The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1905-03-07
FOR CANAL
ABANDONMENT. I
The Bill Before the Legislature
Confers Rights Not Given
BY Charter.
MORRIS COUNTY INTERESTED.

its appearance Tuesday III the house,
being introduced BY Assemblyman
DufIield, Of Essex. 1t gives to the Lee
high Valley Railroad company practi-
cally all the rights it desires, and en-
ables it to acquire BY condemnation
shares Of stock which it connot nov
purchase and, therefore, must pay
dividends upon
Nothing is said concerning the valu-
able basin at jersey City, or the future
use Of the waters Of Hopatcong and
Greenwood lakes beyond certain re-
strictions as to the heigfth Of the
water level,
The bill is sentitled An act TO repeal
the charter Of the Morris Canal and
Banking company and to provide for
the disposal Of the property Of said
company.
The bill places the sale Of the canal
effects in the hands Of the lessee It
names the purchasers, namely, the Lee
high Valley Railroad Company, the
constituent company Of the railroad
company (the East Jersey Water Com
pany) and the nominee Of the lessees,
which is known to be the Public Ser
vice Corporation. The State Commis-
sioners, under the act, are to approve
the sales made and their approval will
give title The property consists Of
the canal bed and the right Of way, 103
miles, the water rights belonging to
the canal charter, the tidewater BASIN
at Jersey City, which is the terminus
Of the canal, and lands and personal
property. There are many reFersion-
airy rights which are to be condemned
or the principal assets the railroad
company 1.-THE lessee Of the canal) will
retain the terminal property; the East
Jersey Company, their constituent
company, will appropriate. the water
rights with the two large lakes, Ho-
patcong and Greenwood, and the Pub
| lie Service Corporation GGooFF viii come into
possession Of the canal bed and right
Of way in Hudson, Essex and Morris
counties.
The State has an equity In the canal
inasmuch as it can, under the charter,
buy the property at cost In 1928 and
acquire 1t wholly without cost in 1878.
The new bill provides a plan Of recon-
pense for the State, but it is obscurely
worded. The value is to be estimated
on the sale value Of the property under
the bill, with interest calculated until
1873, and certain percentage then
fixed, it would appear that the recon-
pense to the State Is not to be paid uny
til 1918. The sale OF the property by
lessees will, it Is expected, res0lt in
merely nominal prices, in which case
the share Of the State in the proceeds
may be infinitesimal. The State is
also to receive S25, 900 towards paying
the expenses of the commissioners
Sales are to be made in parcels. With
the sale Of the land the continuous
right Of way accompanies, and this.
property can be used for railroad, troll
ley or other public purposes Sales.
made, except at the large lakes, are to
be subject to such covenants and re-
strictions sas in the Judgement Of the
commission shall be just and reason
able to properly safeguard the inter
est Of the public, the municipalities
concerned and owner Of abutting prop
erty.'
AS to the water rights, they are to
be sold absolutely. The concessions to
the lake property owners consists Of
stipulation that the water shall not be-
drawn down below specified levels,
| varying with the seasons Of the year.
| III the lake waters are drawn down Ee-
low the required depth for one whole
year the lease owners can sue to have
the water rights forfeited, unless the
water company shall be eStOpped by
| injunction or some other cause beyond
Its control. Then the water company
Is to be excused" If, by action Of
the courts, the water company shall
be prevented from impoundinQ or re-
tanning the water Of the lakes or from
drawing upon them, then the water
company shall be excused and re-
leased from any further obligations
The money from the sales of the
| parcels of canal property is to
pay of the stock and bonds OF the
canal company which the lessees have
guaranteed, and any surplus must 70
to pay off lawful claims against the
lesSees and the canal company. There
is no mention in the bill Of the tide