New-York tribune., 1901-01-06

amounting to $3,e00,0o0, are also outstanding.
The first seIni-annual dividend on the first pre-
ferred stock 1l5 Per cent. was paid IN March
1900 and the second in September.
TOTAL MILEAGE OF SYSTEM
The total mileage Of the Reading system in
July OF last year was 1 453 miles. The road was
chartered in 1888. Its coal properties aggregate
laa,1Oo acres. It operates in connection with
the large anthracite coal properties OF the Phiia
aelphia and Reading Coal and Iron Company, in
the Schuylkill region. a large system OF roads,
extending westerly through the coal fields to
Hazleton and williamsport, on the north, and TO
Harrisburg, Shippensburg and Gettysburg IN
TPennsylvania. on the south; also east in New
Jersey 10 Atlantic City and to tidewater at New
York Harbor.
The Central Of New-Jersey runs from Jersey
City westerly 10 Wil1esbarre and Scranton
Penn, and the neighboring anthracite coal fields
ana southerIy TO seashore resorts along the
1sew-Jersey coast. to Bayside and Port MOTIFS
The total number OF miles operated is 6ll.
The purchase Of control OF the Central Rail
road of New-Jersey in the interest Of the Read
ing company is the elimination Of a long strug-
gle. dating from May. 1883. the part OF the
Reading company 10 gain mastery OF the an
thracite coal trade For the last eighteen years
the Reading company has endeavored to control
the Jersey Central Twice before has the lat
ter been operated by the Reading under lease
IN 1871 the Jersey Central leased for 500 years
the Lehigh Goa: and Navigation Company.
which controlled 10S miles OF canals and .O6
miles Of railroad and leased lines, at rental of
33 1-3 per cent Of gross earnings. with a mini
mum rental Of S1.414. 400. The Lehigh and
wilkesbarre Coal Company, controlled by the
New-Jersey Central, owns 2S909 acres Of an
thracite coal lands and holds 2,s47 additional
acres lnder lease. It operates thirteen colieries
and leases about forr thousand acres Of coal
land 20 various operators.
On May %, 1888. the New-Jersey Central be-
came insolvent, and a receiver was appointed.
The funded debt Of the company was upward Of
s2S.o00o0o. and its floating debt mere than S3,-
100000. The road was a valuable property, bat il
could not pay its debts. The receivership was IN
ally terminated by leasing the road to the Read
ing company. Through the aid and cooperation
Of the latter the New-Jersey Central Company
came again into possession Of its property. Three
years later. on February 2. 1856, Chancellor
Runyon. in the Court OF chance-y. at Trenton.
declared the lease TO be nun and void. on the
ground that the rights of certain minority stock
holders were not respected at the time Of the
lease to the Reading. AT this time railroad and
coal companies, including the Pennsylvania. the
Lehigh Valley and the Delaware, LackaWanna
and Western. had pledged themselves to carry
out the policy Of harmonious regulation Of the
coal trade.
On October Is 1856. the New-Jersey Central
made another attempt TO reorganize its Board
OF Directors. but was unsuccessful and John S.
Kennedy and Joseph S. Harris were appointed
receivers. and the New-Jersey Central obtained
leave to terminate the second lease between il
and the Reading road. For the second time the
latter lost control Of its neighbor.
THIRD LEASE SECURED
On February 10. 1892 under the presidency
of a. a Mcleod third lease was secured by
the Reading road Of the New-Jersey Central at
the same time that the former gained control
OF the Lehigh Valley. The lease was one Of 999
years duration. but was destined to live only
short six months. J. p. Morgan said at the time
hat s. 100000 year would be saved 10 the