Ordered, That said resolution of March 21, 1917, be and the same hereby is modified to read as follows: Whereas, New York Connecting Railroad Company by communication dated January 31, 1917, applied to the Public Service Commission for the First District for authority to withdraw $608,809.38 representing expenditures made during the months of November and December, 1916, from the proceeds of the sale of an issue of first mortgage four and one-half per cent. gold bonds authorized by order of the Commission made May 4, 1916; and Whereas, The examiners of the Commission have reported in favor of allowing the company to withdraw said amount with the exception of the sum of $2.38 representing payments for overhead charges by the Pennsylvania Railroad Company and the New York, New Haven and Hartford Railroad Company, as proper capital charges, and of allowing the company to withdraw $135.55 representing payments for overhead charges by the Pennsylvania Railroad Company and the New York, New Haven and Hartford Railroad Company during the months of June and July, 1916 previously disallowed, of which $.45 had been disallowed by second resolution of the Commission adopted September 21, 1916 and $135.10 had been disallowed by third resolution of the Commission adopted October 26, 1916, and the following withdrawals having been previously authorized: First resolution adopted September 21, 1916. Second resolution adopted September 21, 1916. Third resolution adopted October 26, 1916. Fourth resolution adopted January 4, 1917 Fifth resolution adopted January 4, 1917.. Resolved, That New York Connecting Railroad Company be and hereby is authorized to withdraw cash derived from the sale of the first mortgage four and one-half per cent. gold bonds, Series A, in the amount of $608,807, representing the acquisition of property for the construction, completion, extension or improvement of its facilities, or for the discharge of its obligations incurred for such purposes for the months of November and December, 1916, and in the amount of $135.55 which had been previously disallowed, and apply said amounts to the payment of the following charges which are part of those enumerated in said application: Road and general expenditures. Total $874,590 31 394,007 84 642,657 27 257,742 99 605,045 54 $361,360 95 247,681 60 $608,942 55 Further resolved, That this resolution take effect at once. The New York Connecting Railroad Company-Application for approval of issue of $1,500,000 additional bonds Case No. 2195, Hearing Resolution This proceeding was begun upon the application of The New York Connecting Railroad Company for the approval of the issuance of $1,500,000 face value of principal of its 4 1⁄2 per cent first mortgage gold bonds, Series "A", dated August 1, 1913, under its first mortgage, dated May 31, 1913, to Guaranty Trust Company of New York, as trustee, the proceeds to be applied to proper corporate purposes. The Commission, on April 7, 1917, directed (see blank form of hearing resolution with notice, page 8) that a hearing be had on April 23, 1917. Hearing was had on April 23, and closed. New York Dock Railway-Application for approval of issue of $500,000 capital stock Case No. 1587, Extension Orders This proceeding was begun upon application of the New York Dock Railway, under Section 55 of the Public Service Commissions Law, for the approval of an issue of $500,000 par value of capital stock. Hearings were had during 1912 and 1913. On March 28, 1913, the Commission rendered an opinion (see 4 P. S. C. R. [1st Dist. N. Y.], 98) and issued an order authorizing the issue of $500,000 capital stock, under certain conditions. Upon applications of the company, the Commission issued orders during 1913, 1914, 1915 and 1916, extending the company's time within which to issue the stock authorized by the order of March 28, 1913. 14, Upon application of the company, dated December 22, 1916, June 21, and December 1917, for further extensions of time within which to issue the stock authorized by the order of March 28, 1913, the Commission, on January 4, July 11, and December 21, 1917, issued orders (see blank form of extension order, page 7) granting the desired extensions to June 30, 1917, January 1, 1918, and July 1, 1918, respectively. New York Municipal Railway Corporation-Application for approval of issue of $697,500 additional capital stock Case No. 2075, Communication to Company This proceeding was begun upon the application of the New York Municipal Railway Corporation for an order authorizing and approving the issue and sale by the petitioner of $697,500 par value of its capital stock for cash at par to discharge and refund its obligations to the Brooklyn Rapid Transit Company on account of indebtedness incurred and paid by said company at the instance and request of the petitioner and for its sole and exclusive benefit and account as set forth in the petition. Hearings were had during 1916 and closed. Counsel to the Commission having reported under date of June 21, 1917, calling attention to the failure of counsel for the company to submit a brief with respect to the company's application, the Commission on June 27, 1917 authorized the Secretary to transmit a communication to counsel for the company advising that unless briefs were filed by July 14, 1917, the matter would be disposed of without further delay. The briefs were subsequently filed. Matter pending. No further action during 1917. New York Railways Company -Application for approval of issue of $2,600,000 bonds Case No. 1560, Resolution as to Return to Writ Stipulation Discontinuing Certiorari Proceeding This proceeding was begun upon the application of the New York Railways Company for authority to issue $2,600,000 of bonds under its first real estate and refunding mortgage dated January 1, 1912, in addition to $16,299,167.66 of bonds theretofore issued under said mortgage. Hearings were had during 1912. On November 1, 1912, the Commission rendered an opinion (see 3 P. S. C. R. [1st Dist. N. Y.], 397), and issued an order authorizing the issue of $640,000 of bonds upon certain conditions therein set forth. Rehearings were had during 1913. On February 6, 1914, the Commission issued an order denying the company's application to issue bonds in so far as it relates to any amount in excess of $640,000 face value, and confirming the order of November 1, 1912. An order and writ of certiorari having been served upon the Commission on June 16, 1914, the Commission on June 27, 1917, adopted the following resolution : Whereas, Counsel has submitted to the Commission a form of return to the writ of certiorari issued June 16, 1914 in People ex rel. New York Railways Company, Relator, vs. The Public Service Commission of the State of New York for the First District and Edward E. McCall, Milo R. Maltbie, J. Sergeant Cram, George V. S. Williams and Robert C. Wood, as Commissioners thereof, Respondents, Resolved, That said return be executed by the Commission and attested under the seal of the Commission. On July 25, 1917, the Commission ordered filed a communication dated July 23, 1917, from the Counsel to the Commission, transmitting a stipulation entered into with the attorney for the New York Railways Company, discontinuing the certiorari proceedings commenced by the company against the Commission, to review the Commission's orders of November 1, 1912 and February 6, 1914. Pelham Park Railroad Company -Application of George Keegan for approval of plan of organization and issue of securities thereunder Case No. 1655, Extension Orders This proceeding was begun upon the application of George Keegan, acting under a plan and agreement for the readjustment of the affairs of the Pelham Park Railroad Company, entered into by him with the Interborough Rapid Transit Company, for the approval of the said plan and agreement and the issue of securities in accordance therewith. Hearings were had during 1913. On May 27, 1913, the Commission rendered an opinion (see 4 P. S. C. R. [1st Dist. N. Y.], 318) and issued an order authorizing the Pelham Park and City Island Railway Company, Inc., to issue $117,000 capital stock, the proceeds to be used for various purposes as prescribed by the order. During 1913, 1914, 1915 and 1916, the Commission issued orders extending the company's time within which to complete the construction of the railroad and to issue the stock authorized by the order of May 27, 1913. On April 27, 1915, the Commission issued an order requiring the company to file a report with the Secretary to the Commission on the 10th day of each month during the progress of the construction of its railroad as to the total amount of expenditures made or incurred during the preceding calendar month for construction work on the street railroad of the Pelham Park and City Island Railway Company, Inc., itemizing each expenditure and the amount thereof. Applications dated March 15, June 15 and October 2, 1917, having been made by the company for further extensions of time within which to complete the construction of the railroad and to issue the stock authorized by the order of May 27, 1913, the Commission, on March 21, July 11 and October 11, 1917, issued orders (see blank form of extension orders, page 7) granting the desired extensions to June 30, September 30 and December 31, 1917, respectively. The New Resolution and Approval Order This proceeding was begun upon the application of The New York Steam Company for the approval of its refunding mortgage and deed of trust to the Union Trust Company of New York, as trustee, and the issuance thereunder of about $2,850,000 bonds to refund certain of its debts and obligations and to provide funds for extensions and betterments. Hearings were had during 1915, 1916 and 1917. Thereupon the Commission on February 7, 1917, adopted the following resolution and issued the following order: Resolved, That the Public Service Commission for the First District adopt an order in the form herewith presented in Case No. 2036 consenting to the execution and issuance of a certain mortgage by The New York Steam Company to Union Trust Company of New York as trustee, dated as of November 1, 1916, to secure an issue of bonds payable November 1, 1941, redeemable on any interest date at not exceeding 103 per cent of the face value thereof, besides interest accrued thereon, said mortgage being in the form submitted by said The New York Steam Company to the Commission and identified by being marked as follows, to wit: "Exhibit 1, Resolution, February 7, 1917, Case No. 2036." IN THE MATTER OF THE Application of THE NEW YORK STEAM COMPANY for the consent of the Public Service Commission for the First District to make and issue its refunding mortgage and deed of trust to Union Trust Company of New York, as trustee, and to issue thereunder about $2,850,000 bonds to refund certain of its debts and obligations and provide funds for extensions and betterments Case No. 2036, Section 1. Application having been made to the Public Service Commission for the First District by The New York Steam Company by its petition_verified November 1, 1915, under the provisions of the Public Service Commissions Law, for the consent of the Commission to the execution and issuance by said company of a mortgage to Union Trust Company of New York, as trustee, and a hearing having been duly held upon said application before the Commission; and it appearing to the Commission that the owners of capital stock of said company to an amount equal to that required by the statute have consented to the issuance of said mortgage in the manner prescribed by law; Section 2. It is ordered, That the Public Service Commission for the First District does hereby consent to the issuance and execution by said The New York Steam Company unto said Union Trust Company of New York as trustee, of its general mortgage to be dated November 1, 1916, to secure an issue of bonds of said company, said bonds to be dated as of November 1, 1916, and to be payable November 1, 1941, redeemable on any interest date at not exceeding one hundred and three per cent (103%) of the face value thereof, besides interest accrued thereon, and said bonds to bear interest payable semi-annually at such rate or rates per annum as the Board of Directors shall determine on or before the issue of such bonds and as shall be stated therein. The form of such mortgage submitted by said The New York Steam Company to the Commission is hereby approved and ordered filed and properly identified by a reference thereon to the resolution under the authority of which this order is issued. Said company however shall have no right or authority to issue any bonds pursuant to the terms of said mortgage, except as herein or hereafter authorized by the Commission. Section 3. Application having been also made to the Public Service Commission for the First District by said The New York Steam Company by its said petition, under the provisions of the Public Service Commissions Law, for the consent of the Commission to the issuance by said company of bonds under said mortgage to the amount face value of $2,850,000, and a hearing having been duly had upon said application before the Commission, and it being now the opinion of the Commission (1) That the money to be procured by the issue of said bonds of said The New York Steam Company to the amount of $2,850,000 face value, payable at a period of more than twelve months after the date thereof, is necessary to and reasonably required by said company for the acquisition of property or for the construction, completion, extension or improvement of its facilities or for the discharge or refunding of its obligations, and particularly for the purposes which are hereinafter stated; and (2) That, except as to the following specified amount of said bonds authorized to be issued hereunder to procure money to be applied for the purposes following to wit: $285,000 or so much thereof as may be necessary to pay the expenses of sale of the bonds hereby authorized and to make up discount, said purposes are not in whole or in part reasonably chargeable to operating expenses or to income; Section 4. It is ordered, that the Public Service Commission for the First District does hereby authorize the issue by said The New York Steam Company of Two million eight hundred and fifty thousand dollars ($2,850,000) face value of principal of bonds of said company, dated as of November 1, 1916, maturing November 1, 1941, redeemable at one hundred and three per cent (103%) of the face value thereof, besides accrued interest on any interest day, and bearing interest of 6 per cent per annum, payable semi-annually on May 1st and November 1st in each year, under and in pursuance of the terms of the mortgage hereinbefore described, the issuance and execution of which is by this order consented to by the Commission. Section 5. It is ordered, that said issue of bonds is authorized upon the conditions following and not otherwise, to wit: First: That said The New York Steam Company shall sell the said bonds hereby authorized so as to net said company not less than 90% of the face value of the principal thereof, besides interest accrued thereon, and that the proceeds thereof shall be applied only to the following purposes, that is to say: 1. For the discharge or refunding (a) of the principal of notes of said company to Elliot G. Stevenson to the amount of $355,000, made to obtain funds for the acquisition of property or for the construction, completion, extension or improvement of its facilities or for the discharge of its obligations; and (b) of certain underlying real estate mortgages amounting to $210,500, now liens upon the property of said company in the City of New York, all of which are now past due, to wit, a mortgage of $20,000 dated December 15, 1881 on property 61 Dey street, a mortgage of $120,000 dated November 20, 1882 on property 170-174 Greenwich Street, mortgage of $12,000 dated May 8, 1886, on property 177 Washington Street, mortgage of $42,500 dated November 14, 1888, on property 66-68 Cortland Street, mortgage of $5,000 dated April 15, 1902, on property 45 Sutton Place, mortgage of $6,000 dated November 1, 1906, on property 43 Sutton Place, and mortgage of $5,000 dated January 3, 1907, on property 35 Sutton Place 2. For the reimbursement of moneys expended from the depreciation fund designated as Accrued Amortization of Capital, $223,597.03, and from other moneys in the treasury not secured or obtained from the issue of stocks, bonds, notes or other evidence of indebtedness of said company, $128,156.32, said moneys having been expended for the acquisition of property or the construction. completion. extension or improvement of facilities, plant or distributing system. its 3. For the acquisition of property or the construction, completion, extension or improvement of its facilities or the discharge of its obligations incurred for such purposes, subsequent to October 31, 1915. 4. For the expenses of the sale of the bonds hereby authorized and to make up the discount or deficiency, if any, in the amount realized upon the sale for the purposes specified in subdivisions 1, 2 and 3 of this paragraph of this section, to be applied pro rata for the purposes therein stated, not exceeding the sum of.. $565,500 00 351,753 35 1,647,746 65 285,000 00 $2,850,000 00 Second: That all discounts, commissions and expenses in connection with the approval, issuance and sale of the said bonds authorized to be issued under this order not to exceed Two hundred and eighty-five thousand dollars ($285,000) shall be amortized out of the income of the company before the first day of November, 1941, by the payment of a semi-annual installment equal to one per cent. of such amount plus three per cent. of all prior payments, such semi-annual installment to begin on April 30, 1917, and to continue so long as may be necessary. Third: That said company shall keep separate, true and accurate accounts showing the receipt and application in detail of the proceeds of the sale or disposal of the bonds hereby authorized to be issued and on or before the fifteenth day of each month said company shall make verified reports to the Commission stating the sale or sales of said bonds during the previous month, the terms and conditions of sale, the moneys realized therefrom, and the use and application of such moneys; and said accounts, vouchers and records shall be open to audit and may be audited from time to time by accountants and examiners designated for such purpose by the Commission. Fourth: That none of the proceeds of the aforementioned bonds hereby authorized for the purposes specified in subdivision 3 of paragraph First of this section, other than the receipts on account of accrued interest, shall be expended by said company for the purposes specified therein until a properly itemized bill for each proposed expenditure shall have been submitted to the Commission by said company with the certificate of one of its officers that such expenditure represents a real increase in its fixed capital as defined in the accounting rules of the Commission and not a replacement of any part of such fixed capital or a substitution for wasted capital or other loss properly chargeable to income and until such bill shall have been approved by the Commission. Fifth: That said The New York Steam Company shall adjust its accounts so as to conform with the results of investigation by this Commission of capital expenditures from November 1, 1910, to October 31, 1915, inclusive, as follows: |