New-York tribune., 1873-01-08
TIE MAJORITY REPORT.

70 ~, Diyseiors of ne Nc,C- York Bridge Company
The undersigned understand that the object
aimed 40 in the appointment OF a Committee OF your
Board % investigate the past history and management
of fhc Company was 20 ascertain whether the direction
o. nov constituted is entitled the confidence Of the
public and whether 20 the early completion Of
the bridge now admitted be indispensable neces-
sitv amy additional safeguards can be thrown around
tht expenditure az the public money.
scf.hed capital of 5000 600 Of which the city of Brook
lyn holds so0ooO. the city OF NewIork sl,50ooOO, and
On the iath Of October 1869 the Executive Committee
appointed VIM. T. Kingsley General superintendent; TO
t under tho direction Of the Executive Committee but
~ compensation does not appear TO have been hXed
unti me ON Of July ls!e when ne following Resolution
appears upon ihc minutes OF tne LAecItlNe g.
Hfs0ircd That five per Centum Of the amount of the
expenditure Of the foundation Of the towers OF the
lrdre up hghwater mark including the payment Tor
land BE- paid % wm. C. Kingsey the Geaeral superin-
Comrany up 90 tle completion of such foundations"
Ou examination your Committee have ascertained
ngrloy have been fully repaid in money that the
.omnsauon drawn 10y him was IN act Tor services rem
thut bad been paid % Mr. Kingsley under this resou.
tor nt sum of $4,000 amount largely In excess Of
tap SUN winch had at that time been paid by all the
private stookhuder,, account of the stock held by
ihcm Al that time. the expenditures the bridge
Amounted 90 81 1881 i0 which per centum would
amomi % $3.50 " W-aho"ng an overpayment of
on the 18th Of November A. d. 1s7i. the following
resolution BE- found upon the minutes OF the Executive
Eesoired Tnat the claim Of VIM. C. Kingsley, under
resolution Of Jolly g. sio be aud the same Is hereby qu
dated with his consent az an amount nor eNcetuiuE
t4,oCo n fu including s services until the completion
foundation Of tho towers 20 hlgh-water mark"
MONEY REFUNDED.
on the aoth 81 November 1871, Mr. Kingsley appears
a. have refunded the $4,000, which he had drawn
esccss of N2sO thus authorized as h compensation,
and 40 further amount has since been paid to him.
The explanation Of this transaction appears 10 be
follows. Mr.. Kingsley the moving spirit in prepar
ana thr public mind for the great project OF connecting
Ne
hrdee ie seetns 90 nave advanced the means required
f"i the preliminary expenses and 70 secure the neees-
Whe the books Of subscription to the capital stock
we've opened, De became the largest subscriber, ana
appear 10 have represented as he still does by proxy,
majority u amount Of the other private stoekholders
Your COMMITTEE do not know how far, IN reality, Mr.
kingsley was Interested iu any STOCK beside that which
appears u hs but the Inference is Irresistible
tiat relations o. n were such TO give him con-
trolling power u the Organization OF the Board. the full
Meanwhile M Kingsley had actually drawn eompen-
saou at tibet rate Of % Percent, aud hnaly. when the
THpo which he had go drawn.
NJ kmgscy is a director ia the Company and is stln
thc superintendent without any understanding as 10 his
@ ~ me foHndafion of the tovTers tS
D. eh water mark Tie Executive Committee, however,
toe matter under consideration and Is expected TO
fopor shortly.
A. AnENpNENr TO TuE CHARTER SUGGESTED
Yoar Committee are. therefore, Of opinion that
amendment o. the charter necessary order TO pro-
tet thc public Interests and they why
90 election of Directors, the stock belonging TO tine
stes of Nce York aud Brooklyn should not be entitled
% oeprcuiaton n the same manner as other stock In
De- taken from the practical control of single individual
nfs 3D.. apperr. To- be- she case, ne happens
or r,presenf majority of the private stock such
o dangerous. upouc ayerse 20 all sound business
CO., only point b. TO provide some convenient and
use modp which the votes upon the stock held By
na fvo shall be- cast, and your Committee, after
careful Iteration. would recommend that applica-
ton tc made 90 me legislature for amendment 20
flc Chau'r providing for the appointment by the Gov
eIof an senate iu the usual way Of three Commission
ere wu..e dnt, n shall De- 1ntl tne compleilon OF the
holders aud -uch other persons as 20 them shall
Tesr tho public and private stockhoders in proportion
hor respective Interests, nearly may be practi
Yoar Committee In the performance Of the duty con-
aaod b. them, have carefully inquired into all the hnan-
sinl and transactions OF the Company and have
srcuuulaicd mass OF details with which IL n not
deeuied necessary 20 neumber this report few APP
Parent irregularities exist n the records but these have
been fully and satisfactorily explained by the officers Of
- % ana SS ys 1oi heeS abe ,se - 5seoveI n TI
ease m which misaPpicauOn OF money has been
made uniess the expenditure of Sl25OO0 for salary OF
Superintendent should be regarded. The prices paid
material appear Ia have been reasonable, although
srb rubbc competition was not in all cases provided
fof a. h. customary n enterprises where public moneys
dishursed, ana in many instances purchases nave
hen made from one concern in which the General SUI
perutendent has had pecuniary interest. although
thsy 60 not that he Company has actually suffered
whie your Committee believe that the work has been
prosecuted with unusual energy and success, and az
that will compare favOrably with any public work
winch has been undertaken since the great rise in the
of labor and materials, in order that all doubt
put regard the future progress and
IctiOD of the bridge your Committee recommend the
adoption of the following resolution:
Rssolcod That the counsel OF the Company be IN
structed To prepare and submit 10 the Board for
approval an amendment 20 the charter OF the Company
auihoTzng the cities OF SewYOrk and Brooklyn 10 vote
ugon the stock held by the such vote 10 be cast by
three Commissioners 10 be nominated by the Governor
aud confirmed by the Senate. and empowering the said
GomnissonertO select the directors for whom the vote
the said cities shall be cast from the stockholders,
and other persons as may seem 70 them ut and
proper directors, taking care far as may be pract
cable that the private stockholders are represented In
the Board in proportion 70 the stock held by them.
Res0iued Tkat the Executive Committee be and the
same hereby authorized and directed 10 employ a
superintendent. at salary not TO exceed that paid TO
the Chief Engineer, which is at present $4,000 per
mum, from January 1, 1874
All of which is respectfully submitted.
ABRAM. 8 HEWITT.
ByOOkIva, Dee 16, 1872. +. A SCHROEDER.