The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-05-09
THE LEASE TO THE PORT READING.
Gov. Abbetts Plan 10 Undo It and the Read.
iug Deal At n Blow.

TRENTON. May S-Gov. Albeit now has his
sleeves rolled up to prevent the consummation
Of tho Reading deal. His purpose to call an
extra session Of tho Legislature has been
| abandoned IN favor OF plan to knock the bot.
tom out Of the big scheme by having the courts
declare tho recent loase Of the Jersey Central
| to tho Port Reading invalid. Control Of the
former corporation is necessary to the success
| OF President McLeod's project. and IL the tie
between these roads is severed the deal Il 10
Said must necessarily como to naught. Tho
| authorities Of this State hold tho Port Read.
ing. 1t Is said. to be corporation on paper
| only. created recently for the purpose OF fncil.
itating tho headings combine. The law Of
New Jersey prohibits the leasing OF it's cor.
porations to foreign corporations and tho
Central. to get into the deal. which was really
planned. It is said. several years ago. had
itself leased to the Port Reading. company
controlled by tho magnates Of the Reading
and Lackawanna, and yet SO insignificant that
it has mover made any returns for taxation to
the State Beard Of Assessors. as by law all
railroad corporations are bound to do.
Now Gov. Albeit has instructed Attorney.
General Stockton to ille bill in the Court OF
Chanoery. setting ur the lease Of tho Central
to the Port Heading. and charging that tho
lease is an evasion and fraud on the law for.
bidding leasing to foreign corporations or
nonresident owners. and praying for an order
deereeinc the lease to be invalid. and direct
ing its cancellation.
The present railroad law was passed In
1885. the second year Of Gov. Ab6ett's nrst
S ter Tao s s.e i oH to collect
owing to their habit Of apneniinR to the United
States supreme Court. and involving the State
authorities in long. vexatious and expensive
!itigations that Gov Albeit got u law passed
forbidding companies Incorporated here to
lease their roads to foreigners unless the con-
sent, OF the Legislature Of New Jersey was first
p provided . that II any COMPANY In this state
submit draft OF the lease to tho Legislature
for it's consideration. and no such lease should
be OF any effect whatever until approved
by On act OF the Legislature. nor unless the
corporations should file IN agreement. to be
approved aI by the g, Governor and Attorney-Gen
from taxation. This law prevented appeal is to
the United States courts and constrained re-
sisting corporations to fight out their battles
with the authorities Of New Jersey in this
Such being the, state OF the law. 1t was i'm.
possible. It is declared. for the Central to lease
direct to the Reading. which is 9 foreign cor
porstsd and tho Central leased to It as acting
within the General Railroad act. Attorney.
General Stockton is now preparing the papers
and In the course Of q few Days will have than
ready for filing. There is n prospect OF a big
railroad war. to be fought in this State which
has been the scene OF 80 many great railroad
struggles.
The Port ,Readicc will contend that It 10 a.
mach railroad corporation as the Heading or
the Pennsylvania. and the Heading and the
Lackawnnna will omen their Golfers. 1t is sup-
posed, to help it sustain its claim.