APPENDIX THE INVESTOR PAYS

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1 THE NVESTOR PAYS The official records upon which this book is based are records of proceedings before the nterstate Commerce Com~ mission, United States courts, and committees of the Congress, This material comprises over 20,000 pages, largely in the form of testimony and reports. The appended notes include more than,ooo references to the official records, and approximately 50 to other sources. Of the latter, about half are references to lectures by Mr. Cravath and M1", Swaine, and the rest to mis~ cellaneous material. A list of the chief sources follows: RECORDS AND PROCEEDNCS OF THE NTERSTATE COr-.MERCE COMMSSON n the nvestigation of Chicago, Milwaukee & St. Paul Railway Company (its "history, management, financial and other operations, accounts, ' and practices"; Docket No ). References to this proceeding bulk largest in the notes and will be given without any introductory designation. On the application for approval of the "corganization securities (Finance FD Docket No. 6240, here designated as FD) Repol'ts by the nterstate Commerce Commission, as follows: nvestigation, 131.C.C. 6!5 Reorganization, 13.C.C. 673 Chicago, Milwaukee & St. Patd Equipment Trust, 99.C.C. 682 Missouri-Kansas-Texas Reorganization, 99.C.C. 330 St. Paul and Puget Sound ACCOUTJts, 29.C.C ese reports will be designated CC, preceded by volume num CC ber and followed by page number. 39X

39 2 RECORDS AND PROCEEDNGS N UNTED STATESi SUPRE:ME COURT Record in Ex parte itt the Matte' of lamesott et a., 273 U.S. 650 273 Record in Jameson vs. Guaranty Trust Co., 275 U.S. 569 275 Record in United States vs.

282 US Opinion of Supreme Court in Harkin vs.

2 39 2 RECORDS AND PROCEEDNGS N UNTED STATESi SUPRE:ME COURT Record in Ex parte itt the Matte' of lamesott et a., 273 U.S Record in Jameson vs. Guaranty Trust Co., 275 U.S Record in United States vs. Chit'ago, Milwaukee, St. Paul and Pacific Rr, Co., 282 U.S Record in Harkin vs. Brundage, 276 U.S Opinion of Supreme Court in U.s. vs. C., M., St. P. & P. 282 US Opinion of Supreme Court in Harkin vs. Brundagt: 276 US RECORDS AND PROCEEDNGS N UNTED STA'l'RS CRCUt COURT OP ApPEALS FOR SEVENTH CRCUT Unless otherwise designated, the reference will be to case numbered 3897 on the docket of that court. RECORDS AND PROCEEDNGS! N UNTED STATES DSTRC'l' COUR1' For the Northern District of llinois, Easte1'n Division, in Equity Consolidated Cause No. 493-Guaranty Trust Co. of New York et a, vs. Chicago, Milwaukee and St. Paul Ry. Co. (the receivership procudillg in the United States Court at Chicago). References to testimony and oral arguments will be Ct, followed by the date and the page number of the stenographic report. References to briefs will be The proceedings are in considerable part in printed {orm, bound in seven large volumes, and references thereto will be RR (Receiver~ ship Record), preceded by volume number and followed by page number PROCEEDNGS AND RECORDS BEFORE COMMTTEES OF THE CONGRESS Before the Senate Committee on nterstate Commerce, in hearings conducted by it in the 69th Congress, 1St session, on S CCA Ct Ctbr Befm'e the Senate Committee on the Judicia1'Y, hearings by SUbC01U mittee on the nomination of Judge James H. Wilkerson to be United States Circuit Judge, in 72d Congress, 1st session Wilk Beforc the House of Repl'esentativl!s Committee ai/nterstate and For eign Commerce, in 69th Congress, 1st session, on H.R Senate Document No. 129, in 72d Congress, 1st session, on railroad salaries RR Sen HR RS PLAN AND AGnEEMENT OF REORGANZATON.1~73 This is the document, dated as of June, 1925, issued by the reorganization managers, and will be here designated PA. Subsequently, under date of November 19, 1925, they issued Mod ifications of Plan, and this will be here designated PAm. Page references will be to the editions of these docwnents issued by the managers. The documents may also be found in the records on appeal in the three proceedings taken to the United States Supreme Court, and in the Receivership Record. LECTURE BY PAUL D. CRAVAl'H, EsQ. before the Association of the Bar of the City of New York, March 1 and 8, 1916 (one of a series printed in volume entitled Some Legal Phases of Corporate Financing, Reorganization and Regulation, 1917). Reference to this will be LECTURES BY ROBERT T. SWANE, EsQ. An address delivered at the Association of the Bar of the City of New York, March 10, 1927 (printed in 27 Columbia Law Review 901 and 28 Columbia Law Review 29)' References will be to Col. L.R. preceded by volume number and followed by page nwnber. PA PAm Cravath Col. L.R. An address delivered at the same place, Oct. 6, 1921 (one of a series printed in volume entided Lectures on Legal Topics ). Refer Lectures ence to this will be n the following notes, designations to official records and other sources of facts and quotations contained in this book will be followed by the numbers of the specific pages in such records and sources where acts and quotations are to be found, Bdefs will be referred to as br and exhibits as ex. Briefs in the United States District Court will be further identified, as br on upset price, or on intervention, or on confirmation. A$ the text will state in whose behalf the brief is submitted, no special ~ention of this will be made in the notes. Briefs 'are referred to in the te~tas briefs by the bankers' attorneys when submitted in behalf of the "p~rchasers" (Robert T. Swaine, Esq., and Donald C. Swatland, Esq., of Gravath, Henderson & de Gersdorff, attorneys for the bankers, and the nominees employed for the purpose), or in behalf of the new company (represented also by the bankers' attorneys).

3 394 The number at the left of each column refers to the page number of this book. At the right are the corresponding references to the records which may be consulted for facts and quotations appearing on that page. As already noted, references to sources which appear by page number only, without other designation, are to the record of the nterstate Com~ merce Commission investigation. Text Page References 10 Sources CHAPTER 3 275, hr of trustees 0-Xl Roosevelt Circular letter of Aug. 18, CC J31 CC 69:1. Sen 20 5 Ct, Dec, 17, 1926, p , pp , p , p , p Published by Roosevelt & Son 7 Roosevelt «SOil publication CC 632 Selected letters, published by Roosevelt & Son, CC '-2, 3656 ' Text References to Page Sourees , 1791, 1799 z Ct, July J5, 1926, p. 902 JO CC 629 FD Advertisements of National City Co. (e. g" Who's Who in Finance, , p. 876) CC CC CC 632 CHAPTER n 13 Statement of March J3 CC 616!, ", Text Rcfe}'ences to Page SQurces FD CC CC Ex 323, March 29, 1901 Ex 323, Oct. 24, Ex 323, Oct. 9, 1902 Ex 323, Oct. 24, 1902 Ex 323, Nov. 6, CC 618 Ex 324, April 10, 1901 Ex 323, Sept. 3, Ex 324, March 29, 1905 Ex 324, Nov. 4, CC g 3534 Aug. 5, 1902 ;1.0 June 29, i!; FD CC CC ; 131 CC CC CC CC CC 647 J3 CC CC : CC rcc CC : Text References to Page SOY'ces : CHAPTER Sen , CCA br 4. The record in this case did not include the evidence bcfore the.c.c., hut this evidence was made public and known to the attorneys for the bankers long before the brief was submitted FD """, \ CC CC CC 631 Poor's Manual, 1915; No. 170:l.r, PP' 5264, , 3834, CC CC CC 663-4

4 Text References to Tcxt Rcferellus to Text Rr!ererJc(s to Text References to Page Sources Pag/! Sotetccs Page Sourus Pagl! Sources CHAPTER V ex CC 656, 66[ ~6 Ct, Dec. 13, 1926, p , Ex 125 (Nov. 23, 1921) los, [ CC ex 43a-b [31 CC : rcc [ Ct, July S, 1926, p. gor 3962 ex 43a-b; see also pp Ct, April 8, 1926, pp if [ Ct, April 8, 1926, p ro88 Ct, April 8, 1926, p CC 657 Ct, ex 5 Ct, ex CC CC 655, , Ct, ex , 65 3, 6530-X 47 X3 14[ g , 3[ if, 3 42 if , 360~, xo Ct, July 16, 1926, pp. 1[ Ct, July 16, g26, pp Ct, July 16, 1926, p. lso ~ , ~ : , CC 663 CHAPTER V 64 logs 75 28[6-8, ex 96 CHAPTER V 667: Ct, July x6, 1926, p Ct, July 15, 1926, pp ] l30 Ct, July 15, 1926, p l "" Sooo , 3663; minutes of board, Feb. [0, 192[ minutes of board S minutes of board 224 ex 3:13,!-[arch 29, 1gor , 5574, , ] : [31 CC CHAPTER V

$Text References to 4726 5320 Page Sources Page Sources 5436--7 89 FO 506 7 l 38 """'9 2780-1 78 4499 9 FD 506-7 n6 5820-:\ 133 7573 5303; FO S0l br 25 117 2749 5754-5 5299-530(, 53 7 53 21 18 5339$ 134 278( 79 5305-6 g 5333 r 19 5756--;, 26n-8, 2643 5306 r,o 572-3 7532-3, 7573-4 5307-9 FO 575-580 CHAPTER X 7582-4 53 1O-U 92 5828 263 lz0 13 Fed.

134 278( 79 5305-6 g 5333 r 19 5756--;, 26n-8, 2643 5306 r,o 572-3 7532-3, 7573-4 5307-9 FO 575-580 CHAPTER X 7582-4 53 1O-U 92 5828 263 lz0 13 Fed.

5 ~- _-_.~-.~~---",".. ~-.::=~.~ -'===--~ rr--:=-- ~ '--,-, , ~ Text References to Text References to Page SourCe! Page Sources Text &fcrences to. Text References to Page Sources Page Sources FO l 38 """' FD n :\ ; FO S0l br (, ( g 5333 r ;, 26n-8, r,o , FO CHAPTER X O-U lz0 13 Fed. (zd) 6: br Cravath RR O! , , ex f. ex FD CC N. Y. Eve. Po~t, Api 22, FO N. Y. E\'c. Post, April 22, ; FD ;'0, 1688 Wilk (. r'd 340 FD 566 FD FO 325, , , 1496, Wilk 226-] ; 131 CC Wilk 5, 292-3, , , p , 186O :2 276, p FD E. g., p Cravath S t: Wilk :209-Q RR ' CC 682, if, 99 CC 682, FD Ct, Oct. 1925, pp " 85 ex FD 571-: RR CHAPTER V FD 583 f~" , RR t" 87 Ct, Dec. 15, 1926, p. us US 36, ,; 1468 CHAPTER X < CHAPTER X FD, br 6,: l3 Cravatb ,; RR 130 ' p 2639, 27 9 '43 5 RR l r6-,; Ct, Oct. 1925, p. 344 :"

6 Text References fa Page Sources :: ' RR 5678 CHAPTER XU 146 RR , p. 267 r RR 33 RR Ct, Oct. 1925, pp. 2, 271 ff. 149 Ct, Oct. 1925, p , 5530; hr fo bankers ;;\ :l e. g., p , RR 5677 CHAPTER Xl , p, RR Sen 82-4 FD reply or CC FD , p , p. 174 RR RR 569 hr on confirmation 5 Text Pare Reference! to SOllrces CHAPTER XV rcc 714 Ct, April 26, 1926, pp Ct, April 26, 1926, p. 560 CCA, or x66 FD , G Sen X CC br br Cravath Crava.th Cravath , FD SO CHAPTER XV --, t Text Page '9' References fo Sources ,-{i , 5316, ;; , p , 53 88""" CC 667 CHAPTER XV 4752 Cravath 178 PA 34 FA ex 185, p. 19 PA 37 PA 34 PA 41 Ct, Dec. S, gz6, Pl' Ct, Dec. 15, 1926, p. ::2l 273, p. 355 Ct, Dec. S, 1926, p. 220 Cravam FD 581-':>' FD PA 40 ex [ CHAPTER XV Text Page ;lo ; :lo References to Source; 5409 if CC 714 Wilk 161 Sen 67 4 RR 2929-"30 4 RR 2931 Ct hr on intervention 4 Ct, Oct. 1925, p br 17 ;l.4 UG 1217 br, passim br 2 Sen :l FD 388 CCA hr 6 FD br br for new co '] CHAPTER XV CCA br Sen Sen 26 HR 70 HR 146--'7 RR 21 r RR 22 N. Y. Eve. Post, April 22, RR RR RR 3566 Ct, July 16,.926, Pl' Ct, July 16, 19;1.6, Pl' OO

7 4 2 f 4 3 Text &ferenccs to Text References to r Text References to Text References to Page Sal/Tees Page Sources! Page Sources Page Soufces FD br PA 42-3 " 227 br , p. 175 PA Sen , p. 174 ~82 PA Sen FD reply br Sen 40 4 RR CHAPTER XX Sen 4 7 RR 568! 5739 Sen 56 :>65 7 RR 568. :> Sen 42 7 RR Cravath Sen 44 7 RR PA 4l :l Sen 47 :266 7 RR Sen RR 5680 FA :t :>68 28 CuJ. L. R. 31 Ct, Dec. 17, 1926, p. 594 ~32 Ct, Oct. 19~5, pp. 35~, Sen Ct, Nov. 9, 1925, PP Scn 56 '" CHAPTER XX RR Sen ( FA 35 Ct, Nov. 19, 1925, pp. 2J-:U Sen :>69 Sen 50. PA Ct, Oct. 19:>5, pp. 54-6, Sen ,,1,1 'A 41 CCA br 94 :>34 Ct, Oct. 1925, pp ,\ll'-" PA Lectures Ct, Oct. 925, pp Sen 37 (,r 5 PS 236 Ct, Oct. 1925, pp L PA Ct, Oct. 1925, pp PA Chicago Daily News; Chicago Eve. 238 Cl, Oct. '925, p. 349 CHAPTER XX \ 288 l'a 41 Post 1209, Ct, Dec. 7, '926, p CC Ct, Oct. 1925, PP :t55 Sen 117 ;1 PA 44 E. g., p. l RR 5612 Cmvath 179 FD 701 'D '!~ Chicago Eve. Post, Jan. 14, PA RR " 290 l'a H 256 Sen RS 8 CHAPTER XX Sen 73 CHAPTER XXV FA l7 PA n , :>. PA 34 PAm 5 Sen 77 :t PA 32, FD reply bt PA ':',~,l 278 PD, Answer to Questionnaire u FA 32, 34 Scn eca br CC PA 36-7 l CC ]3- CHAPTER XX PA CC ' Gl, Dec.,7, 1926, pp J31 CC 694 5~ Cravath PA 37 :"1 ~ x3 CC PA 31 if. 296 FA 37 t "; 131 CC Cravath S0 FA l'a H 245 Sen Sen So-85 PA l'a 38,' Sen RR 5677; no. 702, Pl'. 2646, PA PA FD br f PA 38-9 FA 3 ~ 275, p RR 5677 PA 35 CrJvath 63 CCA be 32 7 RR PA PA 28 Cr br for bondholders com. on in PA 19 PA 44 ter vcntion 2 RR 135 ; PA Cravath 18 eca br RR 56n PA 4-:t Cravath '77 't' 00 br CC 330, 335, Sen Cral'ath 180 r

8 " Te.~t RefcrC1lccs to Text References 10 Tat RefCl'tmces to Tc.~tRe"reflces to Page SouTces Pflge Source;' Page Sources Page Sources 301 PA Ct h' for bondholders' com. on 367 Ct, July 26, g26, pp PA 22 CHAPTER XXVl upset price 14 Ct, Dec. 17, 1926, PP Some Legal l'ha~es of Corporate 35 Ct, April 9, 1926, p. 170 CCA br for appellants 95 Financing, etc., p. V RR 3934, 4068 Ct br on confirmation CC 70J-2 5 RR 3935, Ct br fol' bondholders' com. on lip 368 Ct hr for bondholders' COm. on in CHAPTER XXV 33 2 CCA br 92-3 set price 13 tervention 2; 375, p. 719; ct br 6 RR 50.~ Ct, April 26, 192 6, p. 537 for bankers on confirmation 10; Ct, Dec. [3, 1')26, p , p eca br for bankers Ol injllllction N. Y. Times, Oct. 20, Cmyath Ct br 011 imcrvention Ct, July 26, 1926, p Ct, July 26, 1926, pp. 146(T-6 275, p D 275, p , pp , p. 70Z 275, p. 696 eca, Jameson n. Wilkel',on, br 19 Ct br on <:on!1:l'mation Ct, Oct 1925, pp. 20)-6 Ct, Ocr. 1925, p Ct, April 8, 19,-6, pp Ct, Oct. J92 5, Pr> G Ct, Oct. 1925, p RR 3530 Ct, Oct. 1925, pp RR Ct, pp H 4-'l, 5395 FO b; 22 FO br 60 3[9 Ct, Dec. 13, 192 6, p. 37 J31 CC CC 714 CHAPTER XXv, 352 Corey, Lewis, The House of Marg'ln, RR 3935, ~o94 Ct, April 26, 1926, p. 550 Comminee on Stock List, A6757 p. 204 Adler, CYl'us--Jacob H. Schiff, vol. 63, dated July 1, J925, pp. 102, 107 Chicago Evc.Post, Sept. 16, UR N. Y. Times, Sept. 17, 1<)25 273, p '34 N. Y. Time" Sept. 16, CC RR ) Chicago Daily News, Noy. 22, 5 RR 4[05 19,-6 Ct, Oct. J925, pp , Cravath N. Y. Time" Oct. ro, 925 FD CHAPTER XXX 337 eca br 104 Ct br on confirmation R 273, pp. 278, Ct be on intervention Ct h' on confirmation RR 5 14 Ct br on intervention CC 692 Ct br on intervention , p , p :: , p , p Cl, July 26, 11)26, pp Ct, April 8, x926, p RR Ct h' on intervention eca appellant's br , p. 185 Ct, Dec. 17, 1926, pp Ct br on confirmation 31 Ct, Dec. 7, 1926, p. 6S-8 CCA br l7 FD br r Ct br on confirmation. 16 CCA be 99 FD br hr 2-3, <) 6 RR CC :Z CC RR RR RR FD reply br 6, 2 C!''lvath ) Lecture 25-3") 27 Col. L. R. go-, ; CCA br for pw'chasers 36; Bar As",. Lectures, 1927, p Col. L. R CC CC FD br S FD br CC CC Ct, Oct. '\125, p Ct, April 26, 1926, p. 548; July 131 CC 7lJ Ct, Oct. '925, pp :z6, 1926, pp l3 CC Ct, Oct , p , p eca br 18 Ct, July 26, 1926, pp ; CHAPTER XXX N. Y. Times, etc., March 17, Ct, Dec. 13, 1926, p , pp , p Ct, July 26, 926, pp. 1468, CC , p eca ur 17 Ct be on confirmation 2-3, , p. 16; 282 br for new co FD b1' eca b' 6, 14-J5, , pp FD reply br 57 FD br for new co. 34, , PO reply br , pp. 366-'7 282, p N. Y. Timcs, June 19, CC br for ncw co. 3, 5, 44, x8 329 Chicago Post, June 18, 1925 CHAPTER XXX br for new co. 2J, 24, 17, 18, CHAPTER XXV US FD ex 104, p ; N. Y. Times, Nov. 2, br for US RR :131 CC 67l 282 br for new co Ct, Dec. 17, 1926, p. 640 Ct br for bankers 011 confirmation 9 384

9 406 Text References to Text References to l'ljge Sources Plge Sources 1.82 US 318 FD US FD US 343 2S2 US US Ct, Dec. 15, 191.6, pp H9 282 US 335, 342

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