Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-04-20

S.SWWI JIG
property, which taxes amount, without
interest, to S798, zoo.
The said company will receive abso-
lutte conveyance of the reversionary in
terest of the State in the Little Basin
and the Basin OF 1857" with the right,
title and interest of the State. II any.
in part of the canal in Jersey City, used
by the said company as a way to said
basins.
By the lease from the Morris Canal
and Banking Company the Lehigh VAL
ley Company now has the right to pos
sess and hold both of said basins and
said last mentioned part of the canal
until 1874. the said company having
paid the State the sun of $357.i42, the
full amount of rent reserved by the
State for said basins until 1874.
The estimate of Mr.. Hansel and
Mr.. Sherrerd of the present
value Of the reversionary inter
Basin, Is $780, 6
The estimated present value of
the reverslonary interest of the
State in the Basin Of 1867" is. LS0,cV
81, $50. oC
This commission also reports that the
portion of the canal between the west
line Of the city of Paterson n the
point Were the said canal is crossed
by the southerly line of the right of
way of tl.e New York Bay Railroad,
near Fiddlers' Elbow. on the New York
Bay front in Jersey City, is to be sold
by a commission appointed by the
State and on terms to be fixed by the
commission, and the money realized by
such sale, after paying all expenses OF
the proposed settlement. shan be d.
vided equally between the State and
the said company. .
The Lehigh Valley Company is 10
extinguish and retire all the stock of
the Morris Canal and Banking Com
pany upon full compensation to be paid
by the Lehigh Valley Company to the
holders Of the stock.
To Abandon Canal.
The State is to pass an appropriate
act for the abandonment of the Morris
Canal and the disposition of its pro-
perty in order to effectuate the pro-
posed agreement.
This commission respectfully recon-
mends that at this session of the Legis-
lature a commission shall be appointed
to draft a bill to be submitted to the
next Legislature carrying into effect
| the proposed adjustment, whereby
ample time will be given for its full
and deliberate consideration.
Dated April 10, 1911.
WOODROW WILSON,
3g + BENNETT VAN SYCKEL
Edmund WILSON.
A memorandum Of the agreement
reached by the representatives of the
| State and the lawyers for the Lehigt
Valley. Richard V. Lindabury and VIII
lam H. Corbin, accompanied the report
The memorandum sets forth the terms
in greater detail. 1t is as follows:
Memorandum Of terms upon whicr
the Lehigh Valley Railroad Company
lessee of the Morris Cana and Banking
Company. and the Lehigh Valley Rail
| road COMPANY of New Jersey are will
| ing to settle and adjust all matters nov
In controversy between aid companies
, and the State, which the commission
ers appointed by the concurrent reso'
luton of the Legislature passed Marcf
%. 1911. are willing to accept and re
port favorably to the legislature
To Repeal Charter.
1. The charter Of the Morris Cana
and Banking Company to be repealed
and its property disposed OF and navi'
cation on the canal abandoned. under
terms n conditions hereinafter Sc
forth, and the other terms Of this set
| Element to be. carried out under appro'
pirate legislation to be passed.
2. The debts of the canal company
shall be paid by the Lehigh Vale,
Railroad Company and the shares o.
| H.. ,AAAJ- 1Ha1I ~ kD1yAn 1y kAA C4nt.
to the n that the State may
cause said shares to be retired
| and e~xtinguIshed at their just and full
value and the charter of said cana
| company to be effectually terminated
3. There shall be conveyed, trans
| ferred and acquitted to the State al
| hat part of the Morris Canal and its
feeders between the Delaware River
and the west line of the city of Pater-
son, together with all the lands which
the Morris Canal and Banking Com
pany or its said lessee owns in connec-
ton with that part of the canal and
feeders, and also all water or other
rights appurtenant thereto. Said lands
lie at Lake Hopatcong. Greenwood Lake
and other points between Phillipsbure
and Paterson. Also all land mi rights
III ianQ anu I'LL WdLSi lights, iltcluul {
the rights of f1owage and diversion. in
Lake Hopatcong, Greenwood Lake
! Green Point, Stanhope Reservoir, Gran
berry Lake. Bear Swamp and Phillips.
burg and other points between the
Delaware River and Paterson. Lands
owned in fee simple by the said com
panies, or any of them. used in con
nection with the said canal or SAID
water rights, are to be conveyed to the
State in fee simple. With respect tc
hat part of the canal where the cana
bed and other of said lands are moi
! owned in fee simple, all the right, title
! and interest of said companies are tc
be conveyed to the State. All of sale
conveyances of both lands and water
or other rights are to be free n cleat
of any en~cumbrances placed upon sale
| properties by said companies, or n OF
| them. The Lehigh Valley Railroad vii
reserve to itself the right to possess
and use the surface of the canal lands
in Phillipsburg for railroad and Other
purposes.
Portion to BE Sold.
A. The portion of the canal lying be-
tween the west line of the city Of Pater'
| son arl the point where the said CANA
is crossed by the s~outherly line of the
| right of way of the New York Bay
| Railroad, near Fiddler's Elbow, on the
| New York Bay front in Jersey City,
shall be sold by a commission appointed
by the state, on terms to be fixed by