The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1891-08-05

Canal street. who live on the west side Of the
Hudson River
?. The second merit of this location is its low
grades not exceeding forty feet per mile In
these days Of heavy trains made up OF Pullm an
cars this feature Is absolutely essential 20 the
York.
8. Another. is the ease with which conuec-.
tens can be made with the New York Central
and the New York and New haven lines.
4. fourth advantages Is the opportunity
which Il gives for the extension Of rapid transit
lines across the river 10 high and healthy
part Of New Jersey. now practically inacces-
sibe.
S. Another is the opportunity which It gives
for the construction Of high level line on the
west bank Of the river for shipping coal ana
s. Lastly, the addition to the port of New
York OF three miles OF deep water piers. con-
nected with all the Trunk lines Of railways.
CAPITAL AND BONDS.
Referring to the capital required to
carry on this enormous enterprise Secre-
tary Charles II. Swan OF the New York
Company says
After the union of the Companies is effected
consolidated. consolidated bonds viii be issred'
property and franchises. By the provisions of
of the charters, the companies are entitled 70
issue for value $4,000 0oo. (hfteen million dol
lsrs) of stock and 50.0000O0. dfty million
doarsi Of bonds secured by mortgage. Ac-
curate estimates OF the cost of building and
probable traffic, derived from statistics as TO
In their Jersey terminals by the ten great trunk
lines converging on the Jersey shore op-
posite New York City, give reasonable assurance
that the great bridge. when completed can
earn its fixed charges Of five per cert. on each
bond issue, and dividend for stockholders De
sides.
Az giving the average reader some estimate
OF the enormous traffic moving In q nd out OF the
Jersey terminals each day. we may say that 10
round figures the Jersey railroads move in and
out OF their Jersey terminals every day, owe
$50 messenger trains. and add to this the freight
traffic. which Is much larger, and you will have
a trafffc to 90 er this bridge that no other rail-
road centre in this country can produce. Dur
Ing the year 1890, eighty million passen gers
crossed the Hudson River, via the ferries. and
add to this the freight. we have traffic large
enough to warrant the building OF the bridge.
approaches thereto and depots-
III the bridge is built it win prove a
valuable piece Of property to New Jersey,
for the charter provides that it shall in nc
manner be exempt from taxation. Ihe me
clause in the charter concerning this
reads as follows
The said corporation, the New York and New
Jersey Bridge Company OF the State Of New
Jersey. and the undersigned In the capacities
aforesaid, and being majority Of the SURVIVING
persons interested In the said enterprise hereby
surrender to the State all rights Of exemption
from taxa ton, and all privileges and advan-
tages arising from any alleged contract estao-
fishing any special mode OF taxation in respect
to such parties; and agree further that this &C
eeptancs shall not In anywise affect or impair
the right of the State TO take the property oi
the said parties hereto under any existing law
the State: and further sagree that any law Of
fecting said parties hereto shall be subject tS
alteration or repeal by the Legislature.
The above is the proposed plan, and the
one that the two companies have decided
TO carry out after consolidation. Tht
plans may 10 some particulars be changed
but it is not thought probable that they
will