Stock and bonds. On March 14, 1913, the Public Service Commission for the First District approved the increase of the capital stock of the Company from $200,000 to $600,000. On January 21, 1913, the Company executed a first mortgage to the Central Trust Company of New York, as trustee, to guarantee the payment thereunder of bonds for $4,000,000, at 5 per cent interest, due January 1, 1943. On March 19, 1913, the Public Service Commission for the First District authorized the Company to issue bonds for $1,750,000, and stock for $431,300 which latter the Third Avenue Railway Company was authorized to purchase on condition that it guaranteed the bond issue. The proceeds from the bonds to the amount of $1,662,500, and the entire proceeds from the issue of the stock, were to be applied to the following purposes:

1 To purchase from Edward Cornell the property and franchises previously owned by the Central Park, North and East River Railroad Company.

2 For the payment of taxes and liens upon the property purchased

3 For discharging or refunding the obligations of the Belt Line Railway Corporation, previously incurred...

Total

$1,676, 706 40

397, 406 27

19, 687 33

$2,093, 800 00

The balance, $87,500, or as much thereof as necessary, was to be applied to make up the discount or deficiency in the amount realized upon the sale of the stocks and bonds, which was to net not less than 95 per cent of the par value. The order provided that the discount should be amortized out of the income of the Company before January 1, 1943, by the annual payments of not less than $2,916.67. The Third Avenue Railway Company was authorized to guarantee the payment of the bonds.

On July 22, 1913, the Commission authorized the Company to issue stock for $49,700, to provide for the payment of the franchise taxes on its property for 1910, 1911 and 1912. The Third Avenue Railway Company was authorized to acquire the stock on condition that it should at the same time acquire the bonds previously authorized to be issued for $1,750,000.

Change of motive power. On May 2, 1913, the Commission authorized the Company to change its motive power from horses to electricity contained in storage batteries, upon the following

streets:

10th avenue from 54th street to West street; West street from 10th avenue to Battery place; Battery place from West street to State street; State street from Battery place to Whitehall street; Bowling Green from Battery place to Whitehall street; Whitehall street from Bowling Green to South ferry; South street from Whitehall street to Broad street; Broad street from South street to Water street; Water street from Broad street to Old slip; Front street from Whitehall street to Roosevelt street; Old slip from Water street to South street; South street from Old slip to Montgomery street; Front street from Montgomery street to Jackson street; Montgomery street from Front street to South street; South street from Montgomery street to Corlears street; Jackson street from Monroe street to Front street; Monroe street from Jackson street to Corlears street; Corlears street from South street to Grand street; Grand street from Mangin street to Goerck street; Mangin street from the junction of Corlears and Grand street to East Houston street; Goerck street from Grand street to East Houston street; East Houston street from Mangin street to Avenue D; Lewis street from East Houston street to Eighth street; Eighth street from Lewis street to Avenue D; Avenue D from East Houston street to 14th street; 14th street from Avenue D to Avenue A; Avenue A from 14th street to 23d strect; 23d street from Avenue A to First avenue; First avenue from 23d street to 59th street.

The Company was also authorized to operate storage battery cars, in addition to those already operated by underground electricity, on "10th avenue from 53d strect to 59th strect," and on 66 '59th street from 10th avenue to First avenue."

Intercorporate relations. (See also chart I, no. 24.) On January 21, 1913, the property of the Central Park, North and East River Railroad Company was conveyed to the corporation by Edward Cornell and wife.

16 Bleecker Street and Fulton Ferry Railroad Company

(Manhattan)

Incorporation. December 12, 1864; General Railroad Law of 1850; corporate life, 1,000 years; capital stock, $900,000; route (about 12 miles) as follows:

Commencing at the intersection of 14th street with 11th avenue, thence through and along 14th street with a double track to Hudson street; thence through and along Hudson street with a double track to Troy street; thence through and along Troy street with a single track to Fourth street; thence through and along Fourth street with a single track to MacDougal

street; thence through and along MacDougal street with a single track to Bleecker street; thence through and along Bleecker street with a double track to Crosby street; thence through and along Crosby street with a double track to Howard street; thence through and along Howard street with a double track to Elm street; thence through and along Elm street with a double track to Leonard street; thence through and along Elm street with a single track to Reade street; thence through and along Reade street with a single track to Centre street; thence through and along Centre street, Chatham street and Park row with a double track to Broadway, also connecting with a double track in Centre street at Reade street, through and along Centre street with a single track to Leonard street; thence through and along Leonard street with a single track to connect with the double track in Elm street; also connecting with the double track in Hudson street at Troy street, through and along Hudson street with a single track to the southerly end of Abingdon square and Bleecker street; thence through and along Bleecker street with a single track to MacDougal street; there to connect with a double track in Bleecker street; also connecting with the double track in Park Row, through and along Beekman street with a single track to South street; thence through and along South street with a single track to Fulton street; thence through and along Fulton street with a single track to William street; thence through and along William street with a single track to Ann street; thence through and along Ann street, with a single track to connect with the double track in Park Row at Broadway; also connecting with the double track in Elm street; through and along Canal street, with a double track to Broadway; also with a double track connecting with a double track in 14th street, through and along 11th and 12th avenues to 32d street; also connecting with the double track in Canal street at Elm street, through and along Canal street with a double track to the Bowery; thence through and along the Bowery and New Bowery with a double track to Pearl street; thence through and along Pearl street with a double track to Peck slip; thence through and along Peck slip with a double track to South street; thence through and along South street with a double track to the Fulton ferry; thence through and along Fulton street with a double track to Water street; thence through and along Water street with a double track to connect with the said double track in Peck slip.

Extensions of route. The Company filed in the office of the secretary of state certificates of extension as follows:

August 8, 1884, Mail street extension: Commencing at the tracks of said The Bleecker Street and Fulton Ferry Railroad Company in Park row opposite the street or highway bounding the southerly side of City Hall park, and which said street is known as Mail street, and running thence westerly across Park row and through and along the said street bounding the southerly side of City Hall park and known as Mail street, to the middle of Broadway, the said extension or branch to be constructed in such manner as that there will be a single or double track in the said street bounding the said southerly side of City Hall park and known as Mail street from the tracks of said The Bleecker Street and Fulton Ferry Railroad Company in Park row to any railroad tracks that may be laid and constructed in Broadway, together with

such switches, curves, sidings, turnouts, turntables and suitable stands as may be necessary for the convenient working of such road and such extension or branch, and the length of such extension or branch, as near as may be, is 500 feet.

September 17, 1895, Broome street extension: Connecting with the Company's existing double track road in Crosby street at or near Broome street, and running thence westerly with double tracks in or upon Broome street 125 feet or thereabouts, to a point of connection with the branch or extension of the Broadway and Seventh Avenue Railroad Company.

Length of extension, less than one-half mile.

Special franchises. By chapter 514, laws of 1860, the legislature granted a franchise to Stephen R. Roe and others, incorporators of this Company, for a route identical with that first above described. The act required the Company to pay the license fee paid by other railroad companies, and to charge the same fare.

By chapter 199, laws of 1873, the legislature authorized the Company to extend its road as follows:

From their present tracks at the corner of 14th street and 10th avenue, through and along 10th avenue with double tracks to Little 12th street; thence through and along Little 12th street with single tracks to Washington street; thence through and along Washington street with single track to Christopher street; also from their tracks at Little 12th street and 10th avenue, through and along 10th avenue to West street with single track; thence through and along West street with single track to Christopher street ferry (the Company to lay their own rails as herein authorized to be laid in 10th avenue and West street, from 14th street to Christopher street); thence through and along Christopher street with double tracks to connect with their present track in Bleecker street; through and along Christopher street with single track from Bleecker street to connect with its present track in Fourth street, together with the necessary crossings of intermediate streets, connections, turnouts and switches for the proper and convenient working of said tracks in connection with those now operated by them in said city; also from their present tracks at the corner of Crosby and Bleecker streets, through and along Bleecker street with double tracks to Mulberry street; also from Bleecker street through the property to Lafayette place with double tracks, upon acquiring the right of way by purchasing or leasing the property between Bleecker street and Bond street; and also the right of way to the property between Bond street and Great Jones street, by purchasing or leasing the same; thence through and along Lafayette place, to and across Astor place to Eighth street with double tracks; thence through and along Clinton place or Eighth street with double tracks to University place, thence through and along University place with double tracks to 14th street; thence through and along 14th street with double tracks to their present tracks at the corner of 14th street and Ninth avenue; also from the corner of 14th street and University place, through and along 14th street with double tracks to Fourth

avenue.

The act provided that if the Company deemed it necessary to use tracks already laid, it should have the right to do so, upon compensating the owners; the Company was to pay the city a license fee of $50 for every car used on the extension, and to pave and keep in repair the surface of the streets within the tracks; the Company was authorized to charge the same fare on the extension as on the main line, but there was to be no duplication of fares, and the Company was authorized to enter into a transfer arrangement with other railroad companies intersecting the tracks of this Company, but the additional charge for a transfer was not to exceed three cents.

By chapter 647, laws of 1873, the legislature provided that the Company should pay to the city of New York 1% of its gross receipts, in lieu of the license fee of $50 for each car.

By an agreement with the city, dated June 12, 1878, the Company settled claims against it for rents and license fees and the counterclaim which it had made, growing out of interference by the city with its operation on 11th avenue. The agreement recites that the Company had leased from the city certain lands and buildings on May 1, 1866, in the block between 10th avenue, Little West 12th street, Washington street, Gansevoort street and West street for a car barn, for the term of 15 years, with a renewal for an additional term of 15 years. The city had obtained a judgment against the Company for unpaid rentals for the above premises, and had another action pending for unpaid license fees; the Company had presented a claim for damages arising out of interference by the city with its operation in 11th avenue while the sewer was being constructed. By the settlement, the Company surrendered to the city the lease of the property, and the city released the Company from any payments under the judgment or pending litigation, except that the Company was required to pay the 1% of its gross receipts, under chapter 647 of the laws of 1873. The right of the city to collect such percentage was subsequently affirmed by the Court of Appeals (113 N. Y. 311).

By resolution of the Board of Aldermen, passed over the mayor's veto on December 20, 1884, the Company obtained a franchise for its Mail street extension of August 8, 1884. This extension was to be operated by horse power. The fare was not to be more than