The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1903-03-12

4172.
vested at any one time in the securities
of the leased companies. The New Jer-
sey Railwayss Company will have the
right'to sell securities for not more than
the price paid and the securities or pro-
ceeds are to De placed in the hands of
the trustees. The company will have the
right to invest the balance of their money
$750,000 in the purchase or construction
of additional railroad lines or may lease
same to the leased companies on their
temporary obligations. The leased COM
panies will make repairs for the payment
of which they shall issue bonds author
lied under the present mortgages, and
shall issue new form of securities at
par to pay the balance of such costs, all
of which the United Company shah be
authorized to purchase and sell, the leas-
ed companies agreeing to refund their
bonds and other obligations ON the best
possible terms.
The total stocks and bonds represented
in the leased lines is $21, 400, 900 in bonds
and $39,000,000 of stock. The North
Jersey pays interest on the bonds of the
Orange apd Newark, Essex Passenger,
Consolidated Traction and Rapid Tran
sit Companies, as well as interest on its
own bonds.
The directors of the companies who
were present at the conference this after
noon are
North Jersey Street Railway Company
p. A. B. Widener, A. ]. Cassatt, Thos.
Dolan, William L. Elkins, John D. Grim
minis, j. r. Stanley, E. f. C. Young,
United States Senator John r. Dryden.
David Young, John F. Kehoe, E. L.
Young, Joseph d. Bedle, George F. Per-
kins, E. B. Gaddis. Leslie A. Ward.
Orange and Passaic Valley-Charles
A. Sterling, David Young, W.D. Shailer,
E. f. G. Young, George Spottiswoode,
John f. Stanley, Edward L. Young.
Jersey City, Hoboken and Paterson
David Young, Charles A. Sterling, JohnI
f Stanley, John r. Lee, e. f. G. Young.
Bird W. Spencer, Dennis Mclaughlin,
William G. Stanley, William B. Geurley,
E. 1. Young, Randall Morgan, A. P. Hex
f,amer, William G. Heppenheimer, ]. b..
Hulshizer, Chandler w. Riker, John D.
Crimmins, John ]. Waterbury.
1t was announced that an adjournment
would be taken after the conference un-
til Monday. Then it will be further dis
cussed and if the directors are satisfied
that the Nevius proposition is amply
backed they viii at their meeting on
March % formally recommend the lease.
Its acceptance will then be placed before
the stockholders on March 25, and by
April l, so it was given out this after
noon at the meeting, the lines will have
been turned over to the syndicate
The capitalization of the new com
pany will probably be about $50 600, 900.
The proposition of Mr.. Nevius is gem
orally considered to be practicable, and,
if strongly backed financially, it is said
that the new company will serve the
public better than the present companies.
President e. f. G. Young and iVce-
President and General Manager David
Young, of the North Jersey Street Com
pany, will upon the completion of the
lease, retire from the active management
of the road. Mr.. David Young, who is
also president of the Jersey City, Hobo
ken and Paterson Railway Company, has
been manager of the North Jersey since
1898. y The plan of lease is one that was
considered for years by the late Bernard
NJ. Stanley, of Newark, who was heavily
interested in the trolley lines of New Jer-
sey at the time of his death.