The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-01-24
JERSEYS BIG RAILROAD LEASE.
Tho transfer Negotiations Of the p, nsylvanis
and United Companies o. New Jerssy-Prsd-
dent Dennis in thu Hands OF . Herald In
terviewer-His Opinions on tia Situs-
tion-That 100000 State Tax
Interesting Facts and Figures.

Scarcely any subject IL OF 80 much general interest
and Importance TO the travelling pubic Of q very
large section Of this Continent Us the gigantic trans
fer negotiations which are now going ON between
the Pennsylvania Railroad Company and the united
companies OF New Jersey. the former having q
cOntrO ling operating interest In between 1900
and 1000 miles OF railroad, and the latter owning
and operating about $50 miles. running through
seventeen out OF the twenty-O counties cOmprIs.
ing the State Of New Jersey and completely grdiron
Ing it. These negotiations have been under con-
sideration for the last three four weeks and are
looking to lease for
ONE THOUSAND YEARS,
less 3e5 days. OF the smaller to the larger company.
Some considerable time ago the Pennsylvania people
found their business increasing to such an extent
that ere long they must needs have q much more
extended connecting outlet with the great CONNER.
clal entrepot Of the COntneni--New York than was
afforded by the United Railway Company Of New
Jersey. Overtures were made to the latter TO en-
large their depot and other accommodations In
Jersey City. chiefly on the strength Of which the
HARsIMus COVE PROPERTY
was purchased ut cost, including right OF way pur-
chase, OF about two million dollars. This property
when entirely flied In will cover about seventy
acres, ana has frontage on the cove OF about l,0O
feet large portion Of the property Il under water,
and consequently bone OF contention under the
riparian controversy. The Intention was to build
canals do:gs, warehouses and depot on an I'm
suliiclent depth 10 Goat the largest vessel
so that merchandise could DO shipped direct TO any
Part Of the world without transshlpplng rom the
cars 10 lighters and from the latter u the SHIPS In
New YORK, as is now the case. by this plan tho
forasmuch as great saving would De accom- ii shed
IN Issuance rates lghterage and many other Incl.
dental expenses now necessary. Tue work went
bravely on, at least for q while.
HOW CAMDEN AND AMBOY WAS EuCuRED. :
OF course, In order to carry out these Improve
men 8, some legislation was necessary. The State,
under the rinarisl act claimed ownership OF GER
tain lands under water which the railroad people
needed and regarded as their own. The mo.
nopolyn conceived project to
TAKE TIE STATE IN As A PARTNER
and pay over certain percentages in lieu Of the lat
ter's interest The matter was rel FRED to The
Legislature and the Legislature referred the matter
with this conceivlng, probably, that two or the
or more persons were much easier TO manager
than as many dozen. Judge of tneIr amasement,
thirty thousand dollars, they were
ORDERED 10 FORK OVER 100000
for the privilege OF using the IIarslmus Cove sur
merged land. lnis, to- IN view OF the fact as they
believed tlat The matter could be liked just as they
This Is how the Camden and Anlboy monopoly was
eucherei. The stare held the right aid lett UOwers
usc playing q ainst such a hand " that Whah
was most humlating In the matter, too, was
was us'ng acres upon acres Of the same kind Of
property without paying cent for it, And 50. like
Wise, with the Newark ana New York Railroad
This together with other matters, caused cessa-
ton OF active work IN the cove improvements which
would inyolye an outlay Of about SIX mil.
hons OF dollars. Meanwhile the pennsylvania
people kept knocking at the door, demand
Ink more room and accommodations. Not seeing
the way exactly clear "Camden aud AmDoyD de-
cded to work slowly, and this IL what led to the
negotiations now under consideration. The pubic
are already aware that the Pennsylvania roai has
now come forward and offered 60 take lease, as
good az perpetual or the Jersey roads, agreeing to
pay ten per cent on the capital stock, In SIX monthly
~
leading stockholders have already been held, bur
without coming TO any final settlement. In order to
discover the latest phase Of the situation HERALD
representative
president OF the monopoly" ut the atters elegant
residence IN Newark, n. j., yesterday Mr.. Dennia
expressed himself ayerse to appearing In print but
NEW York HERALDs representative. In reply to q
question whether It was likely the proposed
uD wSSsd NE e d sa M q .s s
could not positively say. There were several
propositions under consideration Ono was the
lease, another the harslmus Cove outlay for the
Improvement and another TO allow the Pcnnsylva-
Mia road TO their tracks The latter. In his esti-
nation. utterly impactlcable, as had been serl
ously demonstrated recently at the Rergen tunnel.
Il was Just as impossible. ne thought, to success
fully run two powerful corporations In this way az
TWO wAsHERwoxEN
to wash in the same tub =; There were some Of the
knew bat little about railroad business Inc leading
stockholders ne Thought were favorable to the pro-
position, the Pennsylvania having O1ered to step
right into the consolidated comlanie' shoes and 60
on with the Harsmus Cove Improvement
Another meeting OF the leading OH ers OF the two
roads Will be held in q Re days Tor the purpose OF
further discussing the matter. on the SUBJECT Of the
States right to lands under water Mr. Dennis Is Of
opinion that the State has none Whatever. at least
above low water mark. Ii the State mas really such
q right then Will 1t make
NEW JERSEY THE RICHEST STATE IN THE UNION
In connection with his road Mr.. Dennis said thaE
there was run over 1t DAILY ios regular trains. Dur
Ing the thirty-two years II had been running be.
tween sixty and seventy millions OF people had
been transported over it's line. AS the most extra
ordinary fact In the history or railroalng here or In
any other country, he said that during that
whole period not single passenger had ever
had even limb broken while sItung in his seat In
the Car. Accidents had occurred to passengers,
but never when they nad not exposed their persons
to danger.