New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-31
THE BROOKLYN WATER JOB.
REMARKABLE DIFFERENCE IN VALUA-
TONS OF PROPERTY.


Alfred c. Chaplin. Theodore f. Jackson and
Thomas y. Rutan, the Mayor, Controller ana
Auditor Of the CITY of Brooklyn, who were so well
satisfied as 10 the great value of the Long isand
Water Supply Company that December p
they contracted to pay Sl,230,O0o Of thc taS-
navcrs' money for the concern, although William
Zieoler warned them that the purchase would he
ILLEGAL and requested them to defer action ana
give him an opportunity 20 show that The prlcc
about TO be paid was excessive, Will mo some
interesting reading in the comparison Oh 'ie
records of the Assessors office with The state
mcnts of the officials Of the Long Island water
Supply Company as to the value of the COM
pany's property. The taxpayers of Brooklyn may
find il interesting as well.
The officers Of every corporation are by low re-
uuirpd TO make a sworn statement OF the VaIuc OF
it's property. and the assessors are, under oath,
bound to make assessment TO the full auction
value of the property. which is calculated 10 be
about Is per cent of the actual value Now, on
the tax-rolls of the Twcnty-siXth Ward OF Brook
Ivn the real estate Of the Long Island Water
Supply Company which consists of about nine
teen and onc-half acres of land, together Win
"pipes MAINS 'hydrants and structures above
ground" are, taken altogether, assessed for
Ss152O. The assessment in detail is ms follows
Eighteen and a half acres OF land and buildings;
Conductors under ground hydant5 and structures above
gr0rlfd" four and a half miles. $4,000; the same IN
the same in school district no l. six and three onrthS
miles. $4,000 and in addition, one acre more OF ie
estate at page forty OF the roll, valued at flfoo
Adding % per cent for the probable difference
between auction and actual values, the property
is worth Sl0l 900. and that Is all it is worth,
according 10 the sworn statements of its own
officers and of the assessors who are part OF the
government that is now purchasing the property
This was the value 10 pay taxes on Compare
il with the figures given when a sale was III ,
order On December u. 1890. f. Homer IRE |
cartin the young son-in-law of Cyrus L. Staples,
and The hguIchead president of the concern, wrote
q letter TO the Mayor and his associates, in reply
70 communication from the Controller. asking |
for detailed statement of the property and assets
of the company. He put down the real estate |
at S27 $50 80, or over twice as much as bS the |
widest stretch of the Imagination it was - tn |
in the summer preceding. The assets credited 10 |
the construction account are S520.29 81, to the |
extension account Sl07 -, TO furniture and |
fixtures S26s 40. and TO stock on hand $1,000,
making a total value of S'95,79i for property |
which mad been assessed at Ssl,52O These
figures were found in the books in the assessors
Office yesterday, in spite of strong efforts to Keep
them hidden.
In the same report of theii property the officers
of the company said that the stock had only |
q nominal value at most was not worth
more than - cents on the dollar. The stock
accordinely was not assessed AT all, but opposite
the entry in the taXrolls is big round zero. that
might he used for a child's hoop. This stock
was worth - cents after Mr.. HattOn had accepted
20 cents for it. and before Alfred c. Chaplin con-
tracted to pay 300 for it. Perhaps the Mayor was
moi aware Of this somewhat sudden change IN
values Taking all things together, Mr.. Staples
son-in-aw thought that the stock that had TO
value and the plant which he said was worth
Ssl 500, ought to cost the city Sl,25o.OOO, but
in his anxiety 10 benefit The city he consented TO
take $3.50, 900 if the bonds. amounting to $780,,
600 should be assumed. So the city government
that had Just collected the taxes agreed 10 pas !
that sum.
Speaking of the purchase of the stock from
Hatton, Tie Tribune yesterday printed an inter
view i'll which said that part of the |
bargain by which Senator John G. Jacobs sold
ont his stock in the Long Island Water Supply |
Company was that he was TO be nominated for
Senator ct the ensuing election. The Tribune
printed that interview without vouching for the
statement and il does not vouCh for the truth Of
it, II has no evidence of its truth, and from |
information furnished to it does not credit 1t as
true Furthermore, Mr.. Jacobs is authority for |
the statement that he did not personally own any |
stock in the water company.
Who owns it now? The threatened disclosures
of Yesterdays Tribune led to the publication OF
the names of the County Treasurer, Henry H. /
Adams: Felix Campbell, Thoma' +. Pearsall and /
a number Of less prominent men as the owners !
This was an attempt at bluff MI. Adams ana
Nj Campbell were original stockholders, ana nave
never parted with their stock. They and some OF
the Others are holders of the 100 shares that
md h,ll
Mr.. Pearsall is the counsel of the company and
holds little stock as does also +. II. ITecartin
and the other fcurehead officials. Who owns the
rest of the stock? Mr.. Staples has said that he
does Nevertheless he collected per cent brok-
craze from Mr.. Ilatton when making the pur-
chase This has created & good deal OF talk IN
BROOKLYN financial circles, and some men say that
Mr. Uatton should begin action to compel res,llu-
tion of the commission, which, II charged by
Staples when be himself was the real purchaser,
was fraudulent eXtOrton.
Mr. S,aples saws he owns 2,400 shares Of the
stock That Is statement that amuses lhOsc
who are convcrsant with the facts OF the case
Mr. Staples was not willing TO talk on the water
oucstiOn Yesterday, but made running comments
on the weather and predicted warm wave Had
he been in the company OF the Mayor, ms OPINION
might have been different The icy calm of that
official was even more difficult than usual TO he
broken through and no one succeeded in the en-
deavOr.
The friends of the ofic!a ls however, were by
oo means ouict All sorts Of attempts
made to explain the confessed connection between
the water mains of the city and the company, but
no one offers 10 follow the suggestion of Mr..
Zicgler and dig where he says the other conncc-
ton is situated Denial is easier than digging in
cold weather, and besides the workmen might
have TO face police court, as did those Of Mr..
IIatton in former days. Instead of answering MIR.
Zieglcr. tLey abuse him "sorchead, who
sold his stock at too low a figure. Mr.. Zicgler
Yesterday denied that lie ever owned dollars
worth of ;hc stock, and sad that he lad no III
tcrcst in the suit beyond that of a taxpayer, who
objects the city paying Sl2j0, 600 for water
works with a stagnAnt reserN olr and unused