the Third avenue, and thence along Third avenue to the Harlem river; also, a single track upon 129th and 130th streets, from Third avenue to Lexington avenue, together with connections, switches and turnouts upon said streets; also a double track commencing on the North or Hudson river, at or near the foot of 130th street; thence through and along 130th street with a double track to Manhattan street; thence through and along Manhattan street with a double track to 125th street with a double track to the East or Harlem river; also, from 125th street; thence through and along the Third avenue with a double track to the Harlem River bridge; also from the Third avenue; thence through and along 130th street with a double track to the Harlem river; also from 125th street, at its intersection with 10th or Amsterdam avenue; thence northerly through and along the 10th or Amsterdam avenue, with a double track to the terminus of said Amsterdam or 10th avenue at its intersection with the Kingsbridge road, at or near 218th street, together with necessary connections, turnouts and switches.

Also all connections, turnouts and switches necessary to the operation of each of said railroads.

Stock. The Company increased its capital stock some time in 1872 or 1873, from $1,170,000 to $2,000,000. Prior to 1880 the authorization of the state engineer was not necessary for increasing the capital stock of a railroad company. By order of May 27, 1891, the Railroad Commission approved the Company's increase of capital stock to $5,000,000; February 13, 1893, to $7,000,000; January 7, 1895, to $9,000,000; August 29, 1896, to $12,000,000, and August 16, 1899, to $40,000,000.

Bonds. According to the report to the Railroad Commission for the year ending September 30, 1888, the Company had outstanding seven per cent bonds, due 1890, for $2,000,000; six per cent bonds, due 1890, for $500,000, and five per cent bonds, due 1937, for $1,000,000. According to the report for the year 1891, there were outstanding five per cent bonds, due 1937, for $5,000,000 issued under a mortgage to the Farmer's Loan and Trust Company as trustee, dated November 11, 1887. The consent of the Railroad Commission for the issue of a mortgage was not necessary until 1899, (chapter 583, laws of 1899). By order of the Railroad Commission May 14, 1900, the Company was authorized to issue a mortgage for $50,000,000 to the Morton Trust Company as trustee, to secure four per cent 100 year gold bonds. According to the report of the Company for June 30, 1907, there were outstanding capital stock for $15,995,800, and $5,000,000 of bonds under the 50-year five per cent mortgage, dated July 1, 1887, and under the four per cent 100 year first

consolidated mortgage, dated May 15, 1900, $37,560,000 of bonds, out of the authorized issue of $50,000,000.

Intercorporate relations. (See also chart II, no. 20.)

Transfer of franchise. By deed dated October 8, 1853, Van Schaick and his associates, who had obtained the franchise from the Board of Aldermen, transferred it to The Third Avenue Railroad Company, which they incorporated.

Leases and mergers. December 10, 1870, the Company leased the One Hundred and Twenty-fifth Street Railroad (incorporated November 26, 1870), for a term of 10 years from November 1, 1870. November 1, 1880, the lease was renewed for one year. By certificate dated March 7, 1881, and filed in the office of the secretary of state April 23, 1886, the One Hundred and Twentyfifth Street Railroad (no. 539) was merged with the Company. For the route which was acquired by the Company by this merger, see the One Hundred and Twenty-fifth Street Railroad.

April 13, 1900, the Company, including its controlled companies, was leased to the Metropolitan Street Railway Company for 999 years. At this time the Company was in the hands of Hugh J. Grant as receiver, appointed February 28, 1900, and discharged May 23, 1900. The Metropolitan Company agreed to pay to the Company as rental, during the first four years, a sum equal to the net earnings from the operation of the leased road and its subsidiary companies less a proportion applicable to the shares of stock not owned by the Company. After four years the Metropolitan Company was to pay annual dividends of five per cent on the outstanding capital stock of the Company for two years, six per cent for the next four years, and seven per cent during the remainder of the term of the lease. The rentals and dividends were based upon the then outstanding stock of the Company amounting to $16,000,000. The Metropolitan Company also guaranteed the payment of the interest and principal of the bonds of the Company under the first consolidated mortgage to the Morton Trust Company for $50,000,000. With this lease the Company transferred to the lessee company the stock held by it in the subsidiary companies, as follows:

Of the Union Railway Company of New York City, $2,000,000, being its entire capital stock;

Of The Forty-second Street, Manhattanville and St. Nicholas Avenue Railway Company, $1,671,100, out of a total of $2,500,000 capital stock issued;

Of The Dry Dock, East Broadway and Battery Rail Road Company, $1,128,700 out of a total of $1,200,000 capital stock issued;

Of the Kingsbridge Railway Company, $8,600 being the total amount of capital stock issued.

The lease also recited that the Union Railway Company of New York City held the following interest in the stock of its subsidiary companies:

Of the Yonkers Railroad Company, $992,500, out of a total of $1,000,000 capital stock issued;

Of The Westchester Electric Railroad Company, $500,000, being the entire capital stock issued;

Of The Southern Boulevard Railroad Company, $248,300, out of a total of $250,000 capital stock issued;

Of the Tarrytown, White Plains and Mamaroneck Railway Company, $300,000, being the entire capital stock issued.

By the terms of the lease an equity in all the shares of stock of the controlled companies held directly by the Company was transferred absolutely to the lessee, together with $357,000 six per cent second mortgage bonds of The Forty-second Street, Manhattanville and St. Nicholas Avenue Railway Company, dated July 1, 1885, and the subscription on behalf of the Company for the balance of $1,000,000 authorized capital stock of the Kingsbridge Railway Company. All of these stocks and bonds, including the stocks of companies controlled by the Union Railway Company, had already been pledged, however, to the Morton Trust Company, trustee, under the Company's consolidated mortgage to secure the payment of $35,000,000 of bonds. Shortly after receivers were appointed for the Metropolitan Company this lease was abrogated and the Company resumed the operation of its lines.

Trackage and transfer agreements:

September 13, 1858, the Company and the Second Avenue Railroad Company in the City of New York entered into an agreement wherein it was provided that this Company was to keep in repair and clean the snow from both tracks on the Bowery from Pearl street to a point 112 feet north of Bayard street, and the Second Avenue Railroad Company to keep in repair and clean the snow from both tracks from a point 112 feet north of Bayard street to and across Grand street.

August 21, 1865, the Company entered into an agreement with ing the term of the agreement, from the day when the use of

The Dry Dock, East Broadway and Battery Rail Road Company, granting the latter company the right to use its tracks

From Pearl street, and also, with the consent of the Second Avenue Railroad Company, from the junction of the East Broadway railroad with the Third Avenue railroad in Chatham square, all the way to the intersection of the Harlem and Third Avenue roads at Centre street, and also to permit the East Broadway Company to use its easternmost track from the south terminus of its road near Broadway, along Park Row to Centre street.

The Company agreed to keep the tracks in good repair and the East Broadway Company agreed to pay for the use of such tracks $2,750 per annum. September 29, 1873, the Second Avenue Railroad Company consented to this operation. June 20, 1891, the Company entered into another agreement with The Dry Dock, East Broadway and Battery Rail Road Company, whereby the former agreed to replace the two automatic switches located at the junction of Chatham street (Park Row) with East Broadway, and at the junction of Chatham street with Centre street.

December 26, 1871, the Company entered into an agreement with the Avenue C Railroad Company, whereby the former obtained the right to operate over the single track of the latter Company

On 35th and 36th streets, from Third avenue to Lexington avenue, on the double track on Lexington avenue from 35th street to 42d street, and on the double track on 42d street from Lexington avenue to Fourth avenue.

It was provided that should the Avenue C Railroad Company thereafter acquire the right to lay double tracks on 35th and 36th streets, that the Company should then have the right to operate on such double tracks; the consideration was $3,500 per annum; the agreement was to continue for a period of 99 years; the tracks covered by this agreement have descended to the New York Railways Company; the tracks on 35th and 36th streets are no longer operated, and proceedings are under way to forfeit franchises to them; the other tracks covered by the agreement are now operated by the Third Avenue Railway Company, the successor to the Company.

The agreement of 1871 with the Avenue C Railroad Company was superseded by an agreement dated October 1, 1874, with the Houston, West Street and Pavonia Ferry Railroad Company, successor to the Avenue C Railroad Company. The terms of this agreement were the same as those of the former agree

ment, except that the Company agreed to pay for the joint use of the tracks $8,000 per year. This agreement was to continue for 99 years from the date of its execution.

May 1, 1878, an agreement was entered into by the Company with the Twenty-Third Street Railway Company, whereby the latter company agreed to pay to the former $253.40 per annum as its share of the cost of keeping in repair the tracks over which it operated jointly with the Second Avenue Railroad Company and the Company on the "Bowery and Chatham square lying between a point 112 feet north of Bayard street and the New Bowery." It was provided that the agreement could be rescinded at any time upon notice by either party to the other. May 1, 1878, the companies entered into another agreement whereby the Twenty-Third Street Company agreed to pay to the Company $242.34 per annum for the joint use of the east track of the latter company in Chatham street and Park Row, from the intersection of the east track of the Bleecker Street and Fulton Ferry Railroad Company with the east track of the Company opposite the Astor House, to the intersection of such track in Chatham street, opposite the hall of records. The agreement was to continue as long as the Twenty-Third Street Company should use the tracks of the Company. It was provided that the Twenty-Third Street Company should bear the expense of maintaining the switches or junctions of the track covered by the agreement.

By agreement of October 31, 1885, the Company granted to The Forty-second Street, Manhattanville and St. Nicholas Avenue Railway Company its consent to operate on the tracks of the Houston, West Street and Pavonia Ferry Railroad Company in 42d street, between Fourth and Lexington avenues, jointly with the other two companies. Such consent was necessary under the agreement of 1871, between the two other companies. The Company agreed also that The Forty-second Street Company could construct an independent track in 42d street, between Fourth and Lexington avenues, north of the existing track, and not less than four feet therefrom. The Forty-second Street Company agreed to pay to the Company for the privilege of using the existing track, 15 second mortgage income bonds issued by it, and for the right to construct an independent track, the sum of $500 annually, dur