A. It was.

Q13. The loan being the one specified, of November 15th, 1899, for $355,000?

A. That is right.

Q14. Then referring to page 8 of this schedule of floating indebtedness, there appears to be a loan of $216,692.50, made by Kuhn, Loeb & Company, dated February 3rd, 1900, due April 4th, 1900, at 6 per cent.; and it is stated to be secured by 350 second mortgage bonds of the 42nd Street, Manhattanville & St. Nicholas Avenue Railway Company, of the par value of $1,000. Were the bonds so pledged to Kulin, Loeb & Company, part of the property of The Third Avenue Railroad Company?

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

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John Beaver.

Railroad Company at the time this schedule was made up and sworn to by you?

A. They were.

Q16. There is another loan set forth by Kuhn, Loeb & Company, on page 8 of the schedule of floating indebtedness, to which I call your attention, being a loan December 15th, 1899, due February 13th, 1900, including interest as of that date, amounting to $2,070,219.94, that is stated here to be secured by 11,237 shares of the Dry Dock East Broadway & Battery Railroad Company's stock. Do you know whether The Third Avenue Railroad Company owned that stock as therein set forth on the date this schedule was made up?

Mr. Perry: Same objection.

A. They did.

Q17. And that stock was pledged as the property of The Third Avenue Railroad Company as collateral to Kuhn, Loeb & Company for that loan?

Mr. Perry: Same objection.

A. It was.

Q18. Do you know when these loans were paid off or if they were paid off subsequently, what was done with the stock that was taken up?

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

A. They were paid off, but I cannot tell you the

date; some time in June.

Q19. By whom were they paid off?

A. Metropolitan Street Railway Company.

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Q20. And when these loans were paid off by the Metropolitan Street Railway Company, do you know what became of these various shares of stock?

A. I think they were pledged then to the Morton Trust Company.

Q21. And the Morton Trust Company was the mortgagee of The Third Avenue Railroad Company under its first consolidated mortgage?

A. Yes, sir.

Q22. Were these loans paid off, do you know, out of the proceeds of The Third Avenue Railroad Company's bonds?

A. Yes, sir, out of the $35,000,000 that was received for the bonds, on the sale of the bonds.

Q. 23. And that $35,000,000 was advanced on those bonds issued by the Morton Trust Company, mortgagee, upon your order as treasurer of The Third Avenue Railroad Company, were they?

A. Yes, they were issued by them; they were paid for by Kuhn-Loeb & Company.

Q24. But issued on the order of The Third Alnue Railroad ('ompany?

A. That is right.

Q25. And you say these various amounts were paid for out of that $35,000,000 issue of bonds?

A. Yes, sir.

Q26. And then what became of this stock, if know?

1. If my recollection serves me, it was turned over to the Metropolitan and they pledged it to the Morton Trust Company.

Q27. The certificates were taken to the Morton Trust ('ompany as trustee in each case?

A. Yes, sir.

Q28. From the time that the lease was made by the Third Avenue Railroad ('ompany to the Metro

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