both, in waiving such default, or otherwise, shall extend to or be taken to affect any subsequent default, or to impair the rights resulting therefrom.

ARTICLE FOURTEENTH.-It is mutually agreed by and between the parties hereto, that the word "Trustees," as used in these presents, shall be construed to mean the Trustees for the time being, whether one or both be original or new; and, whenever a vacancy shall exist, to mean the surviving or continuing Trustee; and such Trustee shall, during such vacancy, be competent to exercise all the powers granted by these presents to the parties of the second part. And it is mutually agreed by and between the parties hereto, as a condition on which the parties of the second part have assented to these presents, that the said Trustees shall not be in any manner responsible for any default or misconduct of each other; that the said Trustees shall be entitled to just compensation for all services which they may hereafter render in their trust, to be paid by the said Company; that either of the said Trustees, or any successor, may resign and discharge himself of the trust created by these presents, by notice in writing to the Pittsburgh, Fort Wayne and and Chicago Railway Company, and to the existing Trustee, if there be such, three months before such resignation shall take effect, or such shorter time as they may accept as adequate notice, and upon the due execution of the conveyances hereinafter required; that the said Trustees, or either of them, may be removed by the vote of a majority in interest of the holders of the aforesaid bonds, the` said vote being had at a meeting duly held of the said bondholders, and attested by an instrument under the hands and seals of the persons so voting; that in case at any time hereafter either of the said Trustees, or any Trustee hereafter appointed, shall die, or resign, or be removed as herein provided, or by a court of competent jurisdiction, or shall become incapable or unfit to act in the said trust, a successor to such Trustee shall be appointed by the surviving or continuing Trustee with the consent of the holders, for the time being, of a majority in interest of the said bonds then outstanding, or the consent of a meeting, duly held, of the holders of the said bonds; and the Trustee so appointed, with the Trustee so surviving or continuing, shall thereupon become vested with all the powers, authorities and estates granted to or conferred upon the parties of the second part by these pres

ents, and all the rights and interests requisite to enable him to execute the purposes of this trust, without any further assurance or conveyance, so far as such effect may be lawful; but the surviving or continuing Trustee shall immediately execute all such conveyances and other instruments as may be fit or expedient for the purpose of assuring the legal estate in the premises, jointly with himself, to the Trustee so appointed; and upon the death, resignation or removal of any Trustee, or any appointment in his place in pursuance of these presents, all his powers and authorities by virtue hereof shall cease; and all the estate, right, title and interest in the said premises of any Trustee so dying, resigning or being removed, shall, if there be a co-trustee surviving or continuing in office, wholly cease and determine; but the said Trustee so resigning or being removed, shall, on the written request of the new Trustee who may be appointed, immediately execute a deed or deeds of conveyance to vest in such new Trustee, jointly with the continuing Trustee, and upon the trusts herein expressed, all the property, rights and franchises which may be at that time held upon the said trusts; provided, nevertheless, that it is hereby declared and agreed that for the first vacancy in the trust hereby created, which may happen as herein before provided, in respect to either of the parties of the second part hereto, Charles Lanier, of the City and State of New York, is hereby designated and appointed to fill such vacancy, with the same effect as if he had been appointed in the manner hereinbefore specified; and in case it shall at any time hereafter prove impracticable, after reasonable exertions, to appoint in the manner hereinbefore provided, a successor in any vacancy which may have happened in said trust, or in case the trust shall become wholly vacant, application, in behalf of all the holders of the bonds secured hereby, may be made by the surviving or continuing Trustee, or, if the trust be wholly vacant, by holders of the said bonds to the aggregate amount of one hundred thousand dollars, to any Circuit Court of the United States for any Judicial District in which any part of the aforesaid railway may be situate, for the appointment of a new Trustee or new Trustees.

IN WITNESS WHEREOF, the parties of the first part have hereunto set their respective hands and seals, and the parties of the second part have also set their respective hands and seals, for the purpose of evidencing their accept

ance of the trust hereby created, on the day and year

THIS INDENTURE, made this first day of March, in the year of our Lord one thousand eight hundred and sixty-two, between JAMES F. D. LANIER, SAMUEL J. TILDEN and LOUIS H. MEYER, of the City and State of New York; J. EDGAR THOMSON, of the City of Philadelphia, and State of Pennsylvania; and SAMUEL HANNa, of the Town of Fort Wayne, and State of Indiana, of the first part, and JOHN FERGUSON and SAMUEL J. TILDEN, of the City and State of New York, of the second part, WITNESSETH:

Whereas, The Pittsburgh, Fort Wayne and Chicago Railway Company is vested with franchises to be a corporation, granted to the said Company by the States of Pennsylvania, Illinois, and Indiana, respectively, and has become duly organized as a corporation in conformity to the provisions of the said grants, with capacity, in its corporate character, to take, hold and exercise other franchises, and particularly with capacity to acquire, hold, maintain and operate the continuous railway, extending from Pittsburgh, in the State of Pennsylvania, to Chicago, in the State of Illinois, commonly known as the Pittsburgh, Fort Wayne and Chicago Railroad, together with its equipments and appur

tenances.

And whereas, the said Company has agreed with the parties of the first part to buy the aforesaid railway, and, in evidence of a portion of the consideration for the same, has made and de

A

livered to the parties of the first part its bonds, amounting in the aggregate to the sum of two millions of dollars, all of which bonds bear date on the first day of March, in the year one thousand eight hundred and sixty-two, and are payable at the office or agency of the said Company, in the City of New York, at the pleasure of the said Company, after the first day of July, in the year one thousand nine hundred and twelve; and all of which bonds bear interest at such rate, not exceeding seven per centum per annum, as the net earnings hereinafter defined of the said railway, in each calendar year, may suffice to pay, after satisfying the interest on the First and Second Mortgage Bonds of the said Company; such interest for each calendar year upon the said bonds being payable at the office or agency of the said Company, in the City of New York, on the first day of April, after the termination of such year; of which said bonds fifteen hundred, numbered, consecutively, from 1 to 1,500, inclusively, are each for one thousand dollars, and one thousand, numbered, consecutively, from 1,501 to 2,500, inclusively, are each for five hundred dollars; and all of which bonds are in the form following:

No.

UNITED STATES OF AMERICA.

$

STATES OF PENNSYLVANIA, OHIO, INDIANA, AND ILLINOIS.

PITTSBURGH, FORT WAYNE AND CHICAGO RAILWAY COMPANY.

INCOME BOND.

Know all men by these presents, that the Pittsburgh, Fort Wayne and Chicago Railway Company will pay to John Ferguson and Samuel J. Tilden, or assigns, dollars, lawful

money of the United States of America, at the pleasure of the said Company, after the first day of July, 1912, at the office or agency of said Company, in the City of New York, with interest thereon, after the first day of April, 1862, at such rate, not exceeding seven per cent. per annum, as the net earnings of the said railway in each calendar year, may suffice to pay on the entire issue of which this bond is a part, after satisfying the interest upon the first and second mortgage bonds of the said Company, such interest on this bond for each year ending on each 31st day of December, being payable at the office or agency of the

said Company in the City of New York, on the first day of April, after the termination of the said year.

"This bond is one of an issue composed of a series of fifteen hundred bonds for one thousand dollars each, numbered from 1 to 1,500, inclusively, and a series of one thousand bonds for five hundred dollars each, numbered from 1,501 to 2,500, inclusively, and amounting in the aggregate to two millions of dollars, all bearing date on the first day of March, 1862, and the payment of which is secured by a deed of trust, dated the first day of March, 1862, duly executed and delivered by James F. D. Lanier, Samuel J. Tilden, Louis H. Meyer, J. Edgar Thomson and Samuel Hanna, to John Ferguson and Samuel J. Tilden, Trustees, and conveying the Pittsburgh, Fort Wayne and Chicago Railway, and the equipments, appurtenances and things therein described, subject to the prior liens thereon created by two deeds of trust between the same parties, and bearing the same date— one given to secure $5,250,000 First Mortgage Bonds of the said Company, and the other given to secure $5,160,000 of Second Mortgage Bonds of said Company.

"This bond is also entitled to the benefits of the sinking fund by the said deed of trust provided.

(C The person appearing on the Register of the said Company as the holder of this bond, at the time of any meeting of the stockholders of the said Company, will be entitled to one vote, in person or by proxy, at such meeting, for every one hundred dollars of the par amount thereof.

"It is agreed between the said Company and the holder of this bond, that no recourse shall be had for its payment to the individual liability of any stockholder of the said Company, or to any liability of the said Company, except for the application of the net earnings of the said railway, as defined and provided in the deed of trust by which this bond is secured; and that in case of any default in respect to the payment hereof the said Company hereby waives the benefit of any extension, stay or appraisement laws, now existing or that may hereafter exist. This bond shall pass by transfer on the books of the Company in the City of New York, authenticated by the transfer agent of the Company.