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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,

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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, explained under Figure 32.

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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

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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

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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

UNDERLYING RONDS OF. The Intry Mban Traction Company

TITLE

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TRUSTEE

NOS. TO 800 SOO LEACH TOTAL ISSUE $400.0.0.0.

BOND REGISTER TRUST NO.4.GG

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TRUSTEE

HOSTOSO 100 EACH. TOTAL ISSUE 12500.0 0.

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to $1,340,000. This record provides the data from which may be learned the serial numbers and denominations of all bonds outstanding at any time and of the bonds remaining unauthenticated in the hands of the trustee. At the left-hand lower corner of the page (not shown in the figure), space is provided for the record of bonds cremated, if any. The advisability of cremating (or burning) retired bonds under any circumstances is a matter of dispute. If done at all, it is done in the presence of officers of the issuing company and of the trustee company, all of whom sign in duplicate a "Cremation Certificate," their signatures being duly witnessed. The Cremation Certificate reads as follows: "This is to certify that we, the undersigned, have this day, in the presence. of each other, destroyed the following-described securities by burning the same to ashes, viz." Thereafter follows a detailed description of the securities burned.

It often happens that there are other bonds underlying a given issue of bonds, and in this form of Bond Register the reverse side

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of the leaf, shown in Figure 40, is arranged for the records of the underlying bonds, if any. The entries show that at the time of the issue of the $2,000,000 bonds of the Inter-Urban Traction Company there were outstanding two series of underlying bonds, amounting to $100,000 and $250,000, respectively. As these underlying bonds are retired, record is made in the spaces shown. This book is made on the looseleaf plan.

Figure 41 shows another form of Bond Register, used by an eastern company. The chief difference between this and the form shown in Figure 39 is that in this form provision is made for the record of bonds certified, in addition to the record of bonds delivered. This form could be improved by the addition of a column showing the amount of bonds outstanding, although such balance may of course be figured from the data given. This form is made up in a permanently bound book, and the opposite folio, which has a simple record journal ruling, is used for memoranda of bonds retired and of any other matters of importance

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FIG. 42.-BOND REGISTER WITH ABSTRACT OF TRUST DEED.

affecting the account. The same form may of course be adapted to use in a loose-leaf binder.

Figure 42 shows a form of Bond Register which includes space for an abstract of the trust deed under which the bonds are issued. With

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some slight changes in the wording at the left of the page, this is the form given in the Book of Forms issued by the Trust Company Section of the American Bankers' Association. At the bottom of the page (not shown in the figure), provision is made for a record of the names of the

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