New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-05-02
DESIGNS OF THE RING.

Since the investigation into the affairs or
the bridge the directors have evinced remarkable N
difference to the progress Of the work. and this indne-
enee has lately given place to desire TO retire from mo
enterprise entirely and let the conduct OF the bridge as
well AZ s finances under the control OF the Two
cities Alone at an informal meeting Of the members
who had voted in favor Of the proposed rtHemeni Il
was determined on Tuesday 70 introduce DIX OefOro
the Legislature which should tend to that end Accord
ingy Controller Schroeder, who voted With tht King IN
favor Of measure, yesterday sent the following OI
10 Senator Murphy Albany, and Mr.. Murphy VIII IN
rroduce It according agreement Amendment 10
the Brooklyn Bridge bill before the Legislature
The directors Of the Brooklyn Bridge Company are
hereby authorized 70 consolidate any or All ~ thc Stock
OF said Company owned by others than the cities ~ New
and Brooklyn that the stock 50 neld DF private
vate stockhoder shall have paid IN less than 81 DER cent
OF the amount subscribed by him, ne shall NJ "rler 10
entitle hun benefits OF this provision. INST pay
into the treasury Of said company any nsllments quo
upon said stock 80 as 70 make ms aggregate pymsu,7
equal 10 50 per cent OF ms ruDscflpuoh.
together with interest upon sueh unpaid lhstSnenS
from the time when the were called H. and mere
after full paid stock the amount OF ~ pei cent OF MS
said subscrp tion shall he issued 20 seh stoekhoer
When any private stakeholder shall have paid more than
IN leT cent nnon the amour subscribed he shall be-
ttled TO full paid stock issued 70 aim 10 the extent
of 5Oer cent OF his said subscription aud the surplus
OF payments by him thereon shall Ice repaid out OF
the treasury OF said Company.
Provided always that the Cities OF New YORK anf
Brooklvn NAV az any before the expiration OF ONES
year the completion OF said bridge purehase anu
hold said consolidated stock or any part thereof al af
said stock held and purchased by said CITIES n h"
proportion in which they may be general stockhHeiea
aud II either city decline 70 purchase any PAU ,..
dated stock the city willing TO purchase ad stOS
shall be entitled 20 purchase ana hod al p'd so,l
dated stock and provided turther mat no OE'p1s oA
nayuents shall refunded 20 any stockhOder Hntn a
instameDts OF pay ments which may DC Ius anu ~
rears upon all stock held by private stockholders snail
have been paid into the treasury VI sald Company
Information was, yesterday, sought from several
prominent gentlemen residing IN Brooklyn a. To The
cause and meaning OF this action on the part OF the ma
ority of the directors The general sentiment prevailed
~ N
terprse and in order excite too much attention,
proposed first TO their interest oneha and neAC
year perhaps onequarer more, unt they should reufe
altogether securing the interest the amounts which
they have invested. The opinion seemed 70 be general
that II the act should pass the Legislatl work tho
bridge would suspended for indefinite time, a. %
became a very serious question whether, according 10
the original provisions OF the bill incorporating tue Com
uany the two cities could be held ~ subscribe
any stock, the original provision says that
II 100000 worth OF stock shall Oe subscribed
by private individuals then the City OF BrooAyh shalb
take SOooCO0 worth OF stock and the CITY Of NewforS
81 100000 1t is said that any IL would become
question Of law matter would Gee into the courts
and with the innumerabe delays which ingenious coun-
sci interpose 70 Obstruct the advancement OF the en
prise would postpone the completion OF the ofloge "
remote time in the distant future Some persons Saf
that tins movement foot by some OF the
holders who at the outset entered into Il Tor the purpose
for successfully derauding will longer ne anJrded,
and that the public Will watch the proceedings AZ every
step and who consequently wish ~ withdraw The un-
derstandng that Tweed, Sweeny and others of the
Ring should take stock mentioned 70 show that fraud
was originally intended. The Is per cent which Mr..
Yinsev received for services cited % show the
prodigity in expenditure which was intended shout
prevai during the construction OF the enterprise.
A Tribune reporter yesterday asked Controller
scbroeder the meaning Of the section and why
nropo.ed He replied The section speaks for itself
can tell Won no than You IL yon don't
ssr.tand It's meaning can't interpret IL for YOU It
simply compromise measure. IL il withdrawal that
may occur II all he stockholders 70 H. That all
I can say about the matter"
some the other stockholders visited. but they
had nothing further to ad except that they believed the
passage OF the section would hasten the bridge enter
prise by consolidating the stock. They agreed that tho
work would advance with greater lrapidity than
previously, and that suspension In the operations
would take place. They said that the Legislature BY
passing his would aect the obligations N the
two cities 10 take STOCK the same body which deals
with this section framed the old law and that ee"ia
amend In action.