The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-12-31
NO TRACTION DEAL.
Story Of Local and New
York Fakers Abso-
lutely Exploded.
NORTH HUDSON NOT ABSORBED
North Jersey Railway Com
pany's Officials Deny Any
knowledge Of a Deal.

! Bernard M. Shanley of the North Jersey
/ Street Railway, emphatically denied to a
4 News" representative this morning that
the North Jersey Street Railway and the.
/ North Hudson County Railroad Company
had consolidated their interests yester-
day
! The story circulated yesterday by Ho-
| bolzen and this morning in New York
! paper, was that in Hoboken yesterday "a
4 deal was consummated when the North
Jersey Street Railway Company bought
the stock of President Myles Tierney
and Messrs. Ballantyne and De Forrest,
| who held the controlling interest in the
stock of the North Hudson County Rail-
road Company since they succeeded in
| buying up some months ago the stock held
by Nicholas Goelz the treasurer of the
road and the partner of the late john II.
Bonn in the establishment of the road
many years ago..
| Continuing the statement made was
to the effect that a fancy price was paid
by the North Jersey Street Railway Com
pany for the stock, but the actual price
was still secret to those interested in
the deal. The figures of $165 per 500 par
value, it was hinted.s was the sum. The
capital stock of the North Hudson Coun-
ty Road was estimated at $4,000 exclusive
of the bonds hoated when the road was
financially embarrassed some time ago.
i Half of the sum. said the story, with
! fifty thousand dollars represented the
| amount of stock transferred
President E. F. c. Young was seen in
the First National Bank this morning
by News representative, and this is
what Mr.. Young said about the state
ment:-
You may positively and emphatically
deny this absurd story about the purchase
| of the North Hudson County Railroad
Company's stock by the North Jersey
Street Railway Company There's not a
particle of truth in It.
..Have your company. President
! Young was asked sin any way negotiated
for the purchase of the North Hudson
stock?''
.'No, sir, was Mr.. Young's prompt re-
ply
''Then the News understands that
there was no consolidation of interests of
the two companies, nor has there been?''
] "Yes, that is so. and | Will say further"
said President Young eve do not con-
! template any and never viii. Our COM
parry at the present moment doesn't own
Hudson q nty Railroad. Is that a plain
enough statement for you? To consoli-
date these two roads would mean to
! bankrupt both.''
Mr. Bernard NJ. Stanley was next seen
in his office in the Pennsylvania Railroad
building. and when he was shown the
newspaper story he laughed and re-
marked
..It,e n aifv newsnapers wouldn't first
| INQUIRE of the principals of an alleged
deal of this kind before they publish it;
i they would then obviate the necessity of
denying them Now let me say to you
that there is not a word of truth in ii;
it is pure, unadulterated lie. There is
4 not a solitary dollar of stock in the North
Hudson County Railroad Company which
has been purchased or is owned by the
| North Jersey Street Railway Company;
not one dollar. Somebody may have
bought some of the North Hudsons stock
that is probable and very likely, but as
to our company buying 1t or effecting any
consolidation of interest that's purely
false. [ am aware that some one has
purchased some of their stock, but I am
| not telling the name All l say is we
didn't
In speaking further of the alleged deal
President Young gave out the statement
that to consolidate the North Jersey and
North Hudson roads meant to bankrupt
Iboth The statement made by Mr.. Ber
4 nard M. Shanley, than whom there is no
better informed man in the country on
matters pertaining to electric roads and
4 their operation, that he is aware that
somebody has bought the controlling in
terest of the North Hudson County Rail
road Company. in some way explains
the rumor that the purchaser was the
+ North Jersey Company.
1 Around the Traction Company's offices
this morning it was whispered that the
purchasers of the North Hudson stock
| lately were the syndicate which bought
the Gutenberg race track, few weeks
ago, at the sale ordered BY the Chan
cellor Among that syndicate were John
Mullins, the well known furniture man;
i Dennis Mclaughlin, ex-County Clerk,
and ex-Sheriff of Hudson County
Cornelius j. Cronin. They paid for the
tract sl25000; and they gave out that it
was to be cut up for building lots. Only
few days since they incorporated them
selves under the New Jersey laws as the
Colonial Land Company. Then it was
hinted that the company intended to
4 transform 1t INTO park SifniidF TO lHat
established at Willow Grove park near
Philadelphia by the Peoples Traction
Company Of that city, and to effect this it
was necessary to purchase some interest
a in the North Hudson County Railroad
whose lines run through that seetion of
the county.
Then, again. the gossips have it, that
the Jersey City and Rutherford Eelectric
Railroad Company We're in the deal, and
that meant union to shut out the rum
ored expansion Of the system Of the
North Jersey Street Railway Company
In Bergen county. but one of the officials
of the Rutherford Company this morning
gave fiat denial 70 that statement. too.
whenever he said, any stock Of any
4 big corporation happens TO be Sold and
particularly If it is electric railroad stock,
The know -it-alls Immediately cry out vast
absorptions of interests and capital. Now,
know nothing about what the North
81 Jersey Street Railway does or is going
| to do. and since Messrs. Young and Sham
ley declare that the North Jersey Com
pany has no interest IN any sale Of North
Hudson Company It must be ~. They
are men Of responsibility. and they know
Just what they are saying. What ! do
know is that the Jessey CITY ard Ruthers