The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-05-22
THE GREAT LEASE.

An Abstract OF the Paper that is to Give
the Pennsylvania Railroad Company
Control OF the United Companies OF New
Jersey.
We give here careful digest Of the lease be-
tween the United Companies of New Jersey aid
Philadelphia and Trenton Company aud the
Pennsylvania Railroad Company, by which the
lessons demise all their canal and railroads, and
property real and personal, rolling aud floating
stock, etc, to the lessees for term of 999 years
Crowded that nothing shall be taken to affect
the right of corporate existence of the lessors)
for the rent of 81 94S 500 being equal to $40 per
share, annually, on all the present outstanding
capital stock of the lessons, clear of all taxes
payable quarterly on the first days of July, Oc
tober, January, and April-tbe first two quar-
terly payments to be made together on the first
day of July, 1871. 1t is as follows
/. The lessee to pay the rent at all times during
the said term, Notwithstanding any future action of
any OF the corporations or their stockholders; and
In order to secure the Individual interest OF each
stockholder OF the lessors the right is given 60 him
TO prosecute such suits as may be necessary TO re-
cover his proportonate part of the rent and to nse
II necessary, the name Of the corporations lessons
for that purposes this provision, if desired to be
endorsed on the certificates Of stock.
III. The lessee 10 pay all taxes transit duties and
other charges assessed or imposed on the lessons
during the said term.
amounts that may be recovered against the lessons,
and indemnify them from all claims, etc. during the
". The lessee to maintain and operate the de-
missed works at It's own expense, and to Keep the
same IN bnOrOuRn repair, working order, and con-
dition fully supplied with rolling and oating stock
and equipment, al least equal to that now used, so
that the traffic and business shall be encouraged
and developed and full public accommodation given
on reasonable terms.
v. The lessee to Keep up the sinking funds of the
lessons, and to pay all their debts and obligations
they shall become due.
VI. AS the several loans of the lessons shall be-
come due, they are deliver to the lessee corres
pondipg number of the bonds secured by the mort
gage Of April 20, 1871, whereby to discharge the
same, any difference in value TO be made up by the
difference HaR In
debtedness and the amount authorized to be raised
by the mortgage, to be applied only to permanent
Improvements on the works.
VII. The title of all after-required property to be
taken in the name Of the lessons respectively, and
such property to be subject to the lease.
VIII. TO aid In the development OF the "Harsimus
Cove" property, the lessors whenever the lessee
shall have spent 100000 in improving the same, to
issue the lessee 5000 shares OF their stock and so
from time to time until SO 100000 shall have been 80
spent in such improvements, and 22,50O shares OF
stock issued. No other or further stock to be there
after issued by the lessons. The stock so issued
to bear the same rate OF rent as the present
stock, and to be paid in like manner, clear of all
taxes
TX. The lessee to assume all the contracts liza
bilities, and other obligations of the lessors. All
rights under existing leases to remain in full
force In the event Of the future re-entry by the
X. The lessee to pay $4,000 year to enable the
lessons to keep up their corporate organization
the first half-yearly payment TO be made July l.
1871 and to provide suitable Offices in Philadelphia
trenton, and New York, for the accommodation OF
the directors and officers of the lessons.
be necessary for the use OF the works may, with
their assent, be sold and the proceeds applied
either to the permanent reduction of the funded
debt or to permanent additional improvements on
the works.
XII. The accounts of the lessee to be open to the
inspection OF the President and officials of the
essors-the lessees to furnish annually, on or
before April l, detailed statement OF the business
for the previous year ending December 81 and the
works and premises themselves to be likewise open
to inspection and examination.
XIII. In case OF default continued for ninety
days. in paying the rent, performing these
nans and agreements the lessons to have the right
10 reenter upon the premises, to hold as of their
original estate; the rent be apportioned to the
time of re-entry claim for damages for breach of
covenant to be affected thereby.
EfXlV. At the end OF the term, the essees to rede
| liver the works and premises to the lessons.
XIV. Covenant for further assurance.
XVI. These covenants do bind both parties, their
| successors and assigns.
To perfect the lease as proposed the assent of
| two thirds of the entire stock of each of the
| three companies composing the United Com
| panies is required. The capital of the New
Jersey Railroad is represented by 62,500 shares,
consequently the assent of II ,667 shares must be
| given. The capital of the Camden and Amboy
| is represented by $4,000 shares, requiring for
| approval the assent of SO 3S4 shares. The CAPT
| tai of the Delaware and Raritan Canal is repre-
| sented by 49, ,996 shares, requiring for approval
the assent of SO, 331 shares.