported that the Trust Company of America was now regarded as the weak point depositors ran on it. Consistent with the claim that the big financial firms fueled the Panic, J.P. Morgan’s partner George Perkins appears to have actually suggested to reporters that the Trust Company of America was in trouble.  Following the run on the Trust Company of America, the panic spread as depositors ran on the Lincoln Trust Company and the Fifth Avenue Trust Company.  Unlike the Knickerbocker and the Trust Company of America, there were no rumors connecting these firms to the scandal on Wall Street.  Alexander Dana Noyes noted that the run on the Lincoln was “caused apparently by the mere fact that it served the same class of depositors as the Knickerbocker and the America.”   What class of depositors was this? “The Knickerbocker,” Noyes explained, “had catered especially to the so-called “up-town clientage” of the shopping and residence district.”  J.P. Morgan’s son in law, Herbert Satterlee, also observed in regard to the Lincoln Trust Company that the “character of its patrons was very much like that of the Knickerbocker.”  That is to say, it was an uptown trust company. Out of the thirty eight trust companies in Manhattan, visible runs were only reported at these four uptown trust companies: the Knickerbocker Trust Company, the Trust Company of America, the Lincoln Trust Company, and the Fifth Avenue Trust Company.

 

The runs ended after the presidents of the old downtown trust companies met at J.P. Morgan’s library on Nov. 5, and announced the next day that

 

The Committee of Trust Companies of New York City has had the assets of the Trust Company of America and the Lincoln Trust Company examined by experts, who report that in their judgment on the present basis of values the assets of each company are sufficient to pay its depositors in full. It has been arranged that a majority of the stock of each company shall be placed under the control of the committee.

They vouched for the solvency of the firms, and each agreed to contribute to a fund to provide liquidity to the troubled trust companies if the runs continued. They were essentially carrying out he role that the Clearing House Association did for banks.

Fohlin and Lu and Financial Connections

 

Fohlin and Lu collected three observations per week on bid and ask prices for trust companies stocks. They divided the trust companies into three groups. “The first group is the “troubled” group, which contains three trusts: Knickerbocker, Lincoln, and Trust Company of America. These trusts experienced the most severe runs during the panic. The second group is the “connected” group, which contains seven trusts. These trusts, according to Pujo (1913), are connected to four major “money trusts,” including (i) JP Morgan, (ii) First National Bank of New York, (iii) National City Bank of New York, and (iv) National Bank of Commerce of New York. Finally, we classify the remaining 49 trusts as the “independent” group.” They then used difference in difference and generalized synthetic control to estimate the impact of the Panic on stock prices. If you are not an economist (or even if you are an economist) and you are saying “What the hell is difference in difference and generalized synthetic control? Don’t worry. Just take a look at this graph from their paper. The solid blue line is the troubled companies, the black dashed line is the connected companies, and the red dashed line is the independent companies.

 

 

 

I believe the graph is probably an accurate reflection of what happened during the Panic, but I have a couple of concerns about the description of the connected firms and the identification of which firms were connected.

 

Most people at the time referred to “The Money Trust,” not money trusts. There were two distinct groups, one centered around Rockefeller and the other around Morgan. National City Bank was associated with Rockefeller, and First National and National Bank of Commerce were Morgan banks. But there was overlap between the two groups: one of Morgan’s closest associates George Perkins was on the board of National City Bank, and Jacob Schiff served on the boards of both City and Commerce. Many of the directors from both groups served on the same trust company boards. This isn’t to say that there was no competition, but it was the cooperation that worried people.

 

Fohlin and Lu state that they classified 7 firms as connected based upon the Pujo Investigation while there are 9 trust companies contained in the tables presented in the Pujo report: Farmers’ Loan and Trust Co., New York Trust Co., United States Trust Co., Equitable Trust Co., Guaranty Trust Co. Astor Trust Co., Bankers Trust Co. Central Trust Co., and the U.S. Mortgage and Trust Co. I suspect that part of the discrepancy is because the Astor Trust Company did not open until 1907, so it could not be included in the analysis. I wish they had stated which companies were connected, unfortunately the limited space in Papers and Proceedings makes inclusion of such details difficult.

 

There are, however, reasons to believe that the Pujo list might not provide an accurate picture of connections at the time of the Panic. First, the methodology of the Pujo investigations list is not clear. Neither the New York Life Insurance and Trust Co. and the Lawyers’ Title Insurance and Trust Company were on the Pujo list even thought they each had multiple individuals from the Pujo list of directors on their boards. Second, the Pujo investigation was 5 years after the Panic. During those five years, eleven trust companies disappeared though merger. Among these mergers were some of the most well-connected firms prior to 1907: Morton, Fifth Avenue, and Mercantile.

 

I think Robert La Follette probably provided a more complete list of connections around the time of the Panic. The list is from March 1908. At the end of this post, I have an abbreviated version of the list and the complete list. The abbreviated version contains the names the directors of the National City Bank and the National Bank of Commerce and the trust companies that they were connected to. The full list includes some people who were not directors of these banks and the connections to other financial, industrial, and transportation corporations.  If one uses the LaFollette list there are 23 trust companies that had at least one director from the board of either City Bank or Bank of Commerce at the time of the Panic.

 

La Follette’s list suggests that connection was not simply a matter of being connected or not connected; there were degrees of connection. There are some trust companies like Windsor and Fulton that have one director from one of the banks. There are others like Farmers’ Loan and Trust, Morton, and Fifth Avenue that have multiple directors from the banks and at least one from each of the banks.

 

I think the degree of connection is important to the story, and the relationship between connection and the Panic is complicated. The Knickerbocker and the Trust Company America were uptown trust companies and, consistent with the story I tell, they experienced the most severe runs. They were connected in the sense that there were interlocks with the major financial institutions. The connections, however, were weak. Only two people from the major banks were directors of the Knickerbocker, Moses Taylor and Charles Barney, and Barney was the sole representative from one of the major banks on the board of the Trust Company of America. When Morgan did not have sufficient confidence in Barney to assist the Knickerbocker, the connections were for all practical purposes broken. By the way, although I don’t think she has published the argument yet, Mary Tone Rodgers, has told me that based upon here research in Morgan’s syndicate books that there were reasons for Morgan’s lack of support for Barney. In any case the connections were much more limited than many of the other trust companies in which there were multiple interlocks.      

 

 

In contrast, the Fifth Avenue Trust Company was an uptown trust company that was able to weather the Panic, and I think it supports both my argument and Fohlin and Lu. The Fifth Avenue was located uptown on Fifth Avenue, just a couple of blocks from the companies experiencing large runs. It did experience a large decrease in the number of deposits from Jan. 1907 to Jan. 1908. In addition, newspapers reported lines during the height of Panic, but they also reported that depositors were quickly paid when they demanded funds and that the president, Levi Morton, said they had more than enough resources to meet any demands. One of the officers of the company also noted that only small depositors were removing their money.  It was initially targeted as an uptown trust company, but it was not one of the companies that became a problem. The Fifth Ave. was one of the most connected companies in New York. It had directors from both of the major banks; over half a dozen directors of Bank of Commerce also sat on the board of the Fifth Avenue Trust Co. The Lincoln, in contrast, had no connections to either group.

 

So, I still think I am right about runs targeting uptown companies, but I think attention to the connections between firms can add to the story that I told.

 

I do still believe that the trust companies were not really unregulated shadow banks. They did, however, have one major weakness, which Moen and Tallman have emphasized. They were not members of the clearinghouse. For the well connected firms this may not have mattered, but they were only able to stop the runs on trust companies after the well connected trust companies were able to get together and announce that they were essentially going to serve the role of the Clearing House Association for the troubled trust companies, restoring the confidence that had been lost.

 

One last small thing. Fohlin and Lu state that “Some trusts were undercapitalized relative to deposits. Notably, the Knickerbocker held $62 million in deposits with $1 million in capital stock.” Trust companies reported to the Superintendent of Banking and frequently advertised both their “capital” and their “surplus” to describe the shareholders stake in the corporation. On Sep. 17,1907 the Knickerbocker had $1.2 million capital stock and a little more then $5 million surplus on about $60 million in deposits.

 

Despite the issues that I have noted, I think this is an interesting and important paper and that the “Money Trust” and the trust companies warrant more attention.  

 

P.S. This is a post with links to some earlier, but still recent, research on the Panic.

 

Abbreviated List of Connections From La Follette’s List

 

Directors of the National City Bank of New York City (Standard Oil control).

EDWIN S. MARTSON :
President and director of the Farmers’ Loan and Trust Company;

JAMES STILLMAN :
The Farmers’ Loan and Trust Company, director;
Lawyers’ Title Insurance and Trust Company, director;
The New York Trust Company, trustee;
United States Trust Company, trustee;

SAMUEL SLOAN:
The Farmers’ Loan and Trust Company, director;
United States Trust Company, trustee;

EDWARD H. HARRIMAN :
The Equitable Trust Company of New York, trustee;
Guaranty Trust Company of New York, director;
Mercantile Trust Company, director;

MOSES TAYLOR:
Knickerbocker Trust Company, director ;

C.H. DODGE :
Farmers’ Loan and Trust Company, director;
New York Life Insurance and Trust Company, director;

HENRY A.C. TAYLOR:
Farmers’ Loan and Trust Company, director;
New York Life Insurance and Trust Company, trustee;

WILLIAM ROCKEFELLER :
United States Trust Company, trustee; and

P.A. VALENTINE :
Farmers’ Loan and Trust Company, New York, director;
Fidelity Trust Company, director ;
New York Trust Company, director;

CYRUS H. M’CORMICK :
Merchants’ Loan and Trust Company, director; and

G.W. PERKINS :
Astor Trust Company, director ;
Bankers’ Trust Company, director;
New York Trust Company, trustee;

M. TAYLOR PYNE:
Farmers’ Loan and Trust Company, director;

WILLIAM D. SLOAN:

Fifth Avenue Trust Company, vice-president and trustee;

JOHN W. STERLING :
New York Trust Company, trustee ;

HENRY O. HAVEMEYER (DECEASED):
Colonial Trust Company, trustee ;

STEPHEN S. PALMER :
Farmers’ Loan and Trust Company, director ;

JACOB H. SCHIFF :
Fifth Avenue Trust Company, director ;
Morton Trust Company, director;
Title Guarantee and Trust Company, director;

Directors of National Bank of Commerce of New York City (Morgan control).*
* The names of two directors are omitted as unimportant.

T.H. HUBBARD :
Equitable Trust Company of New York, trustee ;

ADRIAN ISELIN, JR.:
Astor Trust Company, director;
Central Trust Company, trustee;
Fifth Avenue Trust Company, trustee ;
Guaranty Trust Company of New York, director;

BRAYTON IVES:
President and director of the Metropolitan Trust Company;

OTTO H. KAHN:
Equitable Trust Company of New York, trustee; and

LUTHER KOUNTZE:
United States Mortgage and Trust Company, vice-president and director.

A.D. JUILLIARD :
Central Trust Company, trustee ;
Fifth Avenue Trust Company, The, trustee;
Guaranty Trust Company of New York, director;
Morton Trust Company, director;
Mutual Life Insurance Company of New York, The, trustee;
New York Life Insurance and Trust Company, trustee;
Title Guarantee and Trust Company, The, trustee.

G.G. HAVEN:
Fifth Avenue Trust Company, The, trustee ;
Guaranty Trust Company of New York, director ;
Morton Trust Company, director ;

JAMES N. JARVIE:
Central Trust Company, trustee;
Guaranty Trust Company of New York, director;
Morton Trust Company, director;

FREDERIC CROMWELL :

Fifth Avenue Trust Company, The, trustee ;
Guaranty Trust Company of New York, director ;
Morton Trust Company, director;

H.P. WHITNEY:
Guaranty Trust Company of New York, director ;

C. A. PEABODY :
Astor Trust Company, direetor;
The Farmers’ Loan and Trust Company, director;
Fulton Trust Company, trustee;
The Title Guarantee and Trust Company, trustee; and

C. J. ALLEN :
Vice-president and director of Morton Trust Company ;

A.W. KRECH :
President and trustee of Equitable Trust Company of New York;
The Mercantile Trust Company, director;

P.D. CRAVATH:
The Equitable Trust Compsny of New York, director;
Mercantile Trust Company, director;
Morton Trust Company, counsel and director;
The Standard Trust Company, director.

P. MORTON :
Equitable Trust Company of New York, trustee;
Fifth Avenue Trust Company, The, trustee;
Mercantile Trust Company, The, director.

LEVI P. MORTON :
President and director of Morton Trust Company;
Fifth Avenue Trust Company, president and trustee;
Guaranty Trust Company of New York, director;

W.G. OAKMAN
Guaranty Trust Company of New York, chairman of board of directors ;
Morton Trust Company, director;

T.F. RYAN:
President and director of Morton Trust Company ;
Fifth Avenue Trust Company, trustee;
Mercantile Trust Company, director ; and

G.W. YOUNG:
Windsor Trust Company, director.

G.F. BAKER.
Farmers' Loan and Trust Company, director;
Manhattan Trust Company, director;
Morton Trust Company, director;

C.T. BARNEY (DECEASED):

Knickerbocker Trust Company, president and director ;
Trust Company of America, director ;

E.J. BERWIND :

Fifth Avenue Trust Company, trustee ;
Morton Trust Company, director ;

C. LEDYARD BLAIR :
United States Mortgage and Trust Company, director; and

H.C. DEMING :
Equitable Trust Company of New York, trustee;
Fifth Avenue Trust Company, director; and
Mercantile Trust Company, president and director.

J.F. DRYDEN :
Equitable Trust Company of New York, trustee;
Mercantile Trust Company, director;

J.B. DUKE :
Morton Trust Company, director;

G.J. GOULD :
Mercantile Trust Company, director ;

D. GUGGENHEIM :
Morton Trust Company, director;

V.P. SNYDER :
Equitable Trust Company of New York, trustee;
Fifth Avenue Trust Company, trustee;
Mercantile Trust Company, director;
Morton Trust Company, director;

JOHN CLAFLIN:

New York Life Insurance and Trust Company, trustee;
United States Trust Company, trustee.

CHARLES LANIER:
Central Trust Company, trustee ;

WOODBURY LANGDON :
Hudson Trust Company, director;
New York Trust Company, trustee;
Title Guarantee and Trust Company, trustee.

J.H. SCHIFF :
(For his directorships see enumeration following his name in list of directors of National City Bank.)

 

 

 

 

 

The Full List

 

LIST OF MEN WHO CONTROL INDUSTRIAL, FRANCHISE, TRANSPORTATION, AND FINANCIAL BUSINESS OF THE UNITED STATES, WITH THEIR DIRECTORSHIPS AND OFFICES IN VARIOUS CORPORATIONS.

The list includes directors of the two great banks at the head of the Standard Oil and Morgan groups and fifty other names.

Directors of the National City Bank of New York City (Standard Oil control).

EDWIN S. MARTSON :
President and director of the Farmers’ Loan and Trust Company;
Citizens’ Mutual Gas Company, director;
Detroit, Hillsdale and Southwestern Railroad Company, president and director;
Fort Wayne and Jackson Railroad Company, president and director;
New Amsterdam Gas Company, director;
New York Mutual Gaslight Company, director;
Queens Insurance Company of America, director;  and
Standard Gaslight Company of the City of New York, director.

JAMES STILLMAN :
The Alliance Realty Company, director;
Amalgamated Copper Company, director;
American Safe Deposit Company, trustee;
The Audit Company of New York, director;
Baltimore and Ohio Railroad Company, director;
Bank of the Metropolis, director;
The Bowery Savings Bank, trustee;
Century Realty Company, director;
The Chicago and Alton Railway Company, director;
Chicago and Northwestern Railway Company, director;
The Citizens’ Central National Bank, director;
Columbia Bank, director;
Consolidated Gas Company of New York, trustee;
Delaware, Lackawanna and Western Railroad Company, member board of managers;
Fast River Gas Company, director;
The Farmers’ Loan and Trust Company, director;
Fidelity Bank, vice-president and director;
Fidelity Trust Company (Kansas City, Mo.), director;
The Fifth Avenue Safe Deposit Company, president and trustee;
The Hanover National Bank, director;
Industrial Trust Company, Providence, director;
Lawyers’ Title Insurance and Trust Company, director;
The Lincoln National Bank of the City of New York, director;
The Lincoln Safe Deposit Company, trustee ;
Louisiana Western Railroad Company, director;
Michigan Central Railroad Company, director ;
Mohawk and Malone Railroad Company, director;
Morris and Essex Railroad Company, director ;
The National Butchers and Drovers’ Bank, director ;
New York and Harlem Railroad Company, director;
New York and Ottawa Railway, director ;
New York and Putnam Railway, director;
New York Central and Hudson River Railroad Company, director;
New York, Chicago and St. Louis Railroad Company, director ;
New York Clearing House Association, member of clearing-house committee;
The New York Mutual Gaslight Company, director;
The New York State Realty and Terminal Company, director;
The New York Trust Company, trustee;
Newport Trust Company, director;
North British and Mercantile Insurance Company of London and Edinburgh, director in United States;
North British and Mercantile Insurance Company of New York, director;
Queen Insurance Company of America, director;
Riggs National Bank, Washington, director;
Rutland Railroad Company, director;
St. Lawrence and Adirondack Railway, director;
The Second National Bank, president and director;
Southern Pacific Railroad Company, director;
Syracuse, Geneva and Corning Railroad, director;
Terminal Railway of Buffalo, director;
Terminal Warehouse Company, treasurer and director;
Union Pacific Railroad Company, director;
United States Realty and Improvement Company, director;
United States Trust Company, trustee;
West Shore Railroad, director; and
The Western Union Telegraph Company, director.

SAMUEL SLOAN:
Chairman of board of managers of Delaware, Lackawanna and Western Railroad Company;
Bank of the Metropolis, director;
Cayuga and Susquehanna Railroad, director;
Chester Railroad, director;
Consolidated Gas Company of New York, vice-president and trustee;
East River Gas Company, of Long Island City, director;
The Farmers’ Loan and Trust Company, director;
Greene Railroad, director;
Hanover and Newport Railroad Company, director;
Hopatcong Railroad, director;
Lackawanna and Montrose Railroad, director;
Manhattan Company, director;
Manhattan Railway Company, director;
Mechanics’ Bank, Brooklyn, director;
Missouri Pacific Railway Company, director;
Morris and Essex Extension Railroad, director;
Morris and Essex Railroad, director;
Newark and Bloomfield Railroad, director;
New York, Lackawanna and Western Railway, director;
The New York Mutual Gas Light Company, director;
Oswego and Syracuse Railroad, president and director;
Passaic and Delaware Extension Railroad, director;
Passaic and Delaware Railroad, director;
Queen Insurance Company of America, director;
Sussex Railroad, director;
Syracuse, Binghamton and New York Railroad Company, director;
Texas and Pacific Railway Company, director;
United States Trust Company, trustee;
Utica, Chenango and Susquehanna Valley Railroad, director;
Valley Railroad, director;
Warren Railroad Company, director; and
The Western Union Telegraph Company, director.

EDWARD H. HARRIMAN :
Baltimore and Ohio Railroad Company, director;
The Brooklyn Heights Railroad Company, director;
Brooklyn Rapid Transit Company, director;
Central Pacific Railway Company, president and director;
Chicago and Alton Railroad Company, director;
Colorado Fuel and Iron Company, director ;
Delaware and Hudson Company, member of the board of managers;
The Equitable Trust Company of New York, trustee;
Erie Railroad Company, director;
Guaranty Trust Company of New York, director;
Illinois Central Railroad Company, director ;
Ilwaco Railway and Navigation Company, director ;
International Banking Corporation, director;
Leavenworth, Kansas and Western Railroad, director ;
Louisiana Western Railroad Company, president and director;
Mercantile Trust Company, director;
Morgan’s Louisiana and Texas Railroad (and Steamship Company), president and director ;
Nassau Electric Railroad Company, director ;
New York, Susquehanna and Western Railroad Company, director;
The Night and Day Bank, director;
Orange County Road Construction Company, president and director ;
Oregon and California Railroad Company, president and director ;
Oregon Railroad and Navigation Company, president and director;
Oregon Short Line Railroad Company, president and director ;
The Pacific Coast Company, director;
Pacific Mail Steamship Company, president and director ;
Pere Marquette Railroad Company, director ;
Portland and Asiatic Steamship Company, president and director;
Railroad Securities Company, president and director ;
San Pedro, Los Angeles and Salt Lake Railroad, director ;
South Pacific Coast Railway, president and director ;
Southern Pacific Company, president and director ;
Southern Pacific Terminal Company, president and director ;
Texas and New Orleans Railroad Company, president and director;
Union Pacific Land Company, director;
Union Pacific Railroad Company, president, chairman of the executive committee, and director;
Wells, Fargo & Co., chairman of executive committee and director;
Wells, Fargo-Nevada National Bank, director; and
The Western Union Telegraph Company, director.

MOSES TAYLOR:
City Real Property Investing Company, director;
Clayton Fire Extinguishing and Disinfecting Company, vice-president and director ;
Cornwall-Lebanon Railroad, director;
Cornwall Railroad, director;
Electric Properties Company, director ;
Franklin Iron Company, director ;
Knickerbocker Trust Company, director ;
Lackawanna Steel Company, director;
Lake Champlain and Moriah Railroad Company, vice-president and director;
The Mines Furnace Company, director ;
New Amsterdam Gas Company, president and director;
Shenandoah Steel Wire Company, director ;
The South Buffalo Railway Company, vice-president and director;
Southern Steel Company, Gadsden, Ala., director;
Stony Point Land Company, director;
Sulphur Dioxide Fumigating and Fire Extinguishing Company, director ;
Tilly Foster Iron Company, director;
Westchester and Bronx Title and Mortgage Guaranty Company, vice-president and director ;
Westchester Trust Company, director; and
Witherbee, Sherman & Co., director.

C.H. DODGE :
Alamogordo and Sacramento Mountain Railway, director;
Almagre Mining Company, vice-president and director;
The American Brass Company, director;
Ansonia Clock Company, vice-president and director;
Atlantic Mutual Insurance Company, trustee ;
The Brearley School (Limited), vice-president and director;
Cayuga and Susquehanna Railroad Company, director;
Columbia Bank, director;
Commercial Mining Company, director;
Copper Queen Consolidated Mining Company, director;
Dawson Railway and Coal Company, director;
Detroit Copper Mining Company, of Arizona, vice-president and director;
El Paso and Northeastern Company, treasurer and director;
El Paso and Rock Island Railway, director;
El Paso and Southwestern Railroad Company, treasurer and director;
Farmers’ Loan and Trust Company, director;
The Golden Hill Corporation, director;
Greene-Cananea Copper Company, director;
Lackawanna Iron and Coal Company, director;
Montezuma Copper Mining Company, director;
Morenci Southern Railway Company, vice-president and director;
Nacozari Railroad Company, director;
National Railroad Company of Mexico, director;
New Mexico Railway and Coal Company, director;
New York Life Insurance and Trust Company, director;
The Old Dominion Company, of Maine, director;
Quincy Mining Company, director; and
United Globe Mines, director.

J.H. POST :
President and director of the National Sugar Refining Company;
The Alliance Realty Company, director;
American-Hawaiian Steamship Company, director;
Bank of Havana, member of New York committee;
Chaparra Sugar Company, treasurer and director;
Cuban-American Sugar Company, treasurer and director;
The Fajardo Sugar Company, director;
Guantannmo Sugar Company, vice-president and director;
London Assurance Corporation, trustee;
Mercedita Sugar Company, director;
The Nassau Trust Company, trustee;
New Niguero Sugar Company, president and director;
United States Realty and Improvement Company, director;
West India Land and Trading Company, director; and
Williamsburgh Savings Bank, trustee.

HENRY A.C. TAYLOR:
Cayuga and Susquehanna Railroad, director;
Delaware, Lackawanna and Western Railroad Company, member board of managers;
Farmers’ Loan and Trust Company, director;
Industrial Trust Company, Providence, director;
Lackawanna Steel Company, director;
Morris and Essex Railroad Company, director;
New York Life Insurance and Trust Company, trustee;
Newport Trust Company, director;
Plaza Bank, director; and
The Second National Bank, director.

WILLIAM ROCKEFELLER :
President and director of Standard Oil Company;
Amalgamated Copper Company, director;
Anaconda Copper Mining Company, trustee;
Brooklyn Union Gas Company, director;
Central New England Railway Company, director;
Chicago, Milwaukee and St. Paul Railway Company, director;
Consolidated Gas Company of New York, trustee;
Deleware, Lackawanna and Western Railroad Company, member board of managers;
East River Gas Company of Long Island City, director;
The Hanover National Bank, director;
Harlem River and Portchester Railroad Company, director ;
Hartford and Connecticut Western Railroad Company, director;
Lake Shore and Michigan Southern Railway Company, director;
Michigan Central Railroad Company, director;
Mohawk and Malone Railway Company, director;
National Transit Company, director ;
The New England Navigation Company, director ;
New York and Harlem Railroad Company, director;
New York and Ottawa Railway, director;
New York Central and Hudson River Railroad Company, director ;
New York, Chicago and St. Louis Railroad Company, director ;
New York Mutual Gas Light Company, director;
New York, New Haven and Hartford Railroad Company, director;
New York, Ontario and Western Railway Company, director;
New York State Realty and Terminal Company, director;
Pittsburg and Lake Erie Railroad Company, director;
Poughkeepsie Bridge Railroad Company, director;
Rutland Railroad Company, director;
St. Lawrence and Adirondack Railway, director;
Standard Oil Company of New Jersey, vice-president and director;
United Metals Selling Company, director;
United States Trust Company, trustee; and
West Shore Railroad, director.

HENRY C. FRICK :
Union Trust Company, Clairton, Pa., director;
Diamond Light and Power Company, secretary and treasurer;
City Deposit Bank, Pittsburg, director;
Union Insurance Company, director;
National Union Fire Insurance Company, director;
United States Steel Corporation, director;
Mellon’s National Bank, Pittsburg, director; and
Union Trust Company of Pittsburg, director.

P.A. VALENTINE :
Armour & Co., vice-president and director;
Armour Grain Company, director;
Central Trust Company, of Illinois, director;
Chicago City Railway, director;
Chicago Junction Railway, director ;
Chicago Warehouse and Terminal Company, director;
Continental National Bank, director;
Farmers’ Loan and Trust Company, New York, director;
Fidelity Trust Company, director ;
Illinois Tunnel Company, director ;
Interstate National Bank, director ;
Kansas City Electric Light Company, director;
Kansas City Railway and Light Company, director;
Metropolitan Street Railway, Kansas City, Mo., director;
National City Bank, New York, director;
National Packing Company, director;
New York Trust Company, director;
St. Louis Stock Yards Company, director;
Stock Yards Savings Bank, director;
Third National Bank, St. Louis, director;
Union Stock Yards Company, Omaha, vice-president and director;
Union Stock Yards and Transit Company, of Chicago, director; and
United States Leather Company, director.

CYRUS H. M’CORMICK :
Chicago and Northwestern Railway Company, director;
International Harvester Company, president and director;
Merchants’ Loan and Trust Company, director; and.

G.W. PERKINS :
Astor Trust Company, director ;
Bankers’ Trust Company, director;
Chicago, Burlington and Quincy Railway Company, chairman executive committee and director;
Cincinnati, Hamilton and Dayton Railroad Company, chairman board of directors;
Dayton and Union Railroad Company, director;
German-American Insurance Company, director;
Great Central Dock Company, vice-president and director;
International Harvester Company, chairman finance committee and director;
International Mercantile Marine Company, director;
Marquette and Bessemer Dock and Navigation Company, director;
New York Trust Company, trustee;
Northern Pacific Railway Company, director;
Northern Securities Company, director;
Pere Marquette Railroad Company, chairman board of directors;
Toledo Railway and Terminal Company, president and director; and
United States Steel Corporation, director.

FRANCIS M. BACON:
Atlantic Mutual Insurance Company, trustee; and
Seamen’s Bank of Savings in the city of New York, trustee.

M. TAYLOR PYNE:
Cayuga and Susquehanna Railroad, president and director;
Commercial Trust Company of New Jersey, director;
Consolidated Gas Company of New York, trustee;
Delaware, Lackawanna and Western Railroad Company, member board of managers;
East River Gas Company of Long Island City, director;
Farmers’ Loan and Trust Company, director;
Harvey Steel Company, director ;
Lackawanna Iron and Coal Company, director;
Lackawanna Steel Company, director;
Mart Morris and Essex Railroad Company, director;
New Jersey Zinc Company, director;
New York, Lackawanna and Western Railway Company, director;
Newark and Bloomfield Railroad, director;
Passaic and Delaware Railroad, director;
Princeton Bank, director ;
Sussex Railroad, director ;
United New Jersey Railroad and Canal Company, director;
University Power Company, vice-president and director ;
Utica, Chenango and Susquehanna Valley Railroad Company, director;
Valley Railroad Company, director; and
Warren Railroad Company, president and director.

WILLIAM D. SLOAN:
Central and South American Telegraph Company, director;
Eastern Steel Company, director;
Fifth Avenue Trust Company, vice-president and trustee;
Greenwich Savings Bank, trustee;
Mahoning Coal Railroad Company, director;
United States Trust Company, trustee; and
W. &. J. Sloane, director.

C.S. FAIRCHILD :
President and director of Atlanta and Charlotte Air Line Railroad;
Audit Company of New York, member advisory committee of stockholders;
Birkbeck Investment Savings and Loan Company of America, president and trustee ;
British and American Mortgage Company (Limited), director;
Erie and Pittsburg Railroad Company, director ;
Lawyers’ Mortgage Company, vice-president and director ; and
Svea Fire and Life Insurance Company, United States trustee.

JOHN W. STERLING :
Bond and Mortgage Guarantee Company, director;
Central Union Gas Company, director ;
Citizens’ Mutual Gas Light Company, of Long Island City, director;
Consolidated Gas Company, of New York, trustee ;
Duluth, South Shore and Atlantic Railway Company, director;
East River Gas Company, of Long Island City, director ;
Mutual Trust Company of Westchester County, director;
New Amsterdam Gas Company, director ;
New York Trust Company, trustee ;
Northern Union Gas Company, director;
Standard Gas Light Company, of the City of New York, director; and
Westchester Lighting Company, director.

HENRY O. HAVEMEYER (DECEASED):
The Alliance Realty Company, director ;
American Coffee Company, president and director;
American Sugar Refining Company, president and director;
Brooklyn Cooperage Company, director;
Brooklyn Eastern District Terminal, director ;
Brooklyn Elevator and Milling Company, director ;
Colonial Safe Deposit Company, director;
Colonial Trust Company, trustee ;
Great Western Company, president and director ;
New Jersey and New York Realty and Improvement Company, director ; and
Palmer Waterfront Land and Improvement Company, director.

STEPHEN S. PALMER :
President and director of New Jersey Zinc Company ;
Bertah Mineral Company, vice-president and director;
Cayuga and Susquehanna Railroad, secretary, treasurer and director;
Colonial Assurance Company, vice-president and director ;
Consolidated Gas Company of New York, trustee ;
Detroit, Hillsdale and Southwestern Railroad, vice-president and director ;
East River Gas Company, of Long Island City, director ;
Empire Zinc Company, of Missouri, director ;
Empire Zinc Company, of Colorado, president and director;
Farmers’ Loan and Trust Company, director ;
Fort Wayne and Jackson Railroad, vice-president and director ;
Green Bay and Western Railroad Company, president and chairman board of directors ;
Harvey Steel Company, president and director ;
Iola and Northern Railway, president and director ;
Kewaunee, Green Bay and Western Railroad, president and director;
McDonald Land and Mining Company, president and director;
Mineral Point Zinc Company, treasurer and director;
New Jersey Zinc Company, of Pennsylvania, president and director;
New York Edison Company, director;
New York Mutual Gas Light Company, director;
Palmer Land Company, president and director ;
Palmer Water Company, president and director ;
Prime Western Spelter Company, president and director;
Princeton Bank, director ;
Robins Conveying Belt Company, director;
St. Louis and Hannibal Railway, president and director;
Tefft Weller Company, director;
United States Realty and Improvement Company, director ; and
Valley Railroad Company, director.

JACOB H. SCHIFF :
Bond and Mortgage Guarantee Company, director ;
Columbia Bank, director ;
Fidelity Trust Company, Philadelphia, director ;
Fifth Avenue Trust Company, director ;
Industrial Trust Company, Providence, R.I., director;
Morton Trust Company, director;
National Bank of Commerce, in New York, director;
Newport Trust Company, director ;
Title Guarantee and Trust Company, director;
Western Union Telegraph Company, director; and
Woodbine Land and Improvement Company, vice-president and director.


Directors of National Bank of Commerce of New York City (Morgan control).*
* The names of two directors are omitted as unimportant.

T.H. HUBBARD :
A. and N. Realty Company, vice-president and director;
Acadia Coal Company (Limited), director ;
American Light and Traction Company, chairman of executive committee, director;
Chattanooga Southern Railroad, vice-president and director ;
Equitable Trust Company of New York, trustee ;
Guatemala Central Railroad Company, president and director ;
Guatemala Railway Company, director;
The International Bank, president and director ;
International Banking Corporation, president and chairman board of directors ;
Lookout Fuel Company, vice-president and director ;
Mechanics’ National Bank, director ;
Metropolitan Life Insurance Company, director ;
Mortgage-Bond Company of New York, director ;
Philippine Railway Company, director ;
Public Accountants’ Corporation, director ;
Sixty Wall Street, director ;
Toledo, St. Louis and Western Railroad, vice-president and director;
Wabash Railroad Company, director;
Washington Building Company, director; and
Western Union Telegraph Company, director.

ADRIAN ISELIN, JR.:
Adrian Furnace Company, director;
Astor Trust Company, director;
Baloise Fire Insurance Company, resident trustee;
Bank of Savings in the City of New York, trustee;
Buffalo, Rochester and Pittsburg Railway Company, vice-president and director ;
Central Trust Company, trustee;
City and Suburban Homes Company, director;
Cawanshannork Coal and Coke Company, president and director;
Fifth Avenue Trust Company, trustee ;
Franco-American Financial Association, director;
Gallatin National Bank, director ;
Guaranty Trust Company of New York, director;
Helvetia Realty Company, president and director ;
Jefferson and Clearfield Coal and Iron Company, director;
Lackawanna Steel Company, director;
Manhattan Storage and Warehouse Company, secretary, treasurer, and trustee;
Mobile and Ohio Railroad Company, director ;
National Railroad Company, of Mexico, director;
Neptune, Realty Company, president and director;
New Rochelle Water Company, secretary, treasurer, and director ;
New York Dock Company, director;
North British and Mercantile Insurance Company of London and Edinburgh, United States director;
North British and Mercantile Insurance Company of New York, director ;
Pittsburg Gas Coal Company, vice-president and director ;
Punxsutawney Iron Company, director;
Reynoldsville and Falls Creek Railroad, director ; and
Southern Railway Company, director.

BRAYTON IVES:
President and director of the Metropolitan Trust Company;
Atlantic Safe Deposit Company, director ;
Hecker-Jones-Jewell Milling Company, president and director;
Kanona and Prattsburgh Railway Company, president and director ;
Metcalf Land Company, president and director ;
Standard Milling Company, president and director;
United States Guarantee Company, director : and
Westinghouse Electric and Manufacturing Company, chairman board of directors.

OTTO H. KAHN:
Equitable Trust Company of New York, trustee; and
Morristown Trust Company, director.

LUTHER KOUNTZE:
United States Mortgage and Trust Company, vice-president and director.

J. PIERPONT MORGAN :
Ætna Insurance Company, of Hartford, Conn., director;
American China Development Company, director;
Carthage and Adirondack Railway Company, director ;
Carthage, Watertown and Sackets Harbor Railroad Company, director;
Central New England Railway Company, director;
Clearwater and Raquette Lake Railroad, director;
Cleveland, Cincinnati, Chicago and St. Louis Railway Company, director;
Columbus, Hope and Greensburg Railroad, director;
Dunkirk, Allegheny Valley and Pittsburg Railroad Company, director;
Ellenville and Kingston Railroad Company, director ;
First National Bank of the City of New York, director;
Fort Wayne, Cincinnati and Louisville Railroad Company, director;
Fulton Chain Railroad Company, director;
Fulton Navigation Company, director;
General Electric Company, director;
Harlem River and Portchester Railroad, director;
Hartford and Connecticut Western Railroad Company, director;
Jersey City and Bayonne Railroad Company, director ;
Lake Erie and Western Railroad Company, director;
Lake Shore and Michigan Southern Railway Company, director;
Mexican Telegraph Company, director ;
Michigan Central Railroad Company, director;
Mohawk and Malone Railroad Company, director;
Newburg, Dutchess and Connecticut Railroad Company, director;
New England Navigation Company, The, director;
New England Railroad Company, director;
New Jersey Junction Railroad Company, director;
New Jersey Shore Line Railroad Company, director;
New York and Harlem Railroad Company, director;
New York and Northern Railway Company, director;
New York and Ottawa Railway Company, director;
New York and Putnam Railroad Company, director;
New York Central and Hudson River Railroad Company, director;
New York, Chicago and St. Louis Railroad Company, director ;
New York, New Haven and Hartford Railroad Company, director;
New York, Ontario and Western Railway Company, director;
New York State Realty and Terminal Company, director;
Niagara Falls Branch Railroad Company, director;
Ontario, Carbondale and Scranton Railway Company, director ;
Pittsburg and Lake Erie Railroad Company, director;
Port Jervis, Monticello and Summitville Railroad Company, director;
Poughkeepsie Bridge Railroad Company, director;
Pullman Company, The, director;
Raquette Lake Railway Company, director;
Rhode Island Company (electric line), director;
Rutland Railroad Company, director ;
St. Lawrence and Adirondack Railway Company, director;
Syracuse, Geneva and Corning Railway Company, director;
Terminal Railway of Buffalo, director;
United States Steel Corporation, director ;
Wallkill Valley Railroad Company, director;
West Shore Railroad, director ; and
Western Union Telegraph Company, director.

A.D. JUILLIARD :
Bank of America, director;
Central Trust Company, trustee ;
Chemical National Bank, The, director;
Cossit Land Company, president and director;
Fifth Avenue Trust Company, The, trustee;
Girard Trust Company, Philadelphia, director ;
Guaranty Trust Company of New York, director;
Morton Trust Company, director;
Mutual Life Insurance Company of New York, The, trustee;
New York Life Insurance and Trust Company, trustee;
North British and Mercantile Insurance Company of London and Edinburgh, United States director;
North British and Mercantile Insurance Company of New York, director;
Ohio Company of Associates, director;
Realty Associates, director ; and
Title Guarantee and Trust Company, The, trustee.

G.G. HAVEN:
Atchison, Topeka and Santa Fe Railway Company, The, direcior ;
Bank of America, director;
California Eastern Railway, director;
Fifth Avenue Trust Company, The, trustee ;
Guaranty Trust Company of New York, director ;
Gulf, Colorado and Santa Fe Railway, director;
Industrial Trust Company, Providence, director ;
Morristown Trust Company, director ;
MORTON Trust Company, director ;
New York and Harlem Railroad Company, director ;
Newport Trust Company, director;
Pittsburg, Fort Wayne and Chicago Railway Company, vice-president and director;
Sonora Railway, director; and
Worcester, Nashua and Rochester Railroad Company, president and director.

JAMES N. JARVIE:
Bank of America, director;
Bloomfield Trust Company, director;
Central Trust Company, trustee;
Guaranty Trust Company of New York, director;
London Assurance Corporation, trustee ;
Morton Trust Company, director;
Mutual Life Insurance Company of New York, The, trustee; and
Worcester, Nashua and Rochester Railroad, director.

FREDERIC CROMWELL :
Atlanta and Charlotte Air Line Railway Company, director;
Delaware and Hudson Company, The, member board of managers;
Fifth Avenue Trust Company, The, trustee ;
Gill Engraving Company, director;
Guaranty Trust Company of New York, director ;
Husted Realty Company, director;
Jefferson and Clearfield Coat and Iron Company, director;
Morris and Essex Railroad, director;
Morristown Trust Company, director ;
Morton Trust Company, director;
Mutual Life Insurance Company of New York, The, trustee;
New York Dock Company, director;
Sixth Avenue Railroad Company, director; and
Worcester, Nashua and Rochester Railroad, director.

H.P. WHITNEY:
Clearwater and Raquette Lake Railroad, director ;
Cuba Campany, The, director ;
Eastern Steel Company, The, director ;
Electric Storage Battery Company, The, director;
Fifth Avenue Trust Company, The, trustee;
Fulton Chain Railroad Company, director;
Fulton Navigation Company, director;
Guaranty Trust Company of New York, director ;
Guggenheim Exploration Company, director;
Long Island Motor Parkway (Incorporated), first vice-president and director;
Morton Trust Company, director;
Nassau Country Bank, Mineola, N.Y., director;
Nassau Light and Power Company, director;
New York Loan and Improvement Company, The, director;
Newport Trust Company, director;
Plaza Bank, The, director ;
Raquette Lake Railway Company, director ;
Union Exchange Bank, director;
Washington Life Insurance Company, director;
Westchester Racing Association, director ; and
Western Mining Company, director.

C. A. PEABODY :
President and director of Mutual Life Insurance Company of New York ;
Astor Trust Company, direetor;
The Bank for Savings in the City of New York, trustee;
The Delaware and Hudson Company, member of board of managers;
The Farmers’ Loan and Trust Company, director;
Fulton Trust Company, trustee;
The Gallatin National Bank director;
Illinois Central Railroad Company, director;
The Title Guarantee and Trust Company, trustee; and
Union Pacific Railroad Company, director.

C. J. ALLEN :
Vice-president and director of Morton Trust Company ;
American Surety Company of New York, trustee;
Continental Rubber Company of America, treasurer and director;
Electric Properties Company, director ; and
Washington Life Insurance Company, vice-president and director.

A.W. KRECH :
President and trustee of Equitable Trust Company of New York;
American Surety Company of New York, trustee;
Bank of Havana, member of New York committee;
City Investing Company, director;
Colorado Fuel and Iron Company, director;
Commercial Trust Company of Philadelphia, director;
The Distilling Company of America, director;
The Equitable Life Assurance Society of the United States, director;
The Mercantile Trust Company, director;
St. Bartholomew’s Loan Association, director;
Union Exchange Bank, director, and
Wheeling and Lake Erie Railroad Company, vice-president and director.

P.D. CRAVATH:
American Surety Company of New York, trustee;
Commercial Trust Company, Philadelphia, Pa., director;
Electric Properties Company, director;
The Equitable Trust Compsny of New York, director;
Interborough-Metropolitan Company, director;
International Harvester Company, director;
The Lackawanna and Wyoming Valley Rapid Transit Company, director;
Mercantile Trust Company, director;
Morton Trust Company, counsel and director;
Standard Safe Deposit Company, director; and
The Standard Trust Company, director.

V. MORAWETZ:
Atchison, Topeka and Santa Fe Railway Company, The, chairman executive committee and director;
California Eastern Railway Company, director;
Guantanamo Sugar Company, director;
Gulf, Colorado aud Santa Fe Railway Company, director;
International Paper Company, director;
Niagara Falls Power Company, The, director;
Santa Fe, Prescott and Phoenix Railway Company, director;
Norfolk and Western Railway Company, director; and
Southern California Railway Company, director.

P. MORTON :
President and director Equitable Life Assurance Society of the United States;
Continental Rubber Company of America, director;
Equitable Trust Company of New York, trustee;
Fifth Avenue Trust Company, The, trustee;
Great Western Cereal Company, The, director;
Iowa Central Railway Company, director; and
Mercantile Trust Company, The, director.

LEVI P. MORTON :
President and director of Morton Trust Company;
Equitable Life Assurance Society of the United States, director;
Fifth Avenue Trust Company, president and trustee;
Guaranty Trust Company of New York, director;
Homes Insurance Company, director;
Industrial Trust Company, Providence, director;
Newport Trust Company, director; and
Washington Life Insurance Company of New York, director.

W.G. OAKMAN
President and director of Hudson Companies;
Alabama Great Southern Railroad Company, director;
American Car and Foundry Company, director;
Brooklyn Heights Railroad Company, director ;
Brooklyn Rapid Transit Company, director;
Buffalo, Rochester and Pittsburg Railway Company, director;
Guaranty Trust Company of New York, chairman of board of directors ;
Havana Electric Railway Company, director;
Hudson Improvement Company, president and director;
Interborough-Metropolitan Company, director;
Interborough Rapid Transit Company, director ;
Jefferson and Clearfield Coal and Iron Company, vice-president and director;
Long Island Consolidated Electrical Companies, director;
Long Island Railroad Company, director ;
Louisville and Nashville Railroad Company, director;
Morristown Trust Company, director;
Morton Trust Company, director;
Mutual Trust Company of Westchester County, director ;
New York and Long Island Railroad Company, director ;
New York and Queens County Railway, director;
New York City Interborough Railway Company, director;
Rapid Transit Subway Construction Company, vice-president and director ;
Reynoldsville and Falls Creek Railroad, director;
Richmond Light and Railroad Company, director;
Rogers Locomotive Works, director ; and
Subway Realty Company, vice-president and director.

T.F. RYAN:
President and director of Morton Trust Company ;
American Tobacco Company, director;
Commercial Trust Company of Philadelphia, director;
Continental Rubber Company of America, director ;
Fifth Avenue Trust Company, trustee;
Industrial Trust Company of Providence, director;
Mercantile Trust Company, director ; and
Seaboard Air Line Railway, director.

J.H. SCHIFF :
(For his directorships see enumeration following his name in list of directors of National City Bank.)

G.W. YOUNG:
Acker, Merrall & Condit Company, director;
Alma Coal Company, director;
Anacostia and Potomac River Railroad Company, director;
Atlantic Securities Company, director;
Audit Company of New York, vice-president and director;
Brightwood Railway Company, director;
C.K. Davis Coal Company, director;
Casualty Company of America, director;
Cicinnati, Hamilton and Dayton Railroad Company, director;
City and Suburban Homes Company, director;
City and Suburban Railway Company, Washington, director;
Clarksburg Fuel Company, director;
Columbia Railway Company, director;
Commercial Trust Company of New Jersey, vice-president and director;
Continental Investment Company, vice-president and director;
Detroit, Toledo and Ironton Railway Company, director;
Fairmont Coal Company, director;
First National Bank of Bayonne, vice-president and director;
Georgetown and Tennallytown Railway Company, director;
Interborough-Metropolitan Company, director;
Interborough Rapid Transit Company, director;
Jersey City Trust Company, director;
Mechanics' Trust Cumpany of New Jersey, vice-president and director ;
Metropolitan Railway Company, Washington, D.C., director;
New Jersey and Hudson River Railway and Ferry Company, director;
Northern New Jersey Land Company, director ;
Northern Railroad Company of New Jersey, director;
O'Rourke Engineering Construction Company, secretary, treasurer, and director;
Pere Marquette Railroad Company, director;
Perth Amboy Trust Company, director;
Potomac Electric Power Company, director;
Rapid Transit Subway Constructions Company, director;
Registrar and Transfer Company of New Jersey, president and director;
Registrar and Transfer Company of New York, director ;
Third National Bank, Jersey City, N.J., director ;
Union Gas and Electric Company, Cincinnati, vice-president and director;
Washington and Glen Echo Railroad Company, director;
Washington and Rockville Railroad Company, director;
Washington Investment Company, director;
Washington Railway and Electric Company, director ;
Washington, Woodside and Forest Glen Railway and Power Company, director ; and
Windsor Trust Company, director.

G.F. BAKER.
American Telephone and Telegraph Company, director;
Astor Trust Company, director ;
Atlas Portland Cement Company, director;
Bankers' Safe Deposit Company, vice-president and trustee;
Bowery Savings Bank, trustee ;
Car Trust Investment Company (Limited), London, director;
Central Railroad Company of New Jersey, director ;
Chase National Bank, director ;
Chicago, Burlington and Quincy Railroad Company, director;
Cincinnati, Hamilton and Dayton Railway Company, director;
Consolidated Gas Company of New York, trustee;
Continental Insurance Company, director;
Delaware, Lackawanna and Western Railroad Company, member board of managers;
East Jersey Water Company, director;
East River Gas Company of Long Island City, director;
Erie Railroad Company, director;
Farmers' Loan and Trust Company, director;
First National Bank of Chicago, director;
First National Bank of the City of New York, president and director;
Guaranty Trust Company of New York, director;
Industrial Trust Company, Providence, director ;
Jersey City Water Supply Company, vice-president and director;
Lake Erie and Western Railroad Company, director;
Lake Shore and Michigan Southern Railway Company, director;
Lehigh and Wilkesbarre Coal Company, director;
Lehigh Valley Railroad Company, director;
Lehigh Valley Coal Company, director;
Liberty National Bank, director;
Manhattan Trust Company, director;
Michigan Central Railroad Company, director;
Mohawk and Malone Railway Company, director;
Montclair Water Company, director;
Morton Trust Company, director;
Mutual Life Insurance Company of New York, trustee;
New Jersey General Security Company, president and director;
New York and Long Branch Railroad Company, president and director;
New York Central and Hudson River Railroad Company, director ;
New York, Chicago and St. Louis Railroad Company, director;
New York Clearing House Building, director;
New York Mutual Gaslight Company, director;
Newport Trust Company, director ;
Northern Pacific Railway Company, director;
Northern Securities Company, second vice-president and director ;
Pere Marquette Railroad Company, director ;
Provident Loan Society of New York, trustee ;
Spring Brook Water Supply Company, director ;
United States Steel Corporation, director ; and
West Shore Railroad, director.

C.T. BARNEY (DECEASED):
Albany Trust Company, director;
Alliance Realty Company, director;
American Ice Company, director;
Audit Company of New York, member of advisory committee of stock holders;
Bank for Savings in the City of New York, trustee ;
Century Realty Company, vice-president and director;
Chelsea Realty Company, director;
Chemung Canal Trust Company, director;
Chihuahua Mining Company, director;
Coal and Iron National Bank of the City of New York, director;
Corporation Trust Company, New Jersey, director;
Cuba Railroad Company, director ;
Deep Gravel Mining Company, director;
French-American Bank, member of American advisory board ;
Good Land Cypress Company, director ;
Hudson Mortgage Company, director ;
Knickerbocker Safe Deposit Company, president and director;
Knickerbocker Trust Company, president and director ;
Long Island Motor Parkway (incorporated), director;
Matawok Land Company, director;
National Bank of North America, director;
New Amsterdam National Bank, director;
New Amsterdam Safe Deposit Company, director;
New Jersey Terminal Dock and Improvement Company, director;
New York Loan and Improvement Company, president and director;
New York Mortgage and Security Company, vice-president and director;
Schenectady Trust Company, director ;
Taylor Creek Ditch Company, director;
Title Insurance Company of New York, vice-president and director;
Trust Company of America, director ;
United States Realty and Improvement Company, director ; and
Westchester Trust Company, director.

E.J. BERWIND :
Atchison, Topeka and Santa Fe Railway Company, director;
Berwind-White Coal Mining Company, president and director;
Cuba Company, director;
Fifth Avenue Trust Company, trustee ;
Girard Trust Company of Philadelphia, director ;
Havana Coal Company, president and director;
Interborough-Metropolitan Company, director ;
International Coal Company, president and director ;
International Mercantile Marine Company, director ;
Morton Trust Company, director ;
Newport Trust Company, director;
New River Pocahantas Consolidated Coal Company, director;
Ocean Coal Company, president and director;
Republic Iron and Steel Company, director;
Santa Fe, Prescott and Phoenix Railway, director;
Tennessee Coal, Iron and Railroad Company, director ;
Tintic Company, director;
Virginia and Southwestern Railway Company, director;
Virginia Iron, Coal and Coke Company, director;
Wilmore Coal Company, president and director; and
Windber National Bank, director.

C. LEDYARD BLAIR :
Belvidere National Bank, director;
Commercial Trust Company of New Jersey, director;
Ellenville and Kingston Railroad, director;
Green Bay and Western Railroad Company, director ;
Kewaunee, Green Bay and Western Railroad, director;
Lackawanna Steel Company, director;
Ontario, Carbondale and Scranton Railway Company, director;
St. Louis and Hannibal Railway, director;
Securities Company, director;
Susses Railroad, director;
Sussex Realty Company, president and director;
United States Mortgage and Trust Company, director; and
Warren Railroad, director.

H.C. DEMING :
Equitable Trust Company of New York, trustee;
Fifth Avenue Trust Company, director; and
Mercantile Trust Company, president and director.

J.F. DRYDEN :
President and director of Prudential Insurance Company;
Commercial Trust Company of Philadelphia, director;
Equitable Trust Company of New York, trustee;
Fidelity Trust Company, Newark, vice-president and director;
Franklin National Bank, Philadelphia, director;
Mercantile Trust Company, director;
Union National Bank, Newark, vice-president and director;
United States Casualty Company, director ; and
United States Steel Corporation, director.

J.B. DUKE :
President and director American Tobacco Company ;
American Snuff Company, director ;
American Surety Company, trustee ;
Blackwell's Durham Tobacco Company, director;
British-American Tobacco Company (Limited), chairman board of directors ;
Imperial Tobacco Company of London, director;
International Cigar Machinery Company, director ;
Morton Trust Company, director;
Republic Iron and Steel Company of New Jersey, director;
Southern Cotton Oil Company, director;
Southern Power Company, director;
Union Bleaching and Finishing Company, director;
Virginia-Carolina Chemical Company, director ; and
Wesson Company, director.

G.J. GOULD :
American District Telegraph Company of New Jersey, director;
American Telegraph and Cable Company, director;
American Union Telegraph Company, director;
Arkansas Midland Railroad, president and director;
Atlantic and Pacific Telegraph Company, director;
Bowline Green Trust Company, director;
Chicago Elevator Company, director;
Coal Belt Railway, president and director;
Colorado Fuel and Iron Company, director;
Colorado Midland Railway Company, director;
Continental Trust Company of Baltimore, director;
Davis Coal and Coke Company, director;
Denver and Rio Grande Railroad Company, chairman board of directors ;
Eldorado and Bastron Railway, director;
Farmerville and Southern Railroad, president and director;
Fort Smith Suburban Railway, president and director;
Galveston, Houston and Henderson Railroad Company, director;
Globe Express Company, director;
Gold and Stock Telegraph Company, director;
International and Great Northern Railroad Company, president and director ;
International Ocean Telegraph Company, president and director ;
Kansas and Arkansas Valley Railway, president and director;
Kansas City Northwestern Railroad Company, president and director;
Kansas-Missouri Elevator Company, director;
Little Rock Junction Railway, president and director ;
Manhattan Railway Company, president and director ;
Mercantile Trust Company, director ;
Missouri Pacitic Railway Company, president and director;
New York Mutual Telegraph Company, director;
New York Telephone Company, director;
Pacific Mail Steamship Company, director;
Pine Bluff and Western Railroad, president and director;
Pittsburg Terminal Railroad and Coal Company, director ;
Rio Grande Southern Railroad, director ;
Rio Grande Western Railway Company, chairman board of directors ;
St. Louis, Iron Mountain and Southern Railway Company, president and director;
St. Louis, Watkins and Gulf Railroad, president and director ;
Serlalia, Warsaw and Southwestern Railway Company, president and director ;
Southern and Atlantic Telegraph Company, director ;
Texas and Pacific Railway Company, president and director ;
Utah Fuel Company, director;
Wabash, Pittsburg Terminal Railway Company, chairman board of director;
Wabash Railroad Company, director ;
Washington and New Orleans Telegraph Company, director;
West Virginia Central and Pittsburg Railway Company, director;
Western Maryland Railroad Company, director ;
Western Pacific Railway Company, director;
Western Union Telegraph Company, vice-president and director; and
Wetherford, Mineral Wells and Northwestern Railway, president and director.

D. GUGGENHEIM :
American Smelters' Securities Company, president and board of directors;
American Smelters' Steamship Company, director;
American Smelting and Refining Company, president and director;
Continental Rubber Company of America, director;
Esperanza Mining Company, director;
Federal Lead Company, vice-president and director;
Gimbel Brothers (Incorporated), director;
Guggenheim Exploration Company, president and director;
Morton Trust Company, director;
National Lead Company, director; and
Nevada and Northern Railway Company, director.

V.P. SNYDER :
American Surety Company of New York, trustee;
Audit Company of New York, director;
Casualty Company of America, director;
Equitable Life Assurance Society of the United States, director;
Equitable Trust Company of New York, trustee;
Essex County Trust Company, East Orange, N.J., director;
Fifth Avenue Trust Company, trustee;
Mercantile Trust Company, director;
Merchants' Safe Deposit Company, director;
Morton Trust Company, director;
Union County Trust Company, of Elizabeth, N.J., director;
Union National Bank, Newark, director;
United States Mortgage and Trust Company, director; and
Washington Life Insurance Company, director.

H.H. VREELAND :
Bleecker Street and Fulton Ferry Railroad Company, president and director;
Bridge Operating Company, vice-president and director;
Broadway and Seventh Avenue Railroad, director;
Central Crosstown Railroad Company, president and director;
Central Park, North and East River Railroad Company, president and director;
Cuba Company, director ;
Dry Dock, East Broadway and Battery Railroad Company, president and director;
Electric Storage Battery Company, director;
Empire City Safe Deposit Company, vice-president and director;
Forty-second Street and Grand Street Ferry Railroad Company, president and director;
Fulton Street Railroad Company, president and director;
Long Island Electric Railway Company, director;
Metropolitan Securities Company, president and director;
Metropolitan Street Railway Company, director;
New Fork and Long Island Traction Company, director;
New York and Queens County Railway Company, director;
New York City Railway Company, president and director;
Second Avenue Railroad Company, president and director;
Third Avenue Railway Company, president and director;
Thirty-fourth Street Crosstown Railway Company, president and director;
Twenty-eighth and Twenty-ninth Streets Crosstown Railroad Company, president and director; and
Twenty-third Street Railway Company, president and director.

JOHN CLAFLIN:
President and director of the H.B. Claflin Company;
American Exchange National Bank, director;
Associated Merchants' Company, president and director;
Atlantic Mutual Insurance Company, trustee;
Commercial Union Assurance Company (Limited) of London, director;
Commercial Union Fire Insurance Company of New York, director;
German Alliance Insurance Company, director;
German-American Insurance Company, director;
Home Insurance Company, director;
Hudson Trust Company, director;
New York Life Insurance and Trust Company, trustee;
New York Life Insurance Company, trustee;
Palatine Insurance Company, trustee; and
United States Trust Company, trustee.

FREDERICK STURGES :
New York Warehouse and Security Company, president and director; and
Seamen's Bank for Savings in the City of New York, trustee.

CHARLES LANIER:
American Cotton Oil Company, director;
Canal Louisiana Bank and Trust Company, director;
Cataract Construction Company, director;
Central and South American Telegraph Company, vice-president and director;
Central Trust Company, tructee ;
Cleveland and Pittsburg Railroad Company, director ;
Massillon and Cleveland Railroad, president and director;
Mutual Life Insurance Company of New York, trustee ;
Pittsburg, Fort Wayne and Chicago Railway Company, president and director ;
Southern Railway Company, director ; and
Western Union Telegraph Company, director.

JAMES H. PARKER:
J.H. Parker & Co.;
Coal and Iron National Bank of New York, director; and
National Realty Company, president, treasurer, and director.

CHARLES H. RUSSELL:
Of the firm of Stetson, Jennings & Russell.

WOODBURY LANGDON :
Associated Merchants' Company, director ;
Brighton Yarn Company, director ;
Cannelton Coal Company, director ;
Citizens' Central National Bank, director ;
German Alliance Insurance Company, director;
German-American Insurance Company, director;
Hudson Trust Company, director;
New York Life Insurance Company, trustee;
New York Trust Company, trustee;
Title Guarantee and Trust Company, trustee.


Directors of the industrial, franchise, and railroad organizations who are not included in the list of Standard Oil-Morgan bank directors given above.

JOHN JACOB ASTOR:
Astor Trust Company, The, director;
Delaware and Hudson Company, The, member of board of managers;
Illinois Central Railroad Company, directcr ;
Long Island Motor Parkway (incorporated), director;
Mercantile Trust Company, The, director ;
Morton Trust Company, director;
New York Life Insurance and Trust Company, trustee;
Niagara Development Company, director;
Niagara Falls Power Company, The, director ;
Niagara Junction Railway, director;
Plaza Bank, The, director ;
Title Guarantee and Trust Company, The, trustee ; and
Western Union Telegraph Company, The, director.

A.N. BRADY:
American Tobacco Company, The, director;
Bridgeport Gas Light Company, director;
Brooklyn Heights Railroad Company, chairman board of directors;
Brooklyn, Queens County and Suburban Railroad Company, chairman board of directors;
Brooklyn Rapid Transit Company, chairman board of directors;
Brooklyn Union Elevated Railroad Company, chairman board of directors;
Coney Island and Gravesend Railway Company, director;
Consolidated Car-Heating Company, director;
Consolidated Gas Company, of New York, trustee;
Consolidated Gas, Electric Light and Power Company, Baltimore, director ;
Consolidated Telegraph and Electrical Subway Company, director ;
Corn Exchange Bank, The, director;
Last River Gas Company, of Long Island City, director;
Edison Electric Illuminating Company, of Brooklyn, president and director;
Electric Storage Battery Company, The, director ;
Fort Wayne Gas Company, vice-president and director;
Central Rubber Company, director;
Havana Tobacco Company, director;
Hudson and Manhattan Railroad Company, director;
Hudson Companies, The, director;
International Cigar Machinery Company, director ;
Kings County Electric Light and Power Company, president and director;
Kings County Lighting Company, vice-president and director ;
Maryland National Bank, Baltimore, director;
Memphis Consolidated Gas and Electric Company, president and director;
Municipal Gas Company, Albany, president and director;
Nassau Electric Railroad Company, chairman board of directors ;
National Commercial Bank, Albany, director;
National Surety Company, director ;
New Amsterdam Gas Company, director;
New York Air Brake Company, director ;
New York Carbide and Acetylene Company, vice-president and director;
New York Edison Company, The, president and director ;
New York Mutual Gas Light Company, director;
Ohio and Indiana Consolidated Natural and Illuminating Gas Company, director;
People's Gas Light and Coke Company, Chicago, chairman board of directors;
Rubber Goods Manufacturing Company, director ;
Tennessee Coal, Iron and Railroad Company, director;
Troy Gas Company, of Troy, N.Y., director ;
Union Bleaching and Finishing Company, director;
United Electric Light and Power Company, Baltimore, director ;
United States Cast Iron Pipe and Foundry Company, director;
United States Rubber Company, director ;
Utica Gas and Electric Company, president and director;
Westinghouse Electric and Manufacturing Company, director ; and
Williamsburgh Trust Company, director.

AUGUST BELMONT:
Alliance Assurance Company, of London, trustee;
American-Asiatic Steamship Company, The, director;
American China Development Company, director;
Audit Company of New York, The, acting president and director;
Bank for Savings in the City of New York, The, trustee ;
Cape Cod Construction Company, president and director ;
Fist National Bank of Hempstead, president and director ;
Helvetia Swiss Fire Insurance Company, trustee;
Interborough-Metropolitan Company, chairman of board of directors ;
Interborough Rapid Transit Company, chairman board of directors;
Kingston Consolidated Railroad Company, director;
Long Island Electric Railway Company, director;
Long Island Motor Parkway (Incorporated), director;
Lang Island Railroad Company, director;
Manhattan Trust Company, director ;
National Park Bank of New York, The, director ;
New York and Long Island Railroad Company, director;
New York and Long Island Traction Company, The, director;
New York and Queens County Railway Company, director ;
North American Transportation and Trading Company, director;
Phoenix National Bank, vice-president and director;
Rapid Transit Subway Construction Company, chairman board of director;
Subway Realty Company, president and director;
Westchester Racing Association, president and director; and
Windsor Trust Company, director.

CHAUNCEY M. DEPEW:
American Safe Deposit Company, trustee;
American Surety Company, trustee;
Beech Creek Railroad Company, director ;
Brooklyn Warehouse and Storage Company, director;
Buffalo Erie Basin Railroad Company, director ;
Buffalo, Thousand Islands and Portland Railroad Company, director;
Canada Southern Bridge Company, director;
Canada Southern Railway Company, director;
Carthage and Adirondack Railway, director;
Carthage, Watertown and Sackets Harbor Railroad Company, director;
Central Dock and Teaminal Railway, director;
Chesapeake and Ohio Railway Company, director;
Chicago and Northwestern Railway Company, director;
Chicago, St. Paul, Minneapolis and Omaha Railway Company, director;
Clearwater, Cincinnati, Chicago and St. Louis Railway Company, director;
Columbus, Hope and Greensburg Railroad, director ;
Delaware and Hudson Company, The, member board of managers;
Dunkirk, Allegheny Valley and Pittsburg Railroad Company, director;
Fulton Chain Railroad Company, director;
Fultun Navigation Company, director ;
Gouverneur and Oswegatchie Railroad Company, director;
Hudson River Bridge Company, director;
Jersey City and Bayonne Railroad Company, director;
Lake Erie, Alliance and Wheeling Railroad, director;
Lake Shore and Michigan Southern Railway Company, chairman board of directors;
Mahoning Coal Railroad Company, director;
Mercantile Trust Company, The, director;
Merchants' Despatch Transportation Company, director;
Michigan Central Railroad Company, director;
Michigan, Midland and Canada Railroad Company, director;
Mohawk and Malone Railway Company, director;
New Jersey Junction Railroad Company, director;
New Jersey Shore Line Railroad Company, director;
New York and Harlem Railroad Company, director;
New York and Ottawa Railway, director;
New York and Putnam Railroad, director;
New York Central and Hudson River Railroad Company, chairman board of directors ;
New York Central Niagara River Railroad Company, director;
New York, Chicago and St. Louis Railroad Company, chairman board of directors ;
New York State Realty and Terminal Company, The, director;
Niagara Falls Branch Railroad, director ;
Niagara Grand Island Bridge Company, director;
Niagara River Bridge Company, director;
Oswego and Rome Railroad, director;
Pine Creek Railway Company, director;
Raquette Lake Railway Company, director;
Rome, Watertown and Ogdensburg Railroad Company, director;
Rutland Railroad Company, director;
St. Lawrence and Adirondack Railway Company, director;
Spuyten Duyvil and Port Morris Railroad Company, director;
Standard Trust Company, The, director;
Syracuse, Geneva and Corning Railway Company, director;
Terminal Railway of Buffalo, director;
Tivoli Hollow Railroad, director;
Toledo, Canada Southern and Detroit Railway Company, director;
Toluca Electric Light and Power Company, director;
Utica and Black River Rnilroad, director;
Wallkill Valley Railroad Company, director;
West Shore Railroad, director ;
Western Transit Company, director; and
Western Union Telegraph Company, The, director.

HENRY M. FLAGLER:
Vice-president and director of Standard Oil Company;
Cuba Company, The, director ;
Florida East Coast Railway, president and director;
Jacksonville Terminal Company, president and director;
Morton Trust Company, director;
National Fuel Gas Company, director;
National Transit Company, director;
New York Transit Company, director;
Peninsular and Occidental Steamship Company, director; and
Western Union Telegraph Company, The, director.

JAMES C. FARGO:
American Express Company, president and director;
Chicago and Northwestern Railway Company, director;
Merchants Dispatch Transportation Company, president and director;
National Express Company, director;
United States Express Company, director; and
Westcott Express Company, president and director.

JAMES J. HILL:
Chase National Bank, The, director;
Chicago, Burlington and Quincy Railroad Company, director;
Chicago, Burlington and Quincy Railway Company, director;
First National Bank of Chicago, director;
First National Bank of the City of New York, director;
Great Northern Railway Company, chairman board of directors ;
Manhattan Trust Company, director;
Northern Securities Company, president and director; and
St. Paul, Minneapolis and Manitoba Railway Company, director.

EDWIN HAWLEY:
American Exchange National Bank, director;
British Columbia Copper Company (Limited), The, director;
Colorado and Southern Railway Company, director;
Colorado Fuel and Iron Company, director;
Colorado Midland Railway Company, director;
Colorado Springs and Cripple Creek District Railway, director;
Des Moines and Fort Lodge Railroad Company, president and director;
European Time Table Distributing Company, treasurer and director;
Great Western Power Company, president and director;
Guaranty Trust Company of New York, director;
Iowa Central Railway Company, president and director;
Keithsburg Bridge Company, director ;
Minneapolis and St. Louis Railroad Company, president and director;
Newport News Shipbuilding and Dry Dock Company, director ;
Occan Time Table Distributing Company, treasurer and director;
Standard Coupler Company, director;
Toledo, St. Louis and Western Railroad Company, director ;
United States Light and Heating Company, The, vice-president and director;
United States Realty and Improvement Company, director;
Western Pacific Railway Company, director; and
Western Power Company, president and director.

JOHN R. HEGEMAN :
President and director Metropolitan Life Insurance Company;
Durland Company, The, director;
Fixico Mining Company, president and director;
Hamilton Trust Company, trustee;
International Banking Corporation, director;
Lincoln Traction Company, Nebraska, director;
Metropolitan Bank, director;
National Surety Company, director;
Northampton Portland Cement Company, director;
Randolph-Macon Coal Company, director;
Union Dime Savings Institution, trustee; and
Victor Chemical Works, director.

W.H. MOORE:
American Can Company, director ;
Chicago and Alton Railroad Company, The, director;
Chicago and Eastern Illinois Railroad Company, director;
Chicago, Rock Island and Pacific Railroad Company, director;
Chicago, Rock Island and Pacific Railway Company, director;
Delaware, Lackawanna and Western Railway Company, director;
Evansville and Indianapolis Railroad, director ;
Evansville and Terre Haute Railroad Company, director;
Evansville Belt Railway Company, director;
Fidelity Fire Insurance Company of New York, director ;
First National Bank of the City of New York, director;
Kansas City, Fort Scott and Memphis Railway Company, The, director ;
Kansas City, Memphis and Birmingham Railroad Company, director;
Keokuk and Des Moines Railway Company, director;
National Biscuit Company, director;
Peoria and Bureau Valley Railroad Company, director;
Price Flavoring Extract Company, director ;
Rock Island Company, The, director;
St. Louis and San Francisco Railroad Company, director ; and
United States Steel Corporation, director.

FREDERICK WEYERHAUSER:
Weyerhauser Timber Company, president ;
Weyerhauser Syndicate, "head of," and
Known as "The Lumber King" (Who's Who).

D.O. MILLS.
Atlantic Coast Steamship Company, The, director;
Bank of New York (N.B.A.), director;
Bellingham Bay and British Columbia Railroad, director;
Cataract Construction Company, director;
Champlain Realty Company, director;
City and Suburban Homes Company, director;
Erie Elevator Company, president and director;
Erie Railroad Company, director;
Farmers' Loan and Trust Company, The, director;
International Paper Company, director;
Inyo Development Company, director;
Lackawanna Steel Company, director;
Lake Shore and Michigan Southern Railway Company, The, director;
Long Dock Mills and Elevator, director;
Manhattan Steamship Company, director;
Mergenthaler Linotype Company, director;
Metropolitan Trust Company, The, trustee;
Mohawk and Malone Railway Company, director;
Morton Trust Company, director ;
National Bank, D.O. Mills & Co. (Sacramento, Cal.), director;
New York Central and Hudson River Railroad Company, director;
Niagara Development Company, president and director ;
Niagara Falls Power Company, The, president and director;
Niagara Junction Railway, president and director;
North American Commercial Company, vice-president and director;
North Atlantic Steamship Company, director;
Provident Loan Society of New York, The, trustee;
St. Maurice Lumber Company, director;
Southern Pacific Company, director;
United States Trust Company, trustee;
Virginia and Truckee Railroad, president and director ; and
West Shore Railroad, director.

C.H. MACKAY:
American Exchange National Bank, director;
Canadian Pacific Railway Company, director;
Commercial Cable Building Company, president and director;
Commercial Cable Company, The, president and director;
Commercial Pacific Cable Company, president and director;
Federal Sugar Refining Company, vice-president and director;
Long Island Motor Parkway (Incorporated), director;
Mackay Companies, The, president and trustee;
New York Life Insurance Company, trustee;
Pacific Postal Telegraph-Cable Company, president and director;
Postal Telegraph-Cable Company, president and director;
Southern Pacific Company, director; and
United States Mortgage and Trust Company, director.

C.W. MORSE :
Bath Trust Company, director ;
Boston Insurance Company, director;
Butterick Company, first vice-president and director;
Century Realty Company, director;
Clyde Steamship Company, director;
Eastern Steamship Company, director ;
Fifth Avenue Estates, director ;
Fourteenth Street, director ;
Garfield National Bank, vice-president and director;
Garfield Safe Deposit Company, trustee;
Hudson Navigation Company, director;
Lincoln National Bank (Bath, Me.), director;
Mallory Steamship Company, director;
Mercantile National Bank of the City of New York, The, director;
Metropolitan Steamship Company, director;
National Bank of North America, The, vice-president and director;
New Amsterdam National Bank, vice-president and director;
New Amsterdam Safe Deposit Company, vice-president and director;
New York and Cuba Mail Steamship Company, The (Ward Line), director;
New York Mortgage and Security Company, director ;
New York Produce Exchange Bank, director ;
Title Insurance Company of New York, The, director ;
Van Norden Trust Company, director ;
Wall Street Exchange Building Association, vice-president and director; and
William Campbell Wall Paper Company, director.

A.E. ORR:
Associated Merchants' Company, The, director ;
Bond and Mortgage Guarantee Company, director ;
Chicago, Rock Island and Pacific Railway Company, The, director;
Continental Insurance Company, director;
Delaware and Hudson Company, The, member of board of managers;
Erie Railroad Company, director;
Federal Insurance Company, director;
Fidelity and Casualty Company, The, director;
Greenwood Cemetery, trustee ;
Harper & Brothers, director;
Long Island Historical Society, president and director ;
Mechanics' National Bank, vice-president and director ;
New York Life Insurance Company, president and trustee;
New York Produce Exchange, Safe Deposit and Storage Company, The, trustee ;
Queen Insurance Company of America, director ;
Realty Associates, director; and
United States Trust Company, trustee.

OLIVER H. PAYNE :
The American Tobacco Company, director;
The Chase National Bank, director ;
Chihuahua and Pacific Railroad Company, director;
The Chihuahua Mining Company, director;
Coal Creek Mining and Manufacturing Company, director;
Croesus Gold Mining and Milling Company, director;
Great Northern Paper Company, director ;
Havana Tobacco Company, director;
Interlake Pulp and Paper Company, director ;
International Cigar Machinery Company, director;
International Railway Company, director;
International Traction Company, director;
Manhattan Trust Company, director;
New York Loan and Improvement Company, vice-president and director;
Standard Oil Cloth Company, director; and
Virginia and Southeastern Railway Company, director.

DANIEL G. REID:
American Can Company, director;
Astor Trust Company, director;
Bankers' Trust Company, director;
Chicago and Alton Railroad Company, director;
Chicago and Eastern Illinois Railroad Company, director;
Chicago, Rock Island and Pacific Railroad Company, director;
Chicago, Rock Island and Pacific Railway Company, chairman board of directors ;
Continental Insurance Company, director;
Evansville and Indianapolis Railway, vice-president and director;
Evansville and Terre Haute Railroad Company, vice-president and director ;
Guaranty Trust Company of New York, director;
Keokuk and Des Moines Railroad Company, vice-president and director;
Liberty National Bank, vice-president and director;
National Bank of Commerce, Denver, Colo., director;
The Rock Island Company, director;
St. Louis and San Francisco Railroad Company, director ;
Second National Bank, Richmond, Ind., director ;
Union National Bank, Richmond, Ind., director; and
United States Steel Corporation, director.

JOHN D. ROCKEFELLER :
American Linseed Company, director;
Delaware, Lackawanna and Western Railroad Company, member board of managers;
Standard Oil Company of New Jersey, director;
United States Steel Corporation, director; and
The University of Chicago, trustee.

H.H. ROGERS :
Amalgamated Copper Company, president and director;
Anaconda Copper Mining Company, vice-president and trustee;
Atchison, Topeka and Santa Fe Railway Company, The, director ;
Atlantic Coast Electric Railway, vice-president and director ;
Atlas Tack Company, director;
Brooklyn Union Gas Company, vice-president and director ;
Chicago, Milwaukee and St. Paul Railway Company, director;
Farmers' Loan and Trust Company, The, director;
Guaranty Trust Company of New York, director ;
Mutual Life Insurance Company, of New York, The, trustee;
National Bank of Fairhaven, director ;
National Fuel Gas Company, president and director;
National Transit Company, president and director ;
New Jersey and Staten Island Ferry Company, director;
New York Transit Company, president and director;
Richmond Light and Railroad Company, president and director;
Standard Oil Company of New Jersey, vice-president and director ;
Staten Island Ferry Company, director;
Staten Island Midland Railway Company, director ;
Tennessee Copper Company, director ;
Union Pacific Railroad Company, director;
United Metals Selling Company, vice-president and director; and
United States Steel Corporation, director.

JAMES SPEYER:
Baltimore and Ohio Railroad Company, director;
Banco Mexicano de Comercio e Industria, director;
Central Trust Company of New York, trustee;
Citizens' Savings and Trust Company, Cleveland, director;
General Chemical Company, director;
German Savings Bank, trustee ;
Girard Trust Company, Philadelphia, member of board of managers;
Guaranty Trust Company of New York, director;
Industrial Trust Company, Providence, R.I., director ;
Lackawanna Steel Company, director;
Manhattan Company, director;
Maryland Trust Company, Baltimore, director;
North British and Mercantile Insurance Company of London and Edinburgh, director in United States;
North British and Mercantile Insurancve Company of New York, director;
Provident Loan Society of New York, The, president and trustee;
Rock Island Company, The, director;
Societe Financiere Franco-Americaine, The, vice-president and director;
Title Guarantee and Trust Company, trustee;
Underground Electric Railways Company of London (Limited), The, director; and
Union Trust Company of New York, trustee.

CHARLES STEEL:
Adams Express Company, The, member board of managers ;
Adams Land and Building Company, director;
Alabama Great Southern Railroad Company, director;
Atcheson, Topeka, Santa Fe Railway Company, The, director;
Baltimore and Ohio Railroad Company, director;
Buffalo Creek Railroad, president and director;
Central of Georgia Railway Company, director;
Central Railroad of New Jersey, The, director;
Chicago and Erie Railroad Company, director;
Chicago, Indianapolis and Louisville Railway Company, director;
Cincinnati, Hamilton and Dayton Railway Company, director;
Erie and Jersey Railroad Company, director;
Erie Railroad Company, director;
General Electric Company, director;
Gulf, Colorado and Santa Fe Railway Company, director;
International Harvester Company, director;
International Mercantile Marine Company, The, director;
Lehigh Valley Railroad Company, director;
Lehigh Valley Railway Company, The, director;
National Storage Company, director;
National Tube Company, director;
New Jersey and New York Railroad Company, director;
New York, Susquehanna and Western Railroad Company, director;
New York Telephone Company, director;
Northern Pacific Railway Company, director;
Pere Marquette Railroad Company, director;
Philadelphia and Reading Railway Company, director;
Reading Company, director;
Santa Fe, Prescott and Phoenix Railway Company, director;
Southern Railway Company, director;
Standard Trust Company, director;
Toledo and Ohio Central Railway Company, director;
United States Steel Corporation, director; and
Wilkes-Barre and Eastern Railroad Company, The, director.

CHARLES M. SCHWAB:
Bethlehem Steel Company, director;
Bethlehem Steel Corporation, president and board of directors ;
Carnegie Steel Company, director;
Chicago Pneumatic Tool Company, director;
Clyde Steamship Company, director;
Elgin, Joliet and Eastern Railway Company, director;
Empire Trust Company, director;
Greenwater Copper Mines and Smelter Company, director;
H.C. Frick Coke Company, director;
Minnesota Iron Company, director;
Montgomery-Shoshone Consolidated Mining Company, director;
Nationai Bank of North America, director;
National Tube Company, Ohio, director;
National Tube Works Company, director; and
United States Realty and Improvement Company, director.

H. M.K. TWOMBLEY:
Buffalo Erie Basin Railroad Company, director;
Carthage, Watertown and Sacket Harbor Railroad Company, director;
Central New England Railway Company, director;
Central Railroad of New Jersey, The, director;
Chesapeake and Ohio Railway Company, director;
Chicago and Northwestern Railway Company, director;
Chicago, Indiana and Southern Railroad, director;
Chicago, St. Paul, Minneapolis and Omaha Railway Company, director;
Clearfield Bituminous Coal Corporation, director;
Cleveland, Cincinnati, Chicago and St. Louis Railway Company, director;
Columbus, Hope and Greensburg Railroad, director;
Delaware, Lackawanna and Western Railroad Company, member board of manager;
Detroit and Chicago Railroad Company, director;
Detroit River Tunnel Company, director;
Dunkirk, Allegheny Valley and Pittsburg Railroad Company, director;
Erie Railroad Company, director;
Fall Brook Railway, director;
Gouverneur and Oswegatchie Railroad Company, director;
Hudson River Bridge Company, director;
Lackawanna Steel Company, director;
Lake Erie and Western Railroad Company, director;
Lake Erie, Alliance and Wheeling Railroad, director;
Lake Shore and Michigan Southern Railway Company, The, director;
Lehigh and Wilkes-Barre Coal Company, director;
Lehigh Valley Railroad Company, director;
Mahoning Coal Railway Company, director;
Michigan Central Railroad Company, director;
Mohawk and Malone Railway Company, director;
Monogahela Railroad Company, director;
New Jersey Shore Line Railroad Company, director;
New York and Ottawa Railway, director;
New York Central and Hudson River Railroad Company, director;
New York Central Niagara River Railroad Company, director;
New York, Chicago and St. Louis Railroad Company, director;
New York Junction Railroad Company, director;
New York, New Haven, Hartford Railroad Company, The, director;
New York State Realty and Terminal Company, The, director;
Newport Trust Company, director;
Niagara Falls Branch Railroad, director ;
Northern Ohio Railway Company, director;
Philadelphia and Reading Coal and Iron Company, director;
Philadelphia and Reading Railway Company, director;
Pine Creek Railway Company, director;
Pittsburg and Lake Erie Railroad Company, director;
Reading Company, director;
Rutland Railroad Company, director;
St. Lawrence and Adirondack Railway Company, director;
Syracuse, Geneva and Corning Railway Company, director;
Terminal Railway of Buffalo, director;
Tivoli Hollow Railroad, director;
Wallkill Valley Railroad Company, director;
West Shore Railroad, director ; and
Western Transit Company, director.

F.W. VANDERBILT:
American Horse Exchange (Limited), director;
Buffalo Erie Basin Railroad Company, director;
Canada Southern Bridge Company, director;
Canada Southern Railway Company, director;
Carthage and Adirondack Railway Company, dorector;
Carthage, Watertown and Sacket Harbor Railroad Company, director;
Chicago and Northwestern Railway Company, director;
Chicago, St. Paul, Minneapolis and Omaha Railway Company, director;
Clearfield Bituminous Coal Corporation, director;
Cleveland, Cincinnati, Chicago and St. Louis Railway Company, director;
Delaware, Lackawanna and Western Railroad Company, member board of manager;
Detroit and Bay City Railroad Compnny, director;
Detroit and Chicago Railroad Company, director;
Detroit River Tunnel Company, director;
Dunkirk, Allegheny Valley and Pittsburg Railroad Company, director;
Elkhart and Western Railroad Company, director;
Fort Wayne, Cincinnati and Louisville Railroad Company, director;
Gouverneur and Oswegatchie Railroad Company, director;
Hudson River Bridge Company, director;
Lake Erie and Western Railroad Company, director;
Lake Erie, Alliance and Wheeling Railroad, director;
Lake Shore and Michigan Southern Railway Company, The, director;
The Lincoln Safe Deposit Company, trustee ;
Mahoning Coal Railroad Company, director;
Michigan Central Railroad Company, director;
Mohawk and Malone Railway Company, director;
New Jersey Junction Railroad Company, director;
New Jersey Shore Line Railroad Company, director;
New York and Harlem Railroad Company, director;
New York and Northern Railway Company, director;
New York and Ottawa Railway Company, director;
New York and Putnam Railroad Company, director;
New York Central and Hudson River Railroad Company, director;
New York Central Niagara River Railroad Company, director;
New York, Chicago and St. Louis Railroad Company, director;
New York State Realty and Terminal Company, The, director;
Niagara Falls Branch Railroad Company, director;
Niagara Grand Island Bridge Company, director;
Niagara River Bridge Company, director;
Northern Central Michigan Railroad Company, director;
Ottawa and New York Railway Company, director;
Pittsburg and Lake Erie Railroad Company, director;
Pittsburg, McKeesport and Youghiogheny Railroad Company, director;
Pullman Company, The, director;
Rutland Railroad Company, director;
Shenango Valley Railway Company, director ;
St. Lawrence and Adirondack Railway Company, director;
Spuyten Duyvil and Port Morris Railroad Company, director ;
Sturgis, Goshen and St. Louis Railway Company, director ;
Swan Creek Railway Company, director;
Syracuse, Geneva and Corning Railway Company, director ;
Terminal Railway of Buffalo, director;
Tivoli Hollow Railroad, director;
Toledo, Canada Southern and Detroit Railway Company, director;
Wallkill Valley Railroad Company, director; and
West Shore Railroad, director.

W.K. VANDERBILT:
American Horse Exchange (Limited), director;
Beech Creek Railroad Company, director ;
Buffalo Erie Basin Railroad Company, director;
Buffalo, Thousand Islands and Portland Railroad, director;
Canada Southern Bridge Company, director;
Canada Southern Railway Company, director;
Carthage and Adirondack Railway Company, dorector;
Carthage, Watertown and Sacket Harbor Railroad Company, director;
Chicago and Northwestern Railway Company, director;
Chicago, Indiana and Southern Railroad, director;
Chicago, St. Paul, Minneapolis and Omaha Railway Company, director;
Chicago and State Line Railroad Company, director;
Cleveland, Cincinnati, Chicago and St. Louis Railway Company, director;
Detroit and Bay City Railroad Compnny, director;
Detroit and Chicago Railroad Company, director;
Detroit, Monroe and Toledo Railroad Company, director;
Detroit River Tunnel Company, director;
Dunkirk, Allegheny Valley and Pittsburg Railroad Company, director;
Elkhart and Western Railroad Company, director;
Fort Wayne, Cincinnati and Louisville Railroad Company, director;
Gouverneur and Oswegatchie Railroad Company, director;
Hudson River Bridge Company, director;
Jersey City and Bayonne Railroad Company, director ;
Joliet and Northern Indiana Railroad Company, director;
Jackson Coal Railroad Company, director;
Kalamazoo White Pigeon Railroad Company, director;
Lake Erie and Western Railroad Company, director;
Lake Erie, Alliance and Wheeling Coal Company, director;
Lake Erie, Alliance and Wheeling Railroad Company, director;
Lake Shore and Michigan Southern Railway Company, director;
Mahoning and Shenango Valley Railroad Company, director;
Mahoning Coal Railroad Company, director;
Michigan Central Railroad Company, director;
Michigan, Midland and Canada Railroad Company, director;
Mohawk and Malone Railway Company, director;
New Jersey Junction Railroad Company, director;
New Jersey Shore Line Railroad Company, director;
New York and Fort Lee Railroad Company, director;
New York and Harlem Railroad Company, president and director;
New York and Northern Railway Company, director;
New York and Ottawa Railway Company, director;
New York and Putnam Railroad Company, director;
New York Central and Hudson River Railroad Company, director;
New York Central Niagara River Railroad Company, director;
New York, Chicago and St. Louis Railroad Company, director;
New York State Realty and Terminal Company, The, director;
Niagara Falls Branch Railroad, director;
Niagara Grand Island Bridqe Company, director;
Niagara River Bridge Company, director ;
Northern Central Michigan Railroad Company, director ;
Northern Ohio Railway Company, director;
Pine Creek Railway, director;
Pittsburg and Lake Erie Railroad Company, director;
Pittsburg, McKeesport and Youghiogheny Railroad Company, director;
Pullman Company, The, director ;
Rutland Railroad Company, director;
St. Clair and Western Railroad Company, director;
St. Lawrence and Adirondack Railway Company, director;
Shenango Valley Railway Company, director ;
Spuyten Duyvil and Port Morris Railroad Company, director ;
Sturgis, Goshen and St. Louis Railway Company, director ;
Swan Creek Railway Company, director;
Syracuse, Geneva and Corning Railway Company, director ;
Terminal Railway of Buffalo, director;
Tivoli Hollow Railroad, director;
Toledo, Canada Southern and Detroit Railway Company, director;
Toronto, Hamilton and Buffalo Railway Company, director;
Wallkill Valley Railroad Company, director ;
West Shore Railroad, director ; and
Western Transit Company, director.

HENRY WALTERS:
Atlanta and West Point Railroad Company, director;
Atlantic Coast Line Company, The, chairman board of directors;
Atlantic Coast Line Railroad Company, chairman board of directors;
Belt Line Railway Company, The (Montgomery, Ala.), director;
Charlestown and Western Carolina Railway Company, vice-president and director ;
Chesapeake Steamship Company, director;
Colorado and Southern Railway Company, director;
Columbia, Newberry and Laurens Railroad Company, director ;
Cuba Company, The, director ;
Fort Worth and Denver City Railway Company, director;
Lackawanna Steel Company, director;
Louisville and Nashville Railroad Company, chairman board of directors ;
Milledgeville Railway Company, director ;
Nashville, Chattanooga and St. Louis Railway Company, director;
New York Shipbuilding Company, director;
Northern Central Railway Company, director;
Northwestern Railroad Company, of South Carolina, director;
Old Dominion Steamship Company, director ;
Richmond-Washington Company, director;
Safe Deposit and Trust Company, Baltimore, vice-president and director ;
Southern Cotton Oil Company, director;
Virginia-Carolina Chemical Company, director;
Washington Southern Railway Company, director;
Western Railway of Alabama, director ;
Western Union Telegraph Company, The, director; and
Wilmington Savings and Trust Company (Wilmington, N.C.), vice-president and director.

JOHN I. WATERBURY :
Manhattan Trust Company, president and director;
Alliance Assurance Company of London, trustee in United States;
American Telephone and Telegraph Company, director;
Audit Company of New York, The, director;
Chase National Bank, The, director;
International Mercantile Marine Company, The, director;
Louisville and Nashville Railroad Company, director; and
Norfolk and Southern Railway Company, director.

W.S. WEBB:
Manhattan Railroad, director;
Carthage, Watertown and Sacket Harbor Railroad Company, director;
Central Vermont Railway Company, director;
City Trust Company, director;
Commercial Cable Company, The, director;
Fitchbyrg Railroad Company, director;
Fulton Chain Railroad Company, president and director;
Fulton Navigation Company, president and director;
Honduras Syndicate, director;
Lake Shore and Michigan Southern Railway Company, director;
Mohawk and Malone Railway Company, director;
National Life Insurance Company, director;
Pullman Company, The, director;
Raquette Lake, Railway Company, president and director;
Rutland Railroad Company, director;
Rutland Transit Company, director; and
St. Lawrence and Adirondack Railway Company, director.

E.F.C. YOUNG :
President and director, Joseph Dison Crucible Company;
A.A. Griffling Iron Company, director;
Acker Process Company, vice-president and director;
American Graphite Company, president and director;
Bankers' Trust Company, director;
Bayonne Trust Cvmpnny, director;
Bergen and La Fayette Trust Company, The, director ;
Bowling Green Trust Company, director;
Brooklyn Annex, director;
Colonial Life Insurance Company of America, The, first vice-presidentand director;
First National Bank of Jersey City, president and director ;
Hudson and Manhattan Railroad Company, director;
Hudson County Gas Company, president and director;
Liberty National Bank, The, director;
New Jersey Title Guarantee and Trust Company, first vice-president and director ;
North Jersey Land Company, president and director;
Pavonia Trust Company, The, president and director;
Fennsylvania, New Jersey and New York railroad Company, director;
People's Safe Deposit and Trust Company, Jersey City, director;
Public Service Corporation of New Jersey, director;
Shooter Island Shipyard Company, director ;
Trust Company of New Jersey, Hoboken, vice-president and director; and
West Hudson County Trust Company, Harrison, N.J., director.

J.O. ARMOUR:
Armour & Co., president and director;
Armour Car Lines, director;
Armour Grain Company, director;
Chicago, Milwaukee and St. Paul Railway Company, director;
Continental National Bank, director;
Fort Worth Stock Yards Company, president and director;
G.H. Hammond Company, director;
Hammond Packing Company, director;
Hutchinson Packing Company, director;
National Packing Company, director;
Northwestern National Fire Insurance Company, director;
Omaha Packing Company, director;
Prussian National Insurance Company of Stettin, American trustee; and
United States Leather Company, director.

CHARLES DAWES :
Calumet Insurance Company of Illinois, director;
Central Trust Company of Illinois, president and director; and
Monroe National Bank, director.

JAMES H. ECKLES (DECEASED):
Allis-Chalmers Company, director;
American Surety Company of New York, director;
Audit Company of New York, member western board of control;
Bankers' Trust Company, New York City, director;
Chicago Union Traction Company, treasurer and director;
Commercial National Bank, president and director;
Commercial National Safe Deposit Company, director;
Hewitt Manufacturing Company, vice-president and director;
Lake View Trust and Savings Bank, director ;
Oakland National Bank, director; and
Young Men's Christian Association, of Chicago, The, trustee.

JAMES B. FORGEN :
American Radiator Company, director;
Audit Company of New York, member western board of control ;
Chicago and Alton Railway Company, The, director;
Chicago Title and Trust Company, director;
Equitable Life Assurance Company of the United States, The, director;
Fidelity and Deposit Company of Maryland, director ;
First National Bank, president and director ;
First Trust and Savings Bank, president and director ;
Guarantee Company of North America, The, director ;
Metropolitan West Side Elevated Railway Company, The, director; and
National Safe Deposit Company, president and director.

J.J. MITCHELL:
American Surety Company of New York, trustee ;
Audit Company of New York, The, vice-president, chairman western board of control, and member of advisory committee;
Chicago and Alton Railway Company, director;
Chicago, Burlington and Quincy Railroad Company, director;
Chicago Edison Company, director ;
Chicago, Rock Island and Pacific Railway Company, director;
Commonwealth Electric Company, director;
Economy Light and Power Company of Joliet, director;
First National Bank of New York, director ;
Illinois Trust and Savings Bank, president and director ;
Illinois Trust and Safety Deposit Company, director ;
Kansas City Southern Railway Company, director;
Lackawanna Steel Company, director;
New York Trust Company of New York, director;
Northwestern Elevated Railroad Company, voting trustee ;
Frank Parmelee Company, The, director;
Pullman Company, The, director;
Rock Island Company, director;
Union Elevated Railroad Company, director;
United States Brewing Company of Chicago, director; and
Western Union Telegraph Company, director.

NORMAN B. BEAM:
American Trust and Savings Bank, The, director ;
Baltimore and Ohio Railroad Company, director;
Brooklyn Rapid Transit Company, Brooklyn, director;
Central Safety Deposit Company, vice-president and director;
Chicago and Alton Railway Company, director;
Chicago, Burlington and Quincy Railroad Company, director;
Chicago Union Transfer Railway Company, director;
Colorado and Southern Railway Company, director ;
Erie Railroad Company, director;
First National Bank of Chicago, director;
First Trust and Savings Bank, director ;
Guaranty Trust Company, New York, director ;
International Harvester Company, director;
Metropolitan Trust Company, director;
Mount Hope Cemetery Association, director ;
National Biscuit Company, director;
National Safe Deposit Company, director ;
New York Life Insurance Company, trustee ;
New York Trust Company, director;
Pere Marquette Railroad Company, director ;
Pullman Company, The, director;
Reliance Company, The, director ;
Seaboard Air Line System, director ;
Securities Company, director; and
United States Steel Corporation, director.

L.F. SWIFT:
Hollis Cold Storage Company, director ;
Illinois Cattle Company, director;
Libby, McNeil & Libby, director;
Mechanical Manufacturing Company, president and director;
National Bank of the Republic, director;
National Leather Company, director ;
National Packing Company, director;
North Packing and Provision Company, director ;
St. Louis National Stock Yards Company, director;
South San Francisco Land and Improvement Company, and director;
Springfield Provision Company, director ;
State Bank of Lake Forest, Ill., director;
Stock YArds Savings Bank, East St. Louis, director;
Stock Yards Savings Bank, Chicago, director;
Swift & Co., president and director;
Swift Fertilizer Works, director; and
Western Meat Company, president and director.

OLIVER AMES:
American Bonding Company, of Baltimore, member advisory hoard ;
Ames Plow Company, president and director ;
Ames Shovel and Tool Company, director ;
Ames Shovel and Tool Company of Texas, vice-president and director;
Cabot Manufacturing Company, director;
Chicago and Northwestern Railway Company, director ;
Easton Investment Company, vice-president, director, and treasurer;
Electric Corporation, director ;
First National Bank of Easton, Mass., vice-president and director;
Fisher Manufacturing Company, president and director;
General Electric Company, director;
H.M. Myers Company, The, director;
Kinsley Iron and Machine Company, president and director;
Mercantile Trust Company of New York, director;
Metropolitan Storage Warehouse Company, president and director;
Mutual District Messenger Company of Boston, director;
National Shawmut Bank, director;
North Easton Savings Bank, trustee;
Old Colony Trust Company, director;
Oliver Ames & Sons Corporation, vice-president, treasurer, and director;
Oregon Short Line Railroad Company, director;
Provident Institution for Savings, trustee;
St. Louis Shovel Company, director;
Security Safe Deposit Company, director;
Union Copper Mining Company, president and director;
Union Pacific Railroad CVompany, director;
Washington Mills Emery Manufacturing Company, president and director;
Western Union Telegraph Company, director;
Wright Shovel Company, vice-president and director.

T. JEFFERSON COOLIDGE:
American Bell Telephone Company, director ;
American Trust Company, president and director;
American Telephone and Telegraph Company, director ;
Bay State Trust Company, president and director ;
Boston Elevated Railway Company, director ;
Edison Electric Illuminating Company, of Boston, director;
General Electric Company, director;
Georgia Railway and Electric Company, director;
Lawrence Manifacturing Company, director;
National Bank of Commerce, vice-president and director;
Old Colony Trust Company, chairman of directors;
Seaboard Air Line Railway, voting trustee and director;
Suffolk Savings Bank for Seamen and Others, trustee;
Underground Electric Railways Company, of London (Limited), director; and
Western Telephone and Telegraph Company, director.

H.L. HIGGINSON:
American Smelting and Refining Company, director;
American Writing Paper Company, vice-president and director;
Campobello Island Company, director;
Eastern Audit Company, director;
Ganley Coal Land Company, president and director;
General Electric Company, director;
Granby Consolidated Mining, Smelting and Power Company (Limited), director;
National Shawmut Bank, director;
New Boston Music Hall, president and director;
New England Exploration Company, director;
Provident Institution for Savings, trustee;
Smuggler Union Mining Company, vice-president and director;
Submarine Signal Company, president and director; and
Worcester, Nashua and Rochester Railway Company, director.

NATHANIEL THAYER:
American Bell Telephone Company, director;
American Telephone and Telegraph Company, director ;
Bay State Trust Company, president and director ;
Chicago Junction Railways and Union Stock Yards Company, vice-president and director;
City Trust Company, director;
Cushing Real Estate Trust, trustee;
Eastern Kentucky Railway Company, president and director;
Guarantee Company of North America, The, director;
Hamilton Woolen Company, president and director;
Kansas City Stock Yards Company of Missouri, director;
Massachusetts Hospital Life Insurance Company, director;
Merchants' National Bank, director;
Municipal Real Estate Trust, trustee;
New England Trust Company, director;
New York, New Haven and Hartford Railroad, director;
Old Colony Railroad Company, director;
Old Colony Steamboat Company, director;
Old Colony Trust Company, director;
Pere Marquette Railroad Company, director;
St. Louis and San Francisco Railroad Company, president and director;
St. Marys Mineral Land Company, president and director;
Suffolk Savings Bank for Seamen and Others, trustee; and
United States Steel Company, director.

THOMAS DOLAN:
The United Gas Improvement Company, president ;
Fidelity Trust Company, director ;
Finance Company of Pennsylvania, director;
The Electric Storage Battery Company, director;
Philadelphia Electric Company, director;
Cresson and Clearfield Coal and Coke Company, director; and
Welsbach Company, director.

P.A.B. WIDENER:
Cresson and Ciearfield Coal and Coke Company, vice-president and director;
Land Title and Trust Company, director;
The Electric Storage Battery Company, director;
Philadelphia Rapid Transit Company, director;
Philadelphia Traction Ccmpany, director; and
Union Traction Company, director.

E.H. GARY:
United States Steel Corporation, chairman;
American Land Company, director ;
Pittsburg Bessemer and Lake Erie Railroad Company, director;
Carnegie Steel Company, director;
American Steel and Wire Company of New Jersey, director ; and
National Tube Company, director.

SAMUEL REA:
Allegheny Heating Company, acting vice-president ;
Allegheny Valley Railway Company, vice-president; and
Chartiers Railway Company, director.

A.J. CASSATT (DECEASED):
The Pennsylvania Railroad Company, president and director;
Philadelphia, Baltimore and Washington Railroad Company, president and director ;
The Northern Central Railway Company, president ;
West Jersey and Seashore Railroad Company, president and director ;
The Philadelphia National Bank, director ;
Commercial Trust Company, director;
Fidelity Trust Company, director ;
The Western Saving Fund Society of Philadelphia, manager;
The Equitable Life Assurance Society of the United States, director;
Manhattan Trust Company (New York), director; and
Mercantile Trust Company (New York), director.

E.B. MORRIS :
Girard Trust Company, president and manager;
The Philadelphia Savings Fund Society, manager ;
The Philadelphia National Bank, director ;
Franklin National Bank, director ;
Fourth Street National Bank, director;
Pennsylvania Fire Insurance Company, director;
The Mutual Assurance Company, trustee;
Commercial Trust Company, director;
The Pennsylvania Railroad Company, director;
Pennsylvania Company (Western lines of Pennsylvania Railroad), director ;
Pittsburg, Cincinnati, Chicago and St. Louis Railroad Company, director;
The Pennsylvania Steel Company, director;
Maryland Steel Company, director;
Spanish-American Iron Company, director;
Cambria Steel Company, chairman and director;
Cambria Iron Company, director;
Mahoning Ore and Steel Company;
Latrobe Steel and Coupler Company, director;
The Keystone Watch Case Company, director;
Penn Traffic Company, director;
Estate of Anthony J. Drexel, trustee;
Estate of Asa Packer, trustee;
Estate of William Bingham, trustee; and
Estate of John Gilber, trustee.

JOHN S. KENNEDY:
Albany and Susquehanna Railroad, director;
Central Trust Company, trustee;
Chicago, Burlington and Quincy: Railway Company, director;
Cleveland and Pittsburg Railroad Company, director;
Hudson Trust Company of New Jersey, director;
Manhattan Company, director;
New York, Chicago and St. Louis Railroad Company, director;
Northern Pacific Railway Company, director;
Northern Securities Company, vice-president and director ;
Provident Loan Society of New York, The, trustee ;
Title Guarantee and Trust Company, The, trustee ; and
United States Trust Company, trustee.

WILLIAM G. ROCKEFELLER:
Brooklyn Union Gas Company, director;
Columbia Bank, director;
Lincoln National Bank of the City of New Fork, director;
National Fuel Gas Company, director ;
New York Transit Ccmpany, director ; and
Union Pacific Railroad Company, director.

DUMONT CLARKE:
American Exchange National Bank, president and director;
Adams Express Company, member board of managers;
Algoma Central and Hudson Bay Railway, director;
American Beet Sugar Company, director ;
American Felt Company, director ;
Audit Company of New York, The, director;
Caledonia Insurance Company, Edinburgh, trustee;
Commercial Cable Company, The, director ;
Commercial Cable Company of Cuba, director;
Delaware and Hudson Company, The, member of board of managers;
Federal Sugar Refining Company, treasurer and director;
Fidelity and Causalty Company, The, director;
Home Insurance Company, director;
Lake Superior Corporation, The, director;
Lawyers Title Insurance and Trust Company, The, director ;
Little Falls and Dolgeville Railroad, director;
Long Island Consolidated Electrical Companies, The, director;
Long Island Railroad Company, director ;
Mackay Companies, The, trustee;
Mutual Life Insurance Company of New York, The, trustee;
Nem York, Brooklyn and Manhattan Beach Railway Company, director;
New York Clearing-House Building Company, director;
Norfolk and Southern Railway Company, director ;
Orange National Bank, director;
Press Publishing Company, trustee;
Swift & Co., director;
United States Mortgage and Trust Company, director;
United States Safe Deposit Company, director ;
Vacuum Cleaner Company, director; and
Washington Life Insurance Company, The, director.

W.A. CLARKE:
American Stone Company, president and director ;
Black Butte Coal Mining Company, president and director;
Butte Electric Railway Company, president and director;
Clark Coal Company, president and director;
Clark-Montana Realty Company, president and director ;
Colusa-Parrot Mining and Smelting Company, president and director ;
Empire Cattle Company, president and director;
Henry Bonnard Bronze Company, vice-president and director;
Herald Publishing Company (Salt Lake City), president and director;
John Caplice Company, director;
Las Vegas and Tonopah Railroad Company, director ;
Los Alamitos Sugar Company, president and director;
Los Cerritos Company, president and director ;
Mayflower Consolidated Mining Company, director ;
Mayflower Mining Company, president and director;
Miner Publishing Company (Butte, Mont.), director;
Missoula Light and Water Company, director ;
Missouri River Power Company, director;
Montana Hardware Company, director;
Montana Land Company, president and director;
Moulton Mining Company, president and director;
Natural Mineral Water Company, president and director;
Nevada First National Bank of Tonopah, director ;
Ophir Hill Consolidated Mining Company, president and director;
Original Consolidated Mining Company, president and director;
Original Mining Company, president and director;
Pyrenees Gold and Silver Company, president and director;
San Pedro, Los Angeles and Salt Lake Railroad, president and director;
Sunset Mining Company, president and director;
T.F. Miller Company (Jerome, Ariz.), director;
United Verde and Pacific Railway Company, president and director;
United Verde Copper Company, president and director;
Utah Realty Company, director;
W.A. Clark & Bro., president and director;
W.A. Clark Realty Company, president and director;
W.A. Clark Wire Company, president and director;
West Mayflower Mining Company, director;
Western Lumber Company, president and director; and
Western Montana Flouring Company, president and director.