The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-07-09

which is already public property and navigsble
water coming into po session OF the Company with
out money and without price, and the re,t manly manly
public property, and only requiring itue digging
TO make It available, would be grant that should
SATISFY the most avaricioul II evident that me
incorporators themselves are OF the opinion that
they have got bi. thing in II, since from tie day
the act was passed until the present time the general
public has heard nothing OF books OF subscription TO
the capital stock nor has any effort been made
among the recognized capitalists oil the city TO sell
shares In the great undertaking.
100000 cArirAL-i5,O0 PAID IN.
The charter as amended in 1854 fxcs the capital
stock at $4,000 siin liberty 70 inere,s. ,ne sale
1t IL directed that books OF subscrip ton shall be
opened tor suc capital stock, and that ten per cent
OF all subscriptions shall be paid In at the time OF
subscribing; but there Il no requirement that any
public notice shall be given OF the opening OF sucn
books ~ subscriptions which probably explains tie
As matter OF fact the incorporators have deemed
their franchise so valuable that they have on been
favored ones ns Trey might choose so TO bencnt.
The fact that the Company Is authorized TO com
mence work when $4,000 Is subscribed ana zoe per
cent paid In. and having autt ority to borrow money
and issue bonds 10 an unlimited amount Tor the
nun Der OF stockholders - u very few. Indeed,
prooaoie nom prs,sst spISaraness' nn.on ,a. ons
than the stockholders, and that tie capital for the
completion OF the work Is to be borrowed rather
secured from subscribers, being ten Per cent on
f5OOO, and all that Is likely to be called for very
small amount; certainly Vim which TO hund Twelve
ofhces, warehouses AID other structures contem-
plated in this undertaking.
TAKE YOUR TINE, GrSrLEYKS.
BY the original act Of incorporation, the Company
was required to be,n the eonsirnction oi 'he canal
the same so as to admit Of the regular passage OF
vessels through the entire length thereof within i've
years. In 1866 an amendment was secured extend
ing this time three years The whole route has
been survey ed and located, rs shown In the map ac
companying this article and beginning upon II has
been made, though progress Is now temporarily
stopped by litigation with the Hudson River Roll.
ing Mills Company Tor the night OF way throush Their
ands 1t Is anticipated, however. that this delay
will consume but a few weeks, when the work Is to
be energetically prosecuted.
WHERE The COMPANY GETS ITS MONEY BACK.
The charter gives to the Company the right to es-
tbsh and collect such rates OF toll and charges tor
the use Of the canal the Directors NAV fix, sub
ject the approval Of the Canal Board though tie
Canal Board cannot interfere to reduce tolls until
the annual revenues OF the canal exceed 10 per
OF the iu uyesimeut Tie Company II also ant nthOriYci
to establish and collect such rates OF dockage, wharf
age, and basin charges as the Directors may fx.
INTENDING TIE LINE.
The nrst charter Of the Company hxed the
eastern end OF the canal at tho bulkhoad
line OF the. Harlem River; but an ameni
its extension, from such point on the Harlem River,
southeastery OF the Harlen bridge, TO such point
such points as they Che Directory may deem pro.
per-" though no Interference with the Islands In theV
East kiVer - authorEei, Whout the eoh-eht o, Tue
commissioners OF ChstlIv. ahI NOIr1Vuoh. Ihese
tommisslot ers nave knu,y eonssh'eu 70 'ne appro-
priation Of tho upper end OF Randalls Island, as
shown on the map, ior 'nu pu, ?oses % .he eanai o
when lhe company hpt ueI.y sesu,c ." 1ut,et my
.he oounl' pu' py mak'ns .'o vti' W, W suei oahal
Wide anu deep' as ney prnposS W po, Snu cur InE
ITO lhe south on lhe lnsiu, y. Wy -llu' ,ney open
new ana secure chanhel Hphl ule @ anNcr luto
the sound by whleh a Nesscls W nSm ny Wtng nose
waters can escape Tue uhhgers oI he' Sae an con
trlOute 10 the TONS OF the ompahI' Nsefo'ehue
is anticipated from this source.
rHE ruBLrc-spiRirED OWNERS o' The rhANcnish.
lhls ehleiprlsihg company 40 ieo'sahiIeu va" 'an
Is composed a. iooMs ,,A. ro.,S VIZ Al
NLectorsIMntoh C0ur'Wrlght, y1na.naMu fM " AZ
zen, lsase oeii, ooIncIus CViS2, d"nI! w @ @ueuo',
~ EyuIey Eunthor, , gauS W cInart p,nr Unr
" ", JeI9me, Wnah n NH S " @ no"u' ~,
TTntn Husn om,"' VA ~, o. ~ "a man i,n n
"yWvu, H11IsD n' iNU ~ Hor'' o. w. "''A''' o''"
NJ neen, thI,ies ,,ie,, L c.'a,,h, " ,,Va.
dTenueht-Ainlon Ooux,ut"AAi W ~
iTeGsWrII'ohatnna1n ~ ", n'sA'
h"gtned- ~ SIIhah; u;u,
fllSeLe,tty[ [EsusIs ~ w. ~ "r.,oo, C,t
fIecu"o1 oO.1t"eo .,i1 ~, "vvu Snal'l ~ ~,
yau',s ~. henlelsVn iIs ~, n W ~ w, X - "oi'
iteJ "uhtnor' husu Sh''"' ""'S'i !" h'"s'
-uy pp,v.Dv oprpcr. oF ruy cana,
'"h r"AN"'
as projected by ths enterprlsing and pubic spirited
company, Is 70 accommodate Ino ihmense commerce