REPORT
OF TUE
U RIT E D
DELAWARE AND EAEITAN CANAL COMPANY, CAMDEN
AND AMBOY EAILEOAD AND TEANSPOETA-
TION COMPANY, AND NEW JEESEY
EAILEOAD AND TEANSPOE-
TATION COMPANY,
TO THE
STOCKHOLDERS,
AND THB
PROCEEDINGS AT TUE ANNUAL MEETING
OK THK
STOCKHOLDERS OF THE CAMDEN AND AMBOY R. R. AND TRANS. CO.,
HELD AT CAMDEN, WEDNESDAY, APPJL 28th, 1869.
ITIILABELPllIA :
THE LEISENRINO STEAM PRINTING HOUSE,
Jayue'H Building, Nos. 237 and 239 Duck Street.
]8C9.
ANNUAL MEETING
OP THB
STOCKHOLDERS
OP THE
The stockholders of the Camden and Amhoy Railroad
and Transportation Company met pursuant to notice, in
the city of Camden, at the office of the West Jersey
Railroad Company, on the 28th of April, 18G9, at 12
o'clock, M. The meeting was called to order hy Ben¬
jamin Fish, Esq., who nominated Ira C. A^oorhees as
chairman, and Lewis Elkin as secretary, who were duly
' appointed. George AV. South and George AI. AVright
were appointed tellers of election, and L. II. Scott judge.
AVm. II. Gatzmer, President of the Camden and Amboy
Railroad and Transportation Comp.any, announced to the
meeting the decease of Edwin A. Stevens and John L.
Alclvnight, late Directors of the Company, and moved that
a committee be appointed to draft resolutions expressing
the sentiments of the stockholders relative to the great
loss .sustained by the Company, in their deaths, and to
-í
-r
report resolutions for the action of the stockholders after
the reading of the general report. The Chair appointed
Messrs. W. II. Gatzinerj Daniel II. Ellis and Mahlon
Hutchinson said committee.
The General President read the following report, which,
on motion, was approved, and ordered to be printed:—
To the Stockholders of the United Delaware and Kari-
tan Canal Company, Camden and Amroy Railroad and
Transportation Co.mpany, and New Jersey Railroad and
Transportation Company :
The United Companies, including the Philadelphia and
Trenton, own the following property:—
1. Sixty-fn'e miles of canal, connecting the Delaware
with the New York ivaters, and forming part of the chain ^
of inland navigation from the Chesapeake to Long Island
Sound, and to the Northern lakes; and also forming the
main water outlet from the Schuylkill and Lehigh coal
fields to New York. It is navigated by vessels carrying
as high as 250 tons.
2. Two main lines of railroad, forming two routes
between New York and Philadelphia, one of which con¬
nects with the roads leading south and west from Phila¬
delphia; the other with the roads through Southern
New Jersey. Their position is shown on the accom¬
panying map. These lines and their branches con¬
sist of 165 miles of railroad, of which 104 miles are •
double and 61 single track. (See Schedule E.) Con¬
nected with these are about 60 miles of sidings and
terminal tracks.
3. Terminal, station, wharf, and ferry property, shops,
dwellings for employees, and other real estate outside of
right of way, for the present or future use of the diíFerent
routes, worth now upwards of six millions, though they
cost very much less. The necessity for this arises from
the termini of the routes being in the great cities, where
property is very dear; from, reaching more than one
point in each of those cities ; from another set of termini
' of the railroads, where the traffic passes between rail
and ferry; and from the extensive accommodations re¬
quired at the important points through which the lines
pass.
4. Rolling and floating stock. (See Schedule F.) This
includes upwards of thirty steamboats, used for passen¬
ger, freight and ferry purposes, and for towing to and
from the canal.
5. A controlling interest in 260 miles of auxiliary rail¬
roads, of which 35 miles are also leased, (see iMap and
Schedule E,) and in bridges, ferries, horse railroads, &c.,
, ■ used in connection with the main lines.
They also lease and operate 31 miles of other railroad,
including the "Connecting Railroad" to West Philadel¬
phia, and the line completed last year from Camden, by
way of Pemberton, to Ilightstown. They thus own,
operate, or control 65 miles of canal, and 456 miles of
railroad, and, including sidings, &c., 630 miles of track.
In this case, as in other short lines between great cities,
the apparatus of transportation consists largely in station
accommodation and equipment. Its magnitude is not
measured by length of line.
The cost of the Companies' investment, not including
materials, cash, &c. on hand, nor the stock of one Com¬
pany held by its partners, was, on the first of January,
as shown by the condensed balance sheet marked B, a
little less than thirty and a half millions ; of which six¬
teen and three-quarter millions was paid for by stock, a
little over thirteen millions by debt, and the rest out of
the earnings. To purchase the real estate, and to con¬
struct the works at present prices, would cost several
millions more than this amount.
6
The receipts of the four Companies in 1868, (see State¬
ment D,) after throwing out amounts received by cither
Company from its partners, were $7,830,525.09—not far
short of eight millions.
The number of passengers taken on the trains, including
commuters, wars upwards of six millions ; of whom over
000,000 were carried through from city to city. The
passenger receipts of the four Companies amounted to
$3,629,338.34. The increase, both in number of passen¬
gers and in receipts, taking a long series of years, has
averaged five per cent, per annum ; of course, as in all
other cases, rising above that average during the war
and in years of excitement, and falling below it during
periods of depression. This rate, if it continues, will
give a present annual increase of passenger receipts of ,
$180,000.
This additional passenger business will add but little
to the expenses. The additional trains placed upon the
roads last year, to give full accommodation to the public
and stimulate travel, and not yet filled up, will fully
accommodate it. The whole number of passenger trains
now on the time tables of the roads operated directly by
these Companies is more than a hundred per day ; of which
twenty-four, or twelve each way, run through from city
to city.
The tonnage moved on the railroads during the year
was upwards of a million, of which nearly four hundred
thousand was carried through from city to city. The
freights amounted to $2,392,017.98.
The tonnage has of late years, on an average, increased
fifteen per cent, per annum, or a little more than doubled
every fiim years. Owing to the more rapid increase of
low-classed tonnage, the freights do not increase so rapidly.
Their general average has been a little more than tivelve
and a half per cent, per annum, doubling in six years.
7
At that rate the increase of freights should he $300,000.
The removal of the transit duties which dammed hack
the freight, and other causes hereafter referred to, should
" increase this amount. The increase of expenses may he
two-thirds of the increase of freights.
The.freight expenses are large in proportion to the
receipts, for the reason that the handling, ferriage and
other expenses, independent of distance, are often, owing
to the position of the route, with a ferry and terminus
iu a great city at each end, necessarily more than the
expense dependent on distance. This fixed cost heing
added both to the freight proper and to the expense due
■ to distance, very much diminishes the percentage of ex¬
cess of the former over the latter. On long lines these
, 'fixed expenses arc hut a small part of the whole; in
these short lines, a large part.
The increase of tonnage and removal of transit duties
will now justify a cheap freight system, separate from
the fast freight, (as coal is,) hy which much expense can
he saved ; and the new terminus at Ilarsimus, when
made, will save ferriage to New York, and expensive
handling and accommodations there.
The tonnage of the canal in 1868 was over two and
a half millions; the receipts, $912,107.77. Its increase
is very irregular, stopping when now coal outlets arc
made, and after a while rising suddenly. It may he
averaged at seven per cent, per annum, which rvould give
$65,000 increase, with almost no increase of expenses.
The receipts of the Companies are large and increas¬
ing. The great effort is, to dimini.sh expenses hy rigid
economy and hy money-saving improvements.
During the last year, besides the expenses of new
trains and the working of fifty miles of new road,—the
business of which is only partially developed,—extensive
renewals of bridges, steamboats, rails, &c., far more than
8
belonged to the year, and the utter failure of the peach
crop, for which extensive preparations were made,* has
considerably reduced the apparent net gain. It was
best for the stockholders to put their work in a high '
state of eificiency, ready for the expected period of
activity, rather than make a more flattering exhibit of net
profits.
When, during periods of depression, the receipts fall
below the normal line of increase, they commonly rise
suddenly to or above that line when business revives.
The increase this year will depend on the general business
activity, of which these works are a thermometer.
The Companies are in possession of a location between
the two great cities of the continent—on the shortest
practicable route between the commercial centre and the
whole South and South-west—on one of the great high¬
ways to the West and North-west,—over which an immense
traflic must soon pass,—from which, in two or three years,
the receipts will probably be ten millions of dollars per
annum. The combination in their hands, of a canal and
two lines of railroad, giving the best means for carrying
each kind of traflic; their three termini at eligible points
in each of the great cities ; their connection with all the
roads radiating from Philadelphia ; the branches that feed
their main lines ; and the possession of the best facilities
along their lines to secure the local business ; give them
great advantages in addition to those of their general
location. If anjr railroad anywhere is profitable, theirs
should be so.
But, to avail themselves of all these advantages, the
Companies must full}^ occupy the ground now in their
possession; complete, and, Avhen necessary, increase their
* The peach freiglits in 1S67 approached t^ro hundred thousand dollars j last year almost
nothing; they promise this year to be larger than in 1867.
9
facilities to meet the increasing traffic. Not to do so,
Avould be like allowing a valuable farm to lie idle, or half
idle, to save the cost of plows. But besides the direct
" gain from providing ample facilities, the geographical
position of these Comp.anies' works will not permit
them safely to consider theirs as merely local roads.
If they do not prepare to take all the business that
comes from far and near, somebody else, that will pre¬
pare, will take the increase, and part of the present
business over the same ground.
The growing tendency to consolidate separate links
of railroad into long chains, will soon bring under one
control a continuous line of nearly 1,000 miles from
Philadelphia to St. Louis ; with perhaps as many miles
•more branching from it. Under the same tendency, the
long lines converging to Philadelphia and to Baltimore
may seek separate outlets to New York, which, in some
cases, would not add more than five or ten per cent, to
their mileage of road, though it would add vastly more
than that to their investment. Such separate outlets, if
made, would not only divert the business brought by
those lines from the works of the United Companies, but
would also compete for their other business. It is there¬
fore their true policy to make it the interest of those
lines to continue always to use the works of these Com¬
panies as a common trunk; and this only requires capacity
V to take their increasing traffic on remunerative terms.
In pursuance of this policy, or this necessity, a largo
increase of capacity has been created since the consoli¬
dation (and made more important by the consolidation)
in additional tracks, wharf and station-room, and rolling
and floating equipment. Capability for still larger in¬
crease', when necessary, has been obtained by securing,
while it could be had, room for expansion. (See State¬
ment C.)
10
Several serious difTiculties that formerly stood in the
way of the Companies' prosperity have recently been
removed. The main upper line of railroad has been
straightened and all double-tracked. That line has been ''
connected with the roads leading South and West. Its
.separate fragments ha^'e been united in one interest and
under one management. The tran.sit duties—sometimes
prohibitory, generally. obstructive to traffic—have been
abolished. The Companies may now safely improve in
front of their lands on tide-water, under an irrcpealable
grant from the State ; and the Companies h.ave secured
the best site on the west bank of the Hudson for a great
terminal depot—essential to their future business. Each
of these adds value to the rest. Without each of them
their operations would be embarrassed. The road to ^
.solid prosperity is now fully opened.
The situation of the Companies'railroads inAÙtes a very
large freight traffic. But the transit duties by rail, which
■were fifteen cents per ton between the Delaware and Rari-
lan, and twentj^-seven cents between the Delaware and
Jersey City,—that is, from a quarter to half a cent per ton
per mile,—prevented the extensive carriage of loAv-priced
property by rail. To carry such property economically
on these roads, it must be carried in large quantities,
separate from fast freight ; and to get such quantities
requires Ioav rates. Increase of transit duties from in¬
crease of quantities combined Avith low rates Avould have
left no profits. OAving to the higher tax to Jersey City,
no freight Avas sent that AAmy if it could be avoided ; and
until lately little preparation for it Avas made there.
But these duties are noAV abolished, and the Companies'
State taxation commuted at not quite $300,000 per
annum. (See Appendix G.) This gives them the' free
use of their OAvn Avorks. Their policy should now be,
by moderate, though paying, rates, to stimulate every
11
branch of freight transportation. The traíTic between
the great cities, at the ends of the route, is capable of
indefinite increase.
' The Companies' works, all terminating on, and at other
points , coming in contact with, tide-Avater,—Avhere inter¬
change from canal to open river, and from rail to water
carriage is, or may be, required,—made it proper to secure
a considerable extent of Avater front, to be improAmd when
wanted for use. Of late, embarrassing doubts have arisen
about the right to reclaim outside of high-Avater mark—
the State claiming the title to all lands under tide-water.
The Companies, in order safely to improve along these
lands Avhen necessary, have recently purchased the right
to do so from the State. (See Appendix IT.)
■ The union of the New Jersey Railroad Company Avith
the other Companies, and the abolition of transit duties,
make it advantageous to the combined interest to send
much additional traffic by way of Jersey City, and to
secure ample accommodations for that traffic on the
aa'aters of the Hudson River. The accommodations re¬
quired are not merely for a system ofdocal roads extending
one or íavo hundred miles, but for lines extending thou¬
sands of miles, seeking outlet over this road.
The NeAv Jersey Railroad Company already had an
extensive frontage on the river, but this, though very
valuable for passenger, ferry, steamship, and other pur-
■r jioses, could not be made to accommodate a large freight
business.
Ilarsimus Cove, less than half a mile north of the Jersey
City ferry, and immediately south of the Erie terminus,—
directly opposite the business part of the city of Ncav York,
the only unoccupied space for two or three miles along tlie
river front, seemed reserved by Providence for this pur¬
pose. The Companies bought seventy acres of it, fronting
1,.500 feet on the river, and extending inland nearly (at
one point quite) lialf a mile from the bulk-head line.
This may not he as large a tract as some of the neigh¬
boring railroad companies have, but it can be made more
valuable than any other.
Tlie location and co.st of this property, the plan of
reaching it and of improving it, and the cost of each suc¬
cessive stage of improvement, and the advantages of
using it in the manner proposed, will be found in the
accompanying paper, marked I, and the map, marked J.
The objects and advantages of this project are—
First.—It will give room—which must be had some¬
where—for the rapid increase of freight traffic. If these
Companies do not provide such room, that traffic will force
open new channels alongside their own. Some of the
increase may be carried advantageously by way of Aniboy,
but much of it must, to avoid delay and expense, go direct
to the Hudson River.
Owing to the opening, by the consolidation, of a new
freight route over the New Jersey Railroad ; to the im¬
proved connections South and West; the opening of new
branches; the rapidly-increasing manufactures along the
line; and especially the abolition of transit duties ; the
tonnage, instead of doubling in five years, as heretofore,
will probably double in three or four years. It is now
rather more than a million of tons, of which 600,000
tons reach the waters of the Hudson River. The increase
could not be economically disposed of on the present
ground.
The requisite amount of eligible room, considering the
cost of getting to it, could have been obtained nowhere
else at less expense. There is no other suitable and
central spot unoccupied.
Additional tracks and rolling-stock can at any time be
added when wanted. With an extension of the signal
13
system now ia use on these roads, the number of trains
over the same track can be greatly multiplied. But room
for deposit must be provided beforehand.
Second.—After business becomes established at Har-
simus, the railroad freights on a very large class of articles
will be as good to that point as to the other side of the
Hudson. The saving to the Company of ferriage, of
wharf-rent in New York, and the less cost of handhng at
Ilarsimus, will amount at present prices to half a dollar a
ton. This on 600,000 tons will be $300,000 per annum—
enough to pay the interest on the whole investment.
The great drawback to the profit of the freight busi¬
ness, as already pointed out, is the heavy ferriage and
terminal expense. Ilarsimus will save it where now
, heaviest.
The lower part of the city of New Yoi'k is the counting-
house of the continent. There is not room for all the
storage that will soon be required ; it is already seeking
the opposite shores of the waters that environ the city.
It will be most valuable where rail and water carriage
can be made to meet ; and this will be on the west bank
of the Hudson.
Want of wharfage-room in New York is also driving
the shipping across the river. Already three important
steamship lines are on the west side of the river, one of
which—the Cunard—occupies a part of these Companies'
property at Jersey City. When the wharves and ship
canals at Ilarsimus are completed, it will be at least as
desirable a point for steam and other shipping as any
on the river. It must become an important commercial
depot.
New York is not one point, but many. Transportation
from one point to another (as in or about any great city)
often costs as much as fifty or a hundred miles of rail
transportation. Hence, to a great degree, terminus con-
14
trois route. Shipping, lighterage, ferry, cartage, storage
and rail all meet at this one point, and an immense saving
will be elTected in passing goods from one to another.
That saving must inure both to the benefit of these Com¬
panies and their customers.
Third.—This terminus will protect the Companies'
business. The first two miles of any great railroad from
the Hudson River westward, including such extensive
terminal fiicilities, as the roads terminating there are mak¬
ing, would cost as much as two hundred miles of ordinary
railroad through a level country. Connecting lines can
therefore well afford to pay for such an outlet and such
facilities as are here provided; either specifically for the
accommodation, or by sending their traffic over the route
on fair terms. They cannot afford to go elsewhere, for -
they cannot elsewhere find facilities so complete. Thi.s
is far better than paper contracts, or, if such a thing were
to be thought of, than legislative guaranties.
Fourth.—The railroad passes through a large city, and
occupies the centre of it, without interference with or by
streets.
Fifth.—The wharf and ground-rents where storehouses
will be built by connecting railroad companies, by tran¬
sporters, by steamship lines, and by warehousemen, will
be very large. This was not the object of the enterprise,
but will yield a very great incidental profit. Harsimus
is not a real estate speculation, but a railroad necessity.
Nevertheless, one, two or three hundred thousand dollars
a year, incidentally gained, will be very acceptable.
When the storage system becomes fully established in
New York, the value of this point will be greatly in¬
creased, as goods arriving either from abroad or from the
interior, even when destined for the city, will be stored
till used.
Sixth.—Railroad lines approaching Jersey City from
ló
other directions, can get an outlet here for which they can
afford to pay a very large amount, rather than go to the
expense of making an independent one. Already parties
'are applying, whose business, if taken, is expected to yield,
in two or three years, $100,000 per annum. The Com¬
panies can get this incidental gain, without injury to their
own business.
It is not proposed to go on immediately with the
Ilarsimus improvement. For some time, by the help of
other improvements now in progress, the traffic can be
accommodated elsewhere ; and however confidently its
rapid increase may be looked for, it is thought best to
wait till it is certain ; and when the improvement is be¬
gun, it is proposed to go on with it only as fast as it can
be broughtffinto profitable use ; and it is hoped that the
price of labor and materials will hereafter become more
moderate. The whole work may not be executed in some
years.
But the Companies have taken warning from the seri¬
ous evils so often suffered by railroad companies from
neglect to secure room for their growing business while
it is possible to get it. Other improvements may be de¬
ferred; but land in the right place must bo got before it
is otherwise appropriated.
If this property had not been secured when it was, it
• would probably have fallen into the hands of a competing
company already interested in a large tract, of which this
was a part, and who insisted on and got their share in
land. Notwithstanding the unexpectedly large award of
half a million to the State for its grant, the property
would doubtless now sell for much more than it cost.'^'
* From tliG puldMicd atatcracnt of real estate salo.'î, it appears that a neîghlmring railroa-l
comx^any bave just bought a tract of eleven or twelve acres of the same kind of property as
llarsirnus, half a mile further north, fronting 200 feet on the river,—certainly no better situ¬
ated,—for $.jöO,Q00. Tlíis i.s some tlirco and a half tiine.'í as much per acre as Ilarsimus Cuve.
IG
But the loss to the Companies by any sale of this pro¬
perty would be irreparable. The abolition of transit
duties greatly increases the value of it by giving free
access to it.
The high .speeds now necessary for some of the pas¬
senger trains on the upper line require that all curvature
should be as ca.sy as possible. A mile radius has been or
will be attained, whenever possible, without too great cost.
The increase of safety and saving in wear of machinery
will amply repay the expense.
At Newark a new bridoie is under construction across
O
the Passaic, and a detour in the line will be avoided,
rvdiich will save five minutes in time of the fast trains.
If their Avhole time of passage remains the same, this ^
will save, in wear of track and machinery, fifteen or
twenty thousand dollars per annum.
New wharves have been built near Jersey City ferry
to occupy fully the whole valuable frontage on the Hud¬
son at that point and give room for the present freight
])usine3S going there.
In any improvements the Companies may make, safety
and efficiency only will be considered ; nothing expended
for fine work or unnecessary excellence. Of course, in
passenger accommodations, the ordinary regard to ap¬
pearance will be had.
The great cities form natural termini of these works,
and forbid any indefinite expansion or distant investments
or entanglements other than mere working arrange¬
ments. The only expansion that should be made is in
breadth and base, so as to increase solidity. These works
are a funnel—to be enlarged in diameter when necessary,
but not in length.
A prosperous railroad is never finished. As the busi¬
ness increases, equipment must increase, and the greater
17
the prosperity, the greater the expenditure. Of course,
this expenditure should not be made till necessary to in¬
crease trailic, or save an annual expense exceeding its
interest. An increa.se of ten per cent, on the business
of these Companies would give at present rates over three-
quarters of a million increase of receipts, and a quarter
of a million increase of net profits. This would not, as
heretofore, be attended with increased State taxation.
This increase of hmsiness would require increased invest¬
ment in rolling and floating stock, and other accommoda¬
tions dependent on amount of business, of half a million.
The dividend of ten per cent, on this would be one-fifth
of the increase in net profits.
Some other expenditures on the railroads besides ITar-
' simus, not proportional to amount of business, will he
required to perfect the lines and secure room for future
enlargement.
An Act of the Legislature of New Jersey has been
obtained, authorizing the increase of the stock of the
Companies in New Jersey sixty per cent. It was thought
best to get authority for so large an increase in order to
avoid the necessity of making such an application for
many years to come, if ever. When the money may be
wanted and the stock issued, will depend on the Com¬
panies' prosperity. If the business does not increase,
further investment will stop. It is now under considera-
" tion to issue scrip on stock to the extent of ten or twenty
per cent, on the present stock of the four Companies, to
he offered pro rata to the stockholders.
Luring the past year the directors have been called
to lament the death of three of their colleagues, all prom¬
inent members of the hoard. One of those was the
venerable Jame.s Parker, for half a century one of the
eminent public men of New Jersey,—an active advocate,
in concert with Neilson, Simpson and others, for the con-
18
struction of the canal, long before it was actually under¬
taken,—an ofTicient sustainer of the bold hand of Stock¬
ton in carrying it through. lie was one of the original^
directors of the Canal Company, continued a director for
almost forty years, and for many years was chairman of
the Joint Board.
Another was Edwin A. Stevens, one of those remarkable
brothers, who projected and constructed the Camden and
Amboy Bailroad, and risked their fortune in it, while
most men wmndered at their temerity. Their more re¬
markable father, who, in 1803, built and run an experi¬
mental steamboat, propelled by a screw^, or "circular
scull," as he called it, with proportions very like the best
now in use, predicted in 1812, that wagons wmuld be
driven across New Jersey by steam, at the rate of twenty ^
miles an hour; and if he had found any support wmuld
have attempted to make such steam wagons. The father
lived a generation too early. The dawn of. the present
age enabled the sons to carry out his ideas and their own.
lilr. Stevens was a director of the Camden and Amboy
Company from its organization in 1830 till his death in
1868; and from 1856 till 1867 was President of that
Company.
The other was John L. McKnight, who for many
years was a director of the Camden and Amboy Company,
and, since the consolidation, a member of the Executive
Committee. No man felt a deeper interest in, or acted
with a more single eye to, the welfare of the Company,
and no man counseled more wisely how to promote it.
By order of the Joint Board.
ASHBEL WELCH,
General President of the United Companies.
19
William II. Gatzmer, from the committee appointed
to present resolutions in relation to the death of E. A.
Stevens and John L. McKnight, reported the follovíing
resolutions :—
Whereas, Since tlie last annual meeting of tlie stockholders of
this Company, Edwin A. Stevens, a Director thereof from, the time of
its organization, and its President for many years, has died in Paris,
fnll of years and full of honors; therefore, be it
Resolved, That the stockholders of the Camden and Amboy Ilail-
road Company have experienced a loss in the death of Edwin A.
Stevens, late President and Director of the Company, which consti¬
tutes a mournful epoch in its history,—from the fact that he was one
of the fathers and original projectors of the Camden and Amboy Kail-
road Company.
Resolved, That, by the death of Mr. Stevens, the Company have
been bereaved of a faithful friend, a wise and experienced councillor,
* a sagacious, practical cificer, whose many years of service have con¬
ferred benefits on the stockholders of this Company deserving of their
grateful remembrance.
Resolved, That, while we deplore the loss the Company have sus¬
tained by the decease of Mr. Stevens, the stockholders and Directors,
long intimately associated with him, bear in mind that they have lost
a friend whose genial, social characteristics and uniform kindness and
rectitude endeared him to them by ties only to be severed by death.
Resolved, That while the memory of ]Mr. Stevens mu.st ever he
associated with the history of this Company, it will also bo honored
and respected by citizens of the State of New Jersey, for the vast and
enduring benefits she has derived from his enlightened enterprise,
public spirit, and scientific sagacity and achievements.
Resolved, That, as one of the fathers of railroad improvement in
» the United Statc.s—as a meritorious publie benefactor—as a patriot,
whose mechanical labors were freely used for purposes of national
defense—as a citizen and Christian gentleman, the name of Edwin A.
Stevens will stand conspicuous in history among tlio names of the
illustrious men of the ago, who have conierrcd lasting benefits ou their
own generation and on posterity.
wllerea.s, Since the last annual meeting of the stookliolJcrs of this
Company, .John Jj. McKnight, early connected with the railroad
system of the State, and for many years an ciliciont Director of tliis
Company, has died at his residence in tlic city of Dorilcntowu, full of
years and full of honors ; therefore, be it
Resolved, That the stockholders of the Camden and Amhoy Eail-
road and Transportation Company have to mourn, in tlie decease of
John L. UIcKnight, the loss of a friend who was entitled to their
esteem and affectionate regard.
Resolved, That in Mr. McKuight the stockholders of this Company
have lost a friend ever true to their intorc.sts, and one from whose
intelligence, financial abilities and business talents they have received
great advantages.
Resolved, That, a,s a member of the Board of Directors, and as a
citizen ever anxious to promote the public welfare, as a friend true
and tried, of stern integrity, and distinguished for all the virtues
which adorn life, John L. McKnight will live in our memories vene¬
rated and respected.
Mr. G.atzmer, in moving the adoption of the foregoing
resolutions, addressed the meeting as follows :—
It is now more than thii tj-six years since my first connection in
business with my lamented friend and predecessor commenced. It is
with pride and satisfaction that I am able to say, that, from my first
appointment as an officer of your Company, until I succeeded him as
l-'resident, I enjoyed his friendship and confidence j and that in all
my iutercour.se with Jlr. Stevens I found him to be a high-miuded,
lionorable man,—just and true to the Companies, fiiithful to his
friends, vigilant and sagacious in the promotion of the interests of the
stockholders, and firm in the maintenance and defense of the rights
and privileges of the Company.
With his distingui.shed brothers he was a co-projector of the Cam¬
den and Amboy Railroad. Uuder the presidency of his brother,
Robert L. Stevens, he was the Superintendent and Treasurer of that
road for many years. With what industry, tact, good sense and skill
he discharged the duties of that office, you are familiar. His executive
aud administrative talents were of the first order ; and whether we
consider his management of the working force of the Companies, or
that of the complex details respecting the operations of the railroad,
its great success may he justly attributed in a large measure to him.
In the financial affairs of the Companies, his views were generally
approved, and always indicative of a discriminating and .sagacious
j udgment.
He was averse to speculative experiments in the conduct of the
railroad. When satisfied with remunerative returns, he was not rash
in adopting new measures attended with risk.
21
His railroad policy respecting the State and the people was liberal
and patriotic, and he always responded favorably to any well-considered
railroad enterprise which tended to develop the resources of the State
and satisfy the reasonable demands of the people.
IVe all appreciate his vigorous administration, as President of the
Company, after his brother Eobert's decease. He gave severe and
vigorous attention, even to minute details, in whatever concerned the
railroad or other works and interests of the Joint Companies. Nothing
was too vast for the grasp of his intellect; nothing too small to escape
his penetrating vigilance.
As a friend and social companion, his genial characteristics are
known to you all, and will be long remembered.
He has been our associate and generous friend now for more than
the third of a century, and I am sure hi,s loss is felt by us all as irrep¬
arable.
His present successor and future successors may have more or le.ss
merit; but never perhaps again will this Company have in it a member
, whose fortune it can be to prove as useful and as distinguished as
Edwin A. Stevens.
Mr. McKnight was one of the original stockholders of the Camden
and Amboy Piaiiroad Company. The enterprise at its inception was '
one in which there was a general distrust; but Mr. McKnight saw
that eventually it would be an immense public benefit. He had
received an early mercantile education,—was bold in his business
operations, and persevering in whatever he undertook.
He was early engaged in transportation, both in vessels and stages,
and saw plainly that a railroad between the great cities of New York
and Philadelphia mu.st be a success, and he invested largely in the
stock—being at his death one of the largest stockholders.
After the death of his brother William, one of the original Direc¬
tors, he was elected a Director, and subsequently appointed a member
of the Executive Committee, and has largely aided in establishing
the policy which gave to the State the numerous branch and connecting
railroads.
As a member of the Doard of Directors and hlxccutivc Committee,
he was always attentive and punctual. He was an able and intelligent
colleague,—judicious in council, and devoted to the interests of the
Company. His sound business talents and practical judgment made
his advice useful and respected by all.
In his intercourse with others, he was kind and affable. Ho was a
sincere friend—a public-spirited citizen—liberal and generous to all
/
22
olijects deserving his charity, and in all the relations of life honorable
and without reproach.
To have been associated with such a man was a pleasure and an
honor. Wc shall ever cherish hi,s memory, as entitled to respect for
the many virtue.s for which he was distinguished.
Mr. Bradley supported the motion of Mr. Gatzmer,
and briefly passed a high culogium on Mr. Stevens^ with
whom he liad been intimiitely^ associated. lie also spoke
with feeling and commendation in relation to the character
and services of Mr. Molvnight. The General President,
Mr. Ashbol Welch, in a few remarks, referred to the
striking featnres in the character of J. L. McKnight, to
Avhose business talents and great practical knowledge the
Company were more indebted than was generally known
and appreciated.
The whole proceedings were directed to be publi.shed
in pamphlet form, and the stockholders furnished with
copies.
The tellers reported the election of the following-named
gentlemen as Directors for the ensuing year :—
Benjamin Fish,
William H. Gatzmer,
Charles Macalester,
Samuel "Welsh,
Joseph P. Bradley,
JoiiN Jacob Astor,
Cambridge Livingston.
On motion of the Hon. J. M. Head, it was ordered
that the next annual meeting of stockholders should he
held at the Companies' office in the city of Trenton, on
the 10th of May.
IRA C. VOORHEES,
Chairman.
LEWIS ELKIN,
Secretary.
APPENDIX.
A.
• Directors and OíScers of the United Conpanies (in ITevi Jersey).
DiKECTORS.
DELAWÄBE AND HABITAN CANAL COMPANY.
Richard S. Conovdr, - . . Princeton.
Albert Markley, . . Camden.
William Patehson, (State Director,) Perth Amhoy.
John J. Phelps, . . . New York.
John M. Read, .... Philadelphia.
William W. Siiippen, . . Jlolohen.
John G. Stevens, .... Trenton.
Robert F. Stockton, . . . Trenton.
JIosES Taylor, .... New York.
Asiibel Welch, .... Lamhertville.
CAMDEN AND AMBOT EAILEOAD AND TEAHSPOEÏATION COMPANY.
John Jacob Astor, . . . New York.
Joseph P. Bradley, . . . Newark.
Daniel ]5udd, (State Director,) . Chester.
Benjamin Fish, .... Trenton.
William II. Gatzmeh, . . . Philadelphia.
Cambridge Livino.ston, . . New York.
Charles Macalester, . . . Philadelphia.
Samuel Welsh, . . . Philadelphia.
24
NEW JEESEY RAILROAD AND TRANSPORTATION COMPANY,
George II. Ciietwood,
Alfred L. Dennis,
Martin A. Howell,
riamilton Df.sii,
Dudley S. Gregory,
Neiiemiaii Perry,
Henry Pi. ]1e:usen, .
I.saac W. scuddeu,
Ferdinand Suydam,
Ellzaljelli.
Newark.
Nevj Brunswick.
Nrm York.
Jersey (Jiiy.
^ t" 7
j.\tv:ark.
N'aie York.
Jersey Oily.
Nev¡ York.
General President.,
ASIIBEL WELCH.
Yice-Presidenl,
HAMILTON FISH.
Secretary of the Joint Board,
JOSEPH P. BIIADLEY.
Asiibel Welch,
Hamilton Fish,
J osEPii P. Bradley,
W.m. II. Gatzmer,
Executive Committee:
A. L. Dennis,
Pl. F. Stockton,
Benjajiin Fish,
Samuel Welsh,
John G. Stevens,
Isaac W. Scudder,
Martin A. Howell.
Officers of the Respective Companies.
DELAWARE AND EARITAN CAÏÎAL COMPAST.
President,
Hobt. F. Stockton.
Treasurer,
Secretary,
Eichard Stockton. John P. Stockton.
CAMDEN A1ÍD AMEOY RAILROAD AIJD TRAKSPORTAIIOS COMPANY.
President,
Wm. H. Gatzmer.
Treasurer,
Eichard Stockton.
Secretary,
Samuel J. Bay'ard.
25
HEW JEaSEY EAILaOAD AHD TEAHSPOETATIOH COUPAHY.
President,
Alvked L. DE^'^'IS.
Treasurer,
II. J. Southmaa^d.
Secretary,
P. W. Rankin.
The directors and officers of the Philadelphia and Trenton Railroad
Company are as fullows :—
DIRECTORS : '
V. L. Bradford,
John M. Read,
Chas. JIacalester,
John Dorrance,
President,
V. L. Bradford.
Ashbel ^Velch,
William Hart,
Benjamin Fish,
John O. Stevens,
Treasurer,
Asa I. Fisii,
Wm. S. Freeman,
W. II. Gatzmer.
ALBE..IT h . el.iLíiiLEy.
Secretary,
J. Parker Norris. James ÍIorrell.
B.
Condensed Balance Sheet of the United Companies, mchtdiny the Phila¬
delphia and Trenton Railroad Company, January 1st, 1S69.
Cost of Property.
Delaware and Raritan Canal and
Equipment, .... .$1,580,.304 70
Camden and Amhoy R. R. RranchG.s,
Real Estate and Equipment, in¬
cluding Steamboats, . . . 11,221,090 Go
New Jersey Railroad, Real Estate
•and Equipment, . . . 7,311,277 93
Philadelphia and Trenton Railroad,
including Real Estate, . . 1,701,267 37
Total owned directly by Companies, $21,847,030 03
Interest in auxiliary works, viz. :—
By Delaware and Raritan, and Cam¬
den and Amboy Railroad and
Transportation Company Stocks,
not including Philadelphia and
Trenton Stock, . . . $2,713,015 GO
Carried forward, . . . $2,713,015 00 $24,817,030 03
26
brought forward,. . . 62,713,015 00 824,847,030 03
Eonds and advances, . . . 1,482,573 77
EyNew Jersey I'ailroad and Tran¬
sportation Company Stocks, . 921,170 00
Eonds and advances, . . . 294,009 88
Ey Pliiladclpliia and Trenton E,ail-
road Company Stocks, . . 101,455 50
Total, not including 6705,000, stock
of cue Company, held by the others, 5,572,324 21
Total Stocks, . . $3,795,040 50
Eonds, &o., . . 1,830,083 05
Unappropriated material on hand, . . . 320,288 81
Cash on hand, 864,924 S3
631,005,174 48
This docs not include the amount payable to the State of New
Jersey for the Ilarsimus grant, which had not yet gone into the ^
books on the 1st January.
Liabilities,
Stock of the Camden and Amboy
Railroad and Transportation Co., $5,000,000 00
Stock of the Delaware and Raritan
Canal Company, •. . . 4,999,908 75
Stock of the New Jersey Railroad
and Transportation Company, . 6,250,000 00
Stock of the Philadelphia and Tren¬
ton Railroad Company, . . 1,259,120 00
Total Stock on the books, . . $17,509,088 75
Deduct Stock of one Company held ^
by another, .... 765.000 00
Total in hands of Stockholders, . $10,744,088 75
Funded Debt, viz.:—
Delaware and Raritan Canal and
Camden and Amboy Railroad and
Transportation Companies, . $9,865,645 GO
Carried forward,
$9,865,645 00 $16,744,088 75
27
Brought forward, . . $9,865,645 00 $16,744,088 75
New Jersey Eailroad and Transpor¬
tation Company, . . . 1,004,000 00
Special Bonds, .... 655,900 00
Other indebtedness, . . . 1,560,734 90
Total indebtedness, . . . 13,086,279 90
Sinking Fund and Suspense Ac¬
count New Jersey Eailroad, . 293,974 21
Undivided Earnings, out of which
the Jan. dividend was declared, viz. :
Delaware and Earitan Canal, and
Camden and Amboy Eailroad and
Transportation Companies, . . §728,481 13
New J ersey Eailroad and Transpor¬
tation Company, . . . 112,236 61
Philadelphia and Trenton E. E. Co., 640,163 88
Not including amount payable to the
State, as before mentioned, . 1,480,831 62
§31,605,174 48
The dividend paid to stockholders out of the above, and United
States tax, was §878,003.25. The rest of the undivided earnings
have been used in construction.
The Permanent Loans of the United Oomjyanies, included in the
above statement, were, on the 1st January, as follows;
Loans Outstanding—Camden and Amboy.
English Debt, £337,250@§4.84,
Extra Dividend Loan overdue, .
Loan due in 1870,
" " 1875,
" " 1883,
" " 1889,
Consolidated Loan due 1889, .
Carried forward,
§1,632,290 00
2,195 00
323,220 00
675,000 00
1,700,000 00
867,000 00
4,665,940 00
§9,865,615 00
,19,865,045 00
28
$9,865,045 00
1,004,000 GO
$10,860,645 00
Since the Isfcof January, a six per cent, sterling loan of ¡£369,200,
cr[ual to $1,840,000, payable in 1894, with a sinking fund, has been
negotiated in London.
0.
Expenditures fur Construction and Investment during the years 1867
and 18G8.
Delaware and Piaritan Canal, including an additional
Outlet Lock at New Brunswick, Extension of
Wharves, Eeal Estate, &c., ....
Heal Estate, for Bailroad purposes,
Ilarsimus Cove property and Right of Way to it, .
Wharves at Jersey City, Depots and Buildings,
Extension of Shops and Machinery,
Increased value of Steel Rails, replacing iron, and
increase in Iron Rails, .....
New Ferry Boats at Jersey City, new Freight Steam¬
boat and now Tugs, .....
Locomotives, . . . . . . .
Cars, .........
Grading and Bridging for new Tracks, ... .
Other Expenditures on the Main Lines,
Investment in auxiliary works, including prepara¬
tions for a large increase of coal traffic on the Bel-
videre Delaware Railroad, increase of West Jersey,
and of Camden and Burlington County Railroad
and other Stocks, and payment of a loan of $200,-
000, &o.,
$4,022,693 76
Brought forward, ......
New Jersey Railroad and Tran¬
sportation Company :—
Bonds due 1875, .... $300,000 00
" " 1878, .... 450,000 00
" " State of New Jersey. . 100,000 00
New Loan United Companies, . . 154,000 GO
$199,143 42
84.3,2.34 81
685,528 .37
413,046 05
106,198 32
232,267 GO
324,930 14
185,504 18
267,571 17
60,428 31
214,953 10
989,888 29
29
D.
Receipts and Expenses of the United Companies and of the PMladel-
phia and Trenton Railroad Company, in 1868, not including
receipts hy one of the Companies from another.
Eeceipts—^Kailroad.
From Passengers—United Compa¬
nies, ..... $2,778,483 00
From Passengers—Philadelphia and
Trenton Piailroad Company, . 850,855 34
Freights—United Companies, . $2,294,210 85
Freights—Philadelphia and Trenton
Railroad Company, . . . 97,807 13
$3,629,338 34
2,392,017 98'
41,237 87
Jlails—United Companies, . . $31,112 87
^ Mails—Philadelphia and Trenton
Railroad Company, . . 10,125 00
Miscellaneous—United Companies, $46,574 60
Miscellaneous—Philad'a and Trenton
Railroad Company, . . . 4,455 61
— 51,030 27
Total Railroad Receipts, . . 86,113,624 46
Expenses—Railroad.
For Railroad—United Companies, $3,276,210 46
Railroad—Philadelphia and Trenton,
not including paid Camden and
Amhoy for Cars, &o., . . 483,712 00
Steamhoat, ..... 310,404 74
4,076,387 20
Net Receipts Railroad Easiness, $2,037,237 25
Eeceipts Delaware and Raritan Canal, $912,107 77
Expenses Delaware and Raritan Ca¬
nal, 325,560 56
Net Receipts Canal Rusincss, . 580,547 21
Carried forward, ...... $2,023,784 47
30
Brought forward, ......
Receipts Steam-towing, . . $409,358 37
Expenses Steam-towing, . . 432,257 33
Net Receipts Steam-towing,
Receipts—Miscellaneous, Auxiliary,
&c., $373,931 49
Deduct Dividends of one Company
from another, . . . CS,500 00
Total Net Receipts, .
$2,623,781 47
G7,101 04
305,434 49
$2,996,320 00
RECAPITULATION.
Gross Receipts.
' Railroad, ....
Canal, ....
Steam-towing, .
Miscellaneous, Auxiliary, &:c..
Total Gross Receipts,
$6,113,624 46
912,107 77
499,358 37
305,434 49
Expenses.
87,830,525 09
Railroad, $4,076,387 20
Canal, 325,560 56
Steam-towing, .... 432,257 33
Total Expenses,
Net Receipts, ....
Taxes and Transit Duties—United
Companies, .... $418,452 86
Taxes—Philadelphia and Trenton
Railroad Company, . . . 50,428 86
Interest—United Companies, . $753,689 48
Interest—Philadelphia and Trenton
Railroad Company, . . . 12,519 00
General Expenses,
Profits carried to Undivided Earnings,
4,834,205 09
82,996,320 00
8468,881 72
766,208 48
125,005 47
$1,686,224 33
E.
Schedule of Railroad Lines Oiened, Operated, or
Controlled hp the
United Companies.
1. OwQed direct!J' by tbe Companies :—
Philadelphia and Trenton, (Kensington to Trenton,
Delaware Branch,) all double track.
26.G miles long.
Trenton to Jersey City, all double track,
57.1
((
Jamesburg to Monmouth Junction,
5.5
Camden to Amboy, 20 miles double track, .
61.2
Bordentown to Trenton, .....
6.1
ÍÍ
Monmouth Junction to Kingston,
4
ii
Princeton Branch, ......
3
Other Branches, ......
1.5
U
Total, .......
165
a
2. Pioads in which the Companies have a controlling interest:—
Piocky Hill to Kingston, .....
2.5 miles long.
Burlington to Mount Holly, ....
7.1
{i
31ount Holly to Junction of Camden and Amboy Rail¬
road, near Camden, .....
16.5
a
Pemberton to Mount Holly, ....
5.9
u
Vincentown Branch, ......
3
a
West Jersey to Bridgoton, .....
37
a
" Millville to Glassboro, .
22
ii
Cape May and Millville, .....
44
il
Salem Branch, .......
17
il
Preehold and Jamesburg, .....
11.5
il
Millstone, ........
6.0
il
Perth Amboy and Woodbridge, ....
6.4
a
Belvidore Delaware, ......
08.7
il
Flemington Branch, ......
11.4
il
Total, .......
259.6
il
3. Other leased roads:—
Connecting Railroad, ......
6.8 miles long
Pemberton and Higlitstown, ....
24.5
II
Total, .....
31.3
il
IlOLLIiNa-STOC'lí.
Locomotives, ......... 128.
Passenger Cars, 193
Baggage and Mail Cars, . ..... 40
House and Stock Cars, ....... 012
Platform Cars, including Marl and Lime, .... 478
Floating-Stock.
Steamboats—Passenger. ....... 3
'• Ferry, ........ 12
" Freight, 4
" Towing, ....... 14
33
Freight Barges, (three of very large size,) .... 5
Car-floats, carrying eight to ten freight cars, . . . 10
Schooners, .......... 20
Coal Barges, ......... 21
Canal Boats, ......... 77
In addition to the above, each auxiliary has an equipment of its
own, including, on the Beividere Roads, over five hundred eight-
wheeled coal cars.
G.
"When these Companics were incorporated, during the infancy
and inexperience of railroad legislation, it was unfortunately
provided that they should be taxed by transit duties on passen¬
gers and tonnage. This amounted to ten cents per passenger,
and fifteen cents per ton between the Delaware and Earitan,
and twenty-seven cents per ton, and not quite fifteen cents per
passenger, between the Delaware and Jersey City.
While only passengers and high-classed goods were carried by
rail, this tax was not so severely felt; but when, contrary to the
contemplation of the law, low-classed tonnage sought the rail
route, its embarrassing and paralyzing efiect was found to he
greater than any one, not called upon to deal with the subject,
can readily understand.
Where there is no tax on tonnage, it is the true interest of
railroad companies to make a moderate profit per ton on alargo
tonnage, rather than a larger profit on small tonnage ; for the
increase of tonnage and consequent increase of intercourse in¬
creases their other business. But a tax on tonnage prohibits,
or at least limits, this policy.
For example; if tlie profit on one ton of railroad iron, be¬
tween Trenton and Jersey City, is fifty cents, without transit
duty, then, with the transit duty of twenty-seven cents, it be¬
comes twenty-three cents net to the Companies. But if, by
reduction of rates, the quantity is increased tenfold, as in this
case is probable, (the cost in consequence being also reduced,)
and if the profit is then twenty-five cents per ton, without transit
duty, the aggregate profit is $2.50, or five times as much as on
the one ton ; but, with the transit duty of twenty-seven cents
per ton, there ensues a net loss of twenty cents on the ten tons.
So such a reduction, as is highly advantageous, witliout the
transit duty, would be impossible with it.
The transit duties on tonnage were, therefore, sometimes pro¬
hibitory,—always restrictive in their operation,—and cheap
transportation was impossible. The odium of this fell mainly
on the Companies. They were taxed excessively by an unex¬
pected operation of the law, and punished by the public for being
so taxed.
Efforts, heretofore made to cure the evil, have failed. Public
men have feared to touch the subject, as the action required
might endanger the revenues of the State. At last the Com¬
panies appealed to the people, and found them in advance of
their representatives.
It was not supposed possible to do more at first than to modify
the transit duties on the lower grades of property. But with
the unexpected support, and even pressure, of the people, and
under the enlightened advice of the chief magistrate of the State,
the Legislature wisely abolished all transit duties, and substi¬
tuted other taxation.
The new law, in effect, commutes the annual State taxation
of the Companies at that of 1868, which vins not quite $300,000.
The annual increase of transit duties paid the State for the
last eight years has been between $15,000 and $16,000. Tlic
34
new connections of tlic Companies' works, with the roads leading
South and West, the pressure upon them of cheap property, at
low freights, the diversion (consequent on tlie conrsolidation of
the Companies' interest) of traffic to the Jersey City route,,
where the taxation was highest, tend greatly to accelerate the
rate of increase of transit duty that would have been paid, in
addition to the acceleration due to the general increase and re¬
turning prosperity of the country. Large as the fixed amount
to he paid is, it is much smaller than the transit duty would
have become in a very short time.
But the greatest advantage of this change of taxation is, that
it gives the Companies the free use of their own works—removes
the dam which has so much obstructed their traffic—allows them
to increase their business without paying enormously for tlie
privilege.
The c.xcessive disparity heretofore existing between the tax¬
ation of these Companies and that of other railroad companies ^
in the State, though not removed by this law, is prevented from
increasing. The greatest burden was not the amount actually
paid, but the amount that would have been paid if the roads had
been worked to the best advantage.
H.
The courts of New Jersey some years ago adjudged that the
lands in the State below high-water mark, belonged to the State.
But it was generally understood that this was a mere theoretic
ownership, really in trust for the public and the owner of the
adjacent shore. Consistently with this idea, the Legislature, in 4
1851, passed an act, by which the riparian owner, after certain
formalities, could reclaim the land under water, without any
payment for the right, and that the title of the reclaimed laud
should then vest in him. Sharing in the universal opinion, the
Companies purchased, while the prices were low, shore property
on the Delaware, Raritan, Hudson and Kill Van Kull, necessary
in the present and future transaction of their business—buying,
as everybody supposed, the whole beneficial interest in the re-
claimable land under water.
-i.'j-ÍV
1^} """Z Z'-J/ ZZOiZZ >lt>3i
pju pjpniis Afujdoup j.ioj
.taujq
■vrï/'W";
EaStO^
Soinf^
"^15:
JtoTÎ
yieMfH"?'
rlesto"^
•ÎÂÎO«^'
H&odî«wy
MAP
Scale ; Smiles íolinch.
Üeavy-Ted lines
MoÁlroojds owned, op^a t
ed OI'controlled hy the
Tlhtteel Cornpcmies-
Other B/ühoads.
BétjOAvixre andltaritccn.. '
Canal/ and Feeder.
Other' Cajitûs.
Li^tó T'edlmes
Heavy blixe ime
Xi^hi blue lines
Keccntly the Legislature have acted on the theory that the
beneficial interest in such lands is in the State ; and this claim
has begun to be rigidly enforced. The Companies "ñ'ero required
to pay half a million to the State for its grant of Harsimus Cove.
To make sm'c of room for future improvements at other points
on tide-water, and to be safe in making those improvements, the
Companies have also procured a direct legislative grant of all
lands under water, along the rest of their shore property, in con¬
sideration of the very large payment above named and the further
sum of §20,000.
I.
The following extracts from the report of the General Presi¬
dent and Engineer to the Directors, and the accompanying map,
will explain to the stockholders the plan of the new terminus on
the west bank of the Hudson River.
îiiîîi
The Companies have purchased for such terminus, 70 acres
of land below high water, in Harsimus Cove, between South
Second and South Seventh streets, in Jersey City, fronting
1,300 feet on Hudson River, and extending inland from the
bulk-head line nearly (at one point quite) half a mile, with a
right to extend piers 500 feet into the river, outside the bulk¬
head line.
To reach this property will require a branch railroad G,000
feet (1| miles) in length, having a grade of 20 feet to the mile,
leaving the present main line in Bergen Cut at the Summit
Street iron bridge.
The first quarter of a mile of this will be a rock-cut through
the eastern part of the Bergen Ridge. Three-quarters of a
mile will be a brick-arched viaduct, 27 feet wide, parallel to, and
fifty feet south of, South Third street, carrying a double-track
railroad over all the streets. If necessary hereafter, the viaduct
can he widened for more tracks.
With the amount of traffic expected over this road, it would
be impossible to cross the streets of such a city on a level, with¬
out such obstruction as would not be tolerated. Even if tolerated,
36
the cost of guardiog and tlie damages from accident would be
very great. Already tbe annual cost of attendance at street
crossings on the present line tlirough Jersey City is more than
tlie interest on tire différence between carrying the new line over,
tlie streets, and crossing on their level. As the law provides
tliat no streets shall be laid out on the property to be used for
our terminus, our works will be in the midst of a large city,
without interference—almost without contract.
In constructing this viaduct, as in all other works, it is pro¬
posed to avoid all expense not necessary for safety and efficiency,
such as for ornament, or for any unnecessary or merely theoretical
perfection. That is, the best engineering which answers the
purpose, with the least expense.
In preparing the Cove property for use, it is proposed to con¬
struct three ship canals or basins—the south basin 250 feet from
the southerly line of our property, (that is, from the middle of
South Seventh street,) 180 feet wide, extending inland from >
the bulk-head line 1,200 feet ; the middle basin 300 feet from
the southerly one, 180 feet Avide, extending inland 1,500 feet ;
the northerly basin 320 feet from the middle one, 140 feet AAude,
half on our property, and half on that of the Long Dock or
Erie Company, extending inland 1,900 feet. The Erie Company
have informally agreed to this arrangement.
Opposite the middle of the solid block, between the south and
middle basins, Avill be a pier 200 feet wide, 500 feet long, with
tAVO tracks through the middle ; on each side broad platforms
for transhipment of freight—all shedded over. Opposite the
middle of the upper solid blocks, a pier of the same length, 220
feet Avide, with four or six tracks through the middle, and a car
ferry slip and bridge at the outer end, for ferrying cars to Ncav j
York. On each side aaúII be a platform and shed for tranship¬
ment.
ater berths, for lighters, barges, steamers, coasters or other
vessels, are thus left on each side of each pier, 50 feet aa'ide, clear
of the entrances to the basins.
Through the middle of the solid block, between thé south and
middle basins, Avill be five tracks, and between the middle and
north basins seven tracks ; tAVO more than the other on account
of the car ferry.
37
A space 120 feet wide is left along eacli side of each basin
for storehouses when wanted ; and till then for sheds and spaces
for piling up property awaiting distribution. Experience will
diereafter determine how much space should be covered with
storehouses, and how much left open.
It is proposed to make the storehouses, elevators, &c., when
built, in rano-es 100 feet wide, along the sides of the basins, 15
' O ^ O '
feet from the face; each store 100 feet square; the lower floors
being kept open from end to end of each range, for carts, as on
the piers in New York ; and used for spreading, inspecting, sort¬
ing, handling, weighing, and temporarily piling goods ; the floors
above to be used for storing. Such a warehouse would cost, at
pre,sent prices, ^70,000.
The easterly part of the property, next South Seventh street,
should be reserved for passenger business, to be used whenever
it becomes necessary to establish another ferry. The south¬
western corner is the proper place for the engine-house and
machine shops.
All the rest of the grounds will be wanted for standing room
for trains, piling room, &c.
It may be best to make the inland ends of the basins narrower,
or make some other minor modifications. Should the Erie Com¬
pany change their minds about the basin in common, a change
of arrangement, but not of principle, will become necessary.
Cars containing property carried for transporters having their
own wharves in New York, or going to or from the Company's
wharves there, or market wharves, will he placed on or taken
from car-floats at the ferry slip in the upper pier, towed across
tlie river, and there unloaded and reloaded—in the same way
that for some years past we have ferried the cars across the
Delaware and loaded and unloaded them at Philadelphia.
Property to be sent immediately to points reached by water,
or vice vena, can be passed between cars and lighters, or other
vessels, on the piers. The great breadth of the platforms there
will give convenient room for sorting and allowing lots to ac¬
cumulate, till they can be taken away to best advantage.
Property to be stored in the warehouses, or piled up, to remain
on the grounds till wanted, or handled by parties renting wharves
on the basins, or carted to or from this station, will be passed
38
to and from the cars standing on the warehouse tracks or other
inland tracks.
This plan aims to accommodate each kind of the caimying husi-
noss—to bring all the difierent operations into the closest pos-:
siblc proximity, and yet without interference, and to economize
room, which will, one day, be very valuable.
This plan, when carried out, will bring railroad, shipping,
storage and drayagc facilities into contact, as they arc nowhere
else about Ncav York waters. Two dollars per ton will be saved
on goods brought by rail, stored, and shipped from here, instead
of being ferried and carted to some storehouse in New Y'ork or
Brooklyn, and afterwards carted back to some wharf for ship¬
ment, even if the storeroom could be had in New Y'ork for all
the freight that will soon come.
The execution of some parts of this project may be remote.
But the plan has been formed to meet the future condition of
things so far as foreseen, and elaborated as if the whole was to -
be executed immediately. AVhatever we do, should be in part
execution of the ultimate plan. But we should go on with it
no faster than our necessities from time to time require.
The cost of the Cove property has been, in round numbers,
as follows ;—
Consideration of the former ripari.m omiers, not quite . . $450,000
Award to the State of New Jersey, for its right, $500,000 ; less
share the Long Dock Company, (former tenants in common with
us in a larger tract, of which this is part.) should pay, as re¬
quired by contract of partition, a little over §130,000, leaves . .310,000
§820,000
The cost of the right of way for the branch railroad, the purchase
for which has been ordered, and of property that should be
bought with it, is estimated by our real estate expert at . . 650,000
§1,410.000
Or nearly a million and a half of dollars.
Of the property ordered to be purchased for and with the
, right of way, more than half in value will be left, when the road
is built, for other use, rent or sale. It, as well as other property
adjoining, will doubtless be appropriated to purposes auxiliary
to the railroad. Purchases amounting to §-330,000 have already
been made. The improved portions of this are rented for up¬
wards of §20,000 per annum.
The improveaient proposed is capable of assuming very various
dimensions, and of expanding as the requirements of traffic from
time to time increase. It will probably be executed in the suc¬
cessive stages described and estimated below.
1. Double-track branch railroad, described above, and the
cove wharfed and filled in, south and west of south basin, ready
for freight business along 1,200 feet of basin front:—
Branch Eailroad, $350,000
^Yharfing and. Filling, ......... 300,000
Terminal Tracks, Freight Sheds, part of Englne-House, itc., . 100,000
$750,000
2. Wharfing and filling solid block between south and mid¬
dle basin ; completing the filling west and north-west of it ;
building pier opposite and preparing for large increase of freight
traffic :—
Wharfing and Filling, . $600,000
Pier and Sheds, ........... 200,000
Terminal Tracks, Engine-Hoinse, Sheds, &c., .... 100,000
$900,000
3. Wharfing and filling upper solid blocks ; completing all
the filling; building upper pier; widening viaduct; making
another track as far west as Newark avenue, for east-bound
freight trains waiting for berths, preparatory to a still greater
increase of freight traffic :—
Wharfing and Filling, ......... $600,000
Upper Pier and Sheds 200,000
Another Elevated Track and Widening Viaduct, . . . . 70,000
Increase of Terminal Tracks, Sheds, Engine-IIouse, &c., . . . 110,000
$980,000
4. Passenger accommodations at the sotith-cast corner of
the property ; elevated passenger tracks across the property,
under which the ground may bo used for thoroughfare and other
purposes ; and another elevated track as far as Newark avenue,
over a surface track. The details of the passenger station ami
the position of tlie ferry will depend upon arrangements that
4Ö
may or may not be marie with the owners of the adjacent prop¬
erty
Elevated Passenger Tracks and Standing lloom, .... $200,OOU
Passenger Station, &c., ......... 100,000-
Elevated Siding to Newark avenue, if rcqnired, .... 100,000
,$400,000
The pa.s.seiigor business, if brought here, can he temporarily
carried on tracks on the surface at a comparatively small ex¬
pense. These elevated tracks may not be required for many
years.
The proposed order of making tliese improvements, except
the first, may bo varied. The necessity of making the latter ex¬
penditures can only arise from a great increase of profitable
business. As a commercial depot, however, success would be
hastened by early preparations on a large scale.
RECAPITULATION.
Expenditure as above. Total.s.
Purchases of property made or oidered, . . $lj470,000 Sl,47u,000
Railroad to and improvement of southern part of Cove, 750,000 2,220,000
Improvement of middle and western part of Cove, . 900,000 3.120,000
Improvement of northern part of Cove, . . . 980,000 4,100,000
Passenger accomniodations, ..... 400,000 4,500,000
To this must be added interest accruing till the work begins
to be used.
These expenditures may be classified as follows :—
Real Estate, $1,470,000
Double-track R.-iilroad elevated over streets, ..... 350,000
Two Elevated Sidings and one on the surface, .... 170,000
Elevated Passenger Road and Standing Tracks over property, . 200,000
Wharfing and Filling the Cove, ....... 1,500,000
Piers, with Sheds, &c., ......... 400,000
Englne-House, Shop, Terminal Tracks, Sheds, &c., . . . 310,000
Passenger Station, .......... 100,000
84.500,000
The cost of property still to be purchased may be more than
the estimate, by extravagant awards, or less, by our being able
to get the remaining right of way, with less outside property.
41
In estimating; the cost of wharfing and filling the cove, I have
D O O '
made large allowances for the uncertainties of such work ; so
that my estimate is larger than that of any of the engineers
called upon for estimates during the various controversies about
the property.
The warehouses, by whomsoever built or used, should form
part of the general plan, and be subject to regulations established
by the Company. E.vcept, possibly, a few at first, to demon¬
strate the value, they should doubtless be built and used by
other parties, for the following reasons ;—
1. They will still give conveniences of the utmost value to
the traffic of the railroad, and the Company will reap the ad¬
vantages arising from the union of sliipping, lightering, railroad,
, storage, and cartage facilities, as they exist, perhaps nowhere
else, in the shape of heavy ground-rents and wharf-rents.
2. It saves a very large increase of our liabilities.
3. If steamship companies and connecting railroad companies
own such storehouses, it insures us their business.
4. Individuals owning such storehouses will use their enter¬
prise and infiuence in securing traffic for our road. Their interest
will he with us, instead of against us.
The Company went into this project because it was necessary
to have extensive accommodations somewhere for tlio large
amount of freight business offering or in prospect. Pier No. 1,
in New York, our present freight terminus, already had a busi¬
ness approaching its economical capacity. Sufficient room for
a heavy freight traffic could not he had in convenient form in
New York at all, nor in any form, except at enormous cost.
Our property near Jersey City ferry, very valuable for other
purposes, is not favorably situ.ated for freight business—inter¬
sected by streets and accessible only by crossing streets on the
level. Its capacity, however, improved, will soon bo filled.
Experience had forced upon our attention the great expense
and inconvenience of carrying goods, requiring quick dispatch.
42
by way of Amboy ; transhipment and change in the mode of
transportation being necessary at the middle of the route. Such
goods may, to a limited extent, be carried over the present route
through Jersey City, when the discrimination in tax against
that route sliall be removed,* and the cars ferried across the
river ; hut the increased interruption of the streets by any great
increase of freight trains would not be tolerated. Heavy freight
for the southern part of the city of New York, when time can be
allowed for cheap transfer at Amboy, can always bo carried ad¬
vantageously that way.
The Ilarsimus property opposite tlie centre of business in
New York, free from streets, approached without interfering
with streets, capable of being put into the best form for railroad
purposes, and for bringing all the operations connected with
the moving freight into contact, more accessible from our line
than any other unoccupied site on the river, and notwithstand- ,
ing the very large award in favor of the State, not excessively v
high-priced, ^Yas selected as the best, and, all things considered,
the cheapest, that could be had. If we had not secured it when
we did, it Avould have fallen into other, perhaps hostile, hands.
The Companies might have confined themselves, as heretofore,
mainly to a passenger business, and refused to take freight be¬
yond their present terminal accommodations ; but our geographi¬
cal position does not permit such a policy. The long lines of
railroads converging to Baltimore and to Philadelphia, as well
as those great cities themselves, and the central and southern
parts of Hew Jersey, will have an outlet to Hew York over the
ground wo occupy, for an immense freight traffic. If Ave do not
take it, somebody else Avill, and over a road alongside of ours ;
and if they do, they Avill also take a share of our present busi- J.
ness.
We have the railroads and connections necessary for this im¬
mense freight traffic. We can produce additional rolling-stock
wdienever required. The only difficulty (after the Legislature
modifies the almost prohibitory transit dutyf) is, when we reach
the Hudson Hiver with such a traffic, Ave have nowhere to put
Since removed.
I Since abolished.
43
it. The prosperity of the Companies depends upon having such
a place somewhere.
All the other Companies whose roads terminate on the west
hank of the Hudson, opposite the city, have secured a large
amount of land,-—some much larger than ours, but none so well
situated. Our seventy acres is not an excessive amount. Our
terminus is not of a hundred miles of railroad, but of thousands,
reaching to the Gulf of Mexico and to the Pacific Ocean.
The New York Central Company paid a million of dollars for
four acres for a terminus in New York.
It would not be fair that our road—a hundred miles long—
should furnish terminal facilities gratis to connecting roads a
thousand miles long. Portunately in this case, besides a moderate
terminal charge, the property will, as is believed, when fully oc¬
cupied, yield per se an income sufficient to pay the interest on
the cost of the whole improvement, in the shape of rents, wharf¬
age, storage, &c., besides all the other advantages.
Terminal facilities, to a great extent, control routes. For
example, tobacco seeks the Erie Railroad, rather than ours, be¬
cause the tobacco warehouse is at the Erie terminus, and it costs
a dollar a ton or more to carry the tobacco from our Pier No. 1
to that warehouse. Live stock from the West, via Pittsburg,
goes by the New Jersey Central instead of our road, because the
stock-yard is at Communipaw. Coarse freight will go by a route
at whose terminus it can be left till final distribution. Unfor¬
tunately, examples in connection with our route, of loss of busi¬
ness and profit from want of terminal facilities, are abundant.
When the Harsimus improvement is made, the scale will be
turned the other way. Our facilities, as proposed, will be better
than other roads can now get.
The saving to the customer by the union of railroad, storage,
shipping and other facilities, will inure to the benefit of the Com¬
pany, by justifying better freights than would otherwise be ex¬
pedient, increasing tonnage, and yielding rent or storage. It
will also make it the interest of connecting roads to stay with
us, because we can give them the best accommodations. It will
also discourage the construction of competing roads. It is in¬
finitely better and cheaper than any legislative monopoly, even
if that were desirable or possible.
44
All other things being equal, a warehouse, near a railroad
station, must he more valuable than anywhere else. So of a
ship's berth ; and so the railroad, the warehouse and the wharf,
when together, mutually add to each other's value. The lower
part of iSTew York has so little room for storehouses, that they
are seeking the opposite shores of the waters that environ the
city—frequently at far less desirable points than Ilarsimus
would bo even without the railroad, and very much less than
Ilarsimus with the railroad. * h; ^
ASIIEEL WELCH,
General Prf^aident of the United Companiea.