PANAMA RAIL ROAD COMPANY.

EXHIBIT B-l.

INVESTMENT SECURITIES OwNED JUNE 30, 1917.

Great Northern Railway Co., First and Refunding 444 % Bonds, 1961.
Pittsburgh, Cincinnati, Chicago & St. Louis Railway Consolidated
Series) H.4% Bonds; 1960). . 2. 3. es aie hua ee eolatisearat
Chiceeg, Buren & Quincy R. R. Co., General Mortgage 4% Bonds.
Chicago, Burlington & Quincy R. R. Co., Illinois Division, 34%
BONS 1G OSs UE San iris ek cae nr Eu eae

- {illinois Central R. R. Refunding 4% Bonds, 1955.................

Delaware & Hudson Railroad, First and Refunding 4% Bonds, 1943...
Union Pacific R. R. Co., First and Refunding 4% Bonds, 2008......
Philadelphia, Baltimore & Washington R. R. Co., First Mortgage

4272 BONdS i NOAS in ee Ae SL eran c ONG ue eR tec nnecais
New York City 3% Registered Dock Bonds, 1919....... Snretaitate oroete
State of New York, Gold Tax Exempt 4% Bonds, 1961............
Louisville & Nashville, Unified 4% Bonds, 1940..... Raeie we Seca ater aan
Chicago, Milwaukee & St. Paul General 444% Bonds, 1989........
Central Pacific Railway, First Refunding Mortgage 4% Bonds, 1949.
Atchison, Topeka & Santa Fe General Mortgage 4% Bonds, 1995..
Norfolk & Western Consolidated Mortgage 4% Bonds, 1996........
Republic of Panama Secured Sinking Fund, 5% Bonds, 1944........
Pennsylvania R. R. Co., General Mortgage 412% Bonds, 1965.......
Baltimore & Ohio R. R. Co., First 4% Bonds, 1948...............-.
New York Central R. R. Co., Refund 444% Bonds, 2013...........
United States Government 314% Liberty Loan Bonds, 1947........

FEO TAUB ONES ee ee Ue io Se aR cok Mu ar

Par VALUE.

$100,000
100,000
100,000

100,000
100,000
100,000
100,000

200,000
100,000
239,000
100,000
100,000
100,000
100,000
105,000

94,000
100,000
100,000
125,000

18,000

00
00

$2,181,000

$99,875
98,500
96,000

87,750
96,187
98,625
97,187

202,000
92,312
247,127
96,771
103,338
94,146
95,553
99,873
94,000
98,250
91,250
122,656
18,000

$2,129,405

45

Book VALUE.

00
00