The Washington times., 1901-10-28

Already Purchased by Promoters.
NEW YORK. Oct. 2T.-The new Hack
ensack Meadows Company, with a nom
iral capital of $4,000, has begun the
work of retaining the great tract of
waste lands between Jersey City and
Newark. 1t has already sold 125 acres
! TO two manufacturing concerns. Title
will pass when the land is in condition
for improvement with factories. Within
less than five years it is expected that
great manufacturing city will arise from
the marshes between the Hackensack and
I'assdic Rivers.
The Pike estate tract of 1900 acres is
held for the company in the name of
John X. Ferrier. The Bethlehem Steef
( Company has acquired 5555 acres. The
water frontage around the meadow
/ lands recently acquired by the capital
lists who are back of the project en-
cioses about IO.GJJ acres in ALL More than
han will be reclaimed.
The price paid by the two corporations
which have contracted to buy factory
sites On the reclaimed land is about -, 90
an acre. Figuring that half OF the tract,
OF .y,vJJ acres, may be rendered. avail
able at the same HSure, the JCtdI Idnd
| variation Of the new city viii De Ssu,-
| Uou.uUJ.
u y
Original promoters OF the n4ckeilsdck
u. auOyss Company, ana the Dig Indus-
! trial corporations Jnat have unued with
| the cCmF.tny IL leC4diu4 lne wastes.
! The actual identity Of these capitalists
| IS sCiH concealed. All OF their orders
come from The Offices Of S.Gt5on, Jen-
J Mugs q russell MS law Erm, ~ the
, AIius Building, has charge OF the inter-
csts OF j. F1erponI AlUigan ana many cor
/ pOrations with which ne is connected
Francis Lynde StetsOn, the head OF the
/ fE TlIta F4TI 10 sol flT =
gan. lie was MOI gan ) constant ADVISER
Uuriag the fOrnaIIOn oT the BilI.0a-ijOiisir
Steel Trust. Morgan later bought the
Be Jnie hem steel Company when PRESIDENT
Charles NJ. ScnWao, or the steel trust,
dIu not make the S9,UeJOt0 cash payment
tnat was 10 have turned the controlling
stock into the hands OF Schwab as per-
II Is understood that Morgan now DOM
mates the Bethlehem Steel Company. And
the Bethleheni SJeel Company recently
admitted ITS purchase Of $3.50 acres or the
haCEeHsack meadows. when, on August
il, II filed a mortgage for S..o00,U1c III Jer-
sey city, naming its 300 acres of mead
oWs among the collateral securities.
NThe best opinion, IN the absence of an
authoritative dnuUuncouit Mt from the Of
nee OF StctsOn, Jennings * Russell, is
that the Morgan combination or railroad,
coal, industrIdI and transatlantic steam
ship Interests Will consolidate their
plants. warehouses, and shipping JeITnl-
nails on the reclaimed land OF the dacE.-
p
rapId growth uI the immense city now
| taking shape VIII be one OF the worlds
| modern wonders.
| The Pike tract of 800 acres for which
| the law firm representative, Henry L.
| Sprague paid $l.5Uu.uy0. comprises the best
and NEST easily adaptable part of the
| meadows The entire tract did not cost
/ the capitalists more than $5,V100J, possi-
/ bly, not more than IS, go.
! There are net sufficient data for figur-
| ing the cost Of reclaiming the acreage
| which would cCmc into the approximate
| SS0O01,t90 valuation.
The highest estimates of the interested
| engineers do not exceed S2UOOJ,WJ- The
/ direction of affairs for the HackenSack
[ l.. Meyers. He refuses to discuss the
/ project at present He VIII say only that
! it will soon develop into the most gigan-
/ tic undertaking that the world has ever
seen.
Mr.. sprague. who conducted the nego-
tiations by which the meadows We're pur-
chased, is now in Europe. He is con-
sulting with the English capitalists who
are associated in the undertaking
The filling in will form the preliminary
operation in building the city on the
marshes. The Hackensack and Passaic
Rivers are to be dredged to make them
deep enough for Ocean-going vessels. The
ocean frontage will be built up with a
maze of dockage. Channels Will be cut
to connect Newark Bay with New York
Bay.
of the railroads that now cross New Jer-
sey and reach their shipping points along
the crowded North River. The Pennsyl-
vania. Erie, Delaware Lackawanna and
Western, Central OF New Jersey, Lehigh
Valley. and other railroads that now
cross the meadows will take part in build
ing the terminal city.
The reclaiming Of the meadows viii be
accomplished by Il series of diking OPP
erations The entire tract will be divided
into four or five sections by dikinS driven
inland from the water front Then. one
by one the sections will be drained and
filled in. As soon one section is COM
pleted the new land will be turned over
TO manufacturing concerns that are wait
ing to erect plants.
The work OF building for individual
needs will proceed while the other sec
lions of the meadows are under the oper-
alton of diking and draining.
The first work now consists of the con-
struction of immense embankment
around the entire meadow tract. This
levee will be wide enough TO form q foun-
datiOn for warehouses. 1t will also form
the bed of railroad which will encircle
the meadows and become an effective aid
in the preliminary work.