OF    NEW    YORK                                 19
 

Horace S. Ely & Co. have been appointed Managers of the
property under a five-year contract, on very favorable terms.
Title to the Wall Street wing was passed during the year, and we
remain tenants of a portion of this structure for the time being,
as our files containing canceled bonds and papers connected
therewith are stored there pending the arrival of new steel filing
cabinets for use in our sub-basement.

We own Salvage Assets, not reflected in our financial state¬
ment, which should produce not less than $500,000.00. Many of
the claims made against us last year grew out of Depository
Bonds issued and as banks are revived or liquidated we shall
receive our advances in whole or in part, as the case may be.

The various Departments and Divisions of our organization
are now lodged in their permanent locations, and intercourse
between them will be greatly facilitated. Furthermore, our
Comfitroller has arranged to calculate Reserves by the Hollerith
machine, and there should be a considerable saving in the handling
of the mass of details incident to our business.

As to the immediate future, I have advised all hands to con¬
tinue to scrutinize all offerings involving credit with great care.
 

All of which is respectfully submitted.
 

President.