INTERBOROUGH RAPID TRANSIT COMPANY was incorporated in 1902 to operate rapid transit lines in the City of New York. Its capitalization consisted of $35,000,000, in common stock. It acquired by assignment the lease of the original so-called subway of the City of New York, which was opened on Oct. 27, 1904, for a distance of twelve miles. On Jan. 1, 1903, it leased (effective April 1, 1903) the elevated railroad lines in the Boroughs of Manhattan and The Bronx, New York, from the Manhattan Railway Company, for a period of 999 years.
The company in 1935 operated, under lease from the City of New York, 76.10 route miles of municipally owned rapid transit lines, designated as the Subway division, and 41.08 route miles of privately owned elevated railroad lines, designated as the Man hattan division. During the first full fiscal year of operation the company carried 395,716,386 passengers. During the year ended June 30. 1935, it carried 800,749,169 passengers on the Subway division and 214,967,958 passengers on the Manhattan division. Its present outstanding capital stock, bonds and notes aggregate approximately $249,855,100. It went into receivership Aug. 26, 1932 and is now (1935) operated by Thomas E. Murray, Jr., as Receiver under U. S. Circuit Judge Julian W. Mack.
( F. HED.)