The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-01-21

0.
One Cent FeErisSe-ImportaAt Dtsclo-
suroSs
MEETING OF THE SENATE NEUTRALITY-SUSPICIOUS. OF
ALDERMAN DAYTON, Nh. GILBnRg, ETC.
from the Brooklyn Times, Jan. 70
The bill introduced into the State Senate by Mr. 6pnoa,
e Ss o. osa
limits q the district covered by the lease Of The Union
Ferry Company, was before tho Committee OF the Senate
on Commerce and Navigation, ON Wednesday afternoon.
We.sohester, chairman; senator Murphy, dem, of New
meeting vas called I. sSs instance Of the Chairman
and Counsel Of the special Committee Ferries OF the
Of so % tho 70 Of
which the committee bad been appointed by tho Common
Mr. Guzuz after enumsrasiag The i've ferries held by
the Union Company, which would be Affected by this bin
said that the Corporation of New York claimed the fran
chses OF these ferries under their ancient charters The
city Of Brooklyn the other hand contsndsd that these
were public franchises governmental powers OF poll
At arss he Agencies which had caused tho inroducton
Of this bill into tho Senate he would briefly state. In
October last the Copofaon Of New York passed reso
luton directing sale Of al haee I'VE ferries IN one par
cell to be q rate Of ferriage not over The present
rates two cents for foot passengers without comu
Of Brooklyn was sggrsved 6y this step. By an aot Of
1862 reenacted in 1857 the New York Corporation we're
Ss 2 =: auction q s. s ssa.e
These ferries had been leased separately previous to 1864
when the Union Ferry Company Organised under the
ali the ave ferries uniform o. fare fhey them
all from November 1854 70 August 1855 At cent with
sss = 20 s
rate In August lsss thsy raised TIE fsrri.gs g two
August 1855 they sboliahed Communication eatrely and
put The rate for foot pesengsrs uniformly u two cents
$500 900 Last fsi tSsy applied 70 The CommoS Council
Of New York for SALE under the act Of 1867 Of ali the
that effect The Comptroller on the iSsh december ID
vertsed the sale accordingly adding that the ferries
wo1S not be sold At less than the present rent namely
menced suit on behalf Of the people, and in conse
qucnce Of those proceedings the sale had taken place.
meantime this bill had been introduced into the Legsla
ture The people of Brooklyn convinced that the
present excessive rates Of rrage and they asked the
Legislature TO reduce those rates ordinarily
Legislature to interfere Almost Immediately after the
Revolution there was act passed, regulating the
Of errage Another had been passed in 1901 another in
1902 another in 1873 and another in 1922, upon the a
plcaon Of the city Of New York itseso that the ques
ton Of the power Of the Legislature in the premises might
be easily set at rest The next question was 10 the
pediency. the proprety OF thus reducing the rate Of
fare In regard to this the first fact to be mentioned
,nst inc contrary was organized with capital o.
inquire The Union Ferry Company at its establishment
had purchased out the old ferries Catharine ferry
expenditure for appiances-large and expensive ferry
houses, &C. The Wan street ferry deserved the same
above their value would be subject Of Inquiry here
after By the last report Of the company nied in No
oud y M tina, the - actual S value q the
fall short OF In the opinion Of Senator Spinoa
and others it would fall short Of 100000 They al
which he did not concede to be necessary In Of
the leases being sold to other parties the
al In tha old 1noaoo nd
statement Of the company in November had evidently
been prepared with view to that The value Of the
Down in the aggregate s4s GOO The value Of The ferry
houses was set down at $lo4 800 Property in machine
&c. 0' This sss%sn. 0 thus s ssVe
the sum Of 1857 as the aggregate Of The property neces
sary for running the ferries This company was organized
Smith and sanahan two Of the directors Of the company
and members o. the executive committee who had the
aWMuaI divsdend If -four pr cent on $500 Ooo during tie
shole Of IL esiace. They had, in addition 70 this pro-
pssy 1eoessa,y 'Us ferry the following real
earnings on Sacket Degraw and Sedgwck streets and
the East river two entire blocks Of land purchased Il
street. real estate worth $36 00 Bonds and mortgages
amounting to $2s soo loaned to tie city Of New York,
$50 000; loaned on stocks Sol, O0O
Senator SPN0IA-Was not that loan 10 the ciy of Neo
York; loan to the Aldermen?
:, Mr. Gr,%s1.IAa may psrAaps appear u e progress Of
me sMt Cash IN hand, as given in the statement a 100
Liabilities including the dividend to be made in Novem
Der, $2S 500. n.
Senator PRossR-A these items added to the value of
the ferry property, would make about the alleged capital
Mr.. GuMRT-h would be perceived by the committee
that large part Of the capital consisted Of Investments,
Overland above the sum necessary for operating the fer
RES Taking the company estimates of an the pro.
perry, with the fair assumption that they had exaggerated
10 some extent In view Of the termination Of their lease
was yet abundanty evident that they could the ferries
on less than $500 600 capital appeared further, from
the sworn testimony Of Messrs Smith and Sranahan that
by taking off three night boats-one each from Fulton
south and Hamilton avenue ferres-the company could
ssnn one cent and have fair pro on the basis Of
now ey could without any diminuon Of the present &C
commodaons, run q cent and half all the ferries
Of fare proporoned to the decreased capital and would
take into consideration these admissions Of the managers
that the ferries could be easily at one cent with
corresponding privilege of Communication He had the
who said that they were willing to take all the ferries
the present rent and at cent with the old
privilege Of Communication, and furnish all the accommoda
ton now given Therefore became imperative that the
Legislature should interfere protect mot the nhabit-
ants Of the two cities only, but the public large from
pany conceded that they could and half
and pay fair dividend $S00,000 But $500 900 capital
would pay an ample dividend on that amount Tney sso
stated that during the last year thirty three millions of
persons had crossed the ferries OF the gross receipts from
the FERRIES 81 cent from foot passengers $780,
600 per annum were therefore the receipts of the company
from foot passengers To the ferries cent and
as Mesrs Smith Stranahan had confessed they profta
bly, could would be 10 renquish $165 0oO year OF their
present receipts SO that il the Union Company should
oDa the leases Tor ten years more under the sale now
enJoned would give the Company lover aud above the
dividend Of eight per cent $780, capital than
was actually engaged in the busness) profit OF $l65
per year, or Of GOO during the term Of the lease
In justice to the Union Ferry Company he would state
that was their avowed intentions, they obtained
newal OF the leases TO reduce the to cent and half
after the first Of May but this would be obligatory on
them the Legislature were willing to be satisfied with
promises that could not be enforced they might accept
this What the citizens Of Brooklyn wanted was pro.
lection against imposition for the benefit of monopoly
OF itself against public policy and only be tolerated be-
cause happened to be in the hands Of men who had
served the public In . most satisfactory way as far
as the ferry accommodations were concerned He
would not date on rumors current in the city, that
the uniting these five ferries WA only n narf of a