principal amount thereof, together with accrued interest to 19, and such bonds shall cease to draw interest after such date.

Holders of the said bonds are hereby notified to present said bonds for payment and redemption on 19, at the office of Central Trust Company, trustee. Bonds surrendered for redemption must have attached all coupons maturing on and after

19-.

day of

for

Whereas, for himself and associates, and himself and associates, did on the 19—, enter into an agreement in reference to the Madison Spinning Company changing its name to the Madison Manufacturing Company, and increasing its capital stock to $300,000.00. Whereas, under and by the terms of the said agreement, agreed to

advance the sum of $38,000.00 to pay off a mortgage on the mill plant of the Farnumsville, Mass., Cotton Mill, and was also to advance said and associates an additional amount of $12,000.00 for the purposes mentioned in said agreement, and said was to get $10,000.00 more of proceeds of said bonds when

sold.

Whereas, the said has advanced the $38,000.00 and received the said $60,000.00 of bonds as security, contemplated and provided he should receive under said agreement, and has made other advances to the Madison Manufacturing Company, to enable it to complete its plant, but has not advanced to the said and associates the $12,000.00 additional which he agreed to advance.

Now this agreement witnesseth: That in consideration of the said and his associates

Release and future promises.

turning over to the said

and associates releases the said

$25,000.00 of the $60,000.00 of bonds received by him as aforesaid, the said

from his

obligation to furnish said $12,000.00 and accepts said $25,000.00 of bonds for $22,000.00 of the $60,000.00 which they were to receive out of the proceeds of the sale of said bonds. Said agrees to advance to the Madison Manufacturing Company an additional sum sufficient for the completion of the plant, retaining the unsold bonds of the company as security therefor; it being understood and agreed that the agreement of date 19—, is modified to the extent herein provided.

Restoring original status.

It is further agreed: That if the said

at any time pro

vides said with said $12,000.00, in that event, said upon the receipt of said $12,000.00 agrees to return said $25,000.00 of bonds, and the agreement reverts to the original agreement of 19—, in regard to said bonds. Said is to receive and hold said bonds subject to agreement signed by him and said, giving to option on said bonds.

(Construed in Farmers' Loan & Trust Co. v. Madison Mfg. Co., 153 Fed. 310.)

Form 3296.

Power of Attorney to Act for Bondholders.

KNOW ALL MEN BY THESE PRESENTS:

That I,, have made, constituted and appointed, and by these presents do make, constitute and appoint The Securities Investment Company my true and lawful attorney for me and in my name, place and stead, to take such action for the protection of my interests as a holder of bonds issued by The Winona Interurban Railway Company as said The Securities Investment Company may deem right and proper. It being understood that said The Securities Investment Company is the owner of a large amount of bonds issued by said Railway Company and will endeavor to take such steps as in its judgment shall be for its best interests. Said The Securities Investment Company is therefore authorized to use and dispose of the bonds owned by me in the same manner and to the same end as it shall use and dispose of the bonds owned by it; and shall account to me in settlement for the proceeds of said bonds in the same manner and with the same character of assets and upon the same conditions as it

shall receive, account and settle for the proceeds of bonds owned by it. Giving and granting unto my said attorney full power to do every act necessary to be done about the premises as fully as I might or could do if personally present, hereby ratifying and confirming all that my said attorney shall lawfully do or cause to be done by virtue hereof.

In Witness Whereof, I have hereunto set my hand and seal this day of 19-.

(Acknowledgment.)

Form 3297.

Bondholders' Protective Agreement-First Mortgage Bondholders Chicago Railway Company.

This agreement, dated

19-, between

and

(hereinafter called "the committee") parties of the first part, and such owners and holders of the First Mortgage Twenty-Year Gold Bonds of the Chicago Railways Company as shail deposit their bonds under and become parties to this agreement, as herein provided (such bondholders being herein designated as "the depositors"), parties of the second part, witnesseth:

Whereas, the Chicago Railways Company (hereinafter referred to as "the company"), executed and issued its First Mortgage Twenty-Year Gold Bonds, (herein referred to as “the bonds") secured by mortgage deed of trust executed by the company to the Harris Trust and Savings Bank of Chicago, Illinois, as trustee, dated as of, 19— and herein referred to as "the mortgage"; and

Necessity of bondholders uniting.

Whereas, the ordinance of the city of Chicago passed on February 11, 1907, under which the company is now operating its lines of street railway in the streets of Chicago will expire on February 1, 1927; and the bonds above referred to will mature at that time; and in view of these and other facts, and of the situation now existing and which will exist at and after that time, it has been deemed necessary that the owners and holders of said bonds unite in some appropriate method for the enforcement and protection of their rights; and in order to act effectively toward that end, to appoint a committee with full power

to act for the bondholders in any situation which may arise; and Whereas, the above named and have been requested to act as a Protective Committee for said bondholders and have agreed to do so upon the terms and conditions herein stated:

Mutual covenants.

Now, therefore, in consideration of the premises and of the covenants of the parties of the first part to act as such committee according to this agreement and the covenants of the depositors with each other and with the committee to deposit their bonds and to act under this agreement, it is hereby agreed between the parties of the first part and the parties of the second part as follows:

Paragraph First.

Appointment of committee.

The Depositors hereby constitute and appoint and -, parties of the first part hereto and their respective successors and associates appointed or selected as hereinafter provided, as the committee under this agreement, with all the rights, privileges, powers and duties herein set forth.

Appointing depositary-Depositing bonds.

Paragraph Second. The owners and holders of any of the bonds may, subject to the provisions hereof, become parties to this agreement by depositing their bonds with Harris Trust and Savings Bank, Chicago, Illinois, hereby designated and appointed as the depositary under this agreement, at the office of such depositary or at any agency designated by the committee for the purpose.

Form of bonds.

The bonds shall be deposited in negotiable form, with all unpaid coupons thereto attached or appertaining, and with such indorsements, transfers, assignments, certificates of ownership, and other writings or instruments as may at any time be required by the committee; and if so requested by the committee such owners and holders shall also sign, seal and deposit with the depositary a counterpart or counterparts of this agreement.

Depositors parties hereto.

Deposit of bonds with the depositary as herein provided shall constitute the respective depositors and all persons claiming by or through or under them, parties to this agreement and entitle them to its benefits and bind them to all of its terms and provisions with the same force and effect as if they had actually

signed and delivered this agreement, and they shall be and be deemed included in the terms depositor and depositors as used in this agreement.

The committee in its discretion and upon such terms and conditions as it may in each instance prescribe, may admit to deposit hereunder bonds without coupons, or coupons without bonds.

Bonds, meaning.

The term "bonds" whenever herein used shall be deemed to include unpaid coupons for interest upon the bonds, unless such meaning is plainly inconsistent with the context.

Certificates of deposit-Transfer-Registry-Rights of transferee.

Each depositor shall receive from the depositary a registered certificate or certificates of deposit substantially in the form attached hereto as Exhibit "A," or with such variations as may be prescribed by the committee and approved by the depositary. Such certificates of deposit and the interests represented thereby shall be transferable, subject to this agreement, on books of the committee to be kept at the office of the depositary, by the registered holder thereof in person or by duly authorized attorney upon surrender of such certificates with proper instruments of transfer acceptable to such depositary. Upon any such transfer being made all rights and obligations of the prior registered holder of the certificate or certificates so transferred shall pass to such registered transferee who shall thereupon for all purposes and in all respects be substituted for and in place of the prior registered holder, and subject to the terms of this agreement. If any certificate of deposit is claimed to have been lost, mutilated or destroyed, the committee in its discretion may authorize the depositary to issue a new certificate of deposit upon any terms prescribed by the depositary and approved by the committee. "Depositor"-Significance Closing transfer books-Notice to registered holder.

The term "depositor" whenever used herein shall mean and include in the appropriate case the registered holder of a certificate of deposit. The committee and the depositary may treat the registered holder for the time being of a certificate of deposit as the absolute owner thereof and of all the rights, interests and obligations of the original depositor of the bonds in respect of which the same was issued, and neither the committee nor the