The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-09-08

which majority vote OF the board could not
be secured. Since then public sentiment has
frustrated this tremendous and gigantic Job.
though this proceeding should be pushed In
the public interest to kill OF public menace.
II Is proceeding to protect the people against
officials who possibly might prove recreant. 1t
Is proceeding like that OF 1870 It has been
shown that during certain years enough inter-
est has not been shown In the company by its
directors to pay It's annual state taxes and to
file with tho Secretary OF State the required an
nual report The company never even paid a
tax levied In Brooklyn some years ago upon It's
assets. which were valued at the munilcent
sum OF $1,000. and yet it will be claimed that
the Ramapo Company is live corporation. ca
pablo OF entering into big financial con-
tract with the i'm peral city OF New York.
The company has succeeded In nothing except
to show that 1t Is a paper organization and
should be wound up. The company has not
stored or furnished water to any Individual or
corporation since it's organization. and thus
has failed to carry out the purposes OF It's
ganization and this Is the main reason why
its charter should be annulled. Nearly all OF
tho land options have been obtained since last
March.
why do they send horo lawyers who know
nothing about the affairs OF the company"
said Senator Hill. I'VE charge that the COM
pany has never transacted any business. that
1t has no property. and that 1t has never paid
any State or local taxes. Why. the company
hns not even secured options about Ramapo
Lake We know they propose to tap the
Esopus watershed in Ulster county II they
secure the New York city water contract.
They have not condemned any land In twelve
years
Mr. Fl I declared that the Ramapo charter
Law mon !msnt OF 1898 was illegal in that it
ALLOW ed my city in tho State to contract with
the comp my for water supply. even though
the ~ C ,arter expressly prohibited the city
auth' iiti', from entering upon such contract
In COS ing he incidentally referred to the con-
tract viii h the Ramapo company endeavored
to foisl u on the city and insisted that 1t was
permeated with fraud from it's inception.
When the hearing was resumed this after
noon. Mr.. Scheurman for the Ramapo COM
pany answered Mr.. Hills argument in detail
and criticised his attack upon the New York
city officials who favored the Ramapo grab.
There was no basis for the charge OF fraud
against those who voted for the contract" he
said. THE contract price for the water to be
furnished was reasonable. We have complied
with the tax laws and with the law requiring
the filing OF annual reports since the COM
pany's powers and rights were revived by the
amended law OF 1895. This company possesses
no exclusive right to contract to furnish water
to city. as any company organized under the
transportation corporations law may do so.
city. building the extensive reservoir system
which the Ramapu company contemplates
doing could not. under the law. oblige the fall
OF water from one reservoir to another for the
purpose OF generating electrical energy. Then
again. no capitalist would go ahead and con-
struct a number OF costly reservoirs until he
knew Just what water supply he needed. and
until he had some assurance OF a market
would have to be accomplished upon one con-
secutive plan. and the completion OF the plant
would take some years. The Ramapo COM
pany has gone ahead with its undertal ing COM
pleting its surveys and securing land options
and is ready to construct reservoirs to retain
any amount OF water. 1t has some assurance 1t
will have purchaser. for the company has not
violated the law in any respect that would
warrant the annulment Of Its charter. Those
who are pushing this case know they are
wrong. as they have already served us with
notice that II this proceeding fails. they will
begin a stockholders proceeding to wind up
the affairs OF the corporation"
Mr.. Hill closed tho arguments. declaring
that for two years since 1895 the company had
failed to transact business and did not become
active until March last. Who gave them the
tip" he asked. This fact alone. he said. war
antsd the dissolution OF the company.
The arguments were closed and FIVE days
given each side in which to submit briefs.