Is liable by endorsement on $819,781.71 five per cent. demand note dated September 22nd, 1911, of the Hartford and Connecticut Western Railroad Company (previously endorsed by the Central New England Railway Co.) deposited as Collateral under Indenture dated May 1st, 1914, securing $20,000,000 one year 5% Collateral Gold Notes of The New York, New Haven and Hartford Railroad Company.

Is liable by endorsement on $1,150,000 six per cent. demand notes dated May 1st, 1914, of Housatonic Power Company deposited as Collateral under Indenture dated May 1st, 1914, securing $20,000,000 one year 5% Collateral Gold Notes of The New York, New Haven and Hartford Railroad Company.

Guarantees the payment of principal of $300,000 and interest on the 6% one year Notes of the Housatonic Power Company dated March 31st, 1914.

Guarantees four per cent. dividends on preferred stock of the New England Investment and Security Company, $1,000,000, and payment of principal at one hundred five per cent. on liquidation; also guarantees the payment of principal, $5,000,000 and interest of the New England Investment and Security Company fifteen-year Funding Gold Notes dated April 1st, 1909.

Guarantees the payment of principal and interest of the Gold Debenture of The New England Navigation Company in case of termination of lease of the Old Colony Railroad Company, $3,600,000.

The New York, New Haven and Hartford Railroad Company and the Pennsylvania Railroad Company, jointly and severally, guarantee the payment of the principal and interest of the outstanding $16,-* 000,000.00 First Mortgage four and one-half per cent. Gold Bonds dated August 1st, 1913, due August 1st, 1953, of the New York Connecting Railroad Company.

Guarantees the payment of principal and interest of the four per cent. fifty-year First and Refunding Mortgage Gold Bonds of the New York and Stamford Railway Company, of the issue of November 1st, 1908, to the amount of $925,000.

Is liable by endorsement on $185,000 six per cent. demand notes dated May 1st, 1914, of New York and Stamford Railway Company deposited as Collateral under Indenture dated May 1st, 1914, securing $20,000,000 one year 5% Collateral Gold Notes of The New York, New Haven and Hartford Railroad Company.

Guarantees the payment of principal and interest of the four and one-half per cent. First Mortgage Gold Bonds of The New York, Westchester and Boston Railway Company of the issue of July 1st, 1911, to the amount of $21,200,000.

Is liable by endorsement on $1,725,000 six per cent. demand notes dated May 1st, 1914, of The Rhode Island Company deposited as Collateral under Indenture dated May 1st, 1914, securing $20,000,000 one year 5% Collateral Gold Notes of The New York, New Haven and Hartford Railroad Company.

Is liable by endorsement on $150,000 five per cent. demand note dated May 1st, 1914, of Rutland Railroad Company deposited as Collateral under Indenture dated May 1st, 1914, securing $20,000,000 one year 5% Collateral Gold Notes of The New York, New Haven and Hartford Railroad Company.

Guarantees four per cent. dividends on preferred stock of the Springfield Railway Companies, $3,387,900, and payment of principal at one hundred five per cent. on liquidation.

OF THE ABOVE CONTINGENT LIABILITIES THE FOLLOWING ARE IN THE HANDS OF THE PUBLIC

THE INTEREST OR DIVIDENDS WERE ALL MET BY ISSUING COMPANIES UNLESS OTHERWISE NOTED

Form of Guaranty

Total Amount
of Liability

Rate Date Due

New England Investment & Security Co.

on liquidation. 4 %

135,516.00

These securities comprise part of the Collateral Pledged under the Indenture dated May 1st, 1914, securing 5% Collateral Gold Notes.