New-York tribune., 1873-05-13
THE PROCEEDINGS

I
led 10 the investigation. stated that the Ne"'iorA
Bridge COMPANY. being private corporation, cahho'
have jIts affairs invest gated legally by the common
Council that power existed Tor the committees W
send for persons papers The right or the COMMITTEE
boevo the report states was waived by the represen
tatives of the Bridge Company and the President,
Treasurer Secretary member of the Executive Com
,ptee Controller Schroeder Director representingthe
CTtyof Brooklyn the Engineer, the superintendent ana
the contractors gave testimony The testimony Of these
persons is then given, and the following opinions are
added: .
Grave suspicious undoubtedly existed, perhaps exist
today, in the minds of persons respecting the
management of the funds provided by the city for the
construction OF the East River Bridge, but the evidence
given 70 your Committee does not their opinion justify
longer continuance Of those suspcons There is no eY
y by any person or persons c0nnectel WIN tne bIuge
Company in any capacity to the requisite legls-
laton at Washington, ALBANY, NewYork, or BROOKLYN,
for the establishing OF and the necessary peeunay ao
60 he enterprise. The measurement OF the nateral-a
point 20 which the attention OF your Committee was
called by Of the witnesses, as ahordng an Oppor-
because, in opinion, the statements OF Engineer
Roebnc. in view OF his wenOwn character for ability
tOa paid to Mr. w C. Kingsley seems to be the only act
perainngo the expenditures OF money open 70 criten
and this only as TO the amount There no charge we Oe
cve The part of one, that the act IS rauduent
That the Executive Committee considered the original
agreement pay Mr. Kingsley IS cent on the cost OF
construction OF the towers to hga,waer mark ms
take is clearly apparent In their efforts 70 overcome IL
that they succeeded in dong so is due not solely 70 her
own
OF the $4,000 which had been voted him by the
deliberate act OF the Committee, and by which act the
Your Committee are not called upon TO pass judgm ent
upon the TeasOnabeness of the sum finally paid Mr..
1o ~ or In eyidepce before the Common Council
In closing your Committee fear it is incumbent them
20 call the attention of the Common Council TO what
they deem lack Of proper protection of the interests OF
the city the charter OF the Bridge Company. In joint
stock corporations the directors usually are chosen by
stock vote in this instance, the act of ncorpora
ton being 50 drawn the private stockholders, whose
subscrpd amounting tObut 10 per cent OF the entire
capital at tins time choose the Board OF directors while
the CITY Of Brooklyn, the subscribers at TINS time OF
treenfths OF the capital has vote in he election OF
directors being merely represented in the councils of
the corporation by three eX-oico members In other
at will the entire capital OF the company, amounting to-
day TO SO0)OOO That tins power has not been misused
in the past cement OF the affairs OF the company Is
argument for lis continuance IL IS In the opinion OF
your Committee, unwise If not dangerous, and the |
claims of the city larger and more direct represent
alton should DC insisted upOn. Neither does the chlrter
contain any provisions authorizing any proceednsS |
against delinquent stockholders. the overdue payments
hon which at this time amount TO 2S per cent OF the
of the subscription called for is payable simn- T
taneously from private ana PHO0 - ' , Oh % 10
representatives, OF the cities have waved tDe Els1C 70
question the nOn-payment by private stockhOldeIS,
aud met The percentage calgu I4I tn1 sio Ynr
Committee informed that an amendment 10 the
charter having its object the forfeiture OF stock OF
delinquent stoekholders ana an @ 6oj ~
OF the city in the Board Of Directors Is now belng u
10 he hoped that wise cOunsels viii prevail; ana the
reasonable demands Of the representatives. OF te cry
be met in order that a work believed by your Com
mittee to be essentially important to the mmeuate ~ei
rare rare anu e 70 ompe0p out YOUR Committee are Of
the opinion that the rights OF the CITY, as he uy
It, Representatives in the councils Of the Bridge Com
pany should be pTessd at all hazards and secured oy
prOper amendment OF the charter ana WIN view W
ther support oGer for adoption the following resoiu
Representatives Of the 'y & in the .g Boa5i s115, Of Ees Drss
70 oaae or support such om ey NAY deem e1
Or 45 sls 4s lsp G5 @ Of the interests said Company
MR. wYIIE's REMARKS AND REPORT
Alderman Wylie then and presented his report
TO the Council, saying;
MIR CHAIRMAN: l am sorry to say that II becomes my
painful duty to make dissenting report ron Ihs COM
iniree the Of the East Kver X Begg % os
remote thng from ny MIND tnae 70 tne "0i0
Alderman RJpes-Will the gentleman allow me 10 ask
nip an Wye-I desire not to be interrupted did
not interrupt the gentleman during the reading OF his
report As SAID It was surprising 70 me 70 SaSW Or 40
been brought summarily 10 close. bad on several
occasuns at least three, been invited t%sJeh 10 the
reading oi evidence had, at least two occasions,
been invited listen 20 the report OF the committee as
think tat lie simple Sitting down and listening TO the
gentleman reading his own ideas was the manner IN
nemGcr Of that Committee Il desired from the chair
man copy OF M the TeIGFd tSat on nriyece S eonS
be allowed the privilege OF listening 70 u Dehg read
but TO have IL myself TO read was denied me- The re-
D1rters on Saturday morning. of each Of the daily
journals had copy Of that report 10 my astOnshment,
ghcb ami could exert have been unable to see that re-
port In those facts and at very late period
aud with much labor TO myself have prepared as
sentng report propose, with the indulgence OF the
members OF the Board TO present IT,
The following are portions Of the report COM
prehensIve summary Of which published in yester-
days TRIBUNE;
The orianators Of the bridge employed John A. Roeb,
ling engineer, 10 prepare plans and make estimates OF
s sT bey made the total cost the bridge $6675s57
The approaches between the anchorage and the teTmni
were not included in estimates made Mr koeDllng
Estimated te Of the two towers aud foundations 10
DC me time the Common Council authorized this Com
,ttteo of investigation the Company had expended IN
round numbers about s55OO90 OF more thsh palI the
TOTAL amount OF the estimated cost Oh me entire suuc
t,Ire AT this time nothing bad been done except tue
partial completion OF me Two t0"erSsay theeiouf@ths @
Of one and Onehaf OF the o1ei OF PiO rstt 10 lhe
esoate OF 81 10000 During last Fan one OF the Direc-
tors of the Bridge not in the secrets OF te EGeeuve
Committee, secured eommlt,tsS VI no W. DIHuge Hg
company TO Investigate Is aIaltss. Inat Ooul-
nittee was without power 10 sehu ,t tot IL Pessons
OF 10 examine involuntary witnesses p' ~ ,t ns re
port Mr. BarDes the minority menDer Stateu tnat .n1
=. - S Committed that this committee had ex
pended all the money, had purchtseu ~ eno & i,y
had audited its own bills had employed us own ator
& had annosned ali the agents, fixed all the salaries
had agreed 10 pay Mr. Kingsley nv @ ~ e.
cent on all the expenditure covered up had mutt
lated the books aud had not rePoIteu ue cpaIrSn Of
Roard that the Finance Committee, the "a
cb was and is one of our city officials, 70 WHOM Is III
trusted large sums Of money, had never sti heu 80
,enlsced An the position OF Chairman OF that Committee
for the fourth year that system exstee With 'no
snppes had been adyertsed for and that large poI
ZION OF supplies rad been purchased from themselves
am not content as OF the Committee 10 close us IN
complete labors where IT has and make report upon
am unwilling suffer under the imputaton OF half
done duty, which such report cannot but create ID
been no investigation None Of the things ordered Dy
the resolution Of the Comson Conne 10 De done have
tnvesRation well as the efforts OF tho directors 10
aouffV ~