privilege of one renewal term of ten years at an advance of 10 per cent. per annum over the rental for the first term. The shed on the upland to be erected under the direction and supervision of the Engineer-in-Chief of the Department of Docks and Ferries, and in accordance with plans to be first approved by him. The remaining terms and conditions of the lease to be similar in every respect to those contained in leases of wharf property now in use by the Department of Docks and Ferries and as recommended by the Commissioner of Docks in communication dated May 27, 1904.

Which was unanimously adopted.

The following communication was received from the Commissioner of Docks relative to a cancellation of the existing lease to the Atlantic Transport Company of Pier 40, North river, and adjoining bulkhead, and a new lease of the same pier and bulkhead to the Providence and Stonington Steamship line:

NEW YORK, May 23, 1904.

N. TAYLOR PHILLIPS, Esq., Secretary, Commissioners of the Sinking Fund:

SIR-The Atlantic Transport Company have heretofore occupied Pier, new 40, North river, as extended to the existing pierhead-line, under a lease which runs to May 1, 1913. at a rental of $41,731.78 per annum. They have occupied the half bulkhead south of the pier, an unshedded bulkhead, at a rental of $2,275 per annum under a permit, and have also occupied under a permit the half bulkhead north of the pier at a rental of $3,250 per annum, the company maintaining at the latter half bulkhead a shed constructed on a platform over the water.

This Department is now in receipt of an application from the Atlantic Transport Company for permission to transfer the lease and said permits to the Providence and Stonington Steamship Company, and a request has also been received from the latter company asking that a new lease be issued to the Providence and Stonington Steamship Company for the unexpired term of the present lease, the new lease to include the half bulkheads on either side of the pier, with shedding privileges, and to provide for two renewal terms of ten years each.

After an examination of the matter, I have this day consented to the assignment of the lease of Pier, new 40, North river, to the Providence and Stonington Steamship Company, and I would now respectfully request that the Commissioners of the Sinking Fund authorize the cancellation of the existing lease of the pier and of the execution of a new lease to the Providence and Stonington Steamship Company, for a term of years to commence on the date of the cancellation of the existing lease, which shall be the first day of the month following the adoption of the resolution of authorization by the Commissioners of the Sinking Fund, and to terminate May 1, 1913, covering the said Pier, new 40, North river, as extended out to the existing pierhead-line, the shed now on the pier, and the half bulkheads adjoining on each side of the pier, together with the right to construct a shed on the new-made land extending for a distance of 50

feet inshore from the bulkhead-line from a point midway between Piers 39 and 40, to a point midway between Piers, new 40 and 41, on the North river, and with the further right to extend the shed now on the pier to a point not exceeding 20 feet from the outshore or river end thereof.

The rental for the property as above described for the first term of years to May 1, 1913, to be at the rate of $48,231.78 per annum; the lease to provide for a renewal term of ten years after the expiration of the first term at an advance rental of 5 per cent. per annum over the rental for the first term; and to provide for a second renewal term of ten years at an advance of 5 per cent. per annum over the rental for the first renewal term.

The sheds proposed to be placed on the upland in rear of the bulkhead and on the extension of the pier are to be erected under the direction and supervision of the Engineer-in-Chief of this Department and in accordance with plans and specifications to be first submitted to and approved by him, it being understood that no shed shall be constructed on the upland in rear of the half bulkhead north of the pier nor on the upland immediately in front of the pier until such time as the permit for the platform and shed in front of said half bulkhead shall have been revoked and the said platform and platform shed removed from the premises.

The remaining terms and conditions of the lease are to be similar in all respects to those contained in leases of wharf property now in use by this Department.

It is the intention of this Department to permit the lessee to remain in occupation of the platform now located over the water in front of the half bulkhead northerly of the pier under a permit, no additional rental to be charged therefor in view of the fact that such platform and shed, while maintained as at present located, shall be in lieu of any right to erect a shed over the upland extending inshore a distance of 50 feet in rear of the bulkhead and running from the southerly side of the pier to a point midway between Piers, new 40 and new 41, North river; the permit for the said platform and platform shed will, of course, be revocable at any time, and the Department can therefore cancel such permit and direct the immediate removal of the structures from the premises.

Pier, new 40, North river, as extended, contains an area of 61,250 square feet, and it is proposed to lease the said pier as extended, together with the half bulkhead on either side, with shedding privileges, at a rental of $48,231.78 per annum, with the privilege of two renewal terms of ten years each at an advance of 5 per cent. for each renewal term.

Pier, new 39, North river, contains an area of 61,641 square feet, and said pier, together with the half bulkhead on either side, with shedding privileges, are leased to the National Steamship Company for a term of years to May 1, 1911, at a rental of $45,985.43 per annum.

Pier, new 41, North river, which contains an area of 65,180 square feet, together with the half bulkheads on either side of the pier, including shedding privileges, is leased to the Delaware, Lackawanna and Western Railroad Company to June 1, 1910, at a rental of $37,800 per annum, the lease providing for two renewal terms of ten years each at an advance of 5 per cent. per annum for each renewal term.

The length of the half bulkheads adjoining the above piers are approximately the

same.

From the above comparative rentals it will be seen that Pier, new 40, North river, contains the smallest area and that the proposed rental is considerably the highest to be paid for any of the properties in question.

Yours respectfully,

MAURICE FEATHERSON, Commissioner.

In connection therewith the Comptroller presented the following report and offered the following resolution:

Hon. EDWARD M. GROUT, Comptroller:

JUNE 10, 1904.

SIR-The Dock Commissioner in a communication dated May 23, 1904, states that he has consented to the assignment of the lease of Pier, new 40, North river, at or near the foot of Clarkson street, from the Atlantic Transport Company to the Providence and Stonington Steamship Company. This lease is on its second renewal term of ten years, and will expire May 1, 1913, and the rental as given by the Dock Department is $41,731.38 per annum.

The Atlantic Transport Company has likewise a lease, terminable at the pleasure of the Commissioner of Docks, for the half bulkheads north and south of Pier, new 40, at rentals of $2,275 per annum for the southerly portion and $3,250 for the northerly portion, which contains a shed outside of the bulkhead-line.

The Dock Commissioner now recommends that the Commissioners of the Sinking Fund authorize the cancellation of the existing lease and the execution of a new lease to the assignees of the pier and of the two bulkheads adjoining for a term expiring May 1, 1913, at the same rental for the pier and a rental of $3,250 for each of the bulkheads, the lessee to have the privilege of shedding both of them. The lease to contain privilege of two renewals of ten years each, at an advance of 5 per cent. for each renewal term upon the previous term.

These terms compare favorably with those of the piers immediately adjoining on either side, but are not as high as charged for the piers used by transatlantic steamers and some of the railroad companies, for which the renewals are at an advance of 10 per cent. instead of 5 per cent.

I am informed by a representative of the Providence and Stonington Steamship Company that it proposes to pay to the Atlantic Transport Company the sum of $150,000 for the latter's interest in the shed erected on the pier, and that the sum of $150,000 in addition will be required to build a shed on the extension of the pier and a shed on the bulkhead-line.

Under these circumstances I am of the opinion that the terms as proposed may be properly approved by the Commissioners of the Sinking Fund.

Respectfully,

EUG. E. McLEAN, Engineer.

Resolved, That the Commissioners of the Sinking Fund hereby approve of and consent to the cancellation of the existing lease, to the Atlantic Transport Company, of Pier, new 40, North river, which lease expires on May 1, 1913, and also to the execution of a new lease to the Providence and Stonington Steamship Company, of the same pier, for a term of years to commence on the date of the cancellation of the existing lease, which shall be on the 1st day of July, 1904, and to terminate May

1, 1913, covering the said Pier, new 40, North river, as extended out to the existing pierhead-line, the shed now on the pier and the half-bulkheads adjoining on each side of the pier, together with the right to construct a shed on the new-made land extending for a distance of 50 feet inshore from the bulkhead-line from a point midway between Piers 39 and 40 to a point midway between Piers, new 40 and 41, on the North river, and with the further right to extend the shed now on the pier to a point not exceeding 20 feet from the outshore or river end thereof. The rental for the property above described for the first term of years to May 1, 1913, to be at the rate of forty-eight thousand two hundred and thirty-one dollars and seventy-eight cents ($48,231.78) per annum; the lease to provide for a renewal term of ten years after the expiration of the first term at an advance rental of 5 per cent. per annum over the rental for the first term; and to provide for a second renewal term of ten years at an advance of 5 per cent. per annum over the rental for the first renewal term. The sheds proposed to be placed on the upland in rear of the bulkhead and on the extension of the pier are to be erected under the direction and supervision of the Engineer-in-Chief of the Department of Docks and Ferries and in accordance with plans and specifications to be first submitted to and approved by him, it being understood that no shed shall be constructed on the upland in rear of the half-bulkhead north of the pier nor on the upland immediately in front of the pier until such time as the permit for the platform and shed in front of said half-bulkhead shall have been revoked and the said platform and platform shed removed from the premises.

The remaining terms and conditions of the lease to be similar in all respects to those contained in leases of wharf property now in use by the Department of Docks and Ferries, and as recommended by the Commissioner of Docks in communication dated May 23, 1904.

The report was accepted and the resolution unanimously adopted.

The following communication was received from the Commissioner of Docks, transmitting for approval, terms and conditions of sale of the franchise for a ferry from the foot of East Ninety-second street, Borough of Manhattan, to Astoria, Borough of Queens:

NEW YORK, June 1, 1904.

N. TAYLOR PHILLIPS, Esq., Secretary to the Commissioners of the Sinking Fund: SIR-On May 1, 1904, the lease held by the New York and East River Ferry Company of the franchise for the operation of the ferry between Ninety-second street, East river, in the Borough of Manhattan, and Astoria, Borough of Queens, expired. Under the said lease the company paid a rental of 5 per cent. of the gross receipts, to be not less than $4,500 per annum, together with the sum of $700 per annum for the wharf property owned by the City and used in connection with said ferry.

This wharf property, owned by the City and occupied by the ferry company consists of 142 feet of bulkhead extending northerly from the southerly side of East Ninety-second street, in the Borough of Manhattan, and 66 feet of bulkhead at the foot of Fulton avenue, Astoria, in the Borough of Queens.

After an investigation I felt that the rental heretofore charged for the lease is sufficient and I have therefore had prepared terms and conditions for the sale of a lease of the franchise for a term of ten years from May 1, 1904, at a rental of $700 per annum for the wharf property and 5 per cent. of the gross receipts, to be not less than $4,500 per annum for the franchise. The said terms and conditions of sale are transmitted herewith and I would respectfully request that they be approved. Yours respectfully,

June 9, 1904.

MAURICE FEATHERSON, Commissioner.

SALE OF FERRY FRANCHISE.

PETER F. MEYER, AUCTIONEER.

The franchise of the ferry, as more particularly hereinafter described, will be offered for sale by the Commissioner of Docks, at public auction to the highest bidder. at Pier " A," Battery place, at o'clock 1904, for a term of ten years from May 1, 1904.

M., on the

day of

The ferry to and from Long Island City, Borough of Queens, over and across the waters of the East river or Sound from and to the foot of East Ninety-second street, in the Borough of Manhattan, The City of New York, together with the wharf property belonging to The City of New York assigned to be used, or which has been customarily used, in connection with and for the purposes of said ferry.

Terms and Conditions of Sale.

The lease will be sold subject to the approval of the terms thereof, by the Commissioners of the Sinking Fund.

No bid will be received which shall be less than the upset price, namely, five per cent. (5%) per annum of the gross receipts, such five per cent. (5%), however, to be not less than four thousand five hundred dollars ($4.500) in any one year of said term for said franchise, and seven hundred dollars ($700) per annum for said wharf property for the said term of ten years.

The purchaser will be required at the time of the sale to pay, in addition to the auctioneer's fee (viz., $50), to the Department of Docks and Ferries, $1,000 as security for the execution of the lease, which $1,000 will be applied to the payment of the rent first accruing under the lease when executed or will be forfeited to the Department if the purchaser refuses or neglects to execute the lease, with good and sufficient surety to be approved by the Commissioner of Docks within ten days after being notified that the lease is prepared and ready for execution at the office of the Department of Docks and Ferries, Pier "A," North river, foot of Battery place.

A surety or guaranty company, duly authorized by law to act as surety, to be approved by the Commissioner of Docks, will be required under the lease to enter into a bond of obligation, jointly and severally with the lessees, in the sum of double the annual rent, for the faithful performance of all the covenants and conditions of the lease.