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by The Third Avenue Railroad Company of either the interest or principal, or both, of any of said bonds, the Metropolitan Street Railway Company would pay such interest or principal, or botlı, of each bond so in default, and thereby guarantees to each person and future holder of such bonds, or any of them, the prompt payment of the principal and interest thereon; said guarantee being declared to be unconditional and not dependent upon any act of The Third Avenue Railroad Company, and not liable to be affected by any default on the part of The Third Avenue Railroad Company, and whereby the Metropolitan Company further coyenants that it will cause its guarantee to be placed upon each bond issued or re-issued under said mortgage, and whereby it is agreed that the Metropolitan Company shall be liable as guarantor for the payment of the principal and interest of every bond issued and to be issued under said mortgage, whether such guarantee be placed on such bond er not; and I offer to the Standing Ex aminer a printed copy of the said agreement as the same is set forth at pages 79, 80 and 81 of the printed mortgage already handed to the Standing Examiner.

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Q. Mr. Perry, are you an officer of The Third
Avenue Railroad Company?

A. I am.
Q. What office do you hold?
A. Secretary
Q. How long have you held that position?
A. Since the 30th of April, 1908.

Q. As Secretary of The Third Avenue Railroad
Company, have you had possession of the Minute
Book of that company?

A. I have, since shortly subsequent to the time
of my appointement.

Q. Is the Minute Book which has been offered in evidence at the hearing to-day the Minute Book of The Third Avenue Railroad Company which came into your possession when you took the office of Secretary?

A. It is.

Q. And it is in the same condition, of course, as it was when you received it?

A. It is.

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Q. Are you an officer of the Central Trust Company of New York?

A. I am; Vice-President of the Company.

Q. The Central Trust Company is the substituted Trustee under the First Consolidated Mortyage of The Third Avenue Railroad Company which has been offered in evidence; is it not?

A. It is.

Q. Do you know generally how long the Central Trust Company has been such Trustee?

A. Since December 27, 1907.

Q. Have you in your possession the various documents that were executed at the time of the appointment of the Central Trust Company as Trustee to bring about that appointment?

A. I have some; I have request of bondholders.

Q. We will take them up seriatim; has your company possession of any of the bonds issued under the Four per cent. mortgage which has been offered in evidence?

A. We have.

Q. Have you produced any of the bonds to-day at this hearing?

A. I will produce—I now produce one bond.
Q. All right; let us have it.
A. I can give you the number.

Q. Mr. II yde, I show you bond number 17,901,
First Consolidated Mortgage, IIundred Year Gold
Bond of The Third Avenue Railroad Company, and
ask you if that is one of the bonds which is in pos-

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Offered, received and marked in evidence Complainant's Exhibit 10, with coupons from January 19, 1908, and thereafter at. tached.

It is conceded that it is one of the $35,000,000 in par value of bonds that were delivered to Kuhn, Loeb & Company as per receipts already put in evidence on or about Jay 17, 1900. On this bond is endorsed a guarantee signed by the Metropolitan Street Railway Company by D. B. IIasbrouck, Vice-l'resident, and under the corporate seal of said company, wherely for value received the Metropolitan Street Railway Company, hava ing been thereunto duly authorized, hereby guarantees the payment of the principal and interest of the within bond according to the tenor thereof.

996

Q. Mr. Ilyde, as an officer of the Central Trust Company of New York, did you demand payment of the interest coupons which became due on January 1st, 1908, frim The Third trenue Railroad Company?

A. I did; I made a personal demand.

Q. Do you recall upon what officer you made that demand?

1. John Beaver, Treasurer.
Q. Did he pay you the coupons, or any of them?
A. IIe did not.

Q. As an officer of the Central Trust Company do you know whether or not those coupons have been

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paid to the Central Trust by The Third Avenue
Railroad Company?
A. They have not.
Q. And they are now in default in payment?
A. They are in default.

Q. Mr. Hyde, I show you a notice, addressed to The Third Avenue Railroad Company, signed Central Trust Company of New York, Trustee, by E. Francis Hyde, Vice-President, under the corporate seal of the Company, reciting the default in the payment of interest due January 1st, 1908, and that this default has continued for three months, and demanding payment of the principal and giving The Third Avenue Railroad Company notice that pursuant to the provisions of said mortgage the Central Trust Company of New York, as Trustee, declares that the principal of all bonds outstanding under said mortgage be due and payable immediately; is that your signature on that notice?

A. It is.

Q. And you executed that as an officer of the Central Trust Company of New York?

A. Yes.

Q. Is that the corporate seal of the Central Trust Company of New York?

A. It is.

Q. And as an officer of the Central Trust Company of New York did you direct that that notice be served on The Third Avenue Railroad Company?

A. I did.
Q. Do you know whether or not it was served?
A. I believe it was.

999

Received and marked in evidence Complainant's Exhibit II.

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