The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1902-03-10
New York and Jersey Rail-
road Company Makes
Public It's Finan-
ciaI Plans.
$40. 100000 III STOCK AHD BONDS
Only 1880 Feet Of North
Tunnel to be BuiItTwo
Tracks for Special Cars.


Those whe are engineering anaueleily
the scnfme to compete sHe tnnisis pnde5
the Hudson River. hsgna and aba iilsTisd
some years ago by tae Ffnason River
Railway Company. have MADE at last
public their plans through prospectus
circulating now about the money eAreIes''
Of this part Of the country
According to It the officers Of the CONS
pany ars:-Wiiiiam G. AGeAdoe. Prasl-
dent Waiter c. Oaxman President of
the Guaranty Trust Company and Ed
mund c. Converse former PresisIens Of
the National Tube Company. vice Prssi-
dents; Henry A Murray Treasurer;
Charles W. King. Secretary, and Charles
u. Jacobs. Chief Engineer
The directors, besides A1r 0akma-..
Mr.. Converse and Mr. MeAdoo. axeAEl-
bert H. Gary. chairman of the Executive
Committee Of the United states steel
Corporation; John SHELTON Williams.
President Of the seaboard Air Line Ran
way; Anthony \. Brady. chairman. Of the
Board of the Brooklyn Rapid Transit
Company; E. F. c. Young. President 81
the North Jersey Street Railway Com
pany; David Young. President OF the Jer-
sey City, Hoboken And Paterson street.
Railway Company; John C. Mccuslonga
Of Vermont Director Of the Erie Ra:l-
road Company; frederic B. Jennings. Of
the law firm OF stetson, Jennings aad
Russell; C. Tracy Rogers. President If
the Street Railway Association OF the
State OF New York
The capital stock Of the company is
IS 508,oo0. divided into Ss,5o000o OF per
cent non-cunulative preferred stock.
tnow issued and s5.o05.00O common stock,
also issued. Besides the stock the COM
panx is authorized to issue s7.ooe.0oo Of
per cent. bonds OF this amount s45e1ooo
Is per cent. first mortgage. s0-year gold
bonds. Of $1,000 each, bearing interest On
Feb. / and Aug. and redeemabie at 1lo
at any interest period, have been issued.
OF the rest of the authorized bonds.
s. oeo.0e0 are reserved for purchase cf ad-
diuonal property and $4,000 are reserved
for other corporate purposes
The prospectus states that the sf599.eo9
of the bonds now issued and an Of the
preferred and common stock wi he
used for the acquisition 81 the property
OF the Hudson Tunnel Railway Compapy.
and for the completion of the North Jer-
sey and New York sides. and the equip
ment Of the same with electricity"
3 The mortgage which secures the bonds
already issued is held by the Guaranty
Trust Company az trustee. ard the psos-
pectus states that the mortgage wili be
the first and Only lien on all the praoerty
CT tae company. The Jersey ter.ailal
will be in The beck in jersey City bound
ed by Thirteenth, Fourteenth Henders n
ana Provost streets, while The New York
I terminal viii be the west half 9i tne
block bounded by Christopher Teutn=
Greenwich and Hudson streets C5naee-
tions viii BE- made AT grade at these str-
mlnals with the cars Of the Metropolitan
Street Railway and the cars OF the North
jersey Street Railway Company and tie
jersey City. H6boken and Paterson Street
Railway Company.
Il is the purpose OF the company e
complete first the -NCrth Tunnea, L5S3
feet Of which remain 10 be built. This y
to- be equipped with two tracks ard
operated by electricity. The cars WI oe
Of special construction, since the orcilIars-
street care are too large to be operated
in the tunnel. The tunnei cars VIII hsiye
the roof overhang cut OF, but they VIA
be of standard gauge.