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Common car-
riers, on
approval of
P. S. C.
may issue
stocks and
evidences
of debt
payable in
more than
12 months.

Notes payable in less than 12 months without consent.

Franchise not to be capitalized.

Restriction on capital stock.

Stock, Bonds And Other Evidence Of Indebtedness A common carrier, railroad corporation or street railroad corporation organized or existing in the state of New York, may, with the consent of the proper Public Service Commission, issue stocks, bonds, notes or other evidence of indebtedness payable at periods of more than 12 months after the date thereof, when necessary for the acquisition of property, the construction, completion, extension or improvement of its facilities, or for the improvement or maintenance of its service or for the discharge or lawful refunding of its obligations or for the reimbursement of moneys actually expended from income, or from any other moneys in the treasury of the corporation not secured by or obtained from the issue of stocks, bonds, notes or other evidence of indebtedness of such corporation, within five years next prior to the filing of an application with the proper commission for the required authorization, for any of the aforesaid purposes except maintenance of service and except replacement; but this provision shall not apply to any lawful issue of stock, to the lawful execution and delivery of any mortgage or to the lawful issue of bonds thereunder, which shall have been duly approved by the Board of Railroad Commissioners before July 1, 1907. Nothing herein contained shall prohibit the commission from giving its consent to the issue of bonds, notes or other evidence of indebtedness for the reimbursement of moneys heretofore actually expended from income for any of the aforesaid purposes, except maintenance of service and replacements, prior to five years next preceding the filing of an application therefor, if in the judgment of the commission such consent should be granted. Such common carrier, railroad corporation or street railroad corporation may issue notes, for proper corporate purposes and not in violation of any provision of this chapter or any other act, payable at periods of not more than 12 months without such consent, but no such notes shall, in whole or in part, directly or indirectly be refunded, by any issue of stock or bonds or by any evidence of indebtedness running for more than 12 months without the consent of the proper commission; provided, however, that the commission shall have no power to authorize the capitalization of any franchise to be a corporation or to authorize the capitalization of any franchise or the right to own, operate or enjoy any franchise whatsoever in excess of the amount (exclusive of any tax or annual charge) actually paid to the state or to a political subdivision thereof as the consideration for the grant of such franchise or right; nor shall the capital stock of a corporation formed by the merger or consolidation of two or more other corporations, exceed the sum of the capital stock of the corporations so consolidated, at the par value thereof, or such sum and any additional sum actually paid in cash; nor shall any contract for consolidation or lease be capitalized in the stock of any corporation whatever; nor shall any corporation hereafter issue any bonds against or as a lien upon any contract for consolidation or merger. Whenever it shall happen that any railroad corporation shall own or operate its lines in both districts it shall, under this section, apply to the commission of the second district; 1907, ch. 429, Bee. 55.

Upon all reorganizations the amount of capitalization, including By reorgantherein all stocks and bonds and other evidence of indebtedness, shallized comPany be such as is authorized by the commission which, in making its deter- Approval mination, shall not exceed the fair value of the property involved, tak- of P* S' ing into consideration its original cost of construction, duplication cost, present condition, earning power at reasonable rates and all other relevant matters and any additional sum or sums as shall be actually paid in cash, provided, however, that the commission may make due allowance for discount of bonds; 1912, ch. 289, sec. 1, constituting section 55a of the Public Service Commissions Law.

Use Of Tracks Of Other Company
(See also Lease, Transfer or Agreement)

Street surface railroad.

Except for necessary crossings, no street surface railroad company joint occushall construct, extend or operate its road in that portion of any street Pationin which a street surface railroad is lawfully constructed, except with the consent of the other company; provided that any two or more companies may unite and use each other's tracks for a distance not exceeding 1.000 feet, whenever the court shall be satisfied that such use is necessary and for the public convenience to connect main portions of main° por-* a line to be constructed as an independent railroad; 1884, ch. 252, sec. tions of a 14; same, 1890, ch. 565, sec. 102, and 1910, ch. 481, sec. 183. lme'

Made also to apply to the use of tracks of a railroad for 1,000 feet To connectwhen such use is necessary to connect such independent railroad with witl1 a feiry* a ferry; 1892, ch. 306, sec. 2; same, 1910, ch. 481, sec. 183.

Any railroad corporation in the state whose cars are operated by To connect horses or other motive power upon the surface of the street, except in t^ai?' ^Q^se. New York County, may for the purpose of connecting with a depot or car house, intersect and use, for not exceeding 500 feet, the tracks of any other railroad corporation upon payment as agreed or upon failure to agree upon payment determined in a manner provided for by the Condemnation Law; 1890, ch. 565, sec. 97; same, 1910, ch. 481, sec. 177.

Rapid transit railroad.

Any rapid transit railroad corporation may cross, intersect, join and Junction unite its railroad with any other railroad before constructed at any P°intspoint on its route and upon the grounds of such other railroad company with the necessary turnouts, sidings and switches and other conveniences, and if the two corporations cannot agree upon the amount of compensation or the points and manner of such crossings and connections, they shall be ascertained by commissioners appointed in a manner provided for acquiring title to real estate; 1875, ch. 606, sec. 26, Bubd. 3.

OPERATED RAILROADS OF GREATER NEW YORK

List of Companies whose properties were operated January 1, 1914; distinguishing succession by change of name, by foreclosure and by merger, and operation under lease or under operating agreement, with a numerical reference to the successor and operating companies

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The Brooklyn Cable Company

Brooklyn Central and Jamaica R. Co

The Brooklyn Central Rail Road Company

The Brooklyn City and Newtown Rail Road Co.. . The Brooklyn City and Ridgewood Rail Road Co. The Bklyn City, Hunter's Pt. and Pros. Pk. R. Co.

The Brooklyn City Rail Road Company

Brooklyn Crosstown Railroad Company

Brooklyn Elevated Railroad Company

Brooklyn Elevated Railway Company

Brooklyn Elevated, Silent, Safety Ry. Co

Brooklyn, Flatbush and Coney Island Ry. Co....

The Brooklyn Heights Railroad Company

The Bklyn, Prospect Pk. and Flatbush R. R. Co . . Brooklyn, Queens County and Suburban R. Co... Brooklyn Union Elevated Railroad Company.... Brooklyn, Winfield and Newtown Railway Co..

Bush Terminal Railroad Company

The Bushwick Railroad Company

Calvary Cemetery, Greenpt. and Bklyn. R. R. Co,

Canarsie Railroad Company

The Central Crosstown R. Co. of New York

The Central Pk., North and East River R. Co. . .

The Central Railroad Co. of Long Island

Chambers Street and Grand Street Ferry R. Co...

Christopher and Tenth Street Rail Road Co

City Island Railroad Company

Columbus & Ninth Avenue Railroad Company... The Coney Island and Brooklyn Rail Road Co—

The Coney Island & East River Railway Co

Coney Island and Gravesend Railway Company The Coney Island Elevated Railway Co

DeKalb Avenue & North Beach Railroad Co.. The Dry Dock, East B'way and Battery R. R. Co

East New York and Jamaica Railroad Co

Eighth Avenue Railroad Company

Flushing and College Pt. Electric Railway Co. The Flushing and College Point Street R. Co...

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