ile FEDERAL EBPOBTEB. �cross and eonnect and unite therewith at the same level;" that "the development of the business of passenger traffic on elevated railways in said city has made it necessary for each of said companies to run trains in such manner and with such speed and frequenoy that the <iroBsing of the trains of one company over and upon the tracks of the other company, and the running of the trains of both companies updn the portions of the tfack and route jointly owned or used by them, isdeemed impracticable except at the risk of inconvenience and delay to the public and danger to human life;" that, "after pro- tracted efforts to devise plans for operating all said lines so as to afford to the public perfect fullness of accommodation and safety, it is the opinion of both companies that such management cannot be assured while the trains of the two companies are run under the con- trol of differing managing officers, or btherwise than by placing the lines of both companies under one sole control, with power to change f rom time to time the termini of routes, to regulate and limit the pas- sage of trains from the tracks of one company upon the tracks of the other at the Connecting and crossing points, and to do such other things and make such other changes, from time to time, in the entire management of trafSc upon the lines of both railways, as experience may show to be necessary or desirable ; " that the Manhattan "is by law authorized to construct and operate elevated railroads in the city of New York, whether owned or leased by it, and is willing and desirons to accept," and the Metropolitan and the New York "have agreed to execute and deliver to it leases of all their respective rail- ways and properties as described in this instrument, and in a similar instrument of even date herewith to be executed by the New York," "as lessor to the Manhattan," "upon all and singular the terms, agreements, and conditions herein and therein nientioned and set forth;" that the Metropolitan "has heretofore executed to the Central Trust Company of New York its first mortgage, bearing date July 10, 1878," "securing the bonds therein provided for, the total amount thereof now issued and agreed to be issued being $8,500,000 of prin- cipal; that the Metropolitan "may be hereafter required" by the Manhattan "to issue further amounts of the said bonds secured by the said mortgage in excess of said $8,500,000," for the purpose of construeting and equipping extensions of the line of the Metropolitan, "payment of all which bonds, principal and interest, is to be assumed by the Manhattan;" and that the Metropolitan "haa issued and agreed to issue its capital stock to the amount, at its par value," of $6,500,000, upon which stock the Manhattan "has agreed to guar- ��� �
