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Brooklyn and Jamaica Eailroad to any suitable point on the East river in the village of Williams-burgh.
By chapter 358, laws of 1836, the Company was authorized to construct and maintain a branch railroad from some convenient point on its main line to the village of Hempstead; such construction to be made under the same provisions of law governing the construction of the main line.
By chapter 277, laws of 1839, the Company was authorized to construct such branch railroad in any part of Long Island as it might deeni expedient and necessary, in cases where the landholders offered the land required for such construction free of expense. There was a stipulation, however, that no branch road should be constructed at the expense of the Company until it had completed and was ready to put into operation the main track of its road, the time for constructing which was extended 10 years.
By an ordinance of the common council of the city of Brooklyn, passed November 2, 1839, the terms of the occupancy of Atlantic avenue by the Company were fixed.
By ordinance passed March 29, 1844, the common council of the city of Brooklyn authorized the Company to construct a tunnel through Atlantic street for the use of its road. Excavation for the tunnel was to extend from the easterly side of Columbia street on the west, to the westerly side of Boerum street on the east. It was stipulated, however, that as soon as the tunnel was constructed, the iron rails, machinery and fixtures of the Brooklyn and Jamaica Railroad between the points mentioned, were to be removed from the street surface. The Company was also to remove its cars, engines and other fixtures used or permanently placed in Atlantic street between Court and Hicks streets, to a wharf or wharves in the neighborhood, by means of a single or double track, so that all of the Company's operation in loading and unloading freight should be conducted beyond the limits of the street.
By chapter 166, laws of 184Y, the time of the Company to construct its road was again extended 10 years.
By chapter 220, laws of 1853, passed April 13, 1853, all railroad corporations operating on Long Island were authorized to continue the use of the motive power then used by them, and to regulate the time and manner in which passengers and property should he transported over their roads.
By an agreement entered into between the Company, The Brooklyn and Jamaica Railroad Company and the city of Brooklyn, dated April 10, 1855, and ratified by chapter 475, laws of 1855, the perpetual right to occupy a strip 30 feet wide in the center of Atlantic avenue as extended, and in the center of Schuyler street, as widened, exclusively for railroad purposes, was obtained.
By chapter 65, laws of 1860, the Company was authorized to extend its railroad from Jamaica to Hunter's Point.
By chapter 413, laws of 1862, the third section of chapter 277, laws of 1839, which had conferred upon the Company the right to construct a branch railroad in any part of Long Island, upon certain conditions, was amended so as to authorize the Company to construct any branch railroad in any part of Long Island, except the county of Kings, subject to the provisions of the General Railroad Law. But no such branch railroad was to be constructed west of the eastern boundary of the village of Jamaica.
March 13, 1876, the common council of the city of Brooklyn adopted a resolution giving The Atlantic Avenue Bailroad Company of Brooklyn, or any company acquiring by lease or otherwise a right to use the railroad then in Atlantic avenue, permission to restore steam as the motive power for the operation of its locomotives and cars.
By chapter 187, laws of 1876, The Atlantic Avenue Bailroad Company, and the lessee of that portion of its road extending from the junction of Atlantic and Flatbush avenues oastwardly to the City line, were authorized to operate cars in this portion of Atlantic avenue by steam power.
August 24, 1898, the Company took a lease from the city of New York of the 34th street ferry for a term of ten years from May 1, 1898.
June 22, 1907, the Board of Bapid Transit Bailroad Commissioners gave the Company authority to construct the so-called Montauk cut-off and the Glendale cut-off, in the borough of Queens. The certificate authorizing this construction was approved by the Board of Estimate and Apportionment, July 8, 1907, and by the mayor, July 15, 1907.
October 5, 1909, by an agreement with the commissioner of docks, the Company renewed its lease of the 34th street ferry for a period of one year from May 1, 1909.
By order of the Public Service Commission, first district, dated July 28, 1911, the Company was authorized to relocate that portion of the route of its main line and north side divisions from a point about Strykes avenue, Woodside, to a point near Maurice avenue, Winfield, in the borough of Queens.
Change of motive power. Motive power was changed from steam to electricity as follows: From Flatbush avenue to Rockaway Park, July 28, 1905; Flatbush avenue to Jamaica, August 30, 1905; Flatbush avenue to Belmont Park, October 2, 1905; Jamaica to Springfield Junction, October 16, 1905; Flatbush avenue to Valley Stream, December 11, 1905; Springfield Junction to Valley Stream, May 17, 1906; Jamaica to Hempstead, May 26, 1908; Woodside to Jamaica, June 23, 1910; Woodside to Woodhaven Junction, June 23, 1910; Woodside to Pennsylvania. Station, September 8, 1910; Valley Stream to Long Beach, September 8, 1910; Winfield to Whitestone Landing, October 22, 1912.
Stock and bonds. By chapter 277, laws of 1839, the Company was authorized to increase its capital stock to $2,2-50,000, and to issue bonds to the same amount. By chapter 166, laws of 1847, the Company was authorized to increase its capital stock from $2,250,000 to $3,000,000. This was all issued in 1851. By chapter 368, laws of 1867, the provisions of the General Railroad Law of 1850, authorizing the increase of the capital stock of any company formed under that act, was extended and made applicable to The Long Island Railroad Company. In anticipation of the passage of this act, the stockholders of the Company at a special meeting called for the purpose on April 9, 1867, had authorized an increase of the Company's capital stock from $3,000,000 to $4,000,000. June 27, 1881, the stockholders voted to increase the capital stock from $4,000,000 to $10,000,000. This action was approved by the state engineer, July 14, 1881. It appears that in the same year $9,960,700 had been issued. In 1882 it was stated that the entire capital stock had been issued. March 20, 1889, the Company secured the approval of the Kailroad Commission to an increase of its capital stock from $10,000,000 to $12,000,000.
In 1851 the Company had a funded debt approximating $512,000, bearing interest at six per cent, and a floating debt amounting to substantially $7,400. In 1860, the funded debt was $755,997. In 1868 the Company's construction account was stated as $4,495,814. During that year a floating debt of $75,000 was stated. In 1870 the funded debt had increased to $1,500,000, and the floating debt to $240,000. In 1875 the floating debt was stated as being $183,403. An additional item is shown for this year in the sum of $33,000, described as a "Balance of New York State Loan." In October, 1877, a receiver was appointed who took possession on or about the 26 th of the month. In a report for that year, the receiver stated that the total amount of funded debt was $1,881,750, the floating debt $1,157,860 subject to a credit of $25,728 due from the Southern Railroad Company of Long Island, and that the cost of the road and equipment was $6,160,059. In 1882 the funded debt had increased to over $4,000,000, while the floating debt had decreased to substantially $254,000. In 1895 the funded debt was over $16,000,000, and in 1899, amounted to $21,501,940.53. In the " Details of Additions and Betterments" as given in its report for this year, there appears an entry of $15,866 for electric road construction between Far Rockaway and New York and Rockaway Beach Junction. This marks the beginning of the electrification of the Company's lines. January 27, 1904, the Railroad Commission approved the issue of a refunding mortgage for $45,000,000, dated September 1, 1903. In 1906, the aggregate funded debt was given as $42,418,702.88. In 1912, in a report to the Public Service Commission, Second District, the Company stated that its funded debt was over $56,000,000, and that it had a permanent debt of substantially $59,000,000.
Intercorporate relations. (See also chart V, no. 24.) By chapter 94, laws of 1836, The Brooklyn and Jamaica Railroad Company was authorized to lease its road from Brooklyn to Jamaica to The Long Island Railroad Company, for such term or terms of years and at such rent and upon such conditions as might he agreed upon between the two companies, and The Long Island Railroad Company was authorized to take and hold the Brooklyn and Jamaica Railroad in accordance with the terms of any such lease, and also to enter into an agreement for the absolute sale and purchase of the same if it so desired. December 1, 1836, The Long Island Railroad Company took a lease of The Brooklyn and Jamaica Railroad Company for a period of 44 years and six months.
By chapter 166, laws of 1847, the Company was required, in consideration for the right to construct its road to the village of Williamsburgh, as provided for in its charter, to pay to the president and directors of the Williamsburgh Turnpike Road and Bridge Company for the stockholders of the latter Company, the sum of $37.50 for every share of that Company's stock. As soon as such payment had been made or tendered the Company was to be entitled to all the rights, privileges and property of the Turnpike Company, and be suhject to its debts and obligations. Provision was made, however, for the abandonment of the turnpike upon notice being given of such abandonment to the commissioner of highways. By chapter 146, laws of 1853, the section of the act of 1847 relating to the Company's Williamsburgh branch, and the purchase of the stock of the Williamsburgh Turnpike Road and Bridge Company, was repealed.
April 10, 1855, by authority of chapter 220, laws of 1853, ratified by chapter 475, laws of 1855, the Company entered into an agreement with the city of Brooklyn and The Brooklyn and Jamaica Railroad Company, whereby a certain strip of land in Atlantic avenue was ceded to the city of Brooklyn. Restrictions were imposed as to the operation of trains in Atlantic avenue, and payments to The Brooklyn and Jamaica Railroad Company were required; and in exchange therefor, this Company acquired a permanent right of way 30 feet in width, in Atlantic avenue so extended, and in Schuyler street, thus widened.
By chapter 444, laws of 1859, the Company was authorized to lease and operate any other railroad on Long Island under the Company's charter.
May 9, 1861, the lease of The Brooklyn and Jamaica Railroad