New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-06-08
FOCAL MISCELLANY.
TIE GREAT JERSEY RAILROAD LEASE

THE GREAT JERSEY RAILROAD LEASE.
,,,pr,sc OF Observation-Disclosures OF THE
pRFsIDENT-THE PROJECT APPROVED
The stockholders of the New-Jersey ian,
rod and Transportation Company held their ai n %
raetpg Yesterday at the depot in Jersey CITY, jon.
Ford Of NewYork. Chairman. and Johh T. Ash
secretary. Tie attendance unusually iais' ST. fine
,cl welch President Of the United Companies
following address: .otiation has
GENTLEMEN As you already know ~ company for
,,cr made with the PENNSYLVANIA RlIf ,ropertv aud
The lease ~ them OF your canal, raj if give you
Y .j,Snd - no per cent on YOU , e., ,.,Ir
sccepfance or rejection Of this ouei Or Motley has been
@ Of traffic betveeR me ,Mo gT
cities Of this continent-he Ht West seeks the
crCai etropolis-fully adeq ~ tteir locatiof 10 do
make them perform 81 tie rsnss 10 end the 30 years
@ q, some of the com piu ~. ! ~
va 49, competition, or 70 tkt hI
guard against Siv and superiority OF our facilities
less ny lhe sia,tion OF our rates ana consequent IN
ana the s.ipeSs: and 10 continue TO show that,
crease OF ~ have souls they may have
cor Ind honor and by all these means
yyostly 70 The amount, and especially TO the Ger
~ stG yony dividends Though increase Of invest
nf is 80 great though some Of rhe expenditures have
Iot vet hid time 70 become productive, though the WORK
ID materials used III the maintenance and operation OF
r roads been from co 20 50 per cent higher than
before the war, though the public demands for more
iyurilus accommodations have added greatly 10 our
expuses and though many OF the rates have been very
I me whole enlarged Investment Of our four companies
il not greatly different from the percentage on the for
uer small investment Our railroads have never been
calculated for heavy freight tunnage. Yet II Is upon
such tunnage. carried in large quantities, at low rates
aud small profits per tun, that most prosperous Iodus
make their gains; and it is upon such that olrs must
mainly rely hereafter. i
The net profits Of the Pennsylvania Railroad Company
In were than three times as much pet mile run
trains with freight with passengers Their pIOht
passercers ours only twOthrds much freight as
passengers. Whom the companies were consolidated
and tucu mutual jeaioues We're 10 longer IN tne WAY
found the transit duties which III the early mex
Ioreuce OF railroad legislation and railroad manage
mcut had been laid upon Us, legal prohibition VI a
htsvy freight traffic. To do such work cheaply, eX-
pelsve preparations must be maie ana large 9uiIies
carried 10 get large quantities rates must .e NV
the law stood, every cent OF pFOn', az IaS' ~
not very unusually low, would have been PAM
10 the State In transit duties As soon
a. We succeeded in getting that pernie'ous
system abolished, in the spring OF 1902 we endeS
10 stimulate cheap freight and succeele' IN te'V' !"
than doubling the way tunnage Il Pelns IN lSo',
great deaf more In the four years since te oos"H
ton the whole tuunace has been treoed. But one G-
seeks the shores Of the Hudson River. Much Of it ought
the west bank % await maj dlSt 10
distributed afterward, the extra carriage, storage
handling. and often extra tcrrage, costs as hueA as
hauling over 200 miles ofrdlToad l..-!.
Now valuable improved property in Jersey CITY is
fOT other purposes. 10 is not available for this We nave
button Along route there many favorane lOcd
mons i4T II We hi'o 5I d P.af
would he effected Of than half the present freight
10 New YORK. With such place Of deposit could
adopt low rates. our local tunnage would become very
great, and sure Of the profits on that, the
evils Of competition would not be at all in pro-
portion traditional nervousness about them Our
way business is not far from hall Of all. Fully inn
pressed with these views Though circumstances did not
formerly permit their expression feeling that the saliva
ton OF the companies required good freight terminus
long ago selected Harsimus Cove the best, and lat
tery only remaining available site for IT, As soon
a. that essential step In the grand mOveme-the con
sOddtOIWas effected, means were taken TO secure IT,
Ii secured just In time % prevent from falling INTO
other hands, 40 IL reach this 70 flowed by
the tide. the Pennsylvania Railroad Company offer
lease works aud pay 10 per cent. But II Is q
great mistake suppose that it, purchase and improve
Intended manly for the business OF that road
which only quarter OF our tunnage IL II Just
absolutely vitality necessary for our own local Dus-
After considerable discussion the subject Of leasing
the Road, the following resolution presented by M.
Duryea OF Newark, was adopted:
esolred stockholders Of the NeVJey Railroad ard Trans
Company their their
eut
agreed Of a perpetuty the Penn
Ctnir Railroad Company -1clls o.
teH per their stockholders
The old Board Of Directors then reelected fol-
lows Dudley s. Gregory, Henry K. Remsen, Hamilton
Fish, Alfred l. Dennis, George X CbetWOOd, MaTln A.
Howell Ferdinand Suydam Nehemiah Perry, and Isaac
W. SCud4uI.