New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-04-09
TERMS OF THE LEASE.
THE AGREEMENT BETWEEN THE MET
ROPOLITAN AND INTERURBAN
COMPANIES
IBY TELEGRAPH To THE TRIBUNE.J

Albany, April S-A messenger bearing the
lease Of the Metropolitan Street Railway system
TO the Interurban Street Railway Company. ap-
peared at the Secretary of States office this az
ternoon and filed the document.
The lease is dated February II. 1902. and de-
clares that both the lessor company. the Metro
politan Street Railway Company. and the lessee
the 1nterurban Street Railway Company own
and operate street railways in the city of New
York. The street railway lines owned by the
lessor company are then enumerated. They en-
brace every important road in New-York City
The lines leased and operated by the Metro
politan Street Railway Company are mentioned
This includes the lease of the Third Avenue
Railroad Company.
The Metropolitan Street Railway Company, in
consideration of certain agreements leases for
a period of 500 years to the Interurban Street
Railway Company, all the railroads of the
lessor and all railroads which the lessor may
acquire. together with all the branches, con-
nections. extensions, franchises. rights, powers
and privilege of the lessor to maintain.
struct and operate railroad and railroad routes
all the parcels of real estate hereinbefore de-
scribed, all Of which franchises are subject to
various conditions by which they held by
the lessor. all power houses. car houses, build
ings, poles. troleys, conduits, feeders. cables.
wires and machinery for the production and dis
tributfon Of electrical and other power and all
cars equipment tools and other personality"
The lessee is TO pay all taxes and rentals. The
lessee is also to pay the lessor by way OF rental
for the railroads and property demised "an
amount equal to per cent per annum upon
the existing capital stock of the lessor" The
lessor may pay ont Of it's existing surplus
dividend of one and three-quarters per cent
on April 15 1902. The rentals are based upon
the present issued capital stock Of the lessor.
$50 100000 The lessee guarantees TO every
present and future holder of the S52,GooOOO of
stock of the lessor that dividends upon such
stock at the rate of Z per cent per annurn, shall
be paid during the term of this lease
The lessee If to furnish TO the lessor the sum
of S23 900 000 for the purpose OF paying the
unfunded debt of the lessor and providing for
expenditures for improving, extending and
equpping the lines of railroad and other prop
erty of the lessor and it's subsidiary companies.
At least So 900 Of this amount is to be paid
to the lessor within forty days after the ap-
prevail of the lease by the stockholders Of the
lessor" -
In consideration of the S23, 100000 the lessor
assigns its holdings of the shares OF capital
stock Of the Third Avenue Railroad Company
and some other companies mentioned, 70 the
lessee The act of Incorporation also says;
Unless some other date be hereafter agreed
upon in writing between the parties hereto. the
first day of April, 1902, shall, for the purposes
the lessee takes possession hereunder. whatever
be the actual date thereof
The lease is signed by II H Vreeland- as
president of the Metropolitan Street Railway
Company, and by T p Fowler. as president OF
the Interurban Street Railway Company.