The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1892-08-26
WILL NOT AFFECT THE DEAL
President Mcleod Says the Traffic Ar
ransement VIII Go on just the Same.
Special to the Jersey City Net0s.

Eresloent mcleod says the Traffic Ar
rangement VIII Go on just the Same.
Special to the Jersey CITY Ne,0s.
PHILADELPHIA, Aug. 20. 1885,. President
Mcleod, OF the Philadelphia and Read
ing Railroad Company, last night gave
out the following statement in reference
to the opinion filed by Chan cellor McGill,
Of New Jersey
81 have no information as to the con-
tents of the opinion fled by the Chan
cellor, but if it is as l suppose, that he has
restrained by Injunction the operation of
the Central Railroad of New Jersey by
the Port Reading Company, the practical
operations of the property will be at once
surrendered to the directors of the Cen
tral.
"This cannot have the effect of chang
ing or d1sarranglnR our traffic arrange
are so obviously advantageous to both
parties that neither could afford to inter-
rupt or change them. The only differ
ence will be that the business will be
conducted under the immediate direction
of Mr.. Maxwell. as President of the Gem
tral, instead of the Port Reading. lam
satisfied Mr.. Maxwell will conduct these
operations just as economically and adj
vantageously as they could be under the
lease, and as Mr.. Maxwell and his asso.
ciates of his board own in their right own
an absolute majority of the stock of the
tion OF these properties is permanently
assured.
"Mr. Maxwell and his associates have
been and will continue to be in hearty
sympathy with the plans for uniting the
joint properties in one great harmonious
trunk line system, and whether the lease
TO the Port Reading shall be ultimately
sustained or not in the further progress
of the case makes but an inappreciable
difference in our plans.
WILL OF COURSE APPEAL.
The order entered is that of an inter-
mediate tribunal on preliminary hearing
only on eX parte affidavits, and not upon
evidence, and an appeal lies to the Court
of Errors and Appeal. We shall, of
course. avail ourselves of that right until
the final judgment OF the Court Of last re-
sort is reached.
"lnasmuch as the arrangements made
We're perfectly satisfactory to all inter
ested IN the property, and in view of the
magnitude of the questions involved, it
seems TO me the Chancellor has taken a
great responsibility upon himself In max
ing SO important an order on mere ex
parte afidavits, instead of waiting in the
usual and orderly administration of JUS
tlce for the hearing Of the cause upon the
evidence.
''The decision of the Chaacellor is all
the more remarkable. for the reason that
j am advised there is no record where
any Chancellor or Court has awarded it's
injunction on preliminary hearing and
ex parte afhdavits in a case involving
great public works and such immense fn.-
terests of stockholders who might be
affected. In such cases, / am informed.
the 1nvarlable rule in every State, inelud-
ing New Jersey. has been not to issue
such writ until after q full and final
hearing upon the law and evidence.
affording an opportunity for review be-
fore the Courts of last resort,
IL the decision was in any way in
nuenced by the clamor over the price of
coal in New Jersey, the Chancellor could
very readily have ascertained from the
affidavits on file that neither his decree
nor the lease itself could have any effect
on, that commodity as neither the Gem
trail Company nor the Port Reading are
mtners'or shippers of coal.
NO EFFECT ON THE COAL TRADE.
1t will not effect the coal trade either,
No part of it is in the hands of either the
Central, the Philadelphia 81 Reading
Railroad Company. or the Port Reading;
that is wholly different subject The
Philadelphia & Reading Coal aud Iron
Compnny controls the output of the coal
companies. and of most OF the individual
operators on all three lines by contracts
in pennsylvania, which it is authorized
by law and Its charter to make. and will
continue in the future its business of put
ting It's coal on the markets at as fair
prices RS it is able to secure.
am aware of no obligation under its
charter, which WAS granted by the State
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