New-York tribune., 1902-03-09
SEVEN MILLION MORTGAGE
IT'S ON RIGHTS AND FRANCHISES TO
BUILD TWO TUNNELS UNDER
NORTH RIVER.

The New-York and Jersey Railroad Com
pany. which intends to complete the unf1n-
ished North River tunnel. mortgaged its rights
and franchises to build two tunnels under the
North River and the real estate property which
it has already acquired to carry out the project,
to the Guaranty Trust Company. The mort
gage is for S7,O00.000. for thirty years at per
cent. transcript of the mortgage as record
ed yesterday is as follows:
New-Yorl, and Jersey Railroad Company to
Guaranty Trust Company, all the Hudson Tun-
mel Railway Company's tunnels and lines of
railway known as North and South tunnels, ex-
tending from New-York City to Jersey City;
depots shops, etc.; rights. franchises. etc.
thirty years, per cent gold bonds. S1.OO0O00.
The following interesting conveyance was also
recorded with the mortgage papers:
All the Hudson Tunnel Railway Com
pany's tunnels and lines of railways
known as Nortn and South tunnels.
extending from New-York City to
Jersey City-depots, shops. etc.
rights, franchises. etc.-Frederic B.
Jennings to New-York and Jersey
Railroad Company. Mortgage.
S62. 2.OOO;- r. s.. S19S 75............... 81
Same property; Randolph Parmy, ref
cree to Frederic B. Jennings; mort
gage S62, 900; r. s., S4S S7J...........S1 .S1OO,OOO
Same property; Hudson River Railway
Tunnel to New-York and Jersey
Railroad Company; all title.......... 81
William G. McAdoo is counsel for the tunnel
company On February Z last the tunnel
pany bought the greater part of the block
bounded by Tenth, Hudson, Greenwich and
Christopher SITS. as a site for a main terminal
station. From what could be learned of the
plans of the road then, two tunnels would not
be built as soon as possible but only one. This
tunnel was to have south and a north track,
and the tracks were to be built especially for
trolley traffic and to form connecting link be-
tween the street surface railways of Jersey City
and the MatroO0lifan I'm IN obo11t
month ago it was generally thought that only
about 2 100 feet of the tunnel which was usu-
ally called the Morton-st. tunnel, the old
North River tunnel was constructed, 1850 feet
from the Jersey side and $50 feet from the New
York side 1t then learned that more than
four thousand feet had been built and that only
sixteen hundred feet remained
The real estate transfers affecting the COM
pany which were recorded yesterday were placed
on file in the Registers office. in order to have
legally recorded all such papers relating to the
ownership of the franchise, etc. This procedure
among real estate men is frequently spoken of
q si AItal iS, plaGths tIie
holder or owner of the franchise.
The franchise TO build the tunnels first
obtained by the Hudson River Tunnel Com
pany. on January 10, 1899, Randolph Parmly.
Master in Chancery sold under foreclosure the
chaser was Frederic B. Jennings, the only bid
der, who offered 100000, subject to a claim Of
$4,000 Of Pearson & Son, contractors, OF Lon
don, England. The New-York end of the tunnel
was sold TO Mr. Jennings the following day
for 100000. Mr.. Jennings counsel for the
American stockholders. John r. Bartlett had a
lien on the property for 100000 for labor. but
this was not prior 70 the claim OF the bond
holders.
The Indebtedness of the old Hudson River
Tunnel Company was about S4,000.000. The
bulk of the stock was held by English specula-
tors. The construction Of the tunnel was begun
about quarter of century ago. The idea of
the promoters to establish a big union
freight yard on the flats at Jersey City, and to
build a union freight station at Morton-st. Man
haitian. Compressed air was used in the ex-
cavation. but the air escaped through the soft
filling at the Jersey City end at Fourteenth-st.
about twenty-four years ago. and twenty-one
men were drowned. This disaster exhausted the
company's treasury, and work was suspended
time.