548 



NEW JERSEY. 



of the lessors, the right is given to him to prosecute 

 such suits as may be necessary to recover his pro- 

 portionate part oi the rent, and to use, if necessary, 

 the name of the corporation's lessors for that pur- 

 pose ; this provision, if desired, to be indorsed on 

 the certificates of stock. 



2. The lessee to pay all taxes, transit duties, and 

 other charges, assessed or imposed on the lessors 

 during the said term. 



3. The lessee to defend all actions, and pay all 

 amounts that may be recovered against the lessors, 

 and indemnify them from all claims, etc., during the 

 said term. 



4. The lessee to maintain and operate the demised 

 works at its own expense, and to keep the same in 

 thorough repair, working order, and condition, fully 

 supplied with rolling and floating stock and equip- 

 ments, at least equal to that now used, so that the 

 traffic and business shall be encouraged and devel- 

 oped, and full public accommodation given on reason- 

 able terms. 



5. The lessee to keep up the sinking funds of the 

 lessors, and to pay all their debts and obligations as 

 they shall become due. 



6. As the several loans of the lessors shall become 

 due, they are to deliver to the lessee a corresponding 

 number of the bonds secured by the mortgage of 

 April 20, 1871, whereby to discharge the same, any 

 difference in value to be made up by the lessee. 

 The difference between the total funded indebted- 

 ness and the amount authorized to be raised by the 

 mortgage to be applied only to permanent improve- 

 ments on the works. 



7. The title of all after-acquired property to be 

 taken in the name of the lessors respectively, and 

 such property to be subject to the lease. 



8. To aid in the development of the " Harsimus 

 Cove " property, the lessors, whenever the lessee 

 shall have spent $400,000 in improving the same, to 

 issue to the lessee 3,000 shares of their stock, and so 

 from time to time until $3,000,000 shall have been 

 so spent in such improvements, and 22,500 shares of 

 stock issued. No other or further stock to be there- 

 after issued by the lessors. The stock so issued to 

 bear the same rate <jf rent as the present stock, and 

 to be paid in like manner, clear of all taxes. 



9. The lessee to assume all the contracts, liabili- 

 ties, and other obligations, of the lessors. All rights 

 under existing leases to remain in full force in the 

 event of the future reentry by the lessors. 



10. The lessee to pay $10,000 a year, to enable the 

 lessors to keep up their corporate organization, the 

 first half-yearly payment to be made July 1, 1871 ; 

 and to provide suitable offices in Philadelphia, Tren- 

 ton and New York, for the accommodation of the 

 directors and officers of the lessors. 



11. Such of the property of the lessors as may not 

 be necessary for the use of the works may, with 

 their assent, be sold, and the proceeds applied either 

 to the permanent reduction of the funded debt or to 

 permanent additional improvements on the works. 



12. The accounts of the lessee to be open to the 

 inspection of the president and officials of the lessors 

 the lessee to furnish annually, on or before April 

 1st, a detailed statement of the business for the pre- 

 vious year ending December 31st, and the works and 

 premises themselves to be likewise open to inspec- 

 tion and examination. 



13. In case of default (continued for nineteen 

 days) in paying the rent or performing these cove- 

 nants and agreements, the lessors to have the right 

 to reenter upon the premises, to hold as of their 

 original estate; the rent to be apportioned to the 

 time of reentry ; no claim for damages for breach of 

 covenant to be affected thereby 



14. At the end of the term the lessees to redeliver 

 the works and premises to the lessors. 



15. Covenant for further assurance. 



16. These covenants to bind both parties, their 

 successors and assigns. 



The lines thus leased traverse seventeen of 

 the twenty-one counties of the State. The 

 capital of the United Companies is : 



Stock $18,990,667 



Funded debt of the several companies 12,420,059 



Funded debt of the United Companies 



Total $35,245,629 



This capital is represented in property as 



follows : 



Cost of the Camden & Amboy Railroad, 

 including branches, steamboats, other 

 equipments, real estate, etc $12,527,160 41 



Cost of the Delaware & Raritan Canal and 

 appurtenances 4,735,353 53 



Cost of the New Jersey Railroad, equip- 

 ments, property, etc 8,955,993 76 



Real estate and capital payments of the 



United Companies of New Jersey 642,112 36 



Investments in and advances to auxiliary 



Stocks' , $4,555,905 00 



Bondsand mortgages 356,750 00 



Advances 2,064,728 58 



Sent to England for extinguishment of Eng- 

 lish debt. 7. 70,708 17 



Sinking fund for extinguishment of sterling 



loan 57,752 04 



Unappropriated materials on hand 447,880 30 



Cash m hand of treasurers 831,285 26 



Total $35,245,629 41 



Thus it appears that the companies hold 

 ahout eight and a half millions of stocks, 

 honds, cash, etc., beyond the cost of their 

 railways and canal. The net receipts of last 

 year were $2,711,055.16. 



Of other railway enterprises prosecuted dur- 

 ing the year, one of the most important is the 

 New Jersey West Line, of which a number of 

 Pennsylvania capitalists have assumed control. 

 The purpose is said to be to secure by this 

 means a new outlet to tide-water and New 

 York from the anthracite coal-fields. The 

 building of important short branches to the 

 Erie was begun, and also of the New Jersey 

 Central ; and surveys were made through 

 Berkshire Valley and the region about Lake 

 Hopatcong, for the proposed road to cross the 

 suspension bridge over the Hudson. In the 

 lower part of the State, the preliminary steps 

 toward the building of several local roads 

 were taken, and projects to bring several of 

 the towns of this section into direct communi- 

 cation with the great thoroughfares were con- 

 sidered. 



The total number of children in the State, 

 of school-age, between five and eighteen, in 

 1871, was 265,958. The school statistics show 

 that, .of this number, sixty-five per cent, at- 

 tended the public schools; thirteen per cent, 

 attended private schools ; and twenty-two per 

 cent, attended no school at all. The percent- 

 age attending the public schools for ten montbs 

 was nine ; for eight months and over, fourteen ; 

 for six months and over, seventeen ; and less 

 than four months, forty. For the support of 

 the public schools, the people of the State con- 

 tributed, during the year, by local and State 

 taxation, $2,375,000, equal to about two and a 

 half dollars for each person resident in the 

 State. The taxation practically amounts to 



