New-York tribune., 1903-03-13
TO LEASE JERSEY ROADS.
P.R.R. MAP BE BEHIND IT.
Through Line to Philadelphia
Probable.


Probable.
The often heard and often denied report Of
consolidation OF the street railway systems OF
Northern Eew-Jersey into a corporation in close
aniiiafion with the Pennsylvania Railroad Com
pany received virtual suhstantiatton yesterday
when at meetings IN Jersey City Of the boards OF
directors Of the North Jersey Street Railway
Company, the Orange and Passaic Valley Rail-
road Company. the Jersey City Hoooken and
Paterson Railway Company, and the Eliza BETH
PiainfSeId and Central Jersey Railway Company
an offer for leasing these several properties. en-
b-actng together all the trolley lines in Hudson.
Essex Passaic and Union counties. was sub
raitted by q syndics te represented by Thomas A
Nevins, Of Orange. .. q
Subsequently 3 joint meeting or all four
boards was held at which E. F. C Young pre-
sided Among those at the meeting was Presi-
dent CSssatt OF the Pennsylvania Railroad
Comnsny. who had come over from Phadel-
phia 20 be present in his capacity of director OF
the North Jersey Street Railway Company. 1t
IS reported from an excellent source that the
N.v:ns Syndtcates proposal was formally ac-
cepted the new arrangement to go into erect
on the first day Of next month: but at the close
NJ the meeting the following official statement
made:
Young in reply tc R INQUIRY T1a fff te
proposed lease Of street railways. stated that at a
I5ssd paniea eorainistee Consisting Of F G. Young
Tesdea Of the Flint NaoDs aank of P the CIV
Trust Company Of New-York; A. J. Cassatt. presi-
n dsi Mo-ssn 70 vice-presdent Of the United Gas i'm.
pEoyemsnt SomPsnX; s J4hr 4 Snd
Thomas y. Mccarter, -presiden: of he fsdSI- @
sider the propositions submitted and to report
thereon in due course.
The proposal provides for the leasing of the
lines named for 999 years. The four companies
will be operated separately. but under the su-
pervision Of the new company, which agrees
TO maintain each in a high state Of efficiency
Il Is proposed TO pay the first dividend to the
stockholders IN 1904, beginning at one-half OF
Der cent and increasing slightly annually until
the eleventh year. when the maximum OF 4 per
cent will be Paid on the S15,OO0.OOO capital
stock OF the North Jersey Company and the
Elizabeth PIainheid and Central Jersey Conn
pany, capital S3,OO0.oOo; and per cent on the
81 OOO0oG stock OF the Orange and Passaic Val
ley Company, and the $2O.OoO.OOO stock OF 'he
Jersey City, Hoboken and Paterson Company.
The svndIcate also offered to place $4,O0OUVU IN
she hands OF 3 trustee as a guarantee fund, and
S150 600 more to purchase or build additionaI
lines.
The new company II is said. intends to ac-
ouire existing lines and to construct new INES
between Jersey City and Philadelphia, and to
establish connecting links and have tnrousn
line There is strong suspicion that the Penn
sylvania Railroad Company is behind the move
rnent and the rumored title OF the new COM
nsnv-the United New-Jersey Railroad Com
rauv-!s similar to the title OF the corporation
under which the Pennsylvania Railroad COM
psny operates its New-Jersey brancnes-tne
United Railroads of New-Jersey.
twas reported in Wall Street yesterday after
noon that the Nevins syndicate was acting in
the interest OF the Interborough Rapid Transit
conpanv but this rurncr was not generally
credited August Belmont president OF the IN
terborough company, when asked about the re-
port said: "I DO not wish to dignity It by COM
nent'
The dominant interests IN the boards Of the
companies to be consolidated are men proni-
nent in the Pennsylvania Railroad Company
and in the United Gas Improvement Company
OF Philadelphia and the Prudential insurance
Company ot America and the F1oenty 1ruSI
Company, of Newark, corporations commonly
recognized as friendly to the Pennsylvania Rail
road Company. That company. according to the
Wall Street view In these days Of increas-
ing competition between trolley lines ana
steam railroads would naturally be oesr-
GUS OF safeguarding its interests In New
- Jersey by acquiring a concentrated control OF
electric lines which might by and bye. under
unfriendIy ownership become rivals costly to IL
Another indication tndI 6eHnSSlSoHAH lh%CA
ests are behind Mr.. Nevins. 1t was pointed out
yesterday is the fact that representatives OF
the Pennsylvania Railroad Company are on the
board of the Metropolitan Securities Company
which controls the surface lines OF this city,
and that the tunnel through which the cars OF
the North Jersey Street Railway Company are
TO be brought under the North River to 6 con-
nection here with the Metropolitan system Is
being constructed under the direction OF Penn
sylvania Railroad engineers.
E. B. Gaddis, a large stockholder ano OIL
rector in the North Jersey Company. said TO
The Tribune representative In Newark last
night that ne did not know that the INTERIOR
ough Rapid Transit Company was behind the
proposition to lease the North Jersey and efnIl-
ated roads Mr. Gaddis added:
We received the offer and Gid not ask who was
h~bjnd il I do not believe that those interests
have anything do with the onef: Know ma tnat
The amount necessary for the lease 10 aIeaoy oxeE
90 per cert oversubecr1beo- We are reaoy 70 os .s
pose Of the property on our own terms 40 ~.
dav We appointed q committee to look into She
rnattar and report definitely az an early Gay. lie
f,roreT4y Is 4 good and well worth acquiring.
ft IN ali nonsense TO say that We cculo NOT asIsS
ee-fed in the company. You can say tnat 90
moi knew and that nobody has inquired a. 70
whether auv large interests ere concealed oenlno
the proposition 10 lease and tnees Is no reason 10
believe that there aTs
Senator Dryden is in the South. Leslie D.
Ward is on the Pacific Coast, and Uzal H. Nc
Carter Is not IN Newark.
-e