and of the Pennsylvania Railroad Company; and the parties hereto of the second part hereby agree by and between themselves that the said lease and renewals shall be subject to their respective rights under the said lease between them.

And it is further mutually agreed by and between the parties hereto that the covenants and provisions hereof shall bind the successors of the parties hereto.

In witness whereof, the Board of Docks has caused these presents to be executed in qua lruplicate, in conformity with its by-laws, by its President, Treasurer and Secretary, for and on behalf of the said The Mayor, Aldermen and Commonalty of the City of New York; and the parties of the second part have caused their respective corporate seals to be hereunto affixed, and these presents to be signed in conformity with their respective by-laws, by their respective President in quadruplicate, the day and year first above written.

[SEAL.] E. C. O'BRIEN, President; GEO. S. TERRY, Secretary; EDWIN EINSTEIN, Treasurer.

[SEAL.] THE UNITED NEW JERSEY RAILROAD AND CANAL COMPANY, by R. F. STOCKTON, President.

Attest: LEROY H. ANDERSON, Secretary.

[SEAL. THE

President.

PENNSYLVANIA RAILROAD COMPANY, by FRANK THOMSON,

Attest: WM. A. PATTON, Secretary pro tem.
Approved as to form.

FRANCIS M. SCOTT, Counsel to the Corporation.

State of New York, City and County of New York, ss. :

On this 15th day of September, A. D. 1897, before me personally appeared Edward C. O'Brien, President of the Department of Docks in the City of New York, and Edwin Einstein, Treasurer, and George S. Terry, Secretary, of the said Department, all to me personally known, who, being by me duly sworn, did severally depose and say that they are respectively President, Treasurer and Secretary of the Department of Docks of the City of New York; that they and each of them reside in the City of New York, and that they have affixed their hands to the foregoing instrument as such President, Treasurer and Secretary respectively, by virtue and authority of a resolution of the said Department of Docks, adopted the 15th day of September, one thousand eight hundred and ninety-seven, and in accordance with the said resolution have caused the seal of the said Department to be hereunto affixed.

[SEAL.]

CHARLES J. FARLEY, Commissioner of Deeds.

State of New Jersey, County of Mercer, ss.:

On the 24th day of September, A. D. 1897, before me personally came R. F. Stockton, to me known, who, being by me duly sworn, did depose and say that he resides in Trenton, N. J.; that he is the President of the United New Jersey Railroad and Canal Company, one of the corporations described in and which executed the above instrument; that he knew the seal of the said corporation; that the seal affixed to said instrument was such corporate seal; that it was so affixed by order of the Board of Directors of said corporation, and that he signed his name thereto by like order. [SEAL.] CHAS. M. DILTS, Notary Public.

State of Pennsylvania, County of Philadelphia, ss.:

On the 24th day of September, 1897. before me personally came Frank Thomson, to me known, who, being by me duly sworn, did depose and say that he resides in Merion, Pennsylvania; that he is the President of the Pennsylvania Railroad Company, the corporation described in and which executed the above instrument; that he knew the seal of said corporation; that the seal

affixed to said instrument was such corporate seal; that it was so affixed by order of the Board of Directors of said corporation, and that he signed his name thereto by like order.

[SEAL.]

S. J. STERRIT, Notary Public.

In connection therewith the Comptroller submitted a report of the Engineer of the Finance Department, as follows:

FINANCE DEPARTMENT, October 7, 1897. Hon. ASHBEL P. FITCH, Comptroller:

SIR-The Department of Docks, in communication to the Commissioners of the Sinking Fund, October 1, 1897, transmits an agreement between the Mayor, Aldermen and Commonalty of the City of New York, acting by the Department of Docks, and the United New Jersey Railroad and Canal Company and the Pensylvania Railroad Company, in relation to the improvement of the water-front at Cortlandt street, North river, duly executed."

This improvement consists in the building of a stone bulkhead in front of the bulkhead owned by the parties named, between Liberty and Cortlandt street, for a distance of 203.03 feet, upon a line 250 feet westerly from the inner or easterly line of West street, and the filling in with solid filling behind the same and completing and finishing the said work, all in accordance with the plan or plans adopted by the Department of Docks, at the cost and expense of the said companies, and under the supervision of the Engineer-in-Chief of the Department of Docks.

In connection with this work the City is to build a similar stone bulkhead, being a continuation on the north of the same, a distance of 66.82 feet, which is appropriated to the sole use of the special kind of commerce carried on by said companies.

The total length of this improvement along the bulkhead line will be 269.85 feet.

According to the agreement the rental of this 66.82 feet of bulkhead is fixed at $4,000 for the first ten years, with four separate renewals, each renewal at an increased rate of five per cent. over the last.

The agreement also provides that for all the land covered by water westerly of the new bulkhead line which will be covered by and is necessary for the construction and maintenance of the terry structures, racks, platforms, etc.," approximately estimated at 46,260 square feet, an annual rental of twenty-five cents per square foot shall be paid.

The agreement also authorizes the parties to build sheds on the new wharf or bulkhead built by them, and also on the 66.82 to be leased as above, to be built in accordance with specifications to be approved by and under the supervision of the Engineer-in-Chief, and upon the termination of the lease and renewals mentioned to be removed by the parties at their own expense.

It also provides that if the City shall determine to acquire and become owner of said sea wall, marginal wharf and improvements and wharfage rights, and shall institute and successfully prosecute proceedings by condemnation to acquire and become the owner of the same, the City shall pay the full value of the said property and wharfage rights at the new bulkhead line, together with the full value of the said pier property and rights appurtenant to said pier, or will repay with interest the entire amount that shall have been expended in carrying into effect this agreement, in addition to the amount of such compensation as the said parties of the second part shall be adjudged to receive for the said wharf property and wharf rights as they exist at the date of this agreement.

There can be no question as to the advantages that will accrue to the City from this improvement, and I can find nothing to object to in the agreement.

Respectfully,

I think the Commissioners of the Sinking Fund may with propriety approve the plans and the agreement. EUG. E. McLEAN, Engineer. Which were laid over for further consideration on Thursday, November 4, 1897, at 12 M., at the Mayor's Office.