The New York herald., 1879-10-23
PIER FoRTY-FoUR NORTH RIVER
VALUABLE PROPERTY TO DE RECOVERED BY
THE CIrY-How THE INMAN LINE WILL be

A VALUABLE PROPERTY TO DE RECOVERED BY
THE cIrY-How THE INMAN LINE WILL BE
UNIDENTIFIED.
Much interest is felt in commercial circles just
now as to the future of pier Al North River, which
is now in the possession Of the Inman steamship
line Tho demand for first class piers on the river
fronts down town is great that the Dock Commits
sioners unable to meet tho demands of COM
merce until they have legally secured possession OF
properties that for have been in the hands Of pr
yate parties From letter recently forwarded TO the
Mayor by the Dock Commissioners it appears that in
1855 the city sold Pier A. then OF somewhat less
than its present dimensions to William Inman, Of
Upton Manor. Birkenhcad. England. for about
$4,000. At that time the rental for pier OF this
character was only about s3.5OO Shortly after tho
present Dock Commissioners entered upon their
duties they found that this the only pier be-
tween Canal and Eleventh streets the North River
not owned by the Corporation, and commerce
demanded that improvements should be made in that
section the Corporation Counsel was asked. on the
9th Of juno, 1872. to examine the title under sub
division of tho 9th chapter 514, the Laws OF 1871
providing how the Corporation may re-enter upon
possession of water front property. For several
months prior to July T. 1878, negotiations had been
opened by tho department with John &. Dale agent
for the owner OF the pier for its purchase and
upon that date resolution was adopted by the
Board, in accordance with the provisions of
the law above quoted, offering to the owner
tho Of $250OOO therefor subject to the approval
of the Commissioners OF the Sinking Fund, which
offer. few days subsequent, was duly accepted by
him. On the 14th July, 1875. by resolution adopted
the Board made application to the Commissioners
OF the Sinking Fund for their approval and on tho
10Th July, 1877. the Commissioners refused to ap-
prove the agreement. subsequently other neeo.
result Until the new bulkhead wall adjacent to the
pier could be erected and completed the whole
street. now 800 feet in width, could not be
availed Of to relieve the increasing travel
Mt that section OF the water front. Accordingly,
on the 22d May. 1878. the Corporation Counsel
requested to submit to the Court application for
the appointment OF Commissioners to condemn the
pier the OF the city. and the 14th OF May.
1879. James Matthews. Louis Fitzgerald and William
H. Wickham were appointed Commissioners OF Es-
timate and Assessment. Tho department. by reso-
luton adopted September 8, 1879. in compliance
with subdivision II Of said section @. made rcqusi-
tion on the Commissioners OF tho Sinking Fund for
dock bonds to the amount of S203, $50, to provide
funds to meet the claims approved and allowed by
the Supreme Court for the purchase OF the wharf
property.
PROSPECTIVE VALUE OF THE ACQUISITION.
The Dock Commissioners claim that the
new ready for occupancy will involve an ex-
penditurc of about $45.OOO only. This, added to
$203. $50 allowance made to the steamship company
and the cost OF acquiring title. will make total
vestment by tho city uf S24S.55 The charge for
interest on this sum amounts to Sl4.9I 80 per an
mum, and, allowing $4,000 per annum as u sinking
fund for the renewal OF the pier when required to be
rebuilt. would leave the sum OF sl20S5 20 the net
annual profit for the city, thereby creating reserve
fund. as it were. equal to i've per cent per annum
upon the amount paid by tho city for
purchase and construction. The five per cent
will aggregate sum in twenty years equal
to the whole expenditure made. Tho dock bonds
issued for this property and work have thirty years
to run. that the profit accruing during tho ten
years after city has been reimbursed for the cost
OF the pier applied to the cost OF constructing
the new bulkhead wall adjacent thereto, and will
more than pay such cost twice Thus. ut the
end of thirty years, ut the time when the said
bonds shall mature the city will have become
.of the said pier free of COST and will have been
imbursed for the cost Of say $50 feet Of bulkhead
wall practically imperishable. without any expense
whatever.
1t is thought probable that under the decision Of
the courts and the opinion of the Counsel to the
Corporation the Dock Commissioners will.
the Sinking Fund Commissioners provide the
means by the issue of dock bonds, re-entcr upon
possession and push the proposed improvements
with all possible despatch.