5 2 9 2 1 / GIFT APR S4 '31P STP lOOQ-ISO-12 (B) No. Ill Board of ^Estimate and Apportionment 3 = CITY OF NEW YORK -.1 1 i fryu-ychise, ^ '^"^^ ^y REPORT BY THE BUREAU OF FRANCHISES ■tJPON THE APPLICATION -OF / THE STOCK QUOTATION TELEGRAPH COMPANY for a franchise to construct, maintain and operate conductors in conduits within the entire City of New York, except that portion of The Bronx east of the Bronx River, for the purpose of operating a "stock ticker" system, with suggestions as to the proposed form of contract. DKCHMBEK 16, 1912 University of California Southern Regional Library Facility M. B. BROWN PRINTING & BINDING CO., 49-57 Park Puice. New York. The City of New York. 1 Board of Estimate and Ai-portionment, [ UuREAU OF Franchises, | Room 801, 277 Broadway, December 16, 1912. | Hon. William J. Gayxor, Mayor, Chairman of the Board of Esliniate and Appor- lioniiu'iil: Sir— There is submitted herewith a proposed form of contract to govern the graiit of a franchise applied for by The Stock Quotation Telegraph Company, authorizing it to use the streets in all the Boroughs of the City, with the exception of that portion of the Borough of The Bronx lying east of the Bronx River, lor the laying and maintaining of wires used in the operation of electrical printing instruments, com- monlv known as "stock tickers." the circumstances which led to the tiling of the petition for this authority may he briefly recited as follows : _, . . . On October 14, 1910, the Commissioner of Water Supply, Gas and Electricity, in a communication presented to the Board that date, called attention to the fact that this company and two others were using tlie streets apparently without aiilhority therefor, and the matter was thereupon referred to tliis Bureau for investigation and report. On November 11, 1910, the Bureau presented its report to the Board, and a resolution was adopted requiring all the companies in question to furnisli proof of their alleged authority to use the streets of the City, and, on December 12. 1910, the Board directed that upon the receipt of the documents called for, the Lorpi>ratioa Counsel be requested to advise the Board as to the claims of the company. In view of the large number of companies involved, this Bureau separated them into two groups, and on May 2i. 1911, reported to the Corporation Counsel regarding the Auxiliary Fire .-Marm Telegraph Company group, in relation to which he rendered his opinion on October 11 of the same year. Upon tlie receipt of this opinion, the Bureau compiled the data relating to the other companies, including tlic one under con- sideration at the present time and, on October 31, 1911, submitted to him a report re- lating to such companies. The opinion on the latter group was rendered Decemlitr 29, 1911, and presented to the Board January 18, 1912, and held the companies con- cerned to have rights, if any, of very doubtful character, whereupon they were called upon to submit petitions for franchises. The petition of The Stock Quotation Telegraph Company was received b'ebruary ", 1912, and a public hearing held on the same April 25. Since that time this Bureau has been in communication with the company and has prepared a form of contract, regarding which a conference was held at tliis office on October 29, 1912. when certain modifications were made at the suggestion of the company's representative. Orr/aiihalioii of Company. The Stock Quotation Telegraph Company was formed, as a telegraph company. under and in pursuance of the Telegraph Companies' .\ct of 1848, to construct a lii'e nf telegraph, commencing at the Barge office on Broad street, in The City of New York, and thence extending tlirough various streets and aventies and sucli adihtional highwavs as might be deemed necessary from time to time. The certilicale of incor- poration whicli was liled in the office of the Secretary of State, Deeemlier 2, 1882, fixed the capital stock of the company at $1,(X)0.(K)0, and the corporate existence was stated to terminate May 1, 1933. Tlie certilicate does not state the form of telegraphy nor the kind of instrument which the company proposed to operate, but it api)ears to have started business as a so-called "ticker" company, and continued in that business to the present dav. It also appears to have started its operations in the present Bor- oughs of Manhattan and The Bronx in 1882. but. from the data ascertainable, docs not seem to have extended to tlie Bnrougli of Bronklyn until 1893. .■\fter the commencement by tlie (.'ity of the proceedings looking to an investiga- tion of the company's franchise, and on January 12, 1912, it filed with the Postmaster General a certificate of acceptance of the Post Roads .-Kct of Congress. It also clainT; to he under the jurisdiction of the Interstate Commerce Commission, hccau.se of the fact that it is now operating in the cities of New York, Chicago, Philadelphia, Pitts- l)urgh, Cincinnati. Boston, New Haven and Baltimore. On August 29, 1890. the companv tiled with the Secretary of State a certificate reducing its capital stock to $250,000, the said certilicate reciting that it then had out- standing a bonded debt of $200,0CO. Since that time, however, it has restored the stock to $1,COO.OOO, all of which is outstanding, but has retired all its bonds. The company has earned from its entire business an average of slightly more than $300,000 gross a year, during the past six years of which it claims about one-half was earned in The City of New York. Operations in Xcii.' York. The Stock Quotation Telegraph Company is at the present time engaged in this City in the furnishing of general news service, including financial matters, sporting news, election news and items of general interest, to subscribers, by means of ticker instruments, from the central oftice located in its own building at 26 Beaver street, Korough of Manhattan. It may be stated that it has no connection with the New York Stock Exchange, all its news being obtained through reporters, correspondence, by means of leased telegraph lines to other cities, and from the United Press .Asso- ciation and the New York News Bureau Association. Any quotations furnished by it are matters of general news interest which are obtained indirectly by means of its news service and the service of the above-mentioned associations. In the Borough of Manhattan the company operates largely by means of conductors laid in the ducts of the Empire City Subway Company. Ltd.. it using over eight miles of duct space. A large part of its wiring, however, is overhead on poles and housetops. It also leases from the \\estern Union Telegraph Company, the Gold and Stock Telegraph Com- pany, and the Postal Telegraph-Cable Company about 228.500 feet of wire, of which 39,600 is on the Brooklyn Bridge. In the Boroughs of The Bronx. Brooklyn and Queens (the others in which it is operating at the present time), its operations are carried on by means of overhead wires on pole lines. The current used by the com- pany is of too high tension to allow of the use by it of any wires in the cables of the New York Telephone Company. There are two types of instruments used by the company, one of which prints on a tape and the other on a sheet, the latter being known as a page or bulletin printer. General news is furnished on the tape machines, but the bulletin printers are only used for the furnishing of financial news, except in special cases when sporting news and the like is sent out after the close of the financial district. These bulletin printers and their connections, etc.. are owned by the Stock Quotation Company, but the service over the same is furnished by the New York News Bureau Association, with which the Stock Quotation Company is closely allied. The business of the company is somewhat in the nature of a news business, its wires and instruments being only used in the dissemination of news items. The com- pany does not hold itself out to receive or transmit messages and its equipment is such that it cannot do so. The method of operation is about as follows : Upon the receipt of news from the news associations with which it is connected, or over its leased wires or from its own reporters, the item is edited and put in the proper shape for transmission to its subscribers. It is then turned over to the oper- ator, who sends the same over the wires from a transmitter by pressing the appro- priate letter key of the alphabet or the proper figure key. This passing through the switchboard transmits electrical impulses to the ticker instrument, causing the type- wheel therein to turn to the corresponding letter or figure and thereupon make an im- print on the tape or page roll. A technical description of the general system of operation furnished by the com- pany's superintendent is as follows : A keyboard, used in transmission of messages, is connected directly to what is known as the transmitter by a number of wires arranged in alphabetical order. The tranmitter regulates the position of the armatures of the line relays on what is known as the circuit switchboard. The vibration of the line relays synchronize with the revo- lutions of the transmitter. To every revolution of the transmitter the relay moves from one side to the other, then back again. The relays moving in this manner accord- ing to the number of revolutions of the transmitter vibrate between a positive and a negative battery, which is supplied by the power plant. The vibration of the relays between these two mentioned polarities send out on the ticker line an alternating cur- rent which causes the escapement on the tickers to move from side to side. The es- capement controls the location of the type-wheel. When the operator wishes to print a letter on the tape, he presses that letter on the keyboard, thus making a contact by holding down the desired key ; this contact causes the transmitter to stop momentarily, which in turn holds the relays on one side or the other, according to the position of the transmitter at the time of stopping. The stopping of the vibrating relays holds their armature on either the positive or negative pole, as the case might be. thereby causing a stronger current to flow out on the ticker line than when the relays were vibrating. This strong current is sufficient to overcome the spring tension of the print- ing magnet (which magnet is not influenced b}- the vibrating current, as it is not stronK enough to pull the armature), and the letter whose key is pressed on tlic key- board is printed on the tape. The current on the ticker line while the relays are vibrating measures about one-tenth of an ampere. When the contact is prolonged by holding the relays on any one side, the current measures seven-tenths of an ampere. It is stated that possibly two hundred circuits could be operated by one keyboard. The above description refers particularly to what is known as the tape ticker, but the so-called financial bulletin or page ticker is operated on the same principles, though so far improved as to warrant a new patent by the Government of tlie United States. The company reports having aliout 1. 100 instruments of both types in operation in this City, of which more than 9U0 are in the Borough of Manhattan and 104 are in the Borough of Brooklyn. Form of Contr.\ct. Limitation of Grant. Section 1 of the proposed form of contract, together with subdivision seventeenth of section 2, expressly limits the grantee to the operation of ticker instruments only. In the laying of wires for this purpose, it is required to lease the same from the Em- pire City Subway Company, Ltd., in Manhattan and The Bronx, and is authorized to imild just such conduits as are needed for the accommodation of its wires in the other Boroughs, where there is no general system of underground duets. No authority is given for the use of overhead wires and the contract provides for the removal of those in existence, when rquired by the Board or the Commissioner of Water Supply, Gas and Electricity. Duration of Grant. The term of this contract is made to run for a period of fifteen years from Jan- uary 1, 1913, with the privilege of renewal of the same for a further period of ten years. This is a term of the same period of duration as that allowed other local com- panies in the nature of telegraph companies to which franchises have been granted by the Board, liut has been made to run from January 1, 1913, in view of the fact that the original form as prepared contemplated its linal granting at about this date, and lixed the compensation for past use and occupation on that theory. Compensation. The compensation proposed is a $12,000 initial payment, $5,000 for use and occu- pation of the streets of the City since October 4, 1911, and the following annual per- centages : 1-irst five years, 3 per cent., with a minimum of $4,500 Second live years, 4 per cent., with a minimum of $7,000. Last live years, 5 per cent., with a minimum of $10,000. The initial payment originally suggested to the Company was $10,000, Init upon its request to be authorized to operate in the Borough of Richmond, in addition to the other boroughs, the sum was raised to $12,000. The sum charged for past use and occupation is slightly in excess of the yearly minimum for the first five years, as it was anticipated that the contract would proliably lie executed in approximately a year from October 4, 1911. The date from which the period runs is fixed by the opinion of the Corporation Counsel first rendered, holding various district companies to be without franchises. The percentages of gross receipts are fixed at three, four and five per cent., in \iew of the fact that all of the operations of the Company, with very slight excep- tions, require the use of the streets under the franchise itself and its earnings are therefore dependent entirely upon its authority to lay its wires through public prop- erty. The minimums are fixed with due regard to the amount the Company stales it is earning in The City of New York. Reversion of Properly. The clause requiring the reversion of the property of the Company in the streets has been inserted in the form of contract, following the precedent established, and in accordance with the Corporation Counsel's interpretation of section 73 of the Charter. When the Company's representative, however, was in this office on October 29, 1912. he made strong objection to the retention of this clause, but was informed as to the cause of its insertion. Later, on October 31, a communication was addressed to the Companv reganling the matter, but since that date nothing furthrr has transpired. It was nut thought, hnwcvcr. that the present case presented any siuh new features as to warrant the consideration of any change in the provision rccpiiring reversion of property and the clause in question has, therefore, been retained. Rates. The rates set forth in the form of contract are those which the Company advises it is at present charging, and regarding which no objection has been tiled with the Board or with this Bureau. The City has been given the privilege of half rates if it desires the Company's service, and the Board is vested with the control of the Com- pany's rates in the future. Security Deposit. The security deposit is fixed at the sum of $12,000, which, after consideration, was thought to be sufficient to protect the interests of the City in the event of a default on the part of the Company, and is a larger sum than the greatest minimum annual pay- ment which will be required during the original term of the grant. Special Conditions. In accordance with the suggestions of the administrative officers of the City, the sixth subdivision of section 2 has been amended so as to give those departments greater jurisdiction over the Company's operations. The first paragraph requires the Company to maintain and operate the system subject to "departmental rules and regulations now in force or which may be adopted," in addition to ihc laws and ordinances. The second paragraph of this subdivision has been strengthened by authorizing the insertion in any permits granted by City offi- cials, for any work of construction, of a clause requiring the proper restoration of the surface of the streets and avenues disturbed. The third paragraph of this subdivision is entirely new, so far as franchises are concerned, and has been inserted upon the suggestion of the President of the Borough of Manhattan. The furnishing of the map required by this paragraph will keep the Borough President's records regarding construction, so far as this Company's activities require such construction, in an up- to-date condition. General. The remaining provisions of the form of contract submitted herewith are simi- lar to those used in general cases, and hardly need to be commented on here. A copy of the contract as submitted with this report, with the exception of the provision which makes the term run from January 1, 1913, was transmitted to the Company on October 31, 1912. with a request that it advise as to its attitude regarding the same, and at the request of its representative, four additional copies were for- warded on November 14, but no definite statement has been received from them up to the time of writing this report. I, however, considered that as the matter had been so long in abeyance some report should be made to the Board, and addressed a fur- ther communication to Counsel for the Company, advising of my intentions, on De- cember 3. The Company, therefore, has notice of the fact that this matter is to be submitted on December 19. If the Board agrees to the form of contract, the same should be submitted to the Corporation Counsel for his approval as to form, after which it can be entered in the minutes for thirty days, ordered advertised in the City Record, and in two daily newspapers, to he designated by the Mayor, with a notice of the llnal public hearing thereon. A resolution for adoption is herewith submitted. Respectfully, HARRY P. NICHOLS, Engineer, Chief of Bureau. Synopsis of Proposed Form of Contract. Section 1. Grant. Section 2. (Conditions) First — Term of grant. Second — Compensation to be paid. Third — Compensation continuous. Fourth — No assignment except with consent of City. F'ifth — Reversion of property to City. Sixth — Provisions for administrative supervision. Seventh — Company's plant to be kept in approved manner. Eighth — Construction to be underground. Ninth — Company to bear all expense. Tenth — Company's structures not to hinder public works. Eleventh — Company's structures to be altered if grades and lines of streets are altered. Twelfth — Company to extend service to applicants. Thirteenth— Maps to be lilcd. l"ourteenth — Rates to be charged. Fifteenth — Board has power to regulate rates. Sixteenth — Deposits from subscribers. Seventeenth — Restriction on use of wires. Eighteenth — Company assumes all liability. Nineteenth — Grant nut e.xclusivc. Twentieth — Penalties for inefficient service, etc. Twenty-first — Contract may be terminated for failure to operate. Twenty-second — Reports to Comptroller. Twenty-third — Reports to Board. Twenty-fourth — Security deposit. Twenty-fifth — Contract may be forfeited for failure to comply. Twenty-sixth — Devolution of authority. Twenty-seventh — Meaning of words "notice" and "direction." Twenty-eighth — Definition of "streets and avenues." Twenty-ninth — Grant subject to rights of abutters. Section 3. Public Service Commission's jurisdiction not affected. Section 4. Covenant on part of Company. 8 THE STOCK QUOTATION TELEGRAPH COMPANY. Proposed Form of Contract. This contract, made this day of 1912, by and between The City of New York (hereinafter called the City), party of the first part, by the .Mayor of said City, acting for and in the name of said City, under and in pursuance of the authority of the Board of Estimate and Apportionment of said City (hereinafter called the Hoard), and The Stock Quotation Telegraph Company (hereinafter called the Com- pany), party of the second part, witnesseth : In consideration of the mutual covenants and agreements herein contained, the parties hereto do hereby covenant and agree as follows : Section 1 — The City hereby grants to the Company, subject to the conditions and provisions hereinafter set forth, the right and privilege to lay, construct, maintain and operate suitable wires or other electrical conductors under the streets and avenues within the Borough of Manhattan and the portion of the Borough of The Bron.\ lying west of the Bron.x River, and to lay, construct, maintain and operate suitable wires or other electrical conductors, and the necessary conduits for the same, under the streets and avenues within the Borough of Brooklyn, the Borough of Queens, and the Borough of Richmond, for the purpose of electrically connecting its offices with each other and with other olTices and with subscribers, so as to allow of the distribution of general news, financial news, and other matters of general interest, over the said wires to printing telegraph instruments, commonly known as stock tickers, and for no other purpose whatsoever. Section 2 — The grant of this privilege is subject to the following conditions, which shall be complied with by the Company : First — The said right and privilege to lay, construct, maintain and operate wires or other electrical conductors in conduits, for the purpose aforesaid, shall be held and enjoyed by the Company for the term of fifteen (15) years from January 1. 1913, with the privilege of renewal of said contract for a further period of ten (10) years, upon a fair revaluation of said right and privilege. If the Company shall determine to exercise its privilege of renewal, it shall make application to the Board, or any authority which shall be authorized by law to act for the City in place of the Board. Such application shall be made at any time not earlier than two (2) years and not later than one (1) year before the expiration of the original term of this contract. The determination of the revaluation shall be sufficient if agreed to in writing by the Company and the Board, but in no case shall the annual rate of compensation to the City be fixed at a less amount than the sum required to be paid during the last year prior to the termination of the original term of this contract. If the Company and the Board shall not reach such agreement on or before the day one (1) year after the expiration of the original term of this contract, then the annual rate of compensation for such succeeding ten (10) years shall be reasonable, and either the City (by the Board) or the Company shall be bound upon request of the other to enter into a written agreement with each other fixing the rate of such compensation at such amount as shall be reasonable, but in no case shall the annual rate so fixed be less than the sum required to be paid for the last year prior to the termination of the original term of this contract, and if the parties shall not forthwith agree upon what is reasonable, then the parties shall enter into a written agreement fixing such annual rate and at such amount as shall be determined by three disinterested free- holders selected in the following manner : One disinterested freeholder shall be chosen by the Board ; one disinterested free- holder shall be chosen by the Company ; these two shall choose a third disinterested freeholder, and the three so chosen shall act as appraisers and shall make the revaluation aforesaid. Such appraisers shall be chosen at least six (6) months prior to the expiration of this original contract, and their report shall be filed with the Board within three (3) months after they arc chosen. They shall act as appraisers and not as arbitrators. They may base their judgment upon their own experience and upon such information as they may obtain by inquiries and investigations, without the presence of either party. They shall have the right to examine any of the books of the Company and its officers under oath. The valuations so ascertained, fixed and determined shall be conclusive upon both parties, but no annual sum shall, in any event, be less than the sum required to be paid for the last year of this original con- tract. If in any case the annual rate shall not be fixed prior to the termination of the original term of this contract, then the Company shall pay the annual rate theretofore prevailing until the new rate shall be determined, and shall then make up to the City the amount of any excess of the annual rate then determined over the previous annual rate. The compensation and expenses of the said appraisers shall be borne jointly by the City and the Company, each paying one-half thereof. Second-The Company shall pay to the City for the privilege hereby granted, the following^^s^u,n^s^on.oney:^ thousand dollars ($12,000) in cash within thirty (30) davs after the date upon which this contract is signed by the Mayor. -> The further sum of live thousand dollars (?5,000) m "*' 'c"- "^e and occupation of the streets of the City since October 4, 1911, to be paid within thirty (30) davs after the signing of this contract by the Mayor. 3 During the lirst term of live years, an annual sum which sha 1 in no case be less than forty-live hundred dollars ($4,500) and which shall be equal to three (3) per cent, of its gross annual receipts within the •-'%• 'f ^""■■" percentage shall exceed the sum ot forty-live hundred dollars (HMW). 4. During the second term of live (5) years an annual sum xyhich shal in no case be less than seven thousand dollars (?/.ng \m and all payments to be made by the terms of this contract to the City by the Company shall not be considered in any manner in the nature of a tax but such pay- ments shall be made in addition to any and all taxes of whatsoever kind or description now or hereafter required to be paid by any ordinance of the City, or resolution ot the Board, or any law of the State of New \ork. Third— The annual charges or payments shall continue throughout the whole term of this contract (whether original or renewal), notwithstanding any clause in any statute or in the charter of any other company providing for payment for similar rights or franchises at a different rate, and no assignment, lease or sublease of the rights or privileges hereby granted (whether original or renewal), or of any pan thereof shall be valid or effectual for any purpose, unless the said assignment, lease or sublease shall contain a covenant on the part of the assignee or lessee th.it the same is subject to all the conditions of this contract; and that the assignee or lessee assumes and will be bound by all of said conditions and especially said conditions as to payments, anvthing in any statute or in the charter of such assignee or lessee to the contrary notwithstanding, and that the said assignee or lessee waives any more favor- able conditions created by such statute or its charter, and that it will not c aim by reason thereof, or otherwise, exemption from liability to perform each and all ot the conditions of this contract. Fourth— The rights and privileges hereby granted shall not be assigned, either in whole or in part, or leased or sublet in any manner, nor shall the title thereto, or right, interest or property therein, pass to or vest in any other person or corporation what- soever either bv the act of the Company or by operation ot law. whether under the provisions of the statutes relating to the consolidation or merger of corporation.s or otherwise, without the consent of the City, acting by the Board, evidenced by an instrument under seal, anything herein contained to the contrary thereof in any wise notwithstanding, and the granting, giving or waiving of any one or more ot such consents shall not render unnecessary any subsequent consent or consents. Fifth— Upon the termination of this original contract, or, if the same be renewed, then at the termination of the said renewal term, or upon the termination ol the rights hercbv granted for any cause, or upon the dissolution of the Company betore such termination, the wires and equipment of the Comiiany constructed pursuant o this contract within the streets ..".l .ivnuus shall become the property of the City 10 without cost and the same may be used or disposed of by the City for any purpose whatsoever, or the same may be leased to any company or individual. If, however, at the termination of this contract as above, the Board shall so order by resolution, the Company shall, upon thirty (30) days' notice from the Board, remove any and all of its wires and other equipment constructed pursuant to this eon- tract and the said streets and avenues shall be restored to their original condition at the sole cost and expense of the Company. Sixth — The Company shall construct, maintain and operate its electric system sub- ject to the supervision and control of all the authorities of the City who have jurisdic- tion in such matters, as provided by the Charter of the City and in strict compliance with all laws or ordinances or departmental rules and regulations now in force, or which may be adopted affecting companies operating electrical conductors in the City. No construction or repair of said electrical system shall be commenced until written permits have been obtained from the proper City officials. In any permit so issued, such officials may impose such conditions, as a condition of the granting of the same, as are necessarv for the purpose of protecting any structures in the streets and avenues and the proper' restoration of the surface of such streets and avenues over which such officials have jurisdiction, and the Company shall comply with such conditions. Upon completion of any work of construction, the Company shall furnish to the President of the Borough a plan of such character as he may direct, showing accurately and distinctly the location, size and type of construction and complete dimensions of the structures erected, installed or constructed under this contract. and the location and dimensions of all substructures encountered during the progress of the work; the depth below the street surface of the new structures and of the substructures encountered must be shown, also their location with reference to the nearest curb line and the nearest curb line intersection. The electrical and other equipment to be installed by the Company, whether the same be under streets and avenues, in any Department of the City or in private property, shall be constructed and maintained subject to the approval and under the supervision and control of the Commissioner of \Vater Supply. Gas and Electricity. Seventh — The plant, conduits, wires, conductors, connections, instruments and all appurtenances thereto, shall be constructed, maintained and operated in the latest approved manner and with the most modern and improved appliances, and it is hereby agreed that the Board may require the Company to improve or add to its plant, conduits, wires, conductors, connections, instruments and appurtenances, frorn time to time, as such conditions or improvements are necessary in the opinion of the Board. Upon failure on the part of the Company to comply with the direction of the Board within a reasonable time, the rights hereby granted shall cease and determine. Eighth — All cables and wires of the Company laid pursuant to this contract shall be placed in ducts, conduits or subways (referred to in this paragraph as subwavs). in the Borough of Manhattan and that portion of the Borough of The Bronx west of the Bronx River, such subways shall be leased from the company or companies having control thereof under the provisions of law. or from the City, should it succeed to the rights of such company or com- panies. In the other territory in which the Company is authorized to operate by virtue of this contract, it may construct subways for the accommodation of its cables and wires. If the City shall construct or acquire subways for electrical conductors in any or all of the Boroughs, the Company hereby agrees to lay its wires and con- ductors in such subways and the City agrees to lease to the Company such space as may be required for the operation of the system hereby authorized. No cables or wires shall, in the future, be strung above the surface of the streets and avenues liy the Company, and those at present in existence shall be removed and placed undeground when and where required by the Board or the Commissioner of Water Supply. Gas and Electricity. Ninth— It is a condition of this contract that the Company shall bear the entire expense of all work undertaken by reason of this grant. Any alteration to the sewerage or drainage system, or to any other subsurface or to any surface struc- tures in the streets required on account of the construction or operation of the underground conduits herein authorized to be placed in the streets, shall be made at the sole cost of the Company and in such manner as the proper City officials may prescribe. Tenth — It is agreed that the right hereby granted to lay and maintain conduit'; shall not be in preference or in hindrance to public work of the City, and, should the said conduits in any way interfere with the construction of public works in the streets and avenues, whether the same is done by the City directly or by a con- tractor for the City, the Company shall, at its own expense, protect or move its 11 conduits and their appurtenances in the manner directed by the City officials having jurisdiction over such public work. „„ •„ ,.,v,;m, .1,0 Eleventh-Should the grades or lines of the streets and avenues ,n wh'ch t'K Company is herebv authorized to operate be changed at any tmie during the term of Ts -contract, or any renewal thereof, the Company shall at '«! '-" ^^^P^^ ^• change its conduits and appurtenances to conform with such new grades and lines, and during the construction of any public improvement upon said streets or ave- nues t",e Companv shall take care of and protect its conduits and appur enances at its own expense, all to be done subject to the direction of the City oft.cial haMUg jurisdiction over the construction of such change. tion ized (*Xtcn(l lis wires lU suv-ll |m^.iih;«\:^ tiiivt t k.i •■■^>. ..^.... -. " 1 ir ■! ua or corporation, provided that such premises are not more than one-half m.e from anv other premises in which the Company has its apparatus installed at the ''"Vwri'eJmrTlie Company shall file with the Board on the first day of.Novem- ber in each vear a map or plan upon which shall be plainly and separately 'n