The sun., 1902-03-10
CAPITAL FOR JERSEY TUNNEL.
r.. ". GARY AND A. n. BRADY
AMONG THOSE VINO TAKE HOLD.
$40, 500. 900 in stock and Bonds Only
I.ssO Feet OF the North Tunnel Re-
main TO Dc Built Two Tracks VIII
he Laid for specially Constructed Cars.


The New York and Jersey Railroad Com
pany was Incorporated several weeks ago
under the laws of both New York and New
Jersey. At the time the certificates OF in
corporation were filed, II was announced
that the company had been organized
to complete the tunnels under the North
River, which were begun by the Hudson
Tunnel Railway Company many years
ago and abandoned after what Is known
as the North Tunnel was completed for
distance Of $500 feet, and the South
Tunnel" for ddistance Of 600 feet.
Vague and very general statements as
to the plans and purposes OF the new COM
pany have been made since IL was ncor-
porated. but no definite Information was
TO be had about the real men-dummles
were used for Incorporating purposes-be-
hind the enterprise. and nothing could be
learned Of either the financial or engineer
ing propositions involved. A prospectus
was issued, but it was said that II was only
for private circulation. The prospectus
is an interesting document, however, and
from II THE SUN is able TO make public
the first authoritative information abolh
the whole scheme.
According to the prospectus, the officers
Of the company are: William q. McAdoo,
President; Walter q. Oakman, President
of the Guaranty Trust Company, and Ed
mund C. Converse, former President OF the
National Tube Company, Nice-Presdents;
Henry A. Murray, Treasurer; Charles W.
King, Secretary, and Charles NJ. Jacobs,
Chief Engineer.
The directors, besides Mr.. Oakman,
Mr. Converse and Mr. McAdoo, are Elbert
II. Gary, chairman of the Executive Com
mittee of the United States Steel Corpora
ton; John Shelton Williams, President
of the Seaboard Air Line Railway Anthony
n Brady, chairman of the Board OF the
Brooklyn Rapid Transit Company; +. +. {.
Young, President of the North Jersey
Street Railway Company; David Young,
President of the Jersey City, Hoboken
and Paterson Street Railway COMPANY,
John G. Mccullough OF Vermont, Director
of the Erie Railroad Company; Frederic b.
Jennings, of the law firm of Stetson, Jen-
nings and Russell; q. Tracy Rogers. Presl-
dent of the Street Railway Association
OF the State of New York.
The capital stock OF the company is
Ss, 500 600, divided into $9,5oo,ocO OF per
cent. non-Cumuative preferred stock
(now issued) and S. 600 ,00O common stock,
also issued. Besides the stock, the COM
pany is authorized to issue s7OOO,OO OF
per cent. bonds. OF this amount si,5o0,OO0
per cent, first mortgage, 30-ycar gold
bonds, OF 81 600 each, bearing interest ON
Feb / and Aug. l and redeemabe at ll0,
at any interest period, have been issued.
OF the rest of the authorized bonds,
81 900 600 are reserved for purchase of adj
ditional property and sSO0,OO are reserved
for other corporate PURPOSES
The prospectus states that the ~ 500 900
Of the bonds now issued and all Of the pre-
ferred and common stock will be used
for the acquisition of the property of the
Hudson Tunnel Railway Company, and
for the completion of the North Tunnel
and the approaches on the New Jersey
and New York sides and the equipment
OF the same with electricity.
The mortgage which secures the bonds
already issued is held by the Guaranty
Trust Company as trustee and the pros
pectus states that the mort gage Will lie
the first and only lien on all the property
of the company. The Jersey terminal
will be In the block in Jersey City bounded
by Thirteenth, Fourteenth, Henderson and
Provost streets, while the New York ter
minal will be the west half of the block
bounded by Christopher, Tenth. Green
wich and Hudson streets. Connections
will he made at grade at these terminals
with the cars Of the Metropolitan Street
Railway and the cars OF the North Jersey
Street Railway Company and the Jersey
City, Hoboken and Paterson Street Rail-
way Company.
Ii il the purpose Of the company 10 COM
plete first the North Tunnel, $50 feet
Of which remain To be built. I!tis IL TO
be equipped with two trucks and operated
by electricity. The cars will be of special
construction, since the ordinary street
cars are too large to be operated IN the
tunnel The tunnel cars will have the
roof overhang cut of, but they will DO
Of standard gauge.