New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-02-04


THE NEw-JERSEY MoNOPOLTs - THEIR INTERIOR
HISTORIAN IMPORTANT CONSOLIDATION.
For the past y years unceasng and fuitess efforts
have been made TO reconcile the conflicting interests OF
the two principal railroad corporations in the State OF
New-Jersey-the Camden and Amboy Company and the
New-Jersey Railroad and Transportation Company To
fully comprehend the nature of the rivalry existing IN
what regarded by nneenths of the travelling public as
one CORPORATION It may be well to explain at the outset the
position Of the roads now In process OF consolidation The
Camden and Amboy, properly known as the JOINT
Companies the line Of railroad from Camden oppo
site Philadelphia TO South Amboy and thence by steam
boat communication to New-York City, the only through
ue over which they have 9lsolpte coutrOl between the
cities ot New-York and philadelphia. They also own
what Is kn5wp the Philadelphia and Trenton Railroad
with an extending branch to New Brunswick. 80
The New-Jersey RS!lroad and Transportation Company
own the line Of railway from NeN-BruDswck TO Jersey
CITY, and In addition the valuable monopoly OF the Jer-
sey City Ferries.
The objective points Of the two corporations are New
York for the Camden and Amboy, and Philadelphia for
the NewJcrsey Railroad and Transportation Companies
The charter OF the former gave what is called the excu-
sive" monopoly" privilege to build and operate rail
way between NewYOri and Philadelphia, for period OF
years, and which will expire by Limitation January 1862
This grant having been recognized contract between
the State and Corporation, has always been sustained by
the Legislature and Courts against all rival interests OF
the Camden and Amboy Company, seeking either extern
sions or through roads between NewYOrk and Phadel-
phia Mr.. Edwin A. Stevens OF HOboken who
holds a controlling interest In the Camden and
Amboy Company, and owning the water front
at Hob0ken, large portion thereon, mas
for many years entertained the project of extending
his road from New brunswick direct to Hoboken, dis
anco OF "a miles, and thus obtaining relief from depend
ency rival equally anxious to make an extension
from New-Brunswick 70 Philadelphia. Previous to 1857
the Morris and Railroad in which Mt stevens Is
large owner terminated a Newark and thence also
dependent the New-Jersey Railroad to reach New
York. The latter company purchased what 1t CLAIMED 10
he the proprietary right granted by the State TO Dlldge
the two rivers between Newark and Jersey City In that
year application was made the Legislature for the
privilege after desperate contest was obtained to eN
tend the Morris and Essex Railroad TO Hobokcn ana the
bridge monopoly claimed by the NewJcrsey Company
was thus destroyed This being regarded as the firt
aggressive step gained by the Camden and AmDoy toward
an extension from New Brunswick to the liudson-an
easterIy terminus having been secured in the in
terost Of Mr. stevens, leaving only the link be-
tween Newark and Ncw-Brunswtck 10 be connected
the New-Jcrscy Company commenced an open hght
for q westerly extension OF their ROAD 10 INC
Delaware River at point between Trenton ana Eastoh'
Once 10 tho Delaware RIVER It would have been
brdged and permission easily obtained from the Pennsy
vasia Legislature to construct road direct To Phadel
phIa thus giving the NewJerscy road through line OF
It's own control direct between NewIork and Phlad'l-
phla but few miles longer than the present connected
route and placing the Camden and Ambey entirely nj itS
mercy The latter I'm the time secured charter In
their interest for "a road from NewBunsvick TO Eliza
beth which when constructed, would leave gap OF but
six miles 10 secure them direct through route, ndepcnd-
ent of the NcwJcrsoy Company The effort oi the New
jersey Company being defeated the first year but not
abandoned, truce ensued between the giant rivals the
only point gained by either being the extension Of the
rf N.Hrr-N '.rI Al lttl
ken Since then all heart burnings have been studiousy
concealed from the public aud In all matter Of state leg
atuu they have acted harmonlOu7y, while AZ the same
time NEGOTIATIONS have been steadily pressed FOR the con-
soiaaton now reported partially contaminated ana to
which the assent oil twotirds Of the stockholders ana
the State viii complete. There Is but little doubt that
this viii DC obtained.
The AGREEMENT IL To- take effect from the 1T OF January
Last The terms thereof have not yet been made public
beyond that the consolidation will be complete both IN
interest aud management The capital stock OF the cam
den and Amboy Is about 100000, with funded debt OF
about the same amount The New-Jersey company has
capital stock Of g. 20OOo with floating debt Of $4,000
II il understood that the same separate organizations will
bo maintained a, now exists: The Ncw-Jerscy company
clccting nine directors the Camden and Amboy sixteen
and the state two; the whocyo act ms Joint Board the
receipt, expenses 10 be kept on Joint accounts and
the dividends OF both to he ~ the rate per cent Of
stock The property Of all will also be the common prop
crty OF The stockholders.
TIE DELAWARE AND RARTTAS CANAL co.
In is26 tho Legislature Of NcwJcrscy granted charter
10 some citizens Of cwYork. 20 construct tho Delaware
and Rartan Canal to connect New and Philadelphia
by a short water route. The Company refusing to buld
the canal within the time specified the charter was an
nulcd In 1850, charter was obtained, aud prnc'
pallv through the efforts Of tho late Commodore Il. f.
stockton who invested lis entire fortune IN the project
the work was commenced ut about the time Of the
building of the Camden and Amboy Railroad The Canal
Company applied to the Legislature FOR authority to conf
srct railroad the bank Of the canal This charmed
the Camden aud Amb,y Company and they refused to so
on with their enterprise until the rival interests could be
rcconclcd which finally accomplished by consoda-
ton such rs has just taken place with the NewJerscy Rail
road and which latter In effect unitcs three giant corpo
raiions into one, though each maintaining distinctive
business organization.
TIE CAMDEN AND AlIBoY RAILROAD.
The Mcssrs Stevens the principal applicants for
the charter aud of whom all deceased excepting
Edwin A. Stevens vino has recently resigned the Pres
dcncy of the JOINT Companies for tho purpose OF visiting
Europe and Is succeeded by VIM. ii. Gatzmor, esq,
the General superintendent Of the Road since its con
struction. After the consolidation Of the railroad and
canal in l<o the corporations assumed the title OF the
Joint Companies, though their strictly legal title In all
legislative enacmcnts is the Delaware and Raritan
Canal Company and the Camden and Amboy Railroad
aud Transportation Companies"
In 1881 supplement was granted 10 the charters, by
which 600 Of the stock transferred to the
State IN consideration Of the State agreeing that no COM
petng road should be chartered for limited number OF
years, commencing within three miles of Camden or
terminating within three miles Of South Amb0y" In
another section OF the supplement IL was enacted:
Thnt when any other railroad roads for the trans
poration Of passengers property between NowIork
and Philadelphia across this State shall be constructed
and used That purpose under and by virtue OF any
law ~ this the United States, authorizing or
recognizing sad road then and In that case the said dvl
bends shall he longer payable to the State, and the
stock shall be transferred to the company ny the
Treasurer OF the State"