The Sunday tatler and Jersey City express. (Jersey City, N.J.) 1883-1886, 1885-01-18

selling its assets, and giving to the pur-
chasers power to form new corporation
under some general law.
COMMISSION TO CONDEMN RAILROADS.
There is second method of extinguish-
ing these alleged irrepealable contracts
which | will suggest for your consideration.
Nearly all of the principal railroad corpor-
atoms of the State have provisions in their
charters, authorizing the taking of their
roads by the State upon payment of their
cost. In some cases this is limited to the
first cost of the road. The Legislature can
appoint a commission at its present session,
or vest the power in the present State
Board of Assessors, to ascertain the
amount which the State would be obliged
to pay in order to take these roads. The
commission or board could be invested
with power to negotiate with railroad cap
italists for the purchase of these roads, Sc
curing from them the money necessary to
pay the appraistd value and ymenrof such
additional amounts as the State might OBJ
tain by such negotiations. You could also
provide for the transfer of the property
and franchises OF such corporations, and
the creation Of a new corporation under
which these roads could be operated, and
81 ject them to the general tax law of the
State. Under some of the old charters,
where the first cost only is to be paid by
| the State, the improvements made upon
| these roads would go to the State without
| payment beyond the first cost In such
a case the State would acquire, and its
vendee would have the road, and all i'm
provements, upon the payment of first
| cost. Such commission or board should
be authorized to send for persons and pa
| pers, and examine witnesses so as to ascer-
tain the facts necessary to make full re-
port to the Legislature. The State would
then be in a condition to know the amount
of money that would be required to be
paid by its own action, or through its ven
dee. Ample time could thus be given to
intending purchasers to prepare for the
use of the roads in connection with other
systems of travel outside of the State.
The railroads affected would have time to
consider whether it would not be wiser to
accept the general tax laws of the Stat e.
and thus obyiate the necessity of any fur
ther legislation in this direction. The
same questions as to the effect of leases
made by domestic to foreign corporations
would arise in this case, as 10 the case
where the State availed itself of the power
of repeal, as heretofore stated. The con-
siderations heretofore presented it seems
to me, are decisive of the question that
this right of taking the roads, is one which
the State has not waived, and that every
confirmation of lease heretofore made is
subject to this right of the State to take
the roads under the terms of their char
| tiers.
will refer to some of the acts affecting
this question, to illustrate more clearly my
| views.
SOME INTERESTING STATISTICS.
The Delaware and Raritan Canal Com
pany was chartered in 1924, EP. L. 1924
o. 175.l The thirtieth section of this char
ter provides that the State may take the
canal at the expiration of fifty years, from
the completion of the canal and feeder
upon paying the first cost of the same, as i
shall appear at the end of one year aftel
navigation thereon shall have commenced.
A sworn statement of such cost was re-
quired to be filed in the Office of the Sec
rotary of State. Under the charter anC
amendments thereto, passed in 1880 [P. L
1880, p. II, j 1881, Up. L. 1881, p. GA, an6
1854, [P. L. 1854, p. 387, the time for the
appointment of Commissioners is fixed il
the year 1888, the number of Commission
ers to be appointed is determine d, and the
mode of exercising the power or taking tn,
property is fully set forth. This compan,
failed to file the statement of first cost al
required by its. charter
The Camden and Ambov Railroa2 anC
transportation Company was chartered il
: 1880 p. Il. 1880, p. 83;]under that char
ter, and the amendments made in 1873,
, [P. L. 1881, p. "a, and 1854 [P. L. 1854
p. 1877, the State was authorized to taxi
; | the road at the actnal cost of its com
, pletion under similar proceedings, and tn,
year 1883 was fixed as the time for the ap
pointment of Commissioners to make tn,
, appraisement. In 1881 [P. L. 1881, p. 1874,
: the Legislature, in authorizing the consol
|, idation of this company and the cana
! company, provided that the act should no
affect. tor impair the right of the State t,
! take road, canal or feeder, or either O
/. them at the time prescribed in their char
tiers.
The New Jersey Railroad and Trans
portatlon Company was chartered in 1S3
t Up. L. 1882 p. 96, Under this charte
S and the amendments to it, passed in 1856
: [P. L. 1864 p. 1893. the State was author
. lied to take the road at its first cost, an,
the time at which the Legislature Nigh
| cause the appraisement to be made wa
extended to January LIST, 1889. Simila
, proceedings to those heretofore mentione
> were provided for making the appraise
ment and taking the road The swor1
statement of first cost provided for in tn
} charter of 1882 was filed in the office of tn
Z Secretary of State April 8th, 1910. l
: shows the first cost to have been 81, 943
35610
The Legislature in 1867 [P. L. 1867. p
ia, in the act validating and confirming Ger
tain agreements between the companies
owning the railroad line between New
York and Philadelphia, provided for tn
formation of a new company, the adoption
of G new corporate name, and the exercis,
of the corporate powers of the two rail
road and canal companies by the uew cor
poration. 1t provided, however, tina
nothing in the act should be construed t.
extinguish or dissolve the several corpora
tons composing the said consolidated in
terest. The new corporation created un
der this act Of 1867 is known as the United
New Jersey Railroad and Canal Companies
The powers of this new corporation can be
extinguished by the repeal of the act OF
1867 under the general authority contained
in the 9Th section of the general corpora
ton act of February IA, 1916. In 1873 the
Legislature, in the proviso to the act rat
flying the lease of these companies to the
Pennsylvania Railroad Company TP. L.
1873 page 1898, declared that nothing in
the act should be construed as waiver of
any of the rights of the State IN the cor
porations named In the act.
THE MORRIS ESSEX FOR 1927, 900.
The Morris and Essex Railroad Company
was incorporated in 1885 [P. L. 1885, page
25.1 Its charter is subject to repeal, and
| also provides substantially for the taking
of the road fifty years after its completion,
| at its cost, in a similar manner to the
roads before mentioned
Asworn statement of cost was required