tract Company, a construction company, for the construction of its road. By this contract, the Construction Company was to construct the Company's railroad from 177th street to Port Chester for $19,000,000 of stock and $15,000,000 of bonds. The bonds were issued to the City and County Contract Company on October 1, 1904, and the stock on November 16, 1904. To obtain money for the construction of the road, the Construction Company entered into an agreement with an underwriting syndicate whereby it was to turn over $15,000,000 of bonds and $6,000,000 of stock for $13,500,000. The Construction Company began the construction of the road, but was soon stopped by injunction. To continue, however, the construction of the road, the same interest. that was promoting the West Chester Company promoted the activities of the New York and Port Chester Railroad Company, which was incorporated April 3, 1901, to construct on substantially the same route as the West Chester Company. The New York and Port Chester Company organized the Millbrook Company, a construction company, to take the place of the City and County Contract Company. Both the Millbrook Company and the City and County Contract Company were controlled through stock ownership by The New York, New Haven & Hartford Railroad Company, and both were financed by that company. The New York and Port Chester Railroad Company entered into an agree ment with the Millbrook Company on January 20, 1907, whereby the Millbrook Company was to turn over to the New York and Port Chester Railroad Company all the stock and bonds of the New York, West Chester and Boston Railway Company then held by the Millbrook Company, and in exchange therefor to receive $19,843,900 of stock, and $15,000,000 of bonds of the New York and Port Chester Railroad Company, and, further, in consideration to construct the entire road of the New York, West Chester and Boston Railway Company. As the Millbrook Company turned over to the Port Chester Company the stock of the West Chester Company, it received in return stock of the Port Chester Company.

Chapter 579, laws of 1909, authorized the New York and Port Chester Company and the New York, West Chester and Boston Railway Company to consolidate upon obtaining the approval of the Public Service Commission of the second district. Pursuant

to this act the Public Service Commission of the second district consented, by order of December 16, 1909, to the consolidation of the two roads. The consolidation was effected by a consolidation agreement entered into December 31, 1909, and filed in the office of the secretary of state January 18, 1910; the new company being also named New York, Westchester & Boston Railway Company, (no. 513.)

513 New York, Westchester & Boston Railway Company (The Bronx)

Incorporation. January 18, 1910; chapter 579, laws of 1909, as a consolidation of the New York, West Chester and Boston Railway Company (no. 512), and the New York and Port Chester Railroad Company (no. 438), corporate life, 1,000 years; capital stock, $5,000,000; route not described in the consolidation agreement, but includes all of the routes of the consolidated companies. The manner of converting the capital stock of each of the corporations, parties thereto, into that of the new corporation, was as follows:

By issuing the stock of the new corporation at the par value thereof, at the rate of one share in exchange for four shares of the issued capital stock of each or either of the corporations hereby · consolidated at the par value thereof. Upon presentation and surrender of any outstanding certificate of stock in each or either of said companies, parties thereto, certificates of stock in the new corporation for one-fourth of the shares surrendered shall be issued to the holders of the surrendered shares. Script certificates entitling the holder upon redemption thereof to acquire a corresponding interest in the stock of the new corporation shall be issued whenever the surrendered shares shall be less than four in number." This consolidation was consented to by the Public Service Commission for the second district December 16, 1909.

Abandonment of routes. Chapter 579, laws of 1909, authorized the Company "to abandon any route or any portion of any route of one or the other said railroad corporations so as to make a continuous single or consolidated route extending from the terminus in New York City on the Harlem river, to Port Chester;" but

provided that "nothing herein contained shall be construed as permitting the abandonment of both the routes of the New York and Port Chester Railroad Company and the New York, West Chester and Boston Railway Company, nor shall anything herein contained permit or authorize the abandonment of a branch from Mount Vernon to White Plains."

December 16, 1909, the Public Service Commission, second district, authorized the Company "to abandon such portions of the route of the consolidated corporations as are not necessary to form one continuous route from the Harlem river in the city of New York to the village of Port Chester in the county of Westchester, with a branch line from about 177th street in the city of New York to Throgg's Neck, in said city, and with a branch line from the city of Mount Vernon in the county of Westchester to White Plains in said county, or to the village of Elmsford in said county."

Change of route. April 25, 1911, the Public Service Commission, First District, authorized the Company to change " that part of the route of the main line of said Company in the borough of The Bronx, in the city of New York extending from a point between Ludlow avenue and Westchester avenue east of Whitlock avenue, to a point in White Plains road near its intersection with Sagamore street, and that part of the route of the branch line of said Company in said borough and city extending from a point in 177th street between Van Nest avenue and Berrian street to a point in Bronx Park avenue between Chanute avenue and Craighill avenue," so as to conform with the routes of the Company shown on maps dated December 10, 1910, and filed with the Public Service Commission of the First District. July 11, 1911, the Public Service Commission of the First District amended its order of July 6, 1909, as amended nunc pro tunc by an order of January 15, 1909, so as to permit the Company to operate on the tracks of the Harlem River and Port Chester Railroad Company, between 174th street and the Harlem river already existing, and which were to be electrified.

July 18, 1911, the Public Service Commission of the First District, granted the Company permission to change its route on the

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main line "extending from a point near the intersection of Willis avenue and 132d street to a point between 134th and 135th street east of Willow avenue, so that said portion of the route of said main line would in all respects be and conform to the route shown on the map and profile accompanying its petition, and entitled 'Map and Profile of the New York, Westchester & Boston Railway Company for New York County, N. Y., part of section 1, December 10, 1910," The consent of the Board of Estimate and Apportionment for this change was granted April 25, 1912, and the contracts signed on May 28, 1912. The portion of the route as amended by this grant is described as follows:

Beginning at a point on the Harlem river near the point where Lincoln avenue intersects the north bank of the Harlem river in the borough of The Bronx, and crossing Lincoln avenue between the Harlem river and 132d street; thence running easterly substantially parallel to 132d street between 132d street and the Harlem river to a point approximately 702 feet east of the easterly line of Willis avenue; thence running easterly and contiguous to the existing route of the Harlem River and Port Chester Railroad Company and crossing East 132d street at a point where the center line of the main line is distant approximately 210 feet easterly from the easterly line of Willow avenue; thence running northerly and contiguous to the existing route of the Harlem River and Port Chester Railroad Company and crossing East 133d street and East 134th street at points where the center line of the main line is distant approximately 300 feet and 340 feet, respectively, easterly from the easterly line of Willow avenue; thence running northerly and contiguous to the existing route of the Harlem River and Port Chester Railroad Company and crossing East 135th street, East 136th street, East 137th street and East 138th street between Willow avenue and the Harlem River and Port Chester Railroad.

Stock. In the consolidation agreement it appears that the outstanding capital stock of the ariginal New York, West Chester and Boston Railway Company amounted to $10,841,000, and the outstanding stock of the New York and Port Chester Railroad Company to $9,159,000, or an aggregate of $20,000,000 for the two companies; the new Company was to issue altogether $5,000,000 of stock to take the place of this $20,000,000. The new Company was to issue $40,000,000 of bonds to take up the liabilities of the component companies. December 23, 1909, the Public Service Commission approved this agreement. The consent of the city to this consolidation was given December 21, 1909.

Intercorporate relations. (See also chart VI, no. 9.) January 30, 1913, the Board of Estimate and Apportionment, by resolution adopted that day, and approved by the mayor Februray 6, 1913, authorized the Company to assign its franchise rights to a new corporation to be formed by the consolidation of the Company and the Westchester Northern Railroad Company, the latter a corporation organized for the purpose of constructing a railroad from the terminus of the former company in the village of White Plains, state of New York, to the city of Danbury in the state of Connecticut, with a branch line to the village of Brewsters, in the state of New York; the new corporation to bear the name of the former company, namely, the New York, Westchester and Boston Railway Company.

Construction. January 18, 1912, by resolution of the Board of Estimate and Apportionment, approved by the mayor, the next day, the Company was granted an extension of time for three months from February 2, 1912, to complete the northerly portion of its road from the city line to East 174th street. By resolution of April 25, 1912, approved the same day, the time was further extended to August 2, 1912; and by resolution of July 11, 1912, approved July 16, 1912, the time was still further extended to September 2, 1912.

The road of the Company was opened for operation May 29, 1912, from Adams street in The Bronx to New Rochelle; August 3, 1912 from the Harlem River terminal over the entire constructed route.

January 24, 1913, the Company reported its trackage in New York City as follows: