The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-08-20

featuring purposes. Instead Of swelling, 1t Is
Shrinking in value with the fill of other real
estate. The operation of dumping was hlscpn-
tinu,d. "a was the contract for the New YORK
gati are, n few weeks ago, leaving several great
bitches as examples Of the quagmfes In which
the surplus edTntngs' OF the ROAD nave Deen
sunk.
But the Central has felt tho paws Of another
OF these hears more eficaciOus in its recent
squeeze than the whole wall street menagetle.
he Cent New jersey Land Improvement
Company was Incorporated In 1867. shorty hIter
the railroad company absorbed the other I'm.
prOvement company. Tho preamble recii ed
that the Centr | had found II necessary TO buy
land along its route, portions Of which IL dli
not req ire and that It was desirable to sell
such portions, and undesirable for the company
company he INCORPORATED and hold It's stock
az personal property to carry out these purposes
with power TO buy additional lands IL was pro
vided that on or before the Attn OF july next en-
suing the stock should nrst be offered - the
stockholders In proportion To- Their interests.
follows; John Taylor Johnston, John c. Green,
Moses TAYLOR, Benz. Will mson, Adam NoIrle'
Fred. f. Frelinehuysen, and william n, DouRe'
They were oil directors of the New Jersey Cen
trail. Mr.. freltnghuysen was then Attorney
General OF the State; MIR. Williamson was an
ex Chancellor. hey went on acquiring the
surplus land ut ever, station between Jersey
CITY and Bound Brook. stations were maue
and unmade to suit them. Tiny depots were
plotted and parted and fancfullv fenced 70 NJ
tract settlement. The lands were res0ld by tne
improvement Company Mt handsome prOnt'
MONEY SUNK.
At Dunellen, for example, the railroad com pany
bought 100 acres and retained four Tor the de-
pot The Improvement Company took 1t at $2OJ
an acre; for the iand they sold they got about
slOOO an acre. There was originally curve In the
line OF the road to take in the village OF i'lhn-
Held winch Is the country residence Of Presl-
dent Johnston. But the Improvement Company
subsequently bought the Intervening property,
and tue road was straightened 50 as u run
through it, and a handsome depot was built SO
a. to enhance It's value. The road, IN short, has
been run through New Jersey with IA view To the
profit OF tue improvement Company. lie money
sunk IN the stock OF the American DOCK and
Improvement Company. which sust aus the
costly improvements IN de To forestall the iu-
ture. is charged against the earnings oi the tOhd
IRE money made by the mOhilier operations OF
the Central New Jersey Land Improvement
Company Is the terq iisite OF the Keen anu iar-
sighted direc .urs WAC own Its stock. But While
the Central New Jersey lind lmprovement
Company takes the land, IL does not follow that
IL pays cash dOwn. IL makes Large pront on
sales, but sales are necessarily slow. Then the
railroad company furnishes the money requisite
for the laying vut and grading Of stree $. Ii u
CHARGED again.t tue Lana company on tue BOOKS,
and In this way the land company Is indebted to
the railroad COMPANY to-day to tue amount Ol
about t,OO.uvO Tor grading alone.
MIR. Johnston returned after brief vacation a
to the depreciation In tue stock Of the rail-
road he sii1 tnat 1t VIII De only tomp 1rafy !;
that IN tue reduction Of tue coal business OF tue
road there Is a Just,hcatiOn Tor moderate fdll,
nut nothing more tnat tue m Management have
not attempted 10 tdhe anb re, OF Tue stuck ia
the street that the best MALI OF the year for the
coal business Is siil To come. aud that they
have coal territory under their own control
large enough to make them safe with regard 10
business when IL comes. In regard To his re-
ported illness Mr. johnston SAID, nave been
perfectly well. | hear few OF the vague
rumOrs floating around. They had me resigned
Two or three times. l suppose that was founded
on tue fact that for two or three years nave
been wanting To rid myself Of tue DEALS Of
T business, aud Col. Kane was appointed Ice
President ~ relieve me-.
TRIMMING SAILS
President Johnston added that there was
IA tn ma ~ ma Ia Il dora
trying to drown out" the smaller ones ; That
there 10 no DOUBT an Intentional move 70 de-
a committee appointed lac continued, (Which
Is still Dusy In Investigating the question OF ex-
pense am reducing and TRIMMING sal ia every
POSSIBLE way, 20 as 10 conform tue expenses 10
/ the times. They have been at work for week
or ten DAYS past, aud Will be FOR some time.
What they 10 tuey want 70 do with discreet On.
They have made some very important reduc-
tons IN expenses ALREADY, and have others ia
cputeupl platoon. Mr.. Johnson denied thlt the
failure to connect Win the Del ware and LlckA-
wanna na4 anything ~ do with the depression
J OF the stock.
Vice President Kane, a, his ONCE In Elizabeth,
/ said It Is true tnat Mr.. Johnston has Ueen III,
but no Is mucn better. MIR. Kane attributes the
trouble solely to tue falling OF Of the coal trade.
lie says that the falling on has Ueen great that
! II the cOmbin alton would allow II, the Reading
Railroad COMPANY could put down oupOJO tons
YEAR anu tue New Jersey Cenlrai, Delaware
aud Hudson ana Delaware, Lackawauna aud
expected that the six comptnies VIII
bring more than s,OJJ.)O tons 70 tide
water Mt1gethrr. Inr most the central
ever brought down was about 36Jl,OD tons,
nut tina. was made UP Of the Lehign
Valley aud the Delaware. La,kawAnnA ana
Western coal. He said tlat when these hard
times clmo on. me Central was doing great
local business mat under taeir Communication
| system - oaiv costs ten cent, "A trip TO Eliza
T beth, Just what II costs to ride up town ia an
. pnniDu-. ana yDu are furnished with = seat, in
ste.d OF hanging GA by strap. Col. Kane s4y-
he Is not auNtOIs aUDut the STOCK, tnat he Mas
seen 10 just a. low before tuat ne mas 800
+ SHARES anl has not sold nor bought one lttcy
anu that II hr had the money he would DuN