Interborough Consolidated Corporation - 1915-22 dated New York Railway Stock Certificate

Stock printed by American Bank Note Company, New York. Available in Purple, Blue, Green or Red. Please specify color. The Interurban Street Railway Company was established on November 25, 1901, with the purpose of acquiring the insolvent North Mount Vernon Street Railway. On February 14, 1902, the Interurban leased the financially troubled Metropolitan, which had been overcapitalized and suffered from excessive liabilities. Subsequently, the newly created Metropolitan Securities Company purchased the shares of the Interurban, which in turn took control of the stock of several subsidiaries belonging to the Metropolitan. On February 10, 1904, the Interurban's name was officially changed to the New York City Railway Company.

Additionally, on February 8, 1904, the Metropolitan leased the Central Crosstown Railroad, which it had previously owned, along with the Christopher and Tenth Street Railroad. On November 1, 1905, the Fort George and Eleventh Avenue Railroad, which had been under the Metropolitan's control since its establishment in 1898, commenced operations on 145th Street and entered into an operational agreement with the New York City Railway. The New York City Interborough Railway commenced its street railway operations in the Bronx and Upper Manhattan on May 31, 1906, serving the stations of the Interborough Rapid Transit Company, which had authority over it. Earlier, in January 1906, the Interborough and Metropolitan reached an agreement to merge their assets, leading to the incorporation of the Interborough-Metropolitan Company on January 24, which acquired a controlling interest in the Interborough Rapid Transit Company, Metropolitan Street Railway, and Metropolitan Securities Company. However, the Panic of 1907 severely impacted the system, and on September 24, 1907, the New York City Railway was placed into receivership.

Following the initiation of receivership, the leases and operating agreements of New York City Railway were annulled, and their assets were transferred to the receivers of the subsidiaries in 1908: 

• Third Avenue Railroad along with its extensive system on January 12 
• Metropolitan Street Railway on August 1 
• Central Park, North and East River Railroad in August
• Twenty-eighth and Twenty-ninth Streets Crosstown Railroad on October 1
• Second Avenue Railroad in 1910
• The Fulton Street Railroad was discontinued on June 1, 1908 

The remaining lines of the Metropolitan Street Railway were managed by the receivers until January 1, 1912, at which point they were handed over to the Interborough Consolidated Corporation.

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