The printed heading at the top of the page reads as follows: "The undersigned, owners and holders of the stock of the above-mentioned company, for value received, do hereby, by our respective attorneys duly appointed, respectively assign said shares of such capital stock in the manner set forth below." The actual attorney for the transfer in each case is the clerk who does the work, and who signs his name in the space headed "Attorney for Transfer," opposite the entry of each transfer.

The transfer books used by various companies show some slight changes from this form. Some omit the column for the "Date of Old Certificate," since such date may be easily found if wanted, by turning back in the Register to the place where the issue of the certificate is recorded in numerical order. Some emit the column "Date Registered." Some add, at the right of the page, a column for the addresses of the persons in whose names the new certificates are issued; but it is more common to enter these addresses on the stubs of the certificate book, whence they are copied into the ledger. There is a difference of opinion as to whether the form of assignment at the top of the page, and the signature of the clerk who acts as attorney for the transfers, really add anything in the way of legal safeguard.

In Figure 33 is given a form of stock transfer book which is recommended over the preceding form by the committee which compiled ther Book of Forms issued by the Trust Company Section of the American Bankers' Association. The book is made with four blanks to a page, each form to be numbered, from 1 upward.

The form used by a Registrar to register transfers of stock is very similar to the Stock Transfer Book, as will be seen by an examination of Figure 34, which shows a usual form of Register. With the exception of the dates of the old certificates (which some companies omit) and the signatures of the attorney for transfer, the entries in Figure 32 are reproduced in Figure 34. In the last column in Figure 34, headed "Date of Cancellation," is entered opposite each certificate the date when it is cancelled-if it is cancelled. Some Registrars, however, prefer to keep a stock ledger just as the Transfer Agent does. In such

case, the column for "Date of Cancellation" is not needed, and is omitted on the Register. The essential function of the Registrar being to see that there is no over-issue of stock, it is important that the footings of the columns headed "Shares" be well kept up, and that the difference between the footings be never greater than the number of shares of the stock that should be outstanding. After the full amount of the stock has once been issued-as is supposed to be the case in the figure,

This book should be made with four blanks to a page, each form to be numbered from upward.

FIG. 37.-STOCK LEDGER.

50,000 shares being outstanding-over-issue may of course be guarded against by the balancing of the debits and credits of each transfer, as explained under Figure 32.

It will be seen that the Stock Transfer Book is of the nature of a journal, giving an account of the changes in the ownership of the shares of stock. As the Transfer Agent must be in position to know at any time the present owners of the stock, and the exact number of shares

owned by each, it is necessary to keep a stock ledger, four different forms of which are shown in Figures 35, 36, 37 and 38. The forms shown in Figures 35 and 36 are used in bound books, each corporation baving a separate book. That shown in Figure 37 is made on the looseleaf plan. That in Figure 38 is a card ledger form. These forms, all of which are in actual use today, illustrate the different methods of different companies. Two of the forms provide for information as to the person from whom shares are transferred and as to the person to whom they are transferred. The other forms leave this information to be obtained when wanted from the Stock Transfer Book. Two of the forms provide for balance columns, which is a great convenience. In the use of the card form, Figure 38, a case is provided for the ledger cards of each trust, with index cards, and the accounts of shareholders

are thus kept in alphabetical order, a thing which can be done only approximately in bound ledgers. Figure 35 provides for four accounts on each page; Figure 36 for but one account. Four accounts may be carried in Figure 37, or the whole page may be used for one or two accounts, as circumstances require. In the card form, Figure 38, there is of course one account to a card, and a second card may be added when needed. The use of the card form is growing rapidly. The book form shown in Figure 35 has been widely used in New York and elsewhere.

In the handling of a trust in which the company acts as trustee under a bond issue, the first entries are made, as already stated, in the Trust Register, such entries giving an outline of the provisions contained in the deed of trust. The next entries that need to be made are in the

Tickler-memoranda of interest periods, due dates of the bonds, sinking fund payments, date of record of chattel mortgages, if any, and memoranda of miscellaneous provisions to be attended to periodically. When the bonds are engraved and duly signed by the proper officers of the company issuing them, they are turned over to the trust company which acts as trustee, and record of their receipt is then made in the Bond Register, a form of which is shown in Figures 39 and 40. At the top of the first page (Figure 39) is given certain general information regarding the bond issue. Under the heading "Bonds Received," a record is made of the bonds turned over to the trustee. As the bonds are authenticated by the trustee and delivered on order of the issuing company, record of such deliveries is made under the heading "Bonds Delivered;" and the last column on the page shows the total number of bonds outstanding at any time. When, in the course of time, any of the bonds are retired, record is made under the heading "Bonds Retired," and the amount of bonds retired is deducted from the last balance shown in the column headed "Bonds Outstanding." Thus, in Figure 39, prior to the retirement of $10,000 bonds on September 1, 1905, the balance of bonds outstanding is shown to be $1,350,000. By the retirement of the $10,000 bonds, the total outstanding is reduced