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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?


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

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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 float: ing 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 ('ompany owned that stock as therein set forth on the date this schedule was made up?


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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.

Q21. But issued on the order of The Third Alnue Railroad Company?

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 you know?

.1. Jf 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 Company as trustee in each case?

A. Yes, sir.

Q28. From the time that the lease was made by the Third Avenue Railroad Company to the Metro


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politan Street Railway Company of The Third Avenue Railroad Company's system, April 13th, 1900, how was the operation of The Third Avenue Railroad Company conducted?

A. By the Metropolitan Street Railway Company.

Q29. As lessee?
A. As lessee of the Company.

Q30. And how long did that operation continue, do you know?

A. Up to the appointment of the receiver.

Q31. Well, wasn't there an operation by the New York City Railway Company meanwhile?

A. Yes; Metropolitan and then it was the Interurban and the Interurban changed its name to the New York City.

Q32. The New York City Railway Company operated under the Interurban lease from the Metropolitan Street Railway Company?

A. Yes, sir.
Q33. That you know of your own knowledge?

A. Well, I don't know, I won't say that; I think the Interurban's name was changed to the New York City

Q31. Yes, that is correct, but I say, the Interur ban or the New York City, whatever its name was, operated under its lease from the Metropolitan Street Railway Company?

A. Yes, sir.

Q35. And that operation by the New York City Railway Company continued down to the appointment of Messrs. Joline and Robinson as receivers!

A. Yes, sir.
Q36. That was in September, 1907?
A. 1907, 24th of September, 1907.


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A. The New York City-first off, the Metropoli. tan and then the New York City.

Q38. And they paid the interest as it fell due pach six months?

A. Yes.

Q39. The Third Avenue Company never paid it, did they?

1. No, sir.

Q10. Did you, as treasurer of The Third Avenue, prer sign any checks for the interest coupons?

1. No, sir.

Q11. Do you know was the rent under the Metro. politan lease, which was due The Third Avenue Railroad ('ompany on October 13th, 1907, paid?

1. No, sir.

Q42. The Third Avenue ('ompany had not received it up to the time you severed your connection with them?

1. No, sir.

Q13. And was the instalment due the following April 13th, that is, April of this year, paid?

1. No sir.

011. Mr. Beaver, referring to this mortgage, the first consolidated 4 per cent. Third Avenue mortyage, part of the personal property pledged under it, stated to be so shares of the capital stock of the

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