New-York tribune., 1872-04-10
THE EAST RIVER BRIDGE.

LYN COMMITTEES Of FFTY-wUO HOLDS
STOCK AND WHAT THE CAssoNs HAVE
CoST-rHE sUPERINTENDENT's COMMISSIONS.
A sub Committee of the Committee of Fifty
Of Brooklyn has prepared tho following report on the
Now.York Bridge Company. in Which, after citing the
expenditure thus far ii recommends that the number OF
Directors shall be reduced TO TO- and that Brooklyn shall
net be permitted to subscribe for additional stock;
To tte Erecuire Committee az c Committee o. ilg Of
t referred 10 investigate the fiscal affairs oi inc
Ncw-lorR Bridge Company, respectfully report;
tion. organized under special act and neither COM
mission nor Department OF me city @ to ~ Wh SS
The Investigation Of its affairs !urhCr ihNh VIC
o the city involved The Tincipal slOcholoer.
g. IT, 1867. p. 9s( This Compa{ WIS t T o U
April le 1907. and consisted o S neoIpoatofs Inc cap
creased by lie consent Of stockholders holding major
ty OF stock. Hence the stock cannot be lnereseu WIN
Tie Directors shall bot be less tlan Is nor more than ~
These Directors are required 10 iS'Gce c iSS M % S ot
shall not exceed Is per cent per arEun Inc TWO CITIES,
or ei'iSr 'n en, Sny our cos @ and s5 Der cent in
raitdn. ,n' pTeTiGcd SET ' the bridge 30 made free
towers, 5ndaspiacos DC. Authority is also given to
borrow money 10 the extent oi the capital Provision is
also made for courtnSat adacgnt owners ci ianas or
damages resulting from th3 closing OF streets, &c.
Either city can aibaulOe 20 the capital stock, issue
lsGa p. 453 ~ ,0rUary, iS69 this imperfect and
incomplete act was amended ny allowing New-York and
provided the cities hcd stock Tie Mayor, Controller,
ana Pre- OF iO1ru OF AItrmru were 10 bt cN-
sionors OF The sinking Fund to represent Brooklyn
oiaclo members OF the Board. part Of this amend
The o.6sr senSe Of TorI DretOr members other
Scihocs Of s1i CnpauL G. Gy individual stockholders and
rot the pen,aty5 ce Inc ces could
have msirtr r. rcscro Ia couA have bat
aesr vhe he rvs'e s0e-lod' would Lave seven IN A' D0i
Authority gwen to the Company in this amendment
t. run passenger railway over th9 Br'dge 9 Dut no
eI a, SG,PJ PSJISS M c o G $50 no. 10 se1 BY
IIo m 4 n Is
henGs iSsred Sv Brooklvn Q5 u s StItntes at I9rcs
p 500 B act ot Congress in March, 1862 the Bridge
Nhcn DuO sinai! be p0Stroad Tor the L. = mails but
IT'S construction shall not commenced TIL the sccre-
tary of War IS satisfied that the Bridge when built, will
not Obstrucj, impair, inurOusly modify the navigI
uon OF tie river;Y BY resolli0n OF the Common
Mayor retauing ten days, neither approving nor dis
ihc SocS, provided the remaining 100000 should be
sGbscrned IoT ana 10 per cent eeol pad IN cash ana
provided the charttr De SO amended tat ho nteIeStO1
oty hc represented in tie Board of Directors by the
three ConinSsi1ners OF the sinhmg funu: Bnl IN cy
posed thrtc-iiihs Of the entire Board.
Brooklyn has no cOnrolinE voice il the management
o the Company though owning siXtenths ot the stock
while private parties owning only Onetenth Of the stock
more than Il members. This = u gross outrage per-
peta;od upon tins city well upon New York by the
Twceds. SWtcnys, and Connelcys on both sdeso. the
river, and immediate legislation Is needed 10 give the
Stockholders voice In tic management OF The Company
proportion 10 the stock held by each and especially
work after the S. 0 aIe rpen If anything is bo done
theresfter. a. iii Very d6uGiri MRethcF New-York
VIII subscribe any stock. II the two cities
consolidated il might alter tho case Brooklyn goes
Eew-YOrk, New-York never comes TO Brooklyn. (2)
Because private individuals will also he backward in
holders have expressed TO your suU-ommittee desire
% dispose Of their stock ana retire from the Company
Ihe prospect IS nos encouraging 10 phSaiie specu-
a!orS. Placing tho cost Cl tAe brIdge at
"a ToGS Sub cmmee %G are nised STar %oo peTson
NI have 10 and recr0ss daily paying cents each
way warrant dividend Of PER cent leaving II to
otAer patronage 70 meet iLe eXlenScs OF Inc bildge
stationery engines wear and tear Of cars, machinery,
ferries belonging 10 he Union Ferfy CompSny soDo
paying cent and some pay ING twO cent according to
5000 VIII hnd 1t convenient 10 cross The Bridge unless
the law is changed to allow the Brooklyn to
pass over 10 the NeWAoik 81 e, anQ then 1t would be
cCme very sorioGs question wAetner any considerable
number would cross in tis way Il the through fare was
5r9okyn and Il Brooklyn must bulld it. Let It be so
nndcsood and let tue aw DO aHeAaed at least ia tie
AnOlL striking feature of the law is the provision au-
tLofznE cth6r city to buy cut tEe Bridge Company by
payAg te entire cost and 5i per cent Dcdes On con
n6H, however, thar the bridge is free. ShoI.d
substantial bridge lie bait it would be very popular
movement, either before the people before the Com
mon Council to make IT free \ fe0 heavy taxpayers
sooa oS sTe away s thus @ Ic S in low
patriotism ana hDeldt was throwing open 10 Tue pub
Tweed, Kingsley sweeny q co. would quietly pocket SS
fbs o@e Of the coars15 on Dec we as follows: Henry
ia2-y i ecaii John II r. ace II a;aef o r. 4aaad So
r. wr y Isssd Jeaa H. freaee Ieeas Barnes HUN SHie
LIS t,,r L 81 AZ wn hgaleF , Ar..ar w. BeAo4 the
"a "
g Tie Coasa sou--s Of tie Snlis Fun OF BIoOk,yr.
WHERE STOCK HELD
Brooklyn holds a3oo0Oco, and NewYoIk 100000. The
remaining $5OoOJC seems to have been a7portoned ac
roIdng TO some rule Of favor between citizens Of New
York CHd brooklyn in the proportion OF twothiris TO
Brooklyn and Onehird TO New-YOrk (the relative
proportions held 10y the two cities, as follows: Nm. III
,Ttcd. Peer B. Swccny, Hugh Smith, and Richard Il.
onnoiy. al OF AeT York. took 40 shares apiece. Were
nese tie only friends Brook yn mad ia NeWGOraf The
omaiung twOfhrs is held by citizens of Brooklyn,
ollOUe: kingslcy kcency, $50 shares James 3. I.
i&nahan and - ynOif L. Hustled 600 shares 6ach Henry
. Murphy. Isaac Van AndcI, Al. xander .IcCuo, Henry
r. siCc. 40 slarcs each; Denas Barnes, 100 shares
NNIfI Marshall, SdmuC. McJpI1, john H. Preni ce
William Hunter. r and John ". Lewis, 90 s1arcs each
IN tie Subscriptions for the capital Ock payment las
demanded on Six instain of 10 per cant each
u this uanEt there has been received rs follows:
IRON ~ d }fook' Lv9OJ9
fIoa Ci'y q heE. 5S2So
From q1Feie ssoekbolaeTs z0i+0
Total reeeircs en- espital k5l440o
p,onlsM responded i'll full, while there renal fst
- an tese calls from keWYOTk, $4,000 though thai
~ clans sct-oTas your subj Committee are d1oTmedt
-siDg out Of sale OF land amounting 10 S2VOV NAV
80, V-rp N Tweed, Peer +. SWceDy, Richard b. Cor
ojy HIGH Smith, and other pTiv2,e stockholders |
= co O)ac l. ls7l Payment or tLs amount que IRON
vCrl, l,as been delayed by an Injunction Or tho
mount unpaid private snbsc2ltlOi,s s2eso rs one
p -, scIibars residing in BrOOkiyn Cdessrs Hunter IA
- ~ n eer1 and $4,000 tho NewN ork supscrlDeis ~
70 fire books Company It's total receiItSI
% f be- / 1871 from all sources were as iohOWs: II
To w Tfsge 4 Ter %. New YO:E...''-.'.' sSSt %
IL -t rom wH- Ii. Ma.ssou ''..-.''''''' 81 ~
To A.. .erl soAl. ......'.''' ''-''''''-''"' - Il
S%f'11.'A@ ~
PxPENDrTUREs.
The expenditures to Dec. I, lS7l, were as fonows
sr Of Copsung Ensser Salaries Of snsnesrs and A. a,o