New-York tribune., 1873-06-16

private subscriptions s5oooO worth OF stock might
be taken; that Now-YOrk City might subscribe for
$4,000 worth and thS b Cdy BGookyn Tor sso0o
visions under which Now-YOrk City and the City OF
Brooklyn were TO act lay here that the former city
would pay the amount It subscribed pro rata with tho
payments the private subscribers. That Is, n tho pr
vae sockhoders paid down per cent. Of their sub
scrptODs. then would Brooklyn pay I'm 10 per cent. OF
hers, until the whole 100 per cent paid
Mich of this money from tho three parties has been paid
NeW-YOrk City has still to tho account OF the bridge
about 100000: Brooklyn SG0O0o and the private stock
holders, 100000 or thereaDouts making, as was stated
above the Bridge Company from tho threa sources
81 700. more than enough TO continue the work
upon tine Bridge Naturally the question arises, Why
not collect IT, and 90 10 work FOR another ycagi To
back mo- and SAVE "Not another cent until Brookvn
comes down :" and Controller Schroeder says, "Not
and the private stockholders saw awe don't want 10
pay any more money" There the matter stands Con-
roer Green pay until Controller Schroeder does
and Controller Schroeder says he won't because the law
says he must MT until the private stockholders do the
most OF whom the Bridge directors-if not a-and
We ask, Where does the onus OF stopping the
because that city will pay Brooklyn does not
on Brooklyn. for she stands ready TO pay when the
private stockholders DO although Controller Schroeder
has already Issued more bonds than he legally
entitled to, and does MT propose 20 do any
with the private stocknOdes, aud 1t Is al nonsense TO
charge the opponents Of the Bridge b.li-uOw in the
hands OF the GOyernOrwlth wanting to stop the work.
II the private stockholders viii live up to the contract
they entered into four or five years ago. when they
company, they can make more than years progress
toward the completion OF the BRIDGE and year Is long
time to work.
But the truth is that these private stockholders don't
want TO pay any more money, and have PRAYED the
Leg @Legislatnre @ to relieve them, by passing bl, which
tney nave drawn themselves, aud which provides that
after having paid 80 per cent Of their pOn they
may ne renewed from paving he other nail, the result
O Wich Is 10 knock S2JOO at once out or tho amount
still due the bridge ana IL 10 90 be that any
private stockholders has paid than 30 per cent.
that amount With interest," Is 10 be repaid by Brooklyn,
stlll further reducing the amount due the bridge,
and the present directors still remain in control.
Further than this, the bill provides that tho
city OF Brooklyn may purchase the stock OF The pri-
are 70 come out OF the amount due the Company from
Brooklyn. Now let II the private stockholders
are relieved from paying 80 per cent Of their suDsop
uoDs the AMOUNT sun due the Bridge IS reduced 10
$4,000, and IL Brooklyn purchases the stock then
held by the private stockholders 1t Is reduced SO1O)
which, with interest at per cent, would sun further
reduce the amount TO below the amount which the
Gneer says IS necessary to prosecute the work for
Now we ask again. who will be responsible for tho
sl0ppage OF the wOrkt suppose tho people do allow
this bill to be signed without their protest. WON'T the
work come TO staudstiu, and through the action Of
the directors, before assistance be given by esa
1--WE enactmentf Unless the private Stockholders pay
up their full amount, according 10 the contract they
entered into when the company was Incorporated, they
ana hey alone viii be responsible for the soppaga OF
the work whether the present bill IL signed or noe Bot
shall remain in control until sucn time as Tho city Of
Brooklyn may possess majority OF the stock We don't
bill but there - possibility to sell the CITY Of Brooklyn
$4,000 worth OF stock, and suN remain IN
control t alttr 1ayng Pr,d Pl,o n Iratuol oEer
cause OF this possibility, II for nothing else
the bill should be vetoed. This bill is simply relief for
the private stockholders, who lose nOJng or sacih;e
nothing. Their money has been out at good invest
OF per cent. II may be said that they have lost
their time but in reality that time spent has been Ia
looking after good Investment and no more time has
lost than In attending the directors meetings OF
any insurance or banking institution Eut Nr kingsley
bls made it almost his entire busmcss True and bas
been paid Sl25 OOO which, II 10 ye years 10 the
amount winch the President OF tho United S'atc- has
received for the period for looking after the afts
OF the nation. II these gentlemen really desire 10 see
the work the bridge proceed let them live up 60 thtir
original contract and pay the 100 per cent ana Whatever
emOlument, honor or fame there may be in acting
director OF the Bridge Company Will sLlil be theirs.