New-York daily tribune., 1858-12-06
NrwvoRK nAuY TRIBUNE MONDAY, DECEMBER g. 1853.

rsc'ory al that tine embraced rlre o. the present
members Of the Board, 10 W.T.: hessrs Turner. New
h.rrv Brown Raymou3 Walker, Dickey, Hemp
stead, kuowon aud Robertson.
Ths annual June report Of 1871 devo,es two pages
10 tie discussion of tn neo' 'sy OF tne erise a. ta-
tor and of retaining coairo II i, and conc uis with
these words That, is proposed that the orsanizl-
,ion of the Bridge Company shall be separa;e one,
and that the use Of the bridge shall b. placed under
tie control of this Company ~ contract iease' or
,.rs other t0Birdioal aTvaH cement go
Itvil be observed that the plan proposed ipr pu.d'
ing and controlling the bridge, then ovocatcd oy tne
Directors is identical with The one whlch wa ap-
r,ovsd Il by the preseu: Board and subr,e ~ the
~. of the stockholders IN October last, aud that
Ne..rs. Loon., Carver aud McApme, who nave
her charged A. Mr. Turner's coajutor- ~ the inaag-
ura'ior Of a uew policy for the Company were no.
'1T T ,@n"Tt for the wear eudiog December 1857,
co-t.irs Ire following The Directors also desire "a
state that there has never been any maeIa.
of u rion in reference 10 this polcy Vo""'u O.- O
inr roads amCrg OemOefs OF J"0t'' :" F
B6ards.' ..... ..h;..,
The position which has been taken on the snoleG
of the Fulton bridge. by several OF the IhllNluua.
members Of the Board who, it hss been erroneVu,y
sltseS have heretofore opposed Mr.. Tlrner views
on fhis subject may be further by the following
record Of their action a, various periods; >-..
On the 10th of September, $50; Mr. Ne"
offered resolution authorizing the President t9 c5se
nreuirary surveys 10 be made for the Fulton oni i5e
Son the 10Th of March 1857, Mr. Moseley offered q
resolution for the continuance of the lnNtsngS'.o'
.I lrrdNrIu the riNtr NJ uipu, ny lh' isN'N''
Committee and Engineering department, and another
resolution appoating M McAlpine Chez Ensne''
and Assistant President - ,.
On tbe gad of JAY, Is.S Mr. Brown offered re:o-
ulion aprroyrg and adopting me G,car ont y, ans
Directors TO the stockholders, which CIRCULAR cohAns
strong argument in favor of the construction oi 'he
| bridge and the advantages which its completion, or
tie plan proposed, would confer upon 'ne Vs.,L stL
Company: and tie Directors further state that Tue
Or, posea lease WILL even the hrst year, commence
With reasonable increase in our net earnings, anu
will soon after prove of our most important
| of revenue. ,.es
AZ the reoge of several Of the members OF the Board
f1r tie alleged object of presenting them to the har'
| nonous action Of the Board, and were adopted Win
! but one dissenting vote Mr.. Robertson
l. vi thus be seen that this bridge question WAS ~
aucuraed six years ago and has received the iiorse-
neut G evey, Board since that date, and oi the 'n''
/ vidnal members of the Board up to Jdly last
The Directors prepered a voluminous pamphlet, III
which the plan proposed for building the bridge ~sS
/ folly explained, and this pamphlet was sent 70 every
| stockLolder OF tho Company whose residence was
/ known, III July last.
/ experd tie money OF the Gaena Company on th,s
| bridge, or that they contemplated RAPID e'penal'
ture without regard to the monetary condiion o' Tue
country. ,,
The form Of .ete proposed to the stockholders was
sin py one of assent or dissent to the proposed lease
of the bridge at y cent interest on s cost a'ter "
I had been boilt by another Company and IN taef
/ IfogltHlut. toDluheu III thc Uiiue' P"t'f''et
| directors -ay that "the work che bridge will be
commenced this Fall by moderate expenditure OF
about S@5C00,' TO secure the bridge charter, when
sNpires February next and u be carried tor
ward according 10 the monetary condition AMI the
future yeopments Of the business oi the country.
! II IL very evident that many of the stockholders
! voted against the proposed lease, und misappre-
! sion Of a. question from the f.ct that number Of
the largest nohiers in New York, after tley had fJr-
wsrdod their proxies II Chicago addressed letters "i
advice 10 some OF the Directors recommending that
the woik on the bridge should be commenced with an
expenditure of $40 coo $4,000 Rs To secure the
| charter and get the suhet before the Courts fer
legal decision, previous to ucuring the large expendl
t,re required.
Mr. Turner has been condemned in some quarters
for rescnng the Presidency of the Company after the
meeting of the stockholders, at which they voted
agsinst the lease of tue bridge by majority of toar
! to one.
lie could not cor sistont with his own honor, have
done Otherwise He has devoted himself for the 1t
ten years exclusively to the management OF the All mrs
of the Galena Compsny, and has never received any
benefit his position except that which has been
equally shared in by every u r stockholder OF the
! Company, his salary being almost nominal.
lie believed that the construction of tie proposed
bridge and il control by the GGlena Company, was ot
vital Importance TO the interests Of those whom he
/ presented. lie sustained 10 this position by the
unanimous expression of the several Boards for the
last sx year. and 10y the personal expression ot every
mfnbeT, until the meeting Oi the stockholders III De-
. tober last.
In further explanation Of the propnety of Mr. Turn.
crs resignation, il is necessary 10 adj that at the
stockholders meeting five Of bls associate Directors,
who had hitherto expressed themselves in favor Of the
bridge voted against the proposed lease, and With the
aid OF tie poxles which they had collected, defeated
the meHslre.
II is also necessary to state that the explanatory let
te' of the large stockholders before referred to-
not communicated either at the stockholders meeting
or 70 Mr. Turner until after his resignation had been
| read to the Board.
M. Turner therefore found himself Suddenly and un
| e,pectedy opposed by considerable number of his
| Board associates important of policy,
with strong expression the sub lect from tne
| ockhO.1ers, that he could not regard himself
proper representative Of their interests. For i- act
of re-ierat.on, therefore, Nr. Turner deserves the
highest con.nendation, instead Of censure.