New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-06-11
THE BRIDGE POOL.
A BROAD HINT TO THE GOVERNOR.

ACTION COMMITTEE OF FIFT1-THE
BILL DENoUNCED-A VETO DEMANDED.
The Committee of Fifty sent, yesterday, the pti-
ton given below to Gen. Dix, asking him to with
hold his signature from the Bridge bill which latty
passed the Legislature. 1t was accompanied BY O
legal opinion written by r. II. Chittenden, he
counsel for the Board who doubts the constitution
atty of the act a:
THE PETITION.
To Hu EreelLeney JOHN A. DIX Gorernor Of he Sdtcof
Heo York: The Committee OF Fifty, claiming TO reFe-
sent all the Industrial interests Of Brooklyn, except
tho interests OF politics trade unanimously reqpst
your EXceency to withhold the Executive sanctiorto
an act passed by the last Legislature, entitled An vet
to amend act entitled An act to incorporate the New
York Bridge Company" &c, passed April 49, 1867. md
humby submit the following for such request
This Company was organized as private corporation,
with capital OF 5000 OO under special act above
ferred to- For the rs6two years very little done
In February, 1862 this act charter amended by
ao wing NewYork and Brooklyn to be represented by
six officials Board OF Directors provided the cities
held stock. The Common Council Of Brooklyn had
already passed the following ordinance, which took
effect in the January previous:
Re,oiusd That City Brooklyn does hereby
S9 GOO 70 the stock Of the Ss"for Bridge Company upon
m That the un Of "a 900 be fret subcbed to such capital stock
BY other parties and that per be paid cash
be PAYABLE pOpOrOn. equally alike by sd city ali other
omPons the Commissioners Of the Sinking Fund for hs CITY Of
sotSc Upon compliance condition, Iboy, mentioned
bond, the payable such les. than %
"a we l 80 ., s S az Lap 1' W. p h
,cpaou time hall become
hgs Board Of Ahermsn. Vol 2, 1858, .. 66J
Brooklyn accordingly subscribed for 100000 OF the
stock, and NewYork City took t500OOO, without con-
dons her part except that the balance of the stock
/ h.faE
New-York would pay anything. The remaining 100000
was taken by citizens OF NewYork and Brooklyn.
-Four persons in New-York. viz: Tweed. sweeny
Connolly aud Hugh Smith, took just onethrd OF the
10000 Permission is given In the original act TO the
cities either OF them, TO buy out the Company at
time by paying the entire costs and 3i per cent In
addition thereto, provided the bridge be made entirely
The two cities have paid all calls in the aggregate
so per cent Samuel Mclean William Hunter. jr., and
the four New-York stockholders, have paid 40 per
Keeney John ". Lewis. and Charles C. Martin, have
paid co cent and the others 10 per cent according 70
conditions under which Brooklyn agreed to take stock
the Controller has paid all calls without requiring the
ment and he Iuslifes his act by quoting Mayor Hall Of
New-YOrk, who considered 1t lawful. But New YORK
made conditions reservations when she subscribed
except above, that 10 per cent should be paid down
IL would seem that the BROOKLYN Controller. FEELING
uneasy about his payment the premises prepared
bill Which would give legislative sanction 70 what he
had already done, and would allow him 70 go on ana
introduction OF this bill opened up splendid HELD for
politicians to exhibit their powers aud to assist them
selves and their friends.
The bin was torn to shreds and patched, and rushed
through az the close Of the session and comes now be
fore your Exceeney one Of the weakest most unwise
unjust and unconstitutional acts that have dis
sSaced this State. II mas made speclous attempt 70
meet som5 OF the objections heretofore made by the
Committee of Fifty but good care u taken that no
power Is given up by the individual stockholders:
IL true that provision made for four new directors
TO represent the cities but this only adds four new drec
tors the old Board increasing n from II TO 25 leaving
Is or three-ths TO be elected exclusively by the ndi
Vfd Stockholders.
stockholders find that the Company WIZ mover pay any
this stock Is worth nothing except as it gives them
power. Their scheme then is 70 get back what
g ss snBscrbed b Ra Ss oSs EXPENDED the work
will have TO be suspended Brooklyn IL too poor 70 go
TSa also 10 have tho spehdns ali tho money
scrbed by the two cies they retain they
to pay back 100000 and loses In dividend subscrp-
ons to the amount OF $3.50 000 the work viii have TO be
suspended long before the meeting Of another
To be more specific. We would call your Ekceuency 3
attention to thu 4th Of the act under discussion
which provide for reduction OF the stock OF indyld-
uals to OOo upon certain conditions without asking
| the Constitution OF the United states, impairng
| the original Contract entered into by BROOKLYN,
thep Sa and which BrSoyn las faithfully carried out
on her part, Out which all the individual stockholder5
In the fret aud second sections OF tue ordinance already
! recited. The condition by which Brooklyn agreed 10
should ne subscribed for, ten per cent paid down In
cash. and that all Subsequent payments should De pay,
!
nv this section the cities m los, at least $4,000 and
interest for those who hold stock credited with pay
ments In Of per cent will assist those who have
paid according 70 the rule OF Rings, which may be
called the Rule OF Three" This has been crcu-
iatng around among politicians and others without con-
alteration ten shares given to this one and ten TO an
other all claiming 10 know nothing about It, The great
bulk Of the stock 80 DO held and manipulated by
"pool" and can be managed the same as II one owned,
excess that credited with more than so per cent and
thus get back net over at once whether TINS goes
80 To nool or ~ uph
ncy, Tweed aud Sweeny, the result Is quite the same
septatyes in tho Board three nfths representation,
though they viii hold but one-twenteth OF the stock
spcct than the last IL enables the two elites f
aeed to buy up all Of the stock OF individuals,
ments made thereon and interest AS the stock is not
worth anything now IN the market except as so IL
syeS ' Ss bridfs operations the ,aSoO6o and
interest will be great temptation to the governments
the purchase This section II it repeats the old law in
this particular violates also another condition OF the
original chapter which permitted the cities or either OF
them 10 buy up the individual stock at any time on
certain terms provided tho bridge should be made Tree
Nothing is said in this proposed amendment about max
The sixth section is not only unconstitutional but It
nal stockhoders fer whenever majority Of the $500 900
held by individuals is bought up by the Company
whether capitalized under Section or mott, the Two
cities take the entire control Of the Company, appoint
all the directors aud the holders we win say, OF s2l
stock IL stands or onehalf that II consodated
cannot cay word whether the Bridge Company is man
aged by Tweeds and sweenys as oorruptY as the Ne
York Court house otherwise. This ia IN violation OF
the universal practice that prevails in corporations
representation according TO INTEREST,", and IA more
Migrant outrage than fathers resisted VIE. TAX
ton without representation" The seventh section IL
fer the already given requires
he cities TO pay up at all events land ~ netsf
agreed such terms She distrustiub f the enter
PRISE the beginning and would never have PAID OF
subscribed cent II had not seen that INDIVIDUALS
were willing TO assist and pay down their money as an
investment or speculation We would also calI your
Excellency's attention 10 the bill whole. It pur
ports 20 he amendment 20 bill How It's IA sun
sttute the old Law. II does not cover quarter
OF provisions necessary TO carry on the WORK ana
rnnld lie the lncnmnletn acts ever pasAed