company of a first mortgage for seven million five hundred thousand dollars ($7,500,000); and a hearing having been given on said application before this Board in the city of Albany on April 18, 1905, William Nottingham appearing for the applicant; and the purposes to which the proceeds of said mortgage are to be devoted appearing from the verified petition and the affidavit of Albert K. Hiscock herein and from evidence at the hearing; and it appearing that the owners of capital stock of said company to an amount equal to that required by the statute have consented to the issuance of said first mortgage, it is

Ordered, That the Board of Railroad Commissioners consents and it does hereby consent to the issuance by the Rochester, Syracuse and Eastern Railroad Company of a first mortgage for seven million five hundred thousand dollars ($7,500,000) on condition that but two million dollars ($2,000,000) bonds shall be issued under said first mortgage under this consent and on condition that said company before issuing the remaining five million five hundred thousand dollars ($5,500,000) bonds or any part thereof under said first mortgage shall apply for and secure the further consent of this Board to such issuance of said five million five hundred thousand dollars ($5,500,000) bonds or any part thereof under said first mortgage. No. 3329.)

(Case

X.

IN THE MATTER OF THE APPLICATION OF THE WALLKILL TRANSIT COMPANY FOR CONSENT TO THE ISSUE OF A FIRST MORTGAGE FOR THREE HUNDRED AND FIFTY THOUSAND DOLLARS ($350,000).

Determination. April 26, 1905.

Application having been made to this Board on April 26, 1905, by the Wallkill Transit Company, under subdivision 10 of section 4 of the Railroad Law, for consent to the issue by said company of a first mortgage for three hundred and fifty thousand dollars ($350,000); and a hearing having been given on said application before this Board in the city of New York on April 26, 1905, W. B. Royce appearing for the applicant; and the purposes for which the said first mortgage is to be issued appearing from the verified petition and the affidavit of Frank G. Brown herein; and it appearing that the owners of capital stock of said company to an amount equal to that required by the statute have consented to the issuance of said first mortgage, it is

Ordered, That the Board of Railroad Commissioners consents and it does hereby consent to the issuance by the Wallkill Transit Company of a first mortgage for three hundred and fifty thousand dollars ($350,000) on condition that but three hundred thousand dollars ($300,000) bonds shall be issued under said first mortgage under this consent and on condition that said company before issuing the remaining fifty thousand dollars ($50,000) bonds or any part thereof under said first mortgage shall apply for and secure the further consent of this Board to such issuance of said fifty thousand dollars ($50,000) bonds or any part thereof under said first mortgage. (Case No. 3339.)

XI.

IN THE MATTER OF THE APPLICATION OF THE NEWARK AND MARION RAILWAY COMPANY FOR CONSENT TO THE ISSUE OF A FIRST MORTGAGE FOR FIVE HUNDRED THOUSAND DOLLARS ($500,000).

Determination. May 24, 1905.

Application having been made to this Board on May 19, 1905, by the Newark and Marion Railway Company, under subdivision 10 of section 4, of the Railroad Law, for consent to the issuance by said company of a

first mortgage for five hundred thousand dollars ($500,000); and a hearing having been given on said application before this Board in the city of New York on May 24, 1905, William Nottingham appearing for the applicant; and the purposes to which the proceeds of said first mortgage are to be devoted appearing from the verified petition and the affidavit of Ernest I. Edgecomb herein; and it appearing that the owners of capital stock of said company to an amount equal to that required by the statute have consented to the issuance of said first mortgage, it is

Ordered, That the Board of Railroad Commissioners consents and it does hereby consent to the issuance by the Newark and Marion Railway Company of a first mortgage for five hundred thousand dollars ($500,000) on condition that but two hundred and fifty thousand dollars ($250,000) bonds shall be issued under said first mortgage under this consent and on condition that said company before issuing the remaining two hundred and fifty thousand dollars ($250,000) bonds or any part thereof under said first mortgage shall apply for and secure the further consent of this Board to such issuance of said remaining two hundred and fifty thousand dollars ($250,000) bonds or any part thereof under said first mortgage. (Case No. 3348.)

XII.

IN THE MATTER OF THE APPLICATION OF THE AUBURN AND NORTHERN ELECTRIC RAILROAD COMPANY FOR CONSENT TO THE ISSUE OF A FIRST MORTGAGE FOR ONE MILLION DOLLARS ($1,000,000).

Determination. May 24, 1905.

Application having been made to this Board on May 22, 1905, by the Auburn and Northern Electric Railroad Company, under subdivision 10 of section 4 of the Railroad Law, for consent to the issuance by said company of a first mortgage for one million dollars ($1,000,000); and a hearing having been given on said application before this Board in the city of New York on May 24, 1905, William Nottingham appearing for the applicant; and the purposes to which the proceeds of said first mortgage are to be devoted appearing from the verified petition and the affidavit of Charles Hoskins herein; and it appearing that the owners of capital stock of said company to an amount equal to that required by the statute have consented to the issuance of said first mortgage, it is

Ordered. That the Board of Railroad Commissioners consents and it does hereby consent to the issuance by the Auburn and Northern Electric Railroad Company of a first mortgage for one million dollars ($1,000,000) on condition that but five hundred thousand dollars ($500,000) bonds shall be issued under said first mortgage under this consent and on condition that said company before issuing the remaining five hundred thousand ($500,000) bonds or any part thereof under said first mortgage shall apply for and secure the further consent of this Board to such issuance of said remaining five hundred thousand dollars ($500.000) bonds or any part thereof under said first mortgage. (Case No. 3350.)

XIII.

IN THE MATTER OF THE APPLICATION OF THE NEW YORK AND OTTAWA RAILWAY COMPANY FOR THE APPROVAL OF THE BOARD OF RAILROAD COMMISSIONERS OF A FIRST MORTGAGE TO SECURE BONDS IN THE PRINCIPAL SUM OF TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($2,500,000).

Determination. June 15, 1905.

Application having been duly made to the Board of Railroad Commissioners by the New York and Ottawa Railway Company, for the consent of said

Board, under subdivision 10 of section 4 of the Railroad Law, to the issue by the said railway company of a first mortgage for two million five hundred thousand dollars ($2,500,000); and a hearing having been given on said application before this Board in the city of Albany on June 15, 1905, Ira A. Place appearing for the applicant; and the purposes for which the said mortgage is to be issued appearing from the petition herein verified by William H. Newman, the president of the said company; and it appearing that the owners of the entire capital stock of the said company have consented to the issue of said mortgage, it is

Ordered, That the Board of Railroad Commissioners consents, and it does hereby consent, to the issue by the New York and Ottawa Railway Company of a first mortgage for two million five hundred thousand dollars ($2,500,000). (Case No. 3358.)

XIV.

IN THE MATTER OF THE APPLICATION OF THE WAVERLY, SAYRE AND ATHENS TRACTION COMPANY FOR CONSENT TO THE ISSUANCE OF A FIRST MORTGAGE FOR FIVE MILLION DOLLARS ($5,000,000).

Determination. June 28, 1905.

Application having been made to this Board on June 26, 1905, by the Waverly, Sayre and Athens Traction Company, under subdivision 10 of section 4 of the Railroad Law, for consent to the issuance by said company of a first mortgage for five million dollars ($5,000,000); and a hearing having been given on said application before this Board in the city of Auburn on June 28, 1905; C. A. Collin and A. C. Wade appearing for the applicant; and the purposes to which the proceeds of said first mortgage are to be devoted appearing from the verified petition herein; and it appearing that the owners of capital stock of said company to an amount equal to that required by the statute have consented to the issuance of said first mortgage; but it being the opinion of this Board from the papers in the case and the statements at the hearing that it should at this time consent only to the issuance of a mortgage for two million dollars ($2,000,000), it is Ordered, That the Board of Railroad Commissioners consents and it does hereby consent to the issuance by the Waverly, Sayre and Athens Traction Company of a first mortgage for two million dollars ($2,000,000). (Case No. 3375.)

XV.

IN THE MATTER OF THE APPLICATION OF ERIE AND JERSEY RAILROAD COMPANY FOR THE CONSENT OF THE BOARD OF RAILROAD COMMISSIONERS TO THE MORTGAGING OF ITS PROPERTY AND FRANCHISES.

Determination. June 28, 1905.

Application having been duly made to this Board by Erie and Jersey Railroad Company for consent of the Board under subdivision 10 of section 4 of the Railroad Law, to the issuance by said company of a mortgage or deed of trust mortgaging and pledging to a trustee therein named any or all of the railroads, property and franchises now owned or hereafter acquired by Erie and Jersey Railroad Company, as security for the payment of its four per cent. (4%) fifty (50) year gold bonds, when and as issued, for an aggregate principal sum not exceeding ten million dollars ($10,000,000), George F. Brownell, Esquire, appearing for the applicant; and the purposes for which the said mortgage is to be issued appearing from the verified petition herein and from the affidavit of Francis L. Stuart filed with said petition; and it appearing that the owners of all of the capital stock of the company to an amount in excess of that required by the statute have consented to the issuance of said mortgage, it is

Ordered, That the Board of Railroad Commissioners consents, and it does hereby consent, to the issuance by the Erie and Jersey Railroad Company of such mortgage securing the payment of four per cent. (4%) fifty (50) year gold bonds for the aggregate principal sum of ten million dollars ($10,000,000).

MEMORANDUM.

It seems

This application has been granted by this Board on this date. pertinent to the Board to say that the mortgage is being issued for the construction at once of this important railroad, which adds to the facilities of transportation of the Erie railroad between Highland Mills and Guymard as well as to the taxable property of the State. (Case No. 3360.)

XVI.

IN THE MATTER OF THE APPLICATION OF THE BUFFALO, BATAVIA AND ROCHESTER ELECTRIC RAILWAY COMPANY FOR CONSENT TO THE ISSUANCE OF A FIRST MORTGAGE FOR THREE MILLION FIVE HUNDRED THOUSAND DOLLARS ($3,500,000). Determination. June 28, 1905.

Application having been made to this Board on June 22, 1905, by the Buffalo, Batavia and Rochester Electric Railway Company, under subdivision 10 of section 4 of the Railroad Law, for consent to the issuance by said company of a first mortgage for three million five hundred thousand dollars ($3,500,000); and a hearing having been given on said application before this Board in the city of Auburn on June 28, 1905, George L. Lewis appearing for the applicant; and the purposes to which the proceeds of said first mortgage are to be devoted appearing from the verified petition and the affidavit of George R. Sikes herein; and it appearing that the owners of capital stock of said company to an amount equal to that required by the statute have consented to the issuance of said first mortgage, and there having been filed with this Board on June 28 a supplementary petition by the applicant to the effect that upon the issuance of this mortgage one hundred and seventeen thousand five hundred dollars ($117,500) of bonds thereunder will be used for the purpose of retiring all of the bonds issued by the Buffalo and Williamsville Electric Railway Company under a first mortgage for three million five hundred thousand dollars ($3,500,000) consented to by this Board on May 24, 1904, and that the said first mortgage of the Buffalo and Williamsville Electric Railway Company will be discharged of record and the said amount one hundred and seventeen thousand five hundred dollars ($117.500) of bonds issued thereunder canceled,-this applicant, the Buffalo, Batavia and Rochester Electric Railway Company, stating that because of the ownership interests in it being substantially the same as the ownership interests in the Buffalo and Williamsville. Electric Railway Company, it is enabled to exchange one hundred and seventeen thousand five hundred dollars ($117,500) of the bonds to be issued under this mortgage for the one hundred and seventeen thousand five hundred dollars ($117,500) bonds issued under the said Buffalo and Williamsville Electric Railway Company mortgage, and to procure the discharge of the said mortgage of the Buffalo and Williamsville Electric Railway Company and the cancellation of the said one hundred and seventeen thousand five hundred dollars ($117,500) bonds of the Buffalo and Williamsville Electric Railway Company, it is

Ordered, That the Board of Railroad Commissioners consents and it does hereby consent to the issuance by the Buffalo, Batavia and Rochester Electric Railway Company of a first mortgage for three million five hundred thousand dollars ($3,500,000) on condition that the said Buffalo and Williamsville Electric Railway Company first mortgage for three million five hundred thousand dollars ($3,500,000) consented to by this Board on May 24, 1904, shall be discharged, after this first mortgage hereby consented to shall have

been recorded, and on condition that the said one hundred and seventeen thousand five hundred dollars ($117,500) bonds issued under said Buffalo and Williamsville Electric Railway Company first mortgage shall be cancelled after this first mortgage hereby consented to shall have been recorded. (Case No. 3368.)

See page 178, first volume, 1904 report of this Board as to mortgage of Buffalo and Williamsville Electric Railway Company.

XVII.

IN THE MATTER OF THE APPLICATION OF THE STATEN ISLAND RAPID TRANSIT RAILWAY COMPANY FOR CONSENT TO THE ISSUANCE OF A FIRST MORTGAGE FOR TEN MILLION DOLLARS ($10,000,000).

Determination. June 28, 1905.

Application having been made to this Board on June 21, 1905, by the Staten Island Rapid Transit Railway Company, under subdivision 10 of section 4 of the Railroad Law, for consent to the issuance by said company of a first mortgage for ten million dollars ($10,000,000); and a hearing having been given on said application before this Board in the city of Auburn on June 28, 1905, Lester W. Clark and George H. Campbell appearing for the applicant; and the purposes to which the proceeds of said first mortgage are to be devoted appearing from the verified petition and the affidavits of George H. Campbell, Patrick H. Cassidy and Edward Curry herein; and it appearing that the owners of capital stock of said company to an amount equal to that required by the statute have consented to the issuance of said first mortgage; but it being the opinion of this Board from the papers in the case and the statements at the hearing that it should at this time consent only to the issuance of a mortgage for five million dollars ($5,000,000), it is

Ordered, That the Board of Railroad Commissioners consents and it does hereby consent to the issuance by the Staten Island Rapid Transit Railway Company of a first mortgage for five million dollars ($5,000,000). (Case No. 3366.)

XVIII.

IN THE MATTER OF THE APPLICATION OF THE CORTLAND COUNTY TRACTION COMPANY FOR CONSENT TO THE ISSUE OF A MORTGAGE FOR FIVE HUNDRED THOUSAND DOLLARS.

Determination. June 28, 1905.

Application having been made to this Board on June 15, 1905, by the Cortland County Traction Company, under subdivision 10 of section 4 of the Railroad Law, for consent of this Board to the issuance by said company of a mortgage for five hundred thousand dollars ($500,000), and hearings having been given on said application before this Board in the city of New York on the 21st day of June, 1905, and in the city of Auburn on the 28th day of June, 1905, Henry A. Dickinson and Edwin Duffey appearing for the applicant, and the purpose for which the mortgage is to be issued appearing from the verified petition and the affidavits of Edwin Duffey herein; and it appearing that owners of capital stock of the company to an amount equal to that required by the statute have consented to the issue of said mortgage, it is

Ordered, That the Board of Railroad Commissioners consents and it does hereby consent to the issuance by the Cortland County Traction Company of a mortgage for five hundred thousand dollars ($500,000). (Case No. 3361.)