New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-05-28
ALBANY.
THE WASHINGTON MARKET swINDLE.

THE WASHINGTON MARKET sWINDLE
AN ANALYSIS or THE BILL IN THE SHAPE IN WHICH
TT WAS ORDERED TO A THIRD READING BY THE
sENATE-TIE CITY WHOLLY UNPROTECTED.
lFRoa THB REGULAR CORRESPONDENT on THE TRBUNEJ
ALBANY, May T.-The following is an analysis of
Assembly bill No. $40, entitled An act to authorize
the leasing of certain real estate belonging to the
Corporation Of the City of New-York," and better
known as the Washington Market Job:
SECTION authorizes and directs the Commissioners
OF the Sinking Fund within six months after the passage
of the act to lease for the term Of q years with
bounded by vesey, Washington and Fultonsts and the
Hudson River, and known as Washington and West
SEC provides for the appointment OF three apprais
by the Commissioners OF the Sinking Fund TO deter
mine the present value OF the property.
SIC 8. The three appraisers shall report within 30
days. and file statement In the Registers Office, show
taken together whole, and not In separate parcels
and in the same manner OF the West Washington Market
SEC Upon tho fling OF the said report 1t shall be-
come the duty OF the Commissioners of the Sinking
Fund.- and they expressly directed and required 10
lease the said two pieces OF property as one lot for the
term OF 81 years, with two renewals for annual
equal to per cent the valuation ned as
above the essees TO pay taxes aud assessments The
erty shall be used for market purposes aud that they
viii erect thereon within three years, "permanent
structures and re-proof buildings suitable for market
purposes subject 10 the approval Of the Commissioners
of tine Sinking Fund.- expanding thereon 500 600 within
ono year after they take possession.
SEC provides for valuations OF tho property six
months previous 10 each OF the renewals.
SEC provides for the application Of the rents re-
ceiyed to the reduction OF the city debt.
SEC directs the Commissioners OF the Sinking Fund
TO give the Washington Market Company the first
"option, opportunity privilege" 10 lease the prop
erty. gving that Company 30 days after notice within
BIC provides that the lease shah q covenant
that at the expiration other termination
OF said lease the City OF NewYork shall purchase the
structures and buildings which have been erected upon
said premises during the continuance Of said lease aud
shall the essees named IN said lease, their heirs.
ecutOrs, assigns, the then value thereof
which value shall be ascertaned by arbtators by the
said city the said lessees their heirs, executors
assigns, mutually chosen, by three
mssioners appointed for that phrPoseby Che Supreme
title to the shall become and be vested IN the City
OF HewYork
1t will be seen that the advantages of the pro-
posed arrangement are exclusively on the side OF
the Market Company: l. The rent which it is pro-
posed to pay will be FAR less than the interest the
city could obtain by demoshing the buildings and
selling the land mt auction for business purposes. q
There is no competition permitted. The privilege
OF monopoly given to this Company for nothing
should if created at ALL be sold at auction to the
highest bidder. 3. The new market buildings may
be as great nuisance as the old ones, and if they
should prove to be the city could not help itself
L. II by competition, OF the disadvantage of the 10
cation the speculation should be Improbable, the
Company may draw ont of it at any time, and the
city is compelled to buy their structures. Such
bill as this could never pass the New-York Legiaa
ture or any other deliberative body its merits
The present Charter provides method of leasin
the property of the city very different from that
embodied in the Washington Market bill. Section
102 gives tho Board of Commissioners of the Sinking
Fund power to sell lease for the highest market
able price or rental at public auction or by sealed
bids, and always after public advertisement and
appraisal under the direction Of said Board any city
property except wharyes and piers.' The city now
derives from the Washington and West Washington
Markets a net income of upward Of $250,OO0 q year
LATER-The friends of the Washington Market
bill rallied in full force in the Senate tonight, and
having counted noses, James Wood called up the
bill for third reading. Mr.. Tiemann moved to re-
commit with instructions 20 strike out the clause
which eompels the Commissioners of the Sinking
Fund to execute the lease. This motion having
been voted down by the friends Of the bill, Mr..
Lowery moved to recommit with directions to
amend SO as to give the Commissioners of the Sink
ing Fund power to lease the market property in
cordance with the provisions of the City Charter,
from which he read This motion was lost by
vote of II to 10. The vote then taken, and the
bill passed by exactly II votes as follows:
YRAs-Messrs. Bowen, Chatheld, Dickinson SrahHm'
narrower Johnson Lewis LrS, @Sadsg; MIpuy'
Wood, WOOdin.
EAYs-Messrs Adams Alien, Cock. Foster sLowery,
Perry, Robertson, Tlemann, ID. L, WOOD.
The five Republicans and two Democrats, who
were members of Tweed's last Senate, voted as
until favor of the job. The Assembly will proba-
bly, not hesitate to concur in the amendments which
the Senate has made to the BILL after which nothing
stands in the wayof its becoming law except the
Governors veto. 1t now remains for the merchants,
taxpayers and public spirited citizens generally to
convince Gov Dix of the character OF the bill and OF
the influences by which it has been carried through
the Legislature. They should Immediately request
him to withhold his signature until a hearing can be
had As the Legislature will have adjourned before
the bill has been ten days in the Governors hands,
he may hold the bill for examination for an indei
mite period He will doubtless be slow to sign it if
he is made acquainted with its Importance without
delay.