The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1901-11-30
$l62,104. 80

1.-THE statement says Mr.. Payne,
..shows an increase in the aggregate
amount realized from the grants and
leases made during the year over that
realized during the preceding year, which
in turn had been a year remarkable for
its activity in the demand for water front
property resulting in sales realizing near
ly double the amount of,the sales of the
year 1898.
MANY of the sales made during the
past year have been made with the ex-
press understanding and with conditions
attached to the grants. that commercial
enterprises of considerable magnitude
were to be established in connection with
the lands under water granted, the con-
dition being that If the enterprise was
not established within a given time
much greater consideration would be ex-
acted from the grantee before the grant
would be valid.
Under this plan a commercial enter
prise known as the Morros Building
Company received a grant from the State
of lands under water on the Hudson
River at Shadysde at certain consid-
Grafton. upon the condition that the COM
pany should, within one year, expend at
least half million of dollars on inn
provements, the penalty for the failure
to comply with this condition being the
forfeiture to the State of an amount of
money amounting to one-third of the en-
tire consideration for the grant. AS a re-
suit of the sale by the Commission more
than half million of dollars has been
expended by this company in bulkhead-
ing, docking and filling and the erection
lrsoI with ma
chinery and appliances installed, capable
of providing employment for hundreds of
men and virtually establishing a new
community, with all the attendant access
sions of homes, stores, schools and
churches.
.sThis is only one instance of many
where grants have been made under
just such conditions, and the water front
available for commercial purposes is be-
ing sought after. but, under the above
conditions, cannot be bought from the
State for speculative purposes, without
paying such a price as to insure the Stare
its prospective value; while, where the
purpose is to improve the land under wa
ter and establish industries. considerable
concession is made
"The transactions of the Board for the
year prove thal It's pfdcl1ce HAS Uee,l
profitable to the State and attractive to
investors.
"Applications have been received for
grants of considerable tracts of land un-
der water on the Delaware River, Raritan
River and other waters, but because OF
the purpose of these applications, or uses
to which the land sought to be acquired
have not been disclosed and no disposi-
ton has been evinced to enter into an
agreement to improve or utilize the lands
sought, the Board has fixed such rates
as were deemed just to the. State In
view of the prospective valu of the
lands, experience having proven that
where an enterprise is seeking a location,
the rate charged by the State for riparian
rights have not been burdensome or dis
couraging to the enterprise.
sit has seemed in some eases, where
water front property has been offered for
sale, that the owner of the upland has
placed the full value of the entire prop
erty, including the land under water and
the rights of the State, on the upland
alone, and when the prospective pur-
chaser has learned that in addition to
this he must pay what the State de-
mands for its rights, he has thought the
States charges burdensome'