equally by the grantees or their assigns and any other company which might thereafter be authorized to construct a road in those streets. The grantees were to keep the tracks clear of snow and ice.

1

The company was incorporated on December 8, 1868, for a period of ninety-nine years with a capital stock of five hundred thousand dollars. In 1871 the legislature granted an extension through certain streets; the act also empowered the use of other railroad tracks upon proper compensation to their owners and the Avenue C Company was authorized to lease its lines or consolidate them with other roads. Compensation to the city was to be determined by commissioners appointed by the Supreme Court pursuant to the General Railroad Act of 1850; otherwise the terms of the franchise were the same as in the original grant.

On May 26, 1874, the franchise and property of this company were sold under foreclosure.

8. THE HOUSTON, WEST STREET AND PAVONIA FERRY RAIL

ROAD COMPANY

This company was a reorganization of the Avenue C Railroad Company, the property of which had been purchased by Ebenezer Beadleston and others under mortgage foreclosure proceedings. Beadleston and his associates on June 3, 1874, organized the Houston, West Street and Pavonia Ferry Railroad Company. The corporate life of the company was to extend for ninety-three years and its capitalization was stated to b two hundred and fifty thousand dollars.2 The Houston, West Street and Pavonia Ferry Company, by deed dated June 9, 1874, received from Beadleston and his associates the former property of the Avenue C

1 Laws of the State of New York, 1871, ch. 19.

2

2 Report of the Public Service Commission, First District, State of New York, 1913, vol. v, p. 486.

Railroad Company, including all rights and franchises; it also acquired by the same transaction all trackage rights entered into by the Avenue C company.1

Since its incorporation the Houston, West Street and Pavonia Ferry Company has obtained only one additional franchise; this grant was made by the common council and approved by the mayor on October 8, 1892, for certain short extensions.2 No new provisions were embodied in this grant.

HOUSTON, WEST STREET AND PAVONIA FERRY RAILROAD COMPANY trackage rights obtained on tracks of other companies

This company, after securing control of several New York city street railways, was merged with the Broadway Railway Company and the South Ferry Railway Company to form the first Metropolitan Street Railway Company.3

2

1 Report of Public Service Commission, op. cit., pp. 486-487.

City Record, vol. xx, pt. iv, pp. 2999-3001.

3 Infra, ch. viii.

9. THE ONE HUNDRED AND TWENTY-FIFTH STREET RAILROAD COMPANY

This company, which soon became a subsidiary of the Third Avenue Railroad Company, was chartered November 26, 1870, by Robert Squires and others for the purpose of constructing a surface railroad on the following streets: Beginning at the Hudson river at the foot of One Hundred and Thirtieth street, to Manhattan street, to One Hundred and Twenty-fifth street to the Harlem river; also from One Hundred and Twenty-fifth street along Third avenue to the Harlem bridge, and from the corner of One Hundred and Twenty-fifth street and Tenth avenue, along Tenth

ONE HUNDRED AND TWENTY-FIFTH STREET RAILROAD COMPANY

avenue to its northern terminus. The capital stock of the company was one hundred and fifty thousand dollars, and it was incorporated for a period of one thousand years.1

The franchise for this road was framed by the legislature in 1870. That body directed the commissioners of the sinking fund of the city of New York to "sell at public auction to the highest bidder the right, privilege and franchise to

Report of the Public Service Commission, First District of the State of New York, 1913, vol. v, p. 1054.

construct, operate by animal power, and use a railroad with a single or double track" in the streets above mentioned.1 The act provided that notice of this sale should be published in at least five daily papers for a period of six weeks prior to such sale. This notice was to specify the day, hour and place of sale, which was to be conducted in the ordinary manner of auction sales, namely, that the franchise should be sold to the person or corporation offering to pay the largest sum into the city treasury. A certificate of purchase was to be issued to the highest bidder provided the amount so bid was paid into the city treasury within ten days thereafter. In addition, the purchaser was required to execute a bond to the "Mayor, Aldermen and Commonalty" for such a sum as the commissioners might determine, to the effect that the road would be in operation at the end of two years. An exception was made for Tenth avenue, and there it was to be completed as fast as the street was "opened, graded and paved." The commissioners were allowed to reject all bids and to re-advertise the sale if, in their judgment, it was for the best interests of the city. The other conditions were the same as the previous legislative grants of this period. In arranging for the sale of this franchise the legislature seems to have taken a broader view respecting franchise grants.

2

This franchise was sold to Robert Squires and others on July 20, 1870, for sixty-seven thousand dollars. In the following November Squires turned the franchise over to the newly incorporated One Hundred and Twenty-fifth Street Company. Just one month later this company's property, rights, and franchise privileges were leased to the

3

1 Laws of the State of New York, 1870, ch. 504.

"Report of the Public Service Commission, First District of the State of New York, 1913, vol. v, p. 1054.

3 3 Ibid., see chart ii, no. 19.

1

Third Avenue Railroad Company for a period of ten years, which lease was renewed on November 1, 1880.2 By a general act of the legislature passed June 12, 1879, any railroad corporation created by the laws of the state which was the lessee of any railroad might take a surrender or transfer of the capital stock of the lessor company. 3 Acting under this law, the Third Avenue Company took over the capital stock of the One Hundred and Twenty-fifth Street Railroad Company, the certificate of transfer being filed with the secretary of state on April 23, 1886.* The road thenceforth became a part of the Third Avenue system.

IO. THE CENTRAL CROSSTOWN RAILROAD COMPANY OF

NEW YORK

The legislature in 1873 granted franchises for the Central Crosstown, the Christopher and Tenth Street, and the Forty-second Street, Manhattanville and St. Nicholas Avenue Railroads.

5

The Central Crosstown Railroad Company was incorporated August 13, 1873, for nine hundred and ninety-nine years, with a capital stock of six hundred thousand dollars. The original franchise was granted to John Sullivan, William Thompson, John C. Macauley and forty-four others, for a railroad on Twenty-third street from the East river to Avenue A to Seventeenth street to Broadway to Fourteenth street to Seventh avenue to Hammond street

1

6

1 Report of the Public Service Commission, First District of the State of New York, 1913, see chart ii, no. 19.

2 Ibid.

$ Laws of the State of New York, 1879, ch. 503.

* Report of the Public Service Commission, First District of the State of New York, 1913, vol. v, p. 1054; see chart ii, no. 19.

5 Ibid., vol. v, p. 265.

•Laws of the State of New York, 1873, ch. 160.