Later Means of Communication 237 



July 3, 1877, the New York, Westchester, and Putnam Rail- 

 road Company was organized as a successor in part of the New 

 York, Boston, and Montreal Railway, organized in 1871. 

 February 18, 1878, the New York City and Northern was 

 organized, and acquired under lease the property of the above 

 mentioned road. July 21, 1879, the West Side and Yonkers 

 Railway was organized. July 8, 1880, the Yonkers Rapid 

 Transit Railway Company was organized. June 4, 1881, 

 the Yonkers Rapid Transit Company, New York division, 

 was organized. October n, 1887, the New York and North- 

 ern Railway was organized after the sale under foreclosure 

 of the New York City and Northern Railway Company, and 

 by consolidation with the above two last-mentioned roads, 

 May 1, 1890, it also acquired under lease the West Side and 

 Yonkers Railway. 



Under judgment of foreclosure against the New York and 

 Northern Railway Company, its property and franchises 

 were sold December 28, 1893, and conveyed January 12, 1894, 

 to J. Pierpont Morgan, J. Hood Wright, and Charles H. 

 Coster as joint tenants. The same day, they organized the 

 New York and Putnam Railroad, under two acts of the Legis- 

 lature of June 7, 1890, and May 12, 1892, and conveyed all 

 property and franchises to the new company. On January 30, 

 1894, the New York and Putnam Railroad was leased by the 

 New York Central and Hudson River Railroad at an annual 

 rental of four per cent, on first mortgage consolidated gold 

 bonds to the sum of $5,000,000 of principal, and upon $1,200,- 

 000 to be issued to retire the five per cent, bonds of the New 

 York and Northern Railway Company. After all these vicis- 

 situdes, the road has become the Putnam division of the leas- 

 ing company. 



The intent of the original projectors of the road was to 



