New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-01-27
LOCAL MISCELLANY.
CONE CENT TO BROOKLYN"

THE UNION FERRY C0MPANY-ONE-CENt TEN
RAGE DECLARED IMPRACrICABLE - TIE
COMPANYs OPERATIONS, EXPENSES AND
PROFITS"
"The Union Ferry Company OF brooklyn Is
the best abused and the most economically managed
corporation IL the country" quietly remarked one Oh us
officials few days ago This observation shouiu uouo
less be taken cum grdno sails but nevertheless there Is
much more truth in it than is generally supposed IL
bas been accused OF dividing fortunes among
the lucky holders OF its stock" and "in thou
sand WAYS evading tho law which requires
the payment its profits ten per cent 10 the hosp
tai Fund" The five hundred holders OF its sl0o
OF stock get exactly ten per cent on their Investments
which average Of less than $500 EACH ana they are
prohibited from receiving by the certicate OF III
corporation which requires that the surplus prohts,
any, after paying annual ten per cent dividend small
be applied"-not TO any Hospital Fund'-Dut 10 the
improvement Of the ferry or fcrres Inc notion lnat
the Company is perpetually cheating the hospital
arises the clause in It's incorporation certhcate pro
yidng that, at the dissolution OF the Company, alter
all It's liabilities shall have been discharged and the stock
holders shall received the par value of ther shares
then any remaining surplus shall be paid free
Gift to the the Brooklyn Hospital" The certificate Of
incorporation date Nov o. 1884, and fixes the term
OF the COmpanys existence at IS years This however,
under an act passed May IT, 1867 has been already re-
newed in the form OF document signed by the holders
OF more than twothlrds Of the stock-72 shares-and
Companys corporate continuance is thus secured until
Nov o. 1890 The 1--WE ferries controlled by them-Catha-
rine Wall, Fulton South, and Hamiton-are now held
under ten years lease, which was granted by the
Mayor Aldermen. and Commonalty Of the City OF New
York. and expires May 1, 1871 The Company
paid only 10000 year under It's hrst lease
but In 1861 certain politicians succeeded In
running the annual rental up to $4,000 Although the
present lease still has l6 months TO run, the Company
have already applied for years renewal because the
the Fulton Ferry premises on the Brooklyn side and
| will thus compel the construction of n new slip and
landing and ferry house, and involve an outlay OF from
500 900 10000 sum which the Company wond not
consider themselves justified in expanding under the
present lease The application for the new lease was ad-
dressed the Commissioners of the Sinking fnnd who
referred Mayor Hall and Controller Connolly These
gentlemen resolved to turn the matter to political
1e eds the Union Ferries at merely
II the Company would agree TO reduce the tare ior
foot passengers cent instead Of two and to MAKE
also reduction OF 80 per cent on the iares enagea oT
horses aud vehicles With characteristic enterprise ana
courtesy the Mayor sent printed copies OF the CORE.
spOndence to all the newspapers before forwarding his
reply the Company and in several quarters the cry OF
M though with far more zeal than knowledge The Di
rectors satisfied of the utter mpossbty Of running
two and they sent letter to Mayor Hail. requesting the
appointment OF a special aud impartial committee to
ness and then report as to whether practicable
TO run the ferries on the onecen plan so as to pay ex'
penses even. say nothing Of making any dividends
In the meanwhile the public attention may be Psoh,-
which will help to elucidate this important but little
understood question In 1858 and 1864 Fulton south ana
Hamilton ferries were run together at cent They
paid expenses aud more, and to do 80 they ruined
Catharine and Wast ferries. Then the two were ANAL
eamated with the three ana all five have since been
attwo Practically the fare less for package of7
tickets sold for 25 cents ana large percentage OF the
travel particularly among those interested in cheap
frrage done at this rate Of less than II
cents During the that elapsed between the
the war in 1851 wages were low. and materials all
kinds were cheap. In consequence, the Company not
the requirements OF the public and punctualy declared
its annual ten per cent dividends but also accumulated
handsome surplus OF quarter OF "A million. During
this time the population Of Brooklyn was rapidly ncreas-
ing Troops OF ladies crossed The ferries every afternoon
on New-York shopping excursions ana IN the eyehngs
crowds OF amusementseekers Kept the t0takers pussy;
than doubled the expenses OF the Union Ferry
pilots wages we're $50 month; now , ,ney
are s25 ISo 1870 h slmlar boa ,trry
worth 600 Furthermore the travel during the last
ten years has by no means & In @ To %
the shops stores and heaters IN Brooklyn has tended to
make that city sufficient ITSELF and the total annual
Increase of travel is estimated than five per
cent the face Of these disadvantages the Company
do nv, IL has been obliged to slowly consume the surplus
acquired before the and to make some necessary real
estate improvements i was compelled Two years ago TO
raise its capital stock from 100000 to 81 and to Dor
row sl6OOOO bond and mortgage Evidently either the
expenses must be reduced the number OF must
largely augmented the fare must be Increased instead
OF diminished or else me company VIII become s %
few years In 1869 the receipts were ABOUT s9ooO
tho income from foot passengers amounting, Ia round
numbers 100000. South, HAMILTON WALL ana thtna-
ferries did not expenses and never nave, even
while the profits at Fulton Ferry had TO be
supplemented from tho ante bem surplus in order to
pay the dividend and the deficit on the other ferries
Nobody is likely to. charge the Company with extraya.
eance in the construction Of its boats and houses
4 the wages it pays at all eXorbitant. The only
| safe way to cut down the expenditures Is
| to discontinue or moro OF the nOn-paylng
ferries and probable that the public would consider
cheap ferrage dearly bought at such rate for not only
would portion of the ferry using public be particularly
| ncommOded thereby but all would feel the incOnve-
the yitabe increased rush to the already
| ave WI
rapid increase in the amount OF travel while
the Bridge likely day TO materially diminish tho
ferry patronage. In fact 1t Is believed by those who
have had longest and most intimate acquaintance
with the Companys finances that 1t will soon become
necessary change the communication rates, and sell only
Is tickets IS cents In order ~ keep the Company on
| sound and honorable basis.
| NOTE FROM THE HON. DEMAs BARNES.
| To he Editor Of The Tribune
| SIR In reply to your inquiries respecting
the Brooklyn Union Ferry Company. have to say
resident Of Brooklyn have stock in this Company
know some OF the Directors partially; they run five
ferries and the Fulton will probably pay at one cent or
less the other four probably cost them two and half to
four cents for each passenger carried consider 1t to
the cities interest that this equality in price shall BIO
tnued doubt If the combined ferries be under
| two cents.
should consider 1t great calamity TO Brooklyn to
have these pass from the control Of this Company
| into the hands OF private individuals.
am, very respectfully. &c. DEMAs BARNES.
| No. 50 Broadio0y, Jan. Is, 1870.
THE LOTTERY CASES.
| SETTLING SUITs-wHO WILL BE RECEIVER