The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-04
THE EAST RIVER BRIDGE.

The Management Under InvcstiS alton
A Ventilation Of the Financial Affairs
Of the Company Forthcoming ON Nom
day Next.
Yesterday afternoon an important meeting Of the
directors OF tho East River Bridge Company was
held ut the Office OF that corporation Fulton street.
1t was generally known that the reports of the
committee Of investigation into the management
the great of undertaking which Is SO fraught with
momentous interest to "the two cities" would
be under consideration, and, as a sequence,
there was numerous delegation OF
representatives Of the press present in the build
ing at the appointed hour. The meeting, how
ever, was held with closed doors, and the proceed
ings were kept secret from newspaper reporters.
The circumstances which led to an investigation
Of the affairs OF the Bridge Company grew out Of
the fact that vast amount Of the public money
was being expended and the people who have to
bear the burden of the taxation consequent
upon the undertaking were kept uniformed of
the mode OF expenditure. Early last Spring
q subcommittee OF the Reform Committee OF
Fifty instituted an investigation into the affairs OF
the Bridge Company, and ELECTED several facts
which up to that period were unknown to several
of the directors OF the company. These reports
were published at the time. Last Summer ex.
Congressman Demas Barnes, who Is member or
held in the month Of July, moved that o committee
of three be appointed to further investigate the a
fairs of the management OF the company. The res0-
| luton was adopted, and an investigating commit
| tee. consisting OF the following named gentlemen,
| was appointed :-Demas Barnes and Frederick A.:
| Schroeder, Of Brooklyn, and Abraham =. Hewett or
New York. Az far as the authority OF this committee
would extend an investigation was made, alter the
| close OF the Summer vacation. Mr.. Barnes two
| weeks ago presented his report, which was in the
| minority and adverse to the management. For
| instance, with reference to the charter under
which the Bridge corporation derives It's authority,
! no responsibility Is guaranteed back again TO the
| public. Too much power and authority Is peleved
| to be vested in the managers Too large o COM
| pcnsatiOn may be accorded for the superlnten-
/ dency The restrictions upon expenditures are
not regarded as sufficiently adequate to secure the
! interests OF the people. There Is want OF re-
sponsbility maniiesty apparent as TO call Tor an
| entire change III the law under winch eXpendl-
| lures are made.
| Yesterday the majority report was presented by
Messrs. Schroeder and Hewett, and Is said to have
| been favorable to the management. Senator
| Murphy the legal adviser OF the company, was
present and delivered a legal opinion upon the
! relative powers OF the company the nature or
| which did not tranSpirc 1t was, however, de-
| cided that the reports OF the investigating COM
mittees, both majority and minority, should be re-
vised, printed and given to the press In fu, when
the people can draw their own conclusions upon
the subject of the management. The reports Will,
doubtless be in readiness for the press by Monday
| next.
representative Of the HERALD visited Mr..
| evening, and was cOurteouzy received, but he
most empha tically declined to divulge any OF the
proceedings OF the meeting OF the afternoon as the
| directors are under resolution OF secrecy not to
! however, desired to state that the statement with
regard to his alleged retractlon OF any portion OF
| his report, as stated in the Eagle, was most I'M
| quanedly false and without foundation.