Reune Martin.

A. Central Trust Company, as Trustee, 9,880 shares; Reune Martin, 5 shares; Middleton S. Borland, 5 shares; E. Francis Hyde, 5 shares; John Byrns, 5 shares; F. B. Smidt, 5 shares; R. Britton Irwin, 5 shares; Albert Rothbarth, 5 shares; George W. Davison, 5 shares; George J. Murphy, 5 shares; Mary A. Combs, 25 shares and Caroline C. Smith, 50 shares, making a total of 10,000 shares, the total amount of stock issued.

Q17. Now, in regard to the Tarrytown, White Plains & Mamaroneck Railway Company, will you state the names of the stockholders and the number of shares held by each of them?

A. Central Trust Company, as Trustee, 11,955 shares; Edward A. Maher, 5 shares; Reune Martin, 5 shares; Thomas A. Maher, 5 shares; John H. Calhoun, 5 shares; Herbert E. Foxwell, 5 shares; Frank F. Ogston, 5 shares; Joseph H. Holmes, 5 shares; John P. Devoy, 5 shares; D. B. Hasbrouck, 5 shares, making a total of 12,000 shares, the total amount issued.

Railroad

Q18. Now the Southern Boulevard Company, will you name the stockholders and the number of shares held by each?

A. Central Trust Company, as Trustee, 2,438 shares; Edward A. Maher, 5 shares; Charles E. Warren, 5 shares; D. C. Moorehead, 5 shares; M. G. Starrett, 5 shares; F. S. Gannon, 5 shares; F. F. Ogston, 5 shares; D. B. Hasbrouck, 5 shares; Reune Martin, 5 shares; and 17 shares in the hands of about a half a dozen people whose names I cannot recall at the moment, making a total of 2,500 shares, the total amount of stock issued.

Q19. Did you sign the stock certificates that were issued in the cases of the Union Railway Company,

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John Beaver.

Westchester Electric Railroad Company, the Yonkers Railroad Company, the Tarrytown, White Plains & Mamaroneck Railway Company to the stockholders whom you have just named?

A. In almost every case; not in the case of the certificates in the name of Edward A. Maher in any of those companies, and in the case of the Southern Boulevard Railroad Company I did not sign the certificates for 17 shares, the names of the holders of which I am not able to give from memory. In the Yonkers Railroad Company I did not sign the certificates for 25 shares for Mary A. Combs and for 50 shares for Caroline C. Smith. All the rest of the certificates I signed.

Q20. These were issued by you as secretary of the various companies?

A. Yes, sir.

Q21. Have you the custody of the stock books and the minute books of these companies?

A. Yes, sir.

Q22. And the facts you have stated in regard to the stockholdings are taken from those minute books and stock books in your possession?

A. Yes, sir.

(No cross-examination.)

JOHN BEAVER, called and sworn as a witness for complainant, testified as follows:

Direct-examination by Mr. Borland:

Q1. Are you, Mr. Beaver, at the present time an officer of The Third Avenue Railroad Company?

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John Beaver.

Q8. Referring to page 6 of this schedule of floating indebtedness, Mr. Beaver, there appears on page 6 a heading, "Loans Secured by Collateral," and under that, "A Loan held by the Central Trust Company, dated February 2nd, 1898, and April 18th, 1898, of $4,477,500," stated to be secured by the following stocks and bonds: 20,000 shares Union Railway Company; 13,000 shares 42nd Street, Manhattanville & St. Nicholas Avenue Railway Company; 5,000 shares Westchester Electric Railroad Company; 2,483 shares Southern Boulevard Railroad Company; 45 shares Yonkers Railroad Company; 12,000 shares Tarrytown, White Plains & Mamaroneck Railway Company. Do you know whether at the time this schedule was verified by you those stocks that I have read to you now were pledged to the Central Trust Company as collateral for this loan?

Mr. Perry: Same objection.

A. They were.

Q9. And at that time was The Third Avenue Railroad Company the owner of these stocks that were pledged to the Central Trust Company as its collateral?

A. Yes, sir.

Q10. And the number of shares of these controlled companies that I have just mentioned to you were owned by The Third Avenue Railroad Company?

A. They were.

Q11. Referring to page 8 of this schedule of floating indebtedness, it appears that there was pledged to the National Park Bank under a loan dated November 15th, 1899, due December 27th, 1899, 3,500

John Beaver.

shares of the 42nd Street, Manhattanville & St. Nicholas Avenue Railway Company and 9,880 shares of the Union Railway Company. Was that stock so pledged the property of The Third Avenue Railroad Company?

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

A. It was.

Q12. And it was pledged to the National Park Bank as collateral for the Third Avenue's loan as therein stated?

Mr. Perry: Same objection.

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 $246,692.50, 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 Kuhn, Loeb & Company, part of the property of The Third Avenue Railroad Company?

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

A. They were.

Q15. And they were owned by the Third Avenue

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