REPORT OF THE COMMISSIONER OF INSURANCE.


95


While the ledger assets. of the exchange are not invested in
securities, the argument which the attorneys and the advisory
committee use. in favor of the more liquid form is that it is
necessary to have a large amount of ready funds on hand in
order to pay dividends, and meet losses and to be, prepared for
conflagrations. However, the advisory. committee receive 31/v%
interest on their deposits which is nearly as good a rate of
interest as if their funds. had been invested in various kinds of
security.
The names of the trust companies and the amount of the cer-
tificates of deposit as of June 30, 1913 is as follows:
1. Farmers' Loan & Trust Company of New
York City ......              -.* 3/2%o int.  $150,000.00
2. Bankers Trust Company, New York City ... 31/2% int.  150,000.00
3. Union T'rust Company, New York City.... 31/2% int.  150,000.00
4. U. S. Trust Company of New York. .    '/2% mt    150,000.00
Total .$600,000.00
The amount of eash. on deposit in trust coynpanies, and banks
not in certificates of deposit is as follows:
1. U. S. Trust Company, New York City .$108,000.00
2. Farmers' Loan & Trust Company, New York City     105,000.00
3. Union Trust Company, New York City .105,000.00
4. Bankers Trust Company, New York City .105,000.00
5. Central Trust Company, New York City .230,035.84
6. Chase National Bank, Attorneys' Acet., New York City  5,878.11
Total ..                                      $658,913.95
11ovds
The amotint of bonds held by the exchlanige is *472,3'9.1.24.
This represents the book value. A list of these bonds together
with the book, par and market value is given below. At the
time of this examination the market value of bonds. was very
low and all values of this nature were fluctuating. However,
under these conditions the book value exceeded the market value
by only $11,791.24.