The essential features of the franchise have been summarized substantially as follows in the report of the Committee of the Board of Rapid Transit Railroad Commissioners of the City of New York, dated June 14th, 1902: _First._--A grant by the city in perpetuity of rights, subject, however, to a periodic readjustment of payments at intervals of twenty-five years, as follows: (_a_) To construct and operate a railroad of two tracks from the boundary between New York and New Jersey under the Hudson River opposite the westerly foot of Thirty-first Street, Borough of Manhattan, thence running under the Hudson River and Thirty-first Street to the East River and under the East River to a terminus in Queens Borough. The Company is permitted on notice within ten years to give up the right to these two tracks. (_b_) A like right for a railroad of two tracks beginning near the same point under the Hudson River, thence running under Thirty-second Street to the East River, and under that river to the terminus in Queens Borough, with a right for two additional tracks in Thirty-second Street, west of Ninth Avenue, and one additional track between Seventh and Fifth Avenues in Manhattan. (_c_) A like right for a railroad of two tracks beginning at the station terminal site at Thirty-third Street and Seventh Avenue and thence running under Thirty-third Street and the East River to the terminal in Queens Borough, with a right for one additional track on Thirty-third Street, between Seventh and Fifth Avenues. (_d_) A right to maintain a terminal station occupying the four blocks bounded by Thirty-first Street, Seventh Avenue, Thirty-third Street and Ninth Avenue, the lots on the east side of Seventh Avenue between Thirty-first and Thirty-third Streets, and the underground portions of Thirty-first and Thirty-third Streets, between Seventh and Eighth Avenues and between Eighth and Ninth Avenues, the Company having itself acquired the land included in such four blocks and lots on the east side of Seventh Avenue. (_e_) To occupy for such terminal facilities all of Thirty-second Street lying between the westerly side of Seventh Avenue and the easterly side of Eighth Avenue, and between the westerly side of Eighth Avenue and the easterly side of Ninth Avenue. As soon as the statutory right of the city authorities to make the conveyance shall be put beyond doubt the Railroad Company is obliged to buy such two portions of Thirty-second Street, which will then become completely dedicated to the purposes of their station. (These portions of Thirty-second Street were subsequently purchased by the Railroad Company.)