Your petitioner further shows that by Chapter 610 of the Laws of 1906, the Legislature of the State of New York authorized the Board of Estimate and Apportionment of the City of New York to change the route or right of way and the location of the tracks of your petitioner in Coney Island Avenue, between Fort Hamilton Avenue and Neptune Avenue, in the Borough of Brooklyn, from the present location on the westerly side to the center of said avenue, the cost and expense of said change of tracks to be borne by your petitioner, and your petitioner to have the same right, title and interest in the new route or right of way as it now has in the route or right of way occupied by it. Thereafter, and in pursuance of the requirements of Chapter 610 of the Laws of 1906, your petitioner filed with the Board of Estimate and Apportionment its acceptance of the said act, and the Board of Estimate and Apportionment by a resolution adopted on or about the 18th day of January, 1907, changed the route or right of way and the location of the tracks of your petitioner from the westerly side of Coney Island Avenue to the center thereof. Your petitioner further shows that it has obtained and now has in its possession consents and deeds of the new route or right of way in the center of Coney Island Avenue, delivered to your petitioner by the abutting property owners representing more than one-half in value the property bounded on Coney Island Avenue, between Fort Hamilton Avenue and Neptune Avenue, as required by Chapter 610 of the Laws of 1906, and that said act has become operative by the delivery of said consents and deeds to your petitioner. Your petitioner further shows that it intends in good faith to change the location of its tracks on Coney Island Avenue, from the westerly side to the center, from Fort Hamilton Avenue to Neptune Avenue; that all preliminary steps required by law have been taken to entitle your petitioner to make the change. Your petitioner further shows that it was formerly the intention of your petitioner to pay the cost of the change of location of the tracks partly out of the income and partly out of the proceeds of sale of capital stock of your petitioner, which was increased in the Spring of 1907 from $2,000,000 to $3,000,000. At that time your petitioner stated the purposes to which the new stock would be devoted as follows: To pay the cost of change of location of tracks at Coney Island avenue... $156,038.00 To pay cost of new power house..... To repay indebtedness outstanding contracted for construction and equipment. 648,376.00 326,929. II $1,131,343.11 The reconstruction of the power plant is under way. Many of the contracts have been let and contractors' estimates of the remainder have been received. The estimated cost stated in the petition for consent to the increase of the capital stock was $648,376. The contracts let and to be let show that the cost was underestimated and that it will be at least $731,349. Your petitioner further shows that one hundred and sixty-one shares of the increase of capital stock had not been sold and that the proceeds of sale of the authorized stock are $983,900. The income of your petitioner has decreased and there will be no surplus income during the current fiscal year, applicable to purposes of construction. Your petitioner cannot raise the moneys necessary to pay the cost of changing the location of the tracks on Coney Island Avenue, except by the sale of the bonds hereinbefore mentioned. Railroad bonds equally well secured and bearing four per cent. interest are selling in the market at or about eighty per cent. of their par value and to raise $369,000, $462,000 par value of the bonds in question must be sold. Your petitioner further shows that heretofore, and on or about the 13th day of September, 1907, the Public Service Commission, First Department, made its order requiring the petitioner to purchase ten new cars. These cars have been purchased and cost delivered $46,000. $30,000 Car Trust bonds have been authorized by this Commission to be issued and sold to provide $30,000 of the purchase price, and $16,000 is unprovided for. Your petitioner further shows that out of the proceeds of sale of its capital stock it has paid its floating debts, namely, $326,929. Hercunto annexed and marked "Exhibit B" is a memorandum of the expenditures which must be capitalized by your petitioner. Hereunto annexed and marked "Exhibit C" is a statement of the cost of the Coney Island Avenue track construction. Hereunto annexed and marked "Exhibit D" is a statement of the unit cost of track construction, Coney Island Avenue. Your petitioner shows that thereunto annexed and marked “Exhibit E" is a copy of the resolution of the Local Board of Bayridge and Flatbush District providing for repaving Coney Island Avenue between Fort Hamilton Avenue and a point between Avenue G and Avenue H. No further provision for paving Coney Island Avenue has, to the knowledge of your petitioner, been made. The law of 1906, hereinbefore referred to, provides that the expense of paving the avenue, including the expense of paving between the petitioner's tracks, shall be borne by the city. Your petitioner is informed and believes that the resolution for paving is limited to the district aforesaid because no sewer has been constructed under Coney Island Avenue below the point mentioned between Avenue G and Avenue H, and that the city will not pave the Avenue until pending proceedings looking to the laying of the sewer are completed. Your petitioner is not obligated and does not intend to reconstruct its tracks below "the summit in Coney Island Avenue between Avenue G and Avenue H" until the city proceeds with the paving below that point. The distance from Fort Hamilton Avenue to the point mentioned is about one and three-eighth miles which will call for the construction of two and three-fourths miles of single track. A copy of the Certificate of Organization of the petitioner, certified by the Secretary of State and the County Clerk was filed with the Public Service Commission, First District, on the 3rd day of January, 1908. The purposes or powers of the petitioner are extended by Chapter 365 of the Laws of 1872 authorizing the petitioner to construct and operate its railroad to the Hamilton Ferry by certificate filed on the 14th day of February, 1890, authorizing the petitioner to construct a branch from Neptune Avenue to Sea Breeze Avenue and along Sea Breeze Avenue and West 5th Street, and by certificate filed on the 28th day of March, 1895, authorizing the petitioner to construct a railroad on High Street from Washington Street to Jay Street. No certificate, record or order is required by law to be made or filed to authorize the petitioner to exercise any of its franchises or rights. Proof of the consent of the petitioner's stockholders to the mortgage mentioned in the petition was filed with the Public Service Commission, First District, on the day of 190. "Schedule F," hereunto annexed, contains a statement in detail of the capital stock outstanding, the rates and amount of dividends during the past five years, the outstanding indebtedness and how secured, and also a description of the road and of its equipment and a statement of the cost of its existing property. It contains also a statement of the amount of the stock of the petitioner held by other corporations and their names and the amount held by each. Schedule C and D, hereunto annexed, contains a detailed description of the construction, completion, extension or improvement of facilities contemplated. Contracts have been made for the construction of the power system of the peti tioner. No contract has been made for the construction of railroad on Coney Island Avenue. No contract has been made for the sale of the bonds mentioned in the petition. Upon information and belief, the petitioner alleges that $500,000 par value of its capital stock was issued in or about the year 1862, of which, capital stock of the par value of $484,600 was issued on account of construction and stock of the par value of $800 was issued for damages. In 1898, capital stock of the par value of $1,000,000 was issued to purchase all of the capital stock of the Brooklyn City & Newtown Railroad Company. The remainder of the petitioner's capital stock has been issued for cash at par and the proceeds of sale have been used for construction. Wherefore your petitioner prays that the Public Service Commission for the First District will consent to and approve of an additional issue of bonds secured by its consolidated mortgage, dated December 15, 1904, of the par value of four hundred and sixty-two thousand dollars. Dated, April 6, 1908. THE CONEY ISLAND & BROOKLYN RAILROAD COMPANY, By (Signed) S. W. HUFF, President. Secretary and Treasurer. State and City of New York, County of Kings, ss.: Slaughter W. Huff, being duly sworn, deposes and says: That he is the President of the Coney Island & Brooklyn Railroad Company, the petitioner above named; that he has read the foregoing petition and knows the contents thereof; that the same is true of his own knowledge except as to the matters therein stated to be alleged on information and belief and as to those matters he believes it to be true. Deponent further says that the reason this verification is not made by petitioner is that it is a corporation; that deponent is the President thereof and that deponent makes the same from his personal knowledge and supervision of the affairs and business of said corporation. S. W. HUFF. Sworn to before me this 8th day of April, 1908. S (Signed) "EXHIBIT A.” In the Matter The Application of the Coney Island and Determination. December 14, 1904. Application having been made to this Board by The Coney Island and Brooklyn Railroad Company, by its petition, duly verified and duly filed with the said Board on December 3, 1904, for the consent of this Board, under subdivision 10 of section 4, of the Railroad Law, to the issue, making, execution and placing of a mortgage by said company upon its railroad property and franchises acquired and that may thereafter be acquired, to secure the payment of the bonds of the said company to be issued thereunder to an amount not to exceed ten millions of dollars, the principal of the bonds to be payable in gold coin of the United States of the present standard on the first day of January, in the year one thousand nine hundred and fifty-five, with interest at a rate not exceeding four per cent. per annum and payable half yearly on the first days of January and July in each year; said bonds and mortgage to be in such form and with such covenants and provisions as may be approved by the Board of Directors of the said company, and it appearing that the stockholders of said company in the manner and to the amount and number required and provided by statute and the provisions of the articles of association of said company have consented to said mortgage and the issue of said bonds, and after hearing W. N. Dykman, attorney for the petitioner, it is Ordered, That the Board of Railroad Commissioners consents and it does hereby consent to the issue, making, execution and placing of a mortgage by the Concy Island and Brooklyn Railroad Company upon the railroad property and franchises of the said company acquired and that may thereafter be acquired, to secure the payment of the bonds of the said company to be issued thereunder to an amount not to exceed ten millions of dollars, payable in gold coin of the United States of the present standard, on the first day of January in the year one thousand nine hundred and fifty-five, with interest at a rate not exceeding four per cent. per annum, payable half yearly, the said bonds and the mortgage to be in such form and with such covenants and provisions as may be approved by the Board of Directors of the said company. It is further Ordered, That said company make application to this board for its approval, before issuing any bonds under said mortgage, beyond the amount of five million five hundred thousand dollars, which it is proposed to issue thereunder forthwith, and that any such application may be made at any time or times, and in regard to all the remainder of such bonds or any portion or portions thereof. Cost of Coney Island Avenue Track Construction. 10 Miles Track Construction @ $21,315. (As per Detailed Estimate).... $213,150.00 Special Work at Park Circle and 2 other Crossovers.. Add Engineering and Superintendence, 15% Total Construction Cost... Cost of Right of Way. Total Cost 12,000.00 $225,150.00 33,772.00 $258,922.00 20,000.00 $278,922.00 |