The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1903-03-12
Long Talked of Leasing Of
the North Jersey Lines
About to Go Through.
NEvINS'S PLAN PRESENTED
Directors in Session Have the
Proposition Under
Discussion.

The North Jersey Street Railway Com
pany, the Jersey City, Hoboken and Pat
erson Street Railway Company, the Eli
zabeta, Plainfield and Central Jersey
Railway Company and the Orange and
Passaic Valley Railroad Company are to
be leased by syndicate. Thomas A..
Neyins, of 45 Wall street, Manhattan,
has made an offer to the directors of all
the roads, and at a meeting held in the
offices of the North Jersey Street Rail-
way Company in Jersey City at 2 o'clock
this afternoon his proposition was sub
mitted and discussed at length by the di-
rectors.
That the lease would be made was ad-
mitted, and by the first of April the new
syndicate will assume control of the
roads.
Mr.. Nevins, who has financed several
trolley deals, says in his proposition that
he proposes to form corporation to- be
called the United New Jersey Railways
Company. This is to be chartered under
the traction act of the State of New Jer-
sey and have in its treasury on the COM
pletion of its organization the sum of
$4.750,e00 in cash. The lease is to be
fo- q +<,-,,, - 600 ,.cors o,5 a. :, +,,.,,, =
are upon rentals payable semi-annually
on January 1st and July 1st of each
year. The rentals are to begin on or be-
fore July 1st, 1903, and will carry the fol-
lowing dividends thereafter on the pres
ent issues of stock of each road
North Jersey-Bonds, $500. 900;
eek, $15,0o0,0o0; first year, nothing;
slsriAAs third and fourth, one-half of one
persceiit; { z: sii fifth, dfie and one-third per
cent; sixth, one and two-thirds per cent;
seventh, two per cent: eighth, two and
one-hah per cent; ninth, three per. cent. !;
tenth, three and one-half per cent; elev-
enth, four per cent.
Jersey City, Hoboken and Paterson
Bonds, s11, 100000; stock, $4,000, 600:
first year, nothing; second one-half of
one per cent; third and fourth, one per
cent; fifth, one and one-third per cent. !;
sixth, one and two-thirds per cent; sew,
enth, two per cent; eighth, two and one
third per cent; ninth and tenth, two and
two-thirds; eleventh, three per cent.
Elizabeth, Plainfeld and Central Jer-
sey-Bends, s1,40o,o00; stock, s3,ooo,-
600; first year, nothing; second, one third
of one per cent; third, two-thirds of
one per cent; fourth, one per cent; fifth,
one and one-third per cent; sixth, one
and two-thirds per cent; seventh, two per
cent; eighth, two and one-half per cent;
ninth, three per cent. tenth, three and
one-half per cent; eleventh, four per cent.
Orange and Passaic yalley-Bo
$50o,0o0; stock, $1,000 900; first year,
nothing; second, one-third of one per cent;
third, two-thirds of one per cent; fourth,
pne per cent; fifth, one and one-thlrd
per cent; sixth, one and two-third; sew
anth, two per cent; eighth, two and one
third per cent; ninth and tenth, two and
two-thirds per cent; eleventh, three per
cent
According to Mr.. Nevin's proposition
Ehe United New Jersey Railways Com
pany is to pay all operating and other
.harges of the leased companies, includ-
ng all repairs necessary to keep the prop
srties in a high state of efficiency The
company is also placed in the hands Of
j trustee, $4,oo0,000 of its cash capital
is guarantee for the performance Of the
eases.
The proposition further stes forth that
be properties fthe leased lines shall be
lut in high state of efficiency, this to
include all necessary Improvements re-
lacements and repairs. All the indebt-
dness Of the several companies shall be
nnded by the issue Of bonds under their
PRESENT mortgages as far as possible at
market prices and the balance above the
roceeds Of such bonds by new form
obligation. This is not to carry more
han five per cent. interest.
The New Jersey Railways Company is
have the right TO invest the guarantee
md Of $4,000, 600 IN the bonds Of the
sased companies at current market rates
the new obligations Of the company
par and IN other approved interest
earring securities provided that not more
han S3,oo0,00o Of the fund shall be in
49, ft ><< los ~ x5<,-. o<,, ~t<,,,