Tj V 1
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ARE YOU absolutely sure that those shares of
United Pieceworks left you by cranky
Cousin Agatha are worthless?
And how about the old family tradition that Uncle
Abraham had thousands of dollars worth of bonds which
the Government used to finance the Louisiana Purchase?
Have you ever found out what happened to them?
It's entirely possible you're worth a lot mure than you
imagine simply because you or a relative committed a
financial oversight somewhere along the line!
Oddly enough, people have a way of letting valuable
assets slip through their fingers. Right this minute, there
are literally billions of dollars worth of stocks, bonds,
and other valuables
IV-
frozen as "abandoned
property" until they are
rightfully claimed.
Take the case of the
Chicago, Rock Island,
and Pacific Railroad.
It has about $000,000
worth of cash and stock
waiting for unknown
creditors to step for
ward and prove their
right to the booty.
But time is short!
The court has ruled
that if claimants don't
file bids on this hoard
by Aug. 17, the rail
road may keep it.
In this example of a
forgotten fortune, er
rant investors have
failed to exchange old
bonds for new securities issued when the railroad was
reorganized 15 years ago. Such corporate changes com
monly leave careless investors in the lurch.
Probably the highest-priced piece of paper in America
is stock certificate No. 3!)0 of Texas Pacific Land Trust.
Sold in 1888 through a now-defunct brokerage firm, it's
worth about $1,500,000 to the person who can prove light
ful ownership!
Half that stately sum may be yours if you can help
Bryant L. McOormack establish his claim. A 55-year-old
railroad telegrapher and bachelor living in Arcadia, Mo.,
McCormack says the gilt-edged certificate was originally
purchased by a relative named Uewitt Clinton McCor
mack in July, 1888.
Trouble is that the records of the brokerage house,
Blake Bros., seem to have been lost, including the con
firmation of sale on "Old 300." This is why McCormack
is willing to split the treasure with anyone who can lo
cate the missing sales slip and thereby confirm his right
to the windfall.
Under the ancient legal principle called escheat, and
various abandoned-property laws, such lost fortunes
eventually may be taken over by state treasuries.
?$?$?$?$?$?$?$?$?$?$?$?$?$?
DO YOU
HAVE A
FORGOTTEN
FORTUNE?
?$?$?$?$?$?$?$?$?$?$?$?$?$?
By JERRY KLEIN
Uncle Sam also has benefited from this "easy-go" atti
tude with an estimated S5-billion windfall in the form of
bank accounts, safe-deposit vaults, bonds, dividends,
wages, income-tax refunds, insurance payments, and
various other valuables his nephews and nieces seem
ingly have forgotten!
Included are Government securities which have gone
unredeemed since they were issued to finance such early
adventures in American history as the Louisiana Pur
chase and the War of 1812.
More recently, citizens have failed to cash in about $350
million worth of U.S. Saving Bonds, and when New York
State made a survey of 1,697 brokerage firms, 134 said they
were holding thousands of dollars in dividends which the
stockholders had neg
lected to claim.
Of course, there al
ways have been suspi
cious souls who mis
trusted banks, prefer
ring to deposit their
assets in such out-of-the-way
places as mat
tresses, tea canisters,
and shoe boxes or who
buried treasure in their
back yards. And some
of these troves have
been forgotten as the
years passed.
Just recently in Pleas
antville, Iowa, for in
stance, crocks contain
ing more than $1,000 in
gold coins were acci
dentally discovered by a
man hoeing his garden. It
turned out that the gold had been buried there and appar
ently forgotten by an eccentric who owned the property
about 75 years before.
The theatrical world has a standing joke about Katha
rine Cornell's inability to recall just what bank main
tains her checking account, and Jimmy Durante also has
a reputation for forgetting to deposit checks he has re
ceived. He drops them absent-mindedly around the house.
Urged by the bank to "clean house" one time, Jimmy
found more than $20,000 which he had overlooked!
Like Jimmy Durante, you, too, could possess a forgotten
fortune. For as Montaigne, the 16th-century French writer,
observed : "Taking it all in all, it is more trouble to watch
over money than to get it!"
How to Check Your Securities
To protect stockholders against loss, the U.S. Securities
and Exchange Commission publishes reports on securities
which must be exchanged before a certain deadline because
of corporate reorganizations. Dozens of such securities are
listed in the current nationwide report, which may be ob
tained by writing the Securities and Exchange Commission
at 225 Broadway, New York 7, N.Y.
COVER:
John Engstead photographs
I'at Boone with daughters
Lauru. Cherry, Lindy, Deb
by in back-to-school finery.
See more fashions, p. 10.
WooJcly
August 5. 1962
Published Biweekly During the Summer
LEONARD S. OAVIDOW fromml and rMithrr
WAITER C. OREYFUS Vie, frrunVitl
PATRICK t. OROURKE .til.-, rfi.ino Dirtrtor
MORTON FRANK Dirrrliir of fublMrr 7fW.il.ui
Sr-nd all adortiiing communication! to Family Wttklv
133 N. Michigan Avo.. Chicago 1, III.
Addrcu all communication! about editorial feature! to
Family Weekly. 60 E. 3olh St.. N.w Totk 22. N. T.
Boord of Editor!
ERNEST V. HEYN Eifilor-in-fkir
BEN KARTMAN Kreemtive Kilt'
ROBERT FITZGIBBON Managing Wilr
MARGARET BEll Feature ri'difor
PHIUIP DYKSTRA ,1 rt Pirrrti.r
MEIANIE DE PROFT Food Kilto'
Roiolyn Abr.yayo, Ardon Eidtll, John Mochmonn, Ho)
landon. Jack Ryan; Poof J. Opponhoimof. Hollyot
T 1H. FAMIIY WEEKIY MAOAZINE. INC., 153 N. Michigan A.... Chicago I. III. All right. r,l.