Year: 1879

IS THE CHARTER OF THE NEW YORK COMPANY


TO BE TRANSFERRED TO THE NEW JERSEY


COMPANY = RuMcRED NEGOTIATIONS WITH


THE NEW YORK LOAN AND IMPROVEMENT


ccMPANY-rHE WORK OF CONSTRUCTION TO


BEGIN IN SEPTEMBER.


The virtual defeat Of Dr.. Hayes Tunnel bill in the
State Senate the close of the last of the
Legislature checked somewhat the impulse which had
been given by the introduction Of the measure and
its passage in the House to that great enter
prise Of constructing . passage between Now
York and Jersey City underneath the North
River. But the project is not destined to sleep very
long under the oppressive weight of interested
sition. On the contrary. there seems prospect
that the work Of boring through the soil and rock
lying under the bed Of the stream will DO fairly
begun In the month Of September. Mr.. Dewitt
c. Haskins, the president Of the Hudson River
Tunnel Company. which was organized in
New Jersey and has charter from the
Legislature Of that State recently gave
verbal to that effect and 1t Is understood
from his that ample capital is avail
sblo for the accomplishment OF the work. Mr.. Has
Kins is interested in the Panama Railroad Company
and owns immense tracts of land in California.
that all who have had nego tistons with him respect
ing the proposed tunnel express great confidence in
his pccunary ability.


rHg xxw YORK ccxpAxY's CHARTER


Mr.. Haskins was the real mover OF the Hayes
Tunnel bill. and 1t was intended to secure for his
company in this State privileges equal to those
which It enjoyed on the opposite shore. On its
having extended the life OF the charter of the New
York Tunnel Company which Incorporated by
w~s amended in is;s In 1870 this companv
also secured charter from the Legislature of New
Jersey. When the time OF the charter of 1868 and
1869 extended il with the object i'll view.
the part of those interested, of eectng transfer of
il to the Hudson River Tunnel Company. OF which
Mr.. d. g. Haskins Is president Negotiations look
ing to this end have been for time
pending. and have, no doubt. given rise to
rumor which last week took tho form OF
New York Loan and Improvement Company
had actually purchased charter for the construc-
tion of tunnel under the North River. This ruinor
upon investigation proves to be untrue Gentlemen
OF the Improvement Company say that their in-
tercsts do not at all coincide with the success of
project which would tend to increase the desrabty
of New Jersey real estate and the volume OF
westward suburban travel. Yesterday the rumor
assumed . new shape. conveying only the intima-
tion that contract for awarding the mere work of
construction had been made with the New York
Loan and Improvement Company. This, together
with the original rumor. was denied by tho
Secretary OF the Loan and Improvement Com.
not even been broachcd i'm the board OF
Directors. When seen he had just returned from
executive meeting. Mr.. H. 8. White. the counsel of
the Hudson River Tunnel Company. expressed
Sunday total ignorance of any proposed sale pur
chase Of the charter and OF any proposed contract
ior tue Work oi constructlon. Dr 1. L. hayes was
also ignorant of any step having boen taken in
the furtherance of the enterprise


THE WORK BEGUN.


The negotiation between the Hudson River Tun-
mol Company and the New York Tunnel Company
has made little progress. MIR. J. +. Cheesebrough.
secretary and treasurer of the latter told HERALD
reporter yesterday, that Mr. Haskn did
TO regard its charter being broad enough
for his purposes, and this. he believed. was the
reason Why he had exhibited little eagcrncss to
secure IL. Mr. Cheescbrough, however, expressed
the opinion that the New York charter would even
tualy pass into the hands of tho New Jersey COM
pany,a consuintnation which is evidently much de-
sired by himself and his associates.


Mr.. II. \. White stated that tho work of boring the
tunnel would probably he pushed forward from the
New Jersey side of the river pending the acqui-
sition OF franchise from New York, which Is gon-