The New York herald., 1869-02-26
TIE silLOas, SNUG nARBoR.


Recent Illegal Action Of the Trusfees-ls the
Institute Close Corporation or Nots-In-
tercsting Facts in Regard 70 Leases-Con,-
merdabIe Action Of Mayer Hall and Re.
corder Hnckett.
Some time since HERALD reporter learning that
there was TO be Q meeting Of the Trustees OF the
Sailors Snug Harbor Asylum and Hospital went to
the ONCE OF William Z. Dodge, the president, while
the meeting was being held, to get some information,
but was repused. An account or the interview was
given IN the HERALD OF the llth inst. Determined,
however, to prosecute his inquiries, the reporter
learned that the trustees were the Rev. Dr. DIX,
the minister Of Trinity; the Rev. Dr. Paxton, the
minister OF the Fifth avenue Presbyterian church;
Captains Ferier and Snow or the Marine Society," and
the Mayor and Recorder OF the city, besides Mr.
Dodge. who holds trusteeship as chairman OF the
Chamber of Commerce. He hunted up the Mayor,
whom he found very busy, but learned from him
that among the recent dongs OF the snug Harbor
trustees was vote on the question OF admitting
porters to their deliberations. This had been pro-
posed by the Mayor but had been lost by the casting
vote OF President Dodge After waiting some time.
but without success. TO get account or what
going Oh, the reporter tried the Recorder, whom he
found at his chambers, comparatively disengased.
That Official told us that he differed with his co-rus
tees in the opinion that the Sailors Snug Harbor
mere private trust and its doings private and
that he not only had no hesitation In CIV
ing public intelligence about shat was being
done but thought he had no right to withhold
information. We learned substantially that very
important matter had been before the trustees at
their two recelt meetings. No less question than
what Alexander I. Stewart should pay as tneground
rent Of the lease OF the large piece Of property COW
cred by the splendid structure on the corner OF
Broadway and Tenth street and running through to
Fourth avenue IL is generally supposed that Mr..
Stewart owns this ground, but 1t was part of the
old 1arm which Captain Randall devised for the pur-
pose OF sustaining an asylum for aged and decayed
seamen. Mr.. Stewart in acquiring the leases paid
various bonuses for them. Unfortunately for him.
Sailors snug HarboT trust The leases Of the twenty.
three Stewart lots In question: expired al
four or nye dlilerent times: few q the
Some time since Mr.. Stewart desired TO surrender
the terms OF the other leases 30 as to take leases
commence on the lst Of May and run for twenty-one
years. A committee OF the Board reported in favor
ing lease Of the twenty. three lots in question fcr
twentyone years. from the 1st OF May, at the annual
ground rent for the whole block Of $4,000. and
payment OF taxes and assessments. THIS report
was warmly opposed, Doth BY the Mayor and the
Recorder, on the ground that it was unjust TO the
trust funds to accept surrender OF leases having
rousy several years to rum and giving new leases at
present rates. wnen the rise Of property In the fu
ture would, from time TO time enable the trustees
to take advantage OF even speculative values and
rise OF real estate ana force upon Mr.. Stewart an
increase Of the revenues OF the trust They also
took the ground that the trustees were trustees
olci0, and not as individuals and that they ought
not 10 f0re5ta what might be the judgment OF their
successors IN future years especially not with guess
work at future valuations. That they should not
force their own Individual judgments ut the present
time based on present valuations thus discounllng
the future. Also that the surrender OF leases even
running at low rentals, and thereby for the time
being gaming Slightly increased valuations might not
compensate for tnat which might otherwise be lost
legal ground that II was not good in law nor by the
equitable doctrines applicable to trustees to accept
absolute surrenders vi running leases and extin-
guisnments OF covenants, and then practically re-
newng the rentals and continuing their covenants
the surrender granting new leases treat the ques-
ions de soo0 and not renew the OLD coycnants that
@ Oss to ras S 4 s o %
market. Mr.. Stewart having covered the lands
irrespective OF consideration Of the times OF ex.
slbIy be In mess; but that the trustees were
not bound to help Mr. Stewart 30 much
founder and ees IS mac ss ey coud o
time to time 10 support sailors In this asylum ON
Staten Island Particularly 50 because the funds
were so low that no more inmates were to be
at present received. But, even n the action were
expedent or legal, the valuation Of the property,
on Broadway aud Fourth avenue and Tenth street
at $4,000, was aDsurdly and recklessy cheap. Ac-
cording q the Recorder's recollection Mayor Hall
layed and properly presented to Mr.. Stewart, from
the wellknown generous impulses OF that
distinguished merchants nature, he would
be very glad, considering in what manner the rent
was TO be used, to pay even higher ground rent
than the value Of the property could In other hands
In consequence Of these suggestions the Rev. Or.
Dix moved tnat the matter be put over for meet
At this meeting the Mayor--probabiy remember
ing hIs Old profession Is reporter-moved that the
cali upon nun with the report e of the COM
mittee on Valuations for copying and publi-
cation. AFTER warm discussion, during which the
reporters were variously slaughtered and compIL
ented by both sides, three Of the trustees voted in
favor OF publication and three against, and IL vas
Waercupon I both tho Mayor n ana RECORDER declared
tnat q was as broad as IL was long, because they
considered themselves rs trustees or pubic trust
and II questioned ON the subject TO what mad oc-
CURED would feel no hes station In reporting the
sane: but they had supposed II would he better to
g on nessay
and reflection. .6M n8 aNf
opinion Of Counsellor Riker was received as terhni-
caly adverse % points taScn By the lawyer
trustees. Mr.. r;ikers opinion. was That the tfus-
corder claimed that Mr. Riker had not had pre-
% when running cases were absolutely % sstngnshed ap
by surrender there should be entirely new cases not
restricted by por and not In the nature Of
renewals dependent upon the prior covenants, which
had been surrendered and extinguishcd. rbe tru--
tees however accepted the report OF their own COM
counsellor, whereupon the lawyers and onlce-
holding trustees presented and had entered on the
minutes the following protest. easst
The undersigned corustecs OF the Sailors Snug Harbor
Charitable Trust ss IL IA called IN voting sccep,ng
surrender Of OF the existing leAses r.
and against the renewal OF other the for the
property covered By his store
Tenth street. OF $0 per year, respectfully ask leave
the minutes their which hfseny
We e Ar are o n, op.loa ,h. s aosiass o.
ssa in ihs snnsr of surrendes 81 iessesof properly
which is rapidly, yeAr by yesr, rissng IN value.
SeDndBecause estimate OF profit BY
ln New York. more than approximate.
fhrd-B unjust the objects OF the trust
T9iufhBecause the rencwals are a what
ssive low valuations. .r &40E srM #MF HH
FHecsusc sincersy believe that Cher valuations
would be accepted and greater income accuso the estate
Because " the high valuation should not bs accepted
BY the advantage b taken OF what called
umpire A. OAkEY HALL. Z
NfrTA @fts JOHN X. HAOkETT.
The foregoing presents substantially the views and
rec0TcctioDs or the Recorder. lsFH
whether the trustees who are In favor OF closed
doors or the Recorder and Ma or. who are for open
doors are ffgnt or wrong on the particular question
OF law and valuation and OF the cxped ency In deal
rftn fl.o