irrelevant and immaterial.

Received and marked in evidence Complainant's Exhibit 14.

Mr. Borland: I offer in evidence a paper signed Third Avenue Railroad Company First Consolidated Mortgage Four Per Cent. One Hundred Year Gold Bondholders' Committee, by J. N. Wallace, Chairman; F. L. Babcock, Secretary, dated April 2, 1908, addressed to Central Trust Company of New York, directing said Trust Company to declare the principal of said bonds outstanding under said mortgage due and payable immediately.

irrelevant and immaterial.

Received and marked in evidence Complainant's Exhibit 15.

Mr. Borland: I offer in evidence a set of papers endorsed The Third Avenue Railroad Company to Morton Trust Company, Trustee, appointment of new Trustee.

Mr. Perry: The Third Avenue Railroad Company objects to this paper, not in so far as it purports to show the appointment of the Central Trust Company in the place and stead of the Morton Trust Company as substituted Trustee, but in so far as, if at all, it purports to show the ownership of any bonds by any persons or committees whose names are purported to be signed there, and reserves the right to make further objection if so advised after further examination of

this paper.

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E. Francis Hyde.

Received and marked in evidence Com

plainant's Exhibit 16.

Q. Will you look at Complainant's Exhibit 16 and say whether or not that paper is in the pos session of the Central Trust Company of New York?

A. It is.

Q. And it has been delivered to the Central Trust Company?

A. It has.

Mr. Borland: I offer in evidence a paper endorsed "Acceptance of appointment by bondholders." Executed by Central Trust Company of New York, by E. Francis Hyde, Vice-president, under the corporate seal of the Central Trust Company, dated January 3, 1908, the seal having been duly proved by E. Francis Hyde, Vice-president, on January 31, 1908.

Mr. Perry: Objected to as incompetent, irrelevant and immaterial.

Received and marked in evidence Complainant's Exhibit 17.

Mr. Borland: I offer in evidence printed copy of a notice dated November 27, 1907, signed by Morton Trust Company, Trustee, by Charles II. Allen, Vice-president, cut from the New York Times of November 29, 1907, giving notice to The Third Avenue Railroad Company and the holders of these Four Per Cent. First Consolidated Mortgage Bonds of the resignation of the Morton Trust Company as Trustee under said mortgage; the same having been published in the New York

E. Francis Hyde.

Times, a newspaper published in the Borough of Manhattan in the City of New York, on November 29 and 30, and December 6, 7, 13, 14, 20 and 21, 1907.

Received and marked in evidence Complainant's Exhibit 18.

Mr. Borland: And proof of such publication having been made by an affidavit of Joseph F. McDonald, principal clerk of the publisher of the New York Times, sworn to December 23, 1907.

I offer in evidence a paper endorsed "Acceptance of appointment of Central Trust Company of New York as Trustee under the First Consolidated Mortgage of The Third Avenue Railroad Company," dated December 27, 1907, reciting the delivery by The Third Avenue Railroad Company to the Central Trust Company of an instrument of appointment dated December 27, 1907, being Complainant's Exhibit 13, and stating that said Central Trust Company of New York accepts said appointment by said Third Avenue Railroad Company as Trustee under said mortgage, and agrees to perform the trusts thereof upon the terms and conditions therein set forth.

Received and marked in evidence Complainant's Exhibit 19.

Mr. Borland: I offer in evidence an original conveyance, dated December 27, 1907, by Morton Trust Company, as Trustee, to Central Trust Company of New York, as Trustee, dated December 27, 1907, executed by Morton Trust Company as Trustee, by Levi P. Morton, president, under its corpor

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