five cents for one continuous ride to any point on the road of the Company, or under its control, or to any connecting branch within the limits of the city. The Company was required to keep in repair the pavements between the tracks and two feet on either side, and to pay to the city 3% of its gross receipts during the first five years, and 5% thereafter; such payments to be made on that proportion of the entire gross receipts of the Company which the extension should bear to its entire road.

On April 14, 1896, the Company obtained by resolution of the common council, passed over the mayor's veto, a franchise for the Broome street extension of September 17, 1895.

By the same resolution the Broadway and Seventh Avenue Railroad Company was authorized to construct a branch on Broome street, from near the westerly side of Broadway, easterly with double tracks across Broadway, 180 feet or thereabouts, to a connection with the branch or extension of the Bleecker Street and Fulton Ferry Railroad Company. Under this resolution these extensions were to be operated by the corporation owning or using the railroads of the two companies as a part of a continuous route, for one fare. The extensions were to be operated by cable or underground electricity, or other motive power lawfully used on either of the roads connected with them, except locomotive steam and the overhead trolley.

Stock and bonds. The capital stock of the Company, $900,000, is all issued.

On January 2, 1865, the Company executed a mortgage to Benedict Lewis, Jr., to secure the issue of $700,000 7 per cent bonds, payable January 1, 1888. On April 15, 1873, the Company executed a mortgage to Francis A. Palmer to secure an issue of 7 per cent bonds for $300,000, payable April 15, 1893. None of the bonds under this mortgage appear to have been issued, and the mortgage was discharged September 29, 1876. The bonds under the mortgage of 1865 seem to have been extended until January 1, 1900, for, in an agreement dated December 28, 1899, between the Metropolitan Street Railway Company and the State Trust Company, it is recited that the seven per cent first mortgage bonds of the Company, amounting to $700,000, par value, will become due January 1, 1900. At this time the Company was operated by

the Metropolitan Street Railway Company, as lessee of the 23d Street Railway Company, which was itself lessee of the Bleecker Street Company. The 23d Street Company had agreed to pay the principal and interest of the bonds. The agreement of 1899 provided that the rate of interest on the bonds be reduced to 4 per cent from January 1, 1900, and that they be extended until January 1, 1950. The State Trust Company agreed to purchase the bonds under the mortgage of 1865, and on February 19, 1900, it was substituted as trustee under that mortgage, in place of John M. Harlowe, then deceased, who had replaced Benedict Lewis, Jr. The Metropolitan Company guaranteed to pay the principal and interest on these bonds.

Change of motive power. On June 22, 1897, the Railroad Commission granted the Company's application for a change of motive power on its road along West Fourth street between Sixth avenue and MacDougal street, from horse to underground electricity. This had already been covered in the consent for the change of motive power of the lessee company, the Metropolitan Street Railway Company, by order of March 18, 1897, but as the lessor, this Company, had not joined in that application, a separate application by the latter company was necessary. The track on West Fourth street was electrified about 1899, and since that time has been used as part of the Sixth avenue line, now operated by the New York Railways Company.

On August 10, 1898, the Railroad Commission granted the Company its consent to the change of motive power from horse to the underground current of electricity on the route covered by the original legislative franchise, chapter 514, laws of 1860, and that covered by the extension, chapter 199, laws of 1873.

Intercorporate relations (See also chart I, no. 7.) By agreement of December 13, 1864, Roe and his associates, the grantees of the original franchise, assigned the same to the Company in return for $900,000 of stock and $432,000 of bonds of the Company.

Chapter 389 of the laws of 1875 having authorized the Company to lease its property to any other company, the Company leased its property on January 10, 1876, to the Twenty-Third

Street Railway Company, for a term of 99 years, the consideration being $50,000 to be applied towards liquidating the floating debt of the lessor, and an annual rental equal to 11⁄2 per cent of the capital stock of the lessor company; the lessee also to pay the principal of and interest on the $700,000 of the first mortgage bonds then outstanding.

The Twenty-Third Street Railway Company leased, on November 10, 1876, a portion of its road to the Christopher and Tenth Street Ferry Railroad Company for a term of 98 years, including portions of the company's road as follows: On 14th street, from First avenue to Avenue D; on Canal street, from East Broadway to Broadway, and on Fulton street, from Broadway to Washington street. The Company consented to this lease. The Christopher and Tenth Street Railway Company was later leased to The Central Crosstown Railroad Company of New York, which Company was itself thereafter leased to the Metropolitan Street Railway Company. What was left of the Twenty-Third Street Railway Company's road was leased, on April 25, 1893, to the Houston, West Street and Pavonia Ferry Railroad Company, and the latter Company was consolidated, on December 12, 1893, with The Broadway Railway Company and The South Ferry Railway Company, to form the Metropolitan Street Railway Company. That Company continued to operate this road down to the time it was succeeded by the New York Railways Company which Company now operates it.

Trackage agreements: On June 1, 1883, the Twenty-Third Street Railway Company, as lessee of the Company, granted to the Second Avenue Railroad Company joint rights on the Company's tracks "in the New Bowery, Pearl street, Peck slip, South street, Water street, and in Fulton street between South and Water streets, in the city of New York." The agreement was for 10 years and one month, or until July 1, 1893; the rental $3,600 annually.

October 16, 1888, the Twenty-Third Street Railway Company as lessee of the Company, granted the North and East River Railway Company the joint use of the tracks of the Company on Fulton street between the westerly line of William street and South street.

On January 1, 1894, the Metropolitan Street Railway Company, as lessee of the Company, entered into a new agreement with the Second Avenue Railroad Company granting the last named company joint trackage rights on the tracks of the Bleecker Street Company "in the New Bowery, Pearl street, Peck slip, South street, Water street, and in Fulton street between South and Water streets." for the term of five years, or until July 1, 1898. These tracks were later abandoned by the Company.

By agreement dated May 1, 1896, the Metropolitan Street Railway Company, as lessee of the Company, granted the Fulton Street Railroad Company the right to the joint use of tracks of the Company in Fulton street, between the westerly line of William street and South street, for the unexpired term of the lease from the Bleecker Street Company, until January 10, 1975.

May 1, 1900, the Company entered into an agreement with the Central Crosstown Railroad Company and the Christopher and Tenth Street Railroad Company, to which the Twenty-Third Street Railway Company and the Metropolitan Street Railway Company were parties, whereby this Company and the Central Crosstown Company were to own jointly the tracks on 14th street, west of University place, which were to be reconstructed on account of new pavement that was to be laid by the department of highways. The cost of construction and maintenance of such tracks was to be divided equally between the two companies. Either company was to have the right to change the motive power on such tracks, upon notice to the other.

Forfeiture of franchises. At the suggestion of the Public Service Commission for the First District, the attorney-general instituted, December 22, 1909, proceedings against the Company to forfeit such portions of its franchises as were not constructed or regularly operated. After a period of negotiation, a settlement was finally reached and judgment was entered on January 10, 1913, forfeiting franchises on the following streets:

Ann street from William street to Park row; Beekman street from Park row to South street; William street from Fulton street to Ann street; Fulton street from South street to William street; South street from Fulton street to Beekman street; South street from Beekman street to Peck slip; Water street from Peck slip to Fulton street; Peck slip from South street to Pearl street; Pearl street from New Bowery to Peck slip; New Bowery from Pearl

street to Bowery; Bowery from Canal street to New Bowery; Leonard street from Centre street to Lafayette street; Reade street from Elm street to Centre street; Elm street from Worth street to Reade street; Lafayette street from Leonard street to Worth street; Lafayette street from Howard street to Leonard street; Howard street from Elm (Lafayette) street to Crosby street; Crosby street from Bleecker street to Howard street; Bleecker street from Broadway to Crosby street; 11th and 12th avenues from 24th street to 32d street; defendant making no claim to franchise rights on 13th avenue; 10th avenue from 14th street to Little West 12th street and West street; West street from Little West 12th street to Christopher street; Little West 12th street from Tenth avenue to Washington street; Washington street from Little West 12th street to Christopher street; Christopher street from West street to West Fourth street; University place from Eighth street to 14th street; Clinton street (Eighth street) from University place to Astor place; Lafayette place from Astor place and Eighth street to Bleecker street; Bleecker street connection from Crosby street to Lafayette place; Mail street from Broadway to Park row; Centre street from Park row to Leonard street.

The judgment declared that the franchises have not been forfeited on streets as follows:

11th avenue from 24th street to its intersection with Marginal street at 22d street; Marginal street from 22d street to 14th street, being a relocation of 11th and 12th avenues; Hudson street from 14th street to the southerly end of Abingdon square and Bleecker street; West 12th street from Hudson street to West Fourth street; West Fourth street from West 12th street to MacDougal street; MacDougal street from West Fourth street to Bleecker street; Bleecker street from the southerly end of Abingdon square and Bleecker street to Broadway; Canal street from Broadway to the Bowery; Park Row, from Centre street to Broadway.

The judgment provided, however, that it should not be construed so as to relieve the Company from hereafter furnishing adequate service upon any of the streets, the franchises to which were not forfeited, or to relieve the Company from any forfeiture of its rights and franchises in such streets by reason of any cause hereafter arising. It is provided further that, should the Company fail to make application, within six months from the date of the entry of the decree, for permission to install means for operation by mechanical traction upon Canal street from Centre street to the Bowery, then the provisions of the decree recognizing the franchise of the Company in Canal street should not apply to such portion of the franchise. The New York Railways Company now operates what remains of the Bleecker Street and Fulton Ferry Railroad Company.