The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-10-23
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high and Susquehanua Railroad. which
Is owned BY the Lehigh Navigation Conn
pauy. and Is leased by the jersey Central
nc a rental OF one-third of the gross res
celpts. ms arrangement Is a very profit
aole M TO The Lehign Navigation, but
The cost Of operating the Dad Is so Rrea,
that the Central makes almost notntug
out OF IL. Time aud again successive
arrangements of the Central have ans
deavored to buy enough Lehfgh Naviga-
Lion stock to enable them to have a new
lease made on easier terms, but the stock
Is SO widely distribu; ed that they have
never been able to buy more than an III.
considerable proportion. 9
but now the management has brAnched
u IN q new directions, that will result
irl making the New Jersey Ceutrai one OF
the greatest railroads In the country aud
VIII affect every railroad east of the
Allegheny Mountains. The Lackawanns
and Jersey Central roads connect al
Hampton Junction, fifty sir miles vesl
Of Jersey City. The idea OF the jersey
Central managers is that by transferring
oil the through passenger business from
Hoboken TO Jersey City Il new and at
tractive route can be opened { othe travel
ling public that will prove profitable to
both companies.
GAIN IN PASSENGERS.
Whiie the Lackawanna would loss
some mileage, 1t would probably gain
more In the increased. Tn new dead will
add 800 miles to the Jersey Central syss
tenn, and will make it a trank line, ow-
Ing to its own tracks froAn Buffalo to
Jersey City. 1t Will control thirty one
per cent. of the anthracite coal OUTPUT.
and Will therefore be the greatest power
In the anthracite coal combination. With
such Influence in the Trunk Idne Associa-
ton and such a strong Gle nent as the
anthracite coal combin alton the Jersey
Central Road will be Que of the most i'm
portant in the country.
EFFECT AT H SToCK EXCHANGE.
The Stock Exchauge was fairly alive
today with IhTnors of q new combinat iou
OF the coal producing and coal carrying
railroads. Sach Al have been cur-
rent for some days. and have their origin
III the steady strength shown in the
securities of all those roads.
To-Day the boom continued. Delaware.
Lackawanua aud Western. which c losei
GU Saturday at 1850. opened today
hour 10 1854. Delaware aud Hudson
opehed at l25. or l point abnve its closing
price. aud advauced to 1851 Ill the same
time.
Jersey Central was. however, the BAN
ner stock OF the movement, Il closed
SATURDAY at 11lX. opened this morning
at ll2L aud advanced without a break 10
it0/&s AeSduAIH btOCh duu QOuuH were
also strong, but did not score such
a to the Others. s
According to one story which was cur-
rent this morning, the real base of the
boom In these stocks Is dueB-to the fact
thut the con rol OF the Lackawahna has
changed hands.
Rnmor has it that at the next election
the Vanderbilt interest WILL apoear in
control OF the property. According to
Their story, one OF the largest stock
holders OF Leckawanni 1, pifted with lass
holdings during the paaic Ia order the
better to protect his more available
securities. 1t was on his sales, accord
Ing to the reroet. that ~Lackawaana sol
as low as l27 OF July 81.
Since that time one brokerage house
with Vanderbilt connections has been a
steady buyer Of the stock, and with a fair
rea elton 1t has advanced to its present
price. 90
There is already a large vanderbilt In
terest In Delaware & Hudson. and a Jer-
ssy Central Interest i'll Lackawanna, In
this way a concerted control of the three
properties would be assured. Reading is
III the hands of receivers, who are all
practical coal men, and would be willing
to cooperate in any measures to render
the coal trade stable and Tx the details
OF prices aud production. ~