The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1901-01-07

nication with Philadelphia, Some
thing 1t Never Had Before.
The Central Railroad of New Jersey.
with a terminal in this city, has passed
into the control of the Philadelphia
and Reading Railroad company. which
thus secures valuable terminals at Jer-
sey City and New York
The big deal was engineered solely by
j. Pierpont Morgan, who secured q
controlling interest in the Jersey Cen
tral company and sold 1t to the Read
ing company. He refused on Satur-
day to make any statement whatever
regarding the price paid for the con-
troll. President Maxwell, Of the Gen.
trail company, also refused to give any
Information regarding the price paid.
but vouchsafed the information that
the minority stockholders would re-
ceive the same price for their stock
as the majority holders.
Common rumor has had II for some
years back that the Baltimore and
Ohio company would eventually secure
control of the Jersey Central, so that
the announcement of the big deal last
Saturday caused great surprise in the
financial world.
According to yesterdays New York
Tribune the report which is given the
greatest credence regarding the basis
on which the Reading is to take over
the Central is that the arrangement.
Will take the form of a long lease, with
a guarantee of at least per cent. on
the Centrars stock. Last year the
Central paid a g per cent. dividend on
it's outstanding capital stock of $27,113,-
800. In 1898 and 1899 the dividend was
per cent, and in 1897. per cent; in
1886, per cent; IN 1895 So per cent. ;
in 1894, 1898 and 1892. per cent. in
1891, 6 per cent, and in 1890, 6is per
cent.
CENTRAL'S CONDITION.
According to the latest reports the
| authorized stock issue of the Jersey
| Central company is $50, 100000 OF which
there is outstanding s27,113.soO. The
| authorized issue OF bonds Is $50 900, 900
and there is outstanding $43,924,Oo0.
There are also equipment mortgage
| per cent. bonds, amounting to 1,536, 900.
| These are payable in 10 per cent. in
stallments yearly, on June /. The
bonds are secured by a consolidated
mortgage taken out in 1874, of $1,167,
900. bearing per cent. interest.
| There are also per cent. debentures
convertible into stock, amounting to
s372,000, and 5 per cent. real estate
bonds and mortgage of $119,1oo The
amount Of guaranteed bonds is S14,140.-
692, also $6,116,000 of additional out
standing consolidated mortgage bonds
of the Lehigh and Wilkes-Barre road
These bonds are owned by the Jersey
Central.
The Jersey Central railroad runs
from Jersey City westerly to Wilkes.
Barre and Scranton and southerly tC
various seaside resorts along the New
| Jersey coast. Its main line is 723,
miles long, and its branches and LEASED
lines 1887. 1t controls the following
| other railroads with the appended
mileage: Freehold and Atlantic High
lands, 24.l1; New Jersey Southern
1866; Lehigh and Susquehanna, 210.6
New York and Long Branch, 3S.04; lie
high and Lackawanna, 37.43; tota
length of lines operated, 677.72 miles.
The rolling stock consists of 407 loco
motives. $50 passenger coaches, 1910
freight ears, three steamboats,, sever
ferry boats, nine tugs, eighteen ca
floats and fourteen sea-going Goa
barges.
IT'S COAL HOLDINGS.
The Lehigh and Wilkes Barre Goa
company, controlled by the Jerse!
Central, owns $500 acres of anthracit,
coal lands and has 2S47 acres unde
leases. 1t operates thirteen collierie
and leases some 1000 acres OF Goa
lands to various Individual operators
The Philadelphia and Reading com
pany operates altogether no less thai
2,791.99 miles of railway lines. 1t oper
ates in connection with the Philadel
phia and Reading Coal and Iron com
pany, which 1t controls, a vast systeI
of roads touching every part OF til
Schuylkll region. 1t touches Halle
ton and Williamsport. on the north
Harrisburg, Shippensburg and Gettys
burg on the south. 1t also operate
east in New Jersey to Atlantic Cit
and to tidewater at New York harbol
The total capital and assets amount {
, the enormous figure of $207S90,000.
, On two previous occasions has tn
Reading company leased the Central
system. In 1888 the company becam
insolvent and a receiver was appoint
ed. The receivership was ended final
ly by the Reading company leasing tn
system. Three years later this leas
was declared by the court to be nu
and void, on the ground that tn
rights of certain minority stockholder
were not respected.
In 1892 a second lease was secure
by the Reading company. II was 70
nine hundred and ninety-nine year.
but IL lasted for just a brief six month
; when it was declared illegal in tn
! courts.
MAXWELL TO BE PRESIDENT.
Rumors OF all kinds regarding tn
management OF the new combinatio
are flying about. The most perssteu
one Is that John Rogers Maxwell, pres
J ident of the Jersey-Central compan,
will succeed to the presidency of tn
, Reading Central and that Joseph s
I Harris, president of the Reading, wi
resign.
Another rumor has 1t vice versa, tina
Mr.. Maxwell will resign and that NJ
Harris will assume control. The fns
! details OF the sale are to be complete
! this afternoon at meeting of III
board OF directors of the Reading con
pany.
The acquisition of the Jersey Centri
by the Philadelphia and Readin
| ln,, III ast t.