The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-02-11
TEE H0RSECAR SALE
President Thurston Has
Been Asked to Retaip
His Position.
WHAT WAS PAID FOR TIE STOCK
Mr.. John D. Crimmins Says Vast
Improvements Will Be
Made.

The sale of the Jersey City aud BsrgeA
Railroad Company to syndicate which
was published in last evenings JERSEY
CITY NEWS, has awakened considerable
interest in the city, and all information
concerning the transactions eagerly
sought for. The reports of the props
erty which has been sold, (which appeared
in the New York papers this morning.
were as usual erroneous. The Jersey City
and Bergen Railroad Company now owna
about forty miles of single track. thirty
seven of which is now being operated.
OF this milage, seven and half miles
only are equipped with electricity, and
that is the Montgomery street and Wess
Side avenue lines, from the ferry to the
Newark and New York Railroad Com
pany's station at West Side avenue.
The Jersey City aud Bergen Railroad
Company does not own the Newark Plank
Road, although the syndicate has agreed
to purchase that also. The Pen nsylyania
Railroad Company owned almost all the
stock of the Newark Plank Road
Company, while it controlled only
half half ''e Of the he stock Of the Jersey
City and Bergen Company. 1t is not
definitely known what price the sYndl-
cate paid the Pennsylvania Company for
its stock, nor will it be known until the
minority stockholders have been notiheds
OF course the Pennsylvania Company
could sell to the syndicate only the ma
jority of the stock which it owned, an
could in no way bind the holders OF the
minority to sell. The company, however,
did secure from the syndicate an agree
ment to purchase the minority OF The
stock at the same price that it paid foE
the majority.
WHAT WAS PAID FOR THE STOCK.
Tt has been stated that the price paid
for the stock WAS 315. Whether this
may be SO or not 1t is certain that
the price was near that figure. The stock
was considered gilt edge and some OF is
was on the market. and only few sales
of it have been made in recent years,
Last summer twenty shares were sold by
an executor to swell an estate for 242 p eR
share. Two years before THAI. those same
shares were purchased for 10. Tina Is
| strong evidence of the rapid progress the
road has made under the excellent man-
agement Of President Charles B. Thurs
ton.
The syndicate has not yet purchased
| the Bergen Point and Staten Islapd ferry
and the subject OF its purchase has nob
| yet been taken up. although there are in
dications that it win ultimately pass into
| the hands Of the syndicate.
| Much interest has been expressed as to
whether Mr.. Thurston will continue in
the managemenI OIL tAe Jersey SAey ano
| Bergen. That will depend entirely upon
| Mr.. Thurston himself. He has been
asked to retain his old position.
| but has not decided yet whether
| he will accept. Mr.. ThuTston says
\ he is considering the advisability OF TAX
ing long vacation, but Just now ms
| greatest concern is for the clerks and
employees of the present manaRement,
| he wants to have them retained in their
| present positions, il possible. under the
| new state of affairs. He is bending all
his energies TO accomplish that at pres
of he will consider the question or his
| remaining.
| MR. CRIMMINs OPTIMISTIC.
Mr.. j. d. CrimminS was seen yester day
1 by reporter. He said that he had just
| been notified by wire from Newark that
I the negotiations had all been fiu ally
| closed. II cannot give you the name OF
| my associates in this operation" Mr..
| Crimmins said, ''but you can say that
| they are twelve capitalists of this city and
Philadelphia. The purchase has OF
been made by the Metropolitan Traotio n
| Company. Some Of the parties concerne
| are holders of Metropolitan Tractio n
| Company's stock, but all of them have
never been associated together be fore In
any operation. 1t is big tr ansaotlon.
| Much of the property we have acquired
| is subject to many impedim ents, and Will
require great improvements.
| mo, cannot tell you hat was paid
for the property. IL was many mill; 1T
was great deal of money, end a great
deal more will have TO be spent to put the
system into operation and make the
| ferry connections. We do not propose to
enter into rate war with the present
steam railroad service. There are mll-
lion of people living in the district which
our system will serve, ana we expecb 10
get fair share of their patronage by
Offering suburbaniteS the advantage or
coming and going to aud from the ferry
at almost any minute of the day, instead
of having to wait for trains, and by car
rying them to their doors.
IT drove over part of the district yes
terday, ana was amazed by tine evidence
of growth of population. by the buildings
| and improvements saw on all sides. We
shall adopt the trolley system exclusively.
There are only thirty-five miles OF trolley
| in operation now on the roads which com .
prise the system. Instead of being mel
with any opposition against the trolley
we are being petitionsd to introduce IL
and twenty feet right OF way in graded
| ana macadamized roads has been offered
u.s. The district is, to large extent, as
much part of New York, rs to its rapid
transit requirements, as is the annexed
district, and we will endeavor to supply
that requireme ent."
Rapid Transit Up North.
President Dod of the Mort Hudson
County Railway Company, i'll conversa-
tton with JERSEY CITY NEWS reporter
this morning, said the conditions pre-
scribed by the Common Council of Hobo
ken In return for the right of way granted
the Company, were acceptable In every
way to the Company. He had
directed the counsel of the company 70
draw up the necessary papers. The flb'
ing and grading Of the streets will begtq
Monday next, and work pushed forward
as rapidly rs possible.
Relative to the transfer system, Mr.
bod said they were Investigating the sys
TENS in vogue in Buffalo and Newark,
and when a feasible system was agreed
upon 1t would be adopted to their lines.
Weather Indications.
! WASHINGTON, Feb. II, 1898. Weather indh
cations for twenty -fc1r hours for Eastern New
York New Jersey and Eastern Pennsylvania (
Fair, with light local showers tonight; north
westerly winds; colder.