USA > New York > New York City > Old New York : a journal relating to the history and antiquities of New York City, Vol. II > Part 20
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The Committee of the Stockholders of the Merchants' Exchange Company, appointed at a meeting held on the -- day of November, 1849, beg leave to re- port :
That, in pursuance of the duties assigned them, they have devoted much time to endeavor to ascertain the true and real position of the company, but the proceedings of the trustees, from the commencement of the building to the present time, cover so long a period, and are of so voluminous a nature, as to render it impossible in so short a time to state any except the most prominent facts. Every facility has been offered them, at the command of the officers of the company, to arrive at the real state of the case, and the books and minutes of the company have been freely at their disposal. Considering themselves, as they do, strictly a Committee of the Stockholders, they deem it their duty to place before them more particularly such matters and suggestions as will best pro- tect their interests, and, as they believe will eventually enable them to receive some return for the large amount expended by them in the construction of the building. They disclaim in anything they report any desire to cast odium on the parties who have so long controlled the affairs of the company, but must claim the right, as they deem it their duty, to speak of matters as they have been and are.
The Merchants' Exchange Company was incorporated by an act of the Leg islature of the State of New York, in January, 1823 (a copy of which is hereto annexed, marked A), under a memorial from Stephen Whitney, Elisha Tibbetts and Wm. B. Astor, for the purpose of building a Merchants' Exchange, in the city of New York, under which act certain powers were given to the trustees to be elected. The very act is more guarded in its phraseology than is usual in such cases, the Legislature apparently apprehending that it might be so con- strued as to give banking and insurance powers. To obviate this, and place the facts in so plain a light as not to be misunderstood, the act expressly states
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" they shall not be engaged in the discounting or purchasing any bill, bond or obligation whatever." It not being the intention of your committee to enter at this time into the abstract right or legal technicalities of this question, they would merely call the attention of the stockholders to this fact, stating, how- ever, at the same time, that the opinion of the counsel of the company was fav- orable to such a right existing, as appears on reference to such opinion, recorded in the minutes of the company, dated October 23, 1837. The high merit ac- corded to the counsel, G. W. Strong, Esq., it might seem presumptuous for your committee to question. If this right was so plain, why was the opinion of the counsel of the company asked at all ? And when asked, he says-we quote from the minutes-" It is a settled fact in this country that a corporation can contract no debt, nor do any act, except such as are expressly authorized by their charter." Your committee, believing that they possess the power of form- ing an opinion upon the plain facts of the case as appear before them, cannot but differ from such an opinion ; and they feel much reluctance in so doing were they not well advised by some of the most eminent counsel in New York that such opinion was erroneous and could not be sustained. A much plainer, clearer and proper course to have pursued, as they think would have been to have asked from the power that created such corporation, authority to borrow what money they might have wanted, as has ever been the case as far as the knowledge of your committee extends in companies similarly situated ; instead of which authority being asked, it was only asked the power to increase the stock, to be called "preferred stock," $1,000,000, which amendment to the act is hereto annexed marked B.
Your committee think it would be merely lengthening out a report uselessly, to go into a minute detail of every different amount paid for the construction of the Merchants' Exchange ; and a regard for the high position of the parties who have had charge of such construction would alone induce them to think that any errors or wanton extravagance should have proceeded from any other cause than mistaken judgment. That a large amount of money has been uselessly expended, with no prospect, even at the time, of adequate return, must be apparent to any person who is interested in the matter. Perchance, mercan- tile pride might have been the basis of the motive of building an Exchange wor- thy of the merchants of New York, for which pride the merchants pay about $8,000 per annum, or about three cents per day for those who subscribe.
The cost of the Merchants' Exchange, as it now stands, is ____ $1,952,946 33
The amount of the alleged indebtedness of the company, about 965,446 33 Divided as follows :
Four bonds and mortgages on original cost of land 104,050 00 Deed of trust to J. G. King, to secure £60,000 bonds, equal to $290,000
And first issue bonds. 100,000
390,000 00
A second deed of trust or mortgage to J. G. King, to secure an additional issue of bonds for ... 290,000 00 And about, whether secured or not committee cannot ascertain 170,000 00 The present income from the building is nett 43,000 00
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From these facts it must be certain and apparent to all that, without some change, the Merchants' Exchange Company is utterly and hopelessly insolvent at the present time. The question cannot but suggest itself, as it does, to this committee, what measures can and should be taken to avert this fate, not only from pecuniary considerations to ourselves, but from the stigma of the Merchants' Exchange Company going into the hands of the English capitalists, for it is a well known fact to your committee the bulk of this amount is due to them, and that J. G. King acts but as an agent in this matter for English bankers. Your committee think if six months' time could be obtained, when this question would come before the mercantile community of New York, and placed before them in its real light, some arrangements could be made mutually satisfactory to all parties interested. If this resource should fail, they know, although they cannot say officially such is the fact, that a corres- pondence has taken place between certain parties for the sale of the building for the use of the Custom House of New York ; the idea being to use the present Custom House for a mint, a bill to establish which in New York will undoubtedly pass both houses of Congress at its present session. Should such a sale of the building take place, no sum less than cost would be expected to be paid for the same, and no spot is so convenient in New York, and no building better adapted to such purpose. The company have also the power of issuing a preferred stock, which could be done, bearing a small rate of interest, which must be more valuable than the present bonds, worth in the market but from 10 to 20 cents on the dollar. Should these ends all fail, and it be forced upon the stockholders to defend their rights and those of others interested, they must oppose force to force ; and since the law has been appealed to, let the law take its course ; we must abide by its decision, as must those who ask its aid ; but your committee hope there will be no necessity for this, but a mutual feeling of concession will govern all parties interested.
Your committee cannot close this report without stating to the stockholders, that however unpleasant the duty, their opinion is that the present trustees have not taken such a course as seems dictated by the position of the company, and the interest of the stockholders. They find, on reference to the decree ob- tained against the company by James G. King, trustee, dated 20th June, 1849, that no steps were taken to defend the suit, and the same went by default. From the constant improvement daily taking place in real estate, it seems sin- gular that the counsel for the Board did not interpose the legal defense to his claims, for it certainly cannot be the interest of the stockholders represented by the present trustees to afford any facility, except by force, to those holding claims against the company, most of which have been purchased at mere nomi- nal prices. Your committee have been unable to learn from the company at what rate the various loans were negotiated, and on applying to the secretary of the company for information on the subject, he appears equally ignorant with ourselves. The books of the company have been offered us, to ascertain the fact, but it requires a better knowledge of figures than your committee possess to arrive at the true state of the case.
The present rents and income of the building are paid, under the advice of G. W. Strong, Esq., counsel of the Board, as fast as received, into the hands of
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J. G. Kiny trustee ; and the secretary inforins us, the company have not under their control fifty dollars.
Your committee append to this report a statement of the affairs of the com- pany, marked C, of 23d December, 1842, from which it seems it has been con- stantly becoming more and more involved. It must rest with the stockholders to say whether this shall continue, and with them to suggest such measures as may save some little of their capital from annihilation. Frankness compels your committee to say that, to them, it appears the controlling interest of the present trustees seems to lean to those holding claims against the company, and, they doubt not, it proceeds from an honorable and good motive on their part. Your committee must think, in meting out equal and exact justice to all, some little is due to those who originally subscribed for the stock and bore the heat and burden of the battle; and they do think something more real should be given them than the right to gaze on granite pillars, placed there at a cost of about $3,000 each, or the marble halls of the Merchants', paying an interest of not quite one per cent. per annum on the cost to the subscribers.
Your committee would ask that their time be extended thirty days from this date, and that authority be given them to consult with those holding claims against the company, and the necessary funds be placed under their control, for the purpose, if they shall deem fit, of protecting the rights of the stockholders, (the company having the control of no money), and if compelled so to do, to resist or defer for the longest period the law allows this building going out of their hands, and of employing legal counsel to assist them in the attainment of this end.
All of which is respectfully submitted.
JACOB AIMS, JAS. E. HOLMES, FREDK. D. ROBINSON, AUGUSTUS SCHELL, JAS. S. ASPINWALL.
-New York Herald, Dec. 14, 1849.
ALLEGED CONFESSION AND LAST DYING WORDS OF CAPTAIN W. CUNNING- HAM, FORMERLY BRITISH PROVOST-MARSHAL IN THE CITY OF NEW YORK, WHO WAS EXECUTED IN LONDON, THE 10TH AUGUST, 1791 .--- I, William Cunningham, was born in Dublin Barracks, in the year 1738. My father was trumpeter in the Blue Dragoons ; and at the age of eight years I was placed with an officer as his servant, in which station I continued until I was sixteen, and being a great proficient in horsemanship, was taken as an assistant to the riding master of the troop, and in 1761 was made sergeant of dragoons; but the peace * coming the year following, I was disbanded. Being bred to no profession, I took up with a woman who kept a gin shop, in a blind alley, near the Cole Quay ; but the house being searched for stolen goods, and my doxy taken to Newgate, I thought it prudent to decamp. Accordingly I set off for the north, and arrived at Drogheda, where, in a few month after, I married the daughter of an excise- man, by whom I had three sons. About the year 1772, we removed to Newery, where I commenced the profession of scaw banker, which is that of enticing
*The war against Spain began 1762, and ended the same or next year.
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mechanics and country people to ship themselves to America, on promise of great advantage, and then artfully getting an indenture upon them, in conse- quence of which, on their arrival in America, they were sold, or obliged to serve a term of years for their passage. I embarked at Newery, in the ship Needham, for New York, and arrived at that port the 4th day of August, 1774,* with some indented servants I kidnapped in Ireland ; but they were liberated in New York, on account of the bad usage they had received from me during the passage. In that city I used the profession of breaking horses and teaching ladies and gentlemen to ride ; but, rendering myself obnoxious + to the citizens, in their infant struggle for freedom, I was obliged to fly on board the Asia man-of war, and from thence to Boston, where my own opposition to the measures pursued by the Americans in support of their rights was the first thing that recommended me to the notice of Gen. Gage ; and when the war commenced, I was appointed Provost-Marshal # to the royal army, which placed me in a situation to wreak my vengeance on the Americans. I shudder to think of the murders I have been accessory to, both with and without orders from the Government, especially while in New York, during which time there were more than two thousand prisoners starved in the different churches by stopping their rations, which I sold. $ There were also two hundred and seventy-five Ameri- can prisoners and obnoxious persons executed, out of all which number there were only about one dozen public executions, which chiefly consisted of British and Hessian deserters. The mode for private executions were thus conducted : A guard was dispatched from the provost about half-past twelve at night to the Barrack street, and the neighborhood of the upper barracks, to order the people to shut their window shutters, and put out their lights, | forbidding them at the same time to presume to look out of their windows and doors on pain of death, after which the unfortunate prisoners were conducted, gagged, just behind the upper barracks, and hung without ceremony, and there buried by the black pioneer of the provost. At the end of the war, I returned to England with the army, and settled in Wales, as being a cheaper place of living than in any of the populous cities ; but being at length persuaded to go to Lon- don, I entered so warmly into the dissipations of that capital that I soon found my circumstances much embarrassed, and to relieve which, I mortgaged my
*Rivington, Aug. 4, '74 .- Yesterday arrived the Needham, Captain Cheevers, with three hun- dred passengers, from Newery. The times of servants of both sexes to be disposed of (to pay for their passage).
+Rivington, Mar. 9, '75 .- Cunningham and John Hill went among the " Liberty boys," who seized and dragged him to the liberty pole, and would have forced him to go down on his knees and d-n his popish King George, had he not been rescued by the police. He had ample oppor- tunity of avenging this affront after he was appointed Provost-Marshal.
Wm. Jones was Gage's Provost-Marshal till 1775, when his name no longer appears.
§Common fame charges Cunningham with selling, and even poisoning the prisoners' food, exchanging good for bad provisions, and drawing their rations after death ; or as they worded it, " He fed the dead and starved the living." It was not till the spring of 1783 that a monthly list of prisoners was printed in Rivington's Gazette.
¡In Watson's Annals of New York it is stated that Cunningham hung five or six of a night, and that the women of the neighborhood, pained by the prisoners' cries for mercy, petitioned Howe to have the practice discontinued.
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half-pay to an army agent ; but that being soon expended, I forged a draft for three hundred pounds sterling on the Board of Ordnance, but being detected in presenting it for acceptance, I was apprehended, tried and convicted, and for that offense am here to suffer an ignominious death. I beg the prayers of all good Christians, and also pardon and forgiveness of God for the many horrid murders I have been accessory to .*
WM. CUNNINGHAM.
THE DUTCH RECORDS.
We shall begin in the May number of this magazine the publication of the Dutch records of this city, dating back to 1647. These have never been placed before the public, and cover transactions of the greatest importance. They will be accompanied by annotations and explanations.
*All the dates, historical and local allusions in this confession, are correct, which would almost incline any one to put faith in the startling disclosures it makes of the secret murderings of American prisoners. The question of its genuineness, however, seems set at rest by a reply of the American minister to the writer hereof. He says he has had the records of execution and the London papers carefully examined, and no such execution is mentioned ; so we must needs con- sider it an ingenious forgery, which has been uncontradicted to this day. It was first printed in a Philadelphia paper toward the close of 1794 (about the time it would probably reach there from England), and is spoken of as just received from London, and "is authentic." Thence it was copied into the Boston papers, but does not appear to have attracted much attention.
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OLD NEW YORK.
MAY, 1890.
DIARY OF DR. ALEXANDER ANDERSON.
SEPTEMBER, 1795.
1st. This morning we lost 2 patients-Tillinghast's wench and S the seaman who arriv'd yesterday. The latter had drank a large quantity of saltwater, after taking an Emetic at sea. The wench's* husbant came to enquire for her, I dismiss'd him with a sorrow- ful heart, with a line to Mr. Tillinghast. Admitted, a lad, an Apprentice of John Uttt attended by his Mother, who had got a permission from Mr. Broome to be his nurse. I have not been fifty yards from the house since Sunday. Evening, wrote a letter to my Brother and a string of Rhyme to my Mother which as it may amuse me, and perhaps somebody else hereafter, I shall subjoin :
To her who has nurs'd me and led me to see The World & the Objects pertaining to me,
Has guarded my steps and preserv'd me from falling
Into fire, well, & mill pond when todling and crawling,
Who has hush'd me to sleep when as cross as a brat
And spank'd me when needfull, the better for that,
Has sent me to School when abroad I would roam
And to Church when I'd rather be sitting at home,
Who taught me in drawing the pencil to handle,
And burn'd up her Cap in the flame of the Candle,
Whose usefull Instruction inform'd my young mind
With rules for Behavior & Conduct design'd,
Who set me to reading the Mantuan bard,
Who tells of Eneas's travelling so hard In search of a place which in ages to come
* Wench is never used in America in any other sense than that of a black woman, although in the north of England it is still used as equivalent to a girl (without station).
+ John Utt, cooper, at Hallet's wharf, and with a house at 33 Liberty street.
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Was to be the foundation of seven hill'd Rome
With tales of the Arabs my mind did amuse,
Expanded my powers and enlarged my views,
My Home made engaging, invites me to stay Nor gallop about in the streets after play.
At home or abroad, in this place or t'other
I still shall remember the care of my Mother,
Her advice recollect and her counsels regard,
Since that she declares is her greatest reward.
At the Desk or the Table, wherever you are,
Attending your Flowers or adjusting your hair,
This hard labor'd ditty in shape of a letter I beg you'll accept for want of a better.
Mrs. Fisher quarl'd with, and dismiss'd one of the Nurses, in consequence of which some of the patients were obliged to attend the others, and I had to act in that capacity too.
2d. This morning a little girl died who could never be pre- vailed on to take more than one dose of medicine. Another patient admitted, a tall Scotchman. Mrs. Fisher was laid up all the after-noon with Hysterics. It is whisper'd about that her ill- ness is the effect of liquor. Dr. Smith call'd to see the patients in the after-noon. Evening, sad confusion. One of the patients and the Nurse who was sick, found means to get themselves in liquor. I was oblig'd to fatigue and fret most unreasonably, because the patients were suffering for want of attendance. The woman who came with her son was lamenting & foreboding the fate of him. I have thoughts of quitting my post. I receiv'd a packet of letters with yesterday's News-paper; answer'd my Brother's and A. Tiebout's, and wrote a line or two to Dr. P. Anderson, with a list of the patients which he had the care of.
3d. About noon a man was brought up in a senseless state. I discharg'd 2 patients. In the after-noon I had an opportunity of Sailing as far as the ship-yards where I landed and proceeded to my Father's. Spent near an hour and return'd about 5. Another patient arriv'd and the first expired. This morning I receiv'd letters from my Mother & Thos. Bolton. I felt a very great depression of spirits in my journey back to Bellevue.
4th. This afternoon I took a walk as far as the head of the lane. We admitted a family of 5 persons and stow'd them in the Bathing house. Only 2 have, as yet, the symptoms of the Disease ;
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besides these two others arriv'd, so that our Number amounts to 16. Evening I wrote to my Brother and to A. Tiebout in the day-time.
5th. Six more admitted to-day, four of them sick; the others to attend one her daughter and the other her husband and daughter. I was oblig'd to stir myself pretty briskly to-day. In the after-noon I took a walk down to town and drank tea with my Mother. Return'd to the Hospital about dark, after getting bemir'd in crossing a swampy place. Wrote to my Mother.
6th. Sunday. Fatigued myself a good deal among the sick folks. Towards evening one died, Mr. King, and I tremble for the fate of some others. I receiv'd a letter from A. Tiebout this morning. Evening, wrote a few lines to my Brother. A rainy day.
7th. Last night another man died and to-day two more. Not- withstanding this I felt a cheerfulness from the sense of having done my duty according to the best of my knowledge. Receiv'd much satisfaction from reading Beatie's Elements & the Mirror. Wrote letters to A. Tiebout, my Mother and my Brother. We had frequent showers, but clearing off about sun-down. The clouds exhibited a most beautiful appearance. In the evening another patient was admitted with a recommendation from Dr. Young to me. I was sorry to hear of the death of George, his Indian ser- vant, and the dangerous illness of the Doctor's brother. The number of my patients is 9 besides those who are set down Cured.
8th. Nelson, the Father of Family which arriv'd on Friday last, was this morning seiz'd with the Epidemic. I bled and purg'd him immediately. We had a visit from four of the Health Com- mittee, Van Tuyl, Lenox, Stymets & another person." They treated me very politely and expressed entire approbation of my Conduct. I deliver'd them a Return of all the Patients since the first. In the afternoon I took a walk to my Father's and drank tea there with T. Herttell. He mentioned the happy disposition of mind with which George left the World. I hurried off and my Brother accompanied me about half the way. Got to the Hospital before dark and found two more patients admitted, one of whom is
* This committee was one of the Common Council. Andrew Van Tuyl was a merchant at 166 Water street ; Robert Lenox was the father of the philan- thropist James Lenox, and Frederick Stymets was a merchant at 175 Pearl street.
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Betty Meeks. 4 admitted to-day in all. I wrote a letter to my Brother in the Evening.
9th. We had a good deal of trouble with Wm. Dewitt, a patient who came in yesterday in a delirious state. Early this morning he got out of the house without his coat or shoes, and after much search was found in one of the Summer-houses where he had lain on the damp ground. He came in with his extremities cold and the marks of approaching death, yet it was surprising what strength he exerted in the afternoon, when he snatch'd up a club and was rushing into a room among the sick. I got the stick from him and it was with the greatest difficulty that Mr. Fisher .and the Negro could lug him below into a little room where he was confin'd. In about two hours after he expir'd. It is re- markable that this man, during the last war, injur'd Fisher greatly and had him confin'd in Bridewell ; has been thrown out for dead in the war time. I discharg'd 4 from the Hospital this day and had the pleasure to receive their grateful thanks for my attention. In the after-noon Dr. Smith came here and examin'd my patients. Peggy, one of our Nurses, left us, so that there remains but one here. Evening, after preparing Glysters, &c., I wrote a letter to my Mother. 3 patients admitted to-day.
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