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Story
May 10, 1873
Wilmington Daily Gazette
Wilmington, New Castle County, Delaware
What is this article about?
The East River bridge between New York and Brooklyn has exceeded its $5M budget, now estimated at $20M due to corruption by the Brooklyn ring, with all initial funds spent and abutments unfinished; work may suspend.
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OCR Quality
95%
Excellent
Full Text
The East River bridge, that is to be, between New York and Brooklyn, is a fair specimen of the exactness of legislative estimates and the facility with which ring speculators spend public money.
This bridge was to cost $5,000,000. Of this amount $4,500,000 was to be subscribed by the cities when the private subscription amounted to $500,000.
This money has all been spent and the abutments are not yet built. It is now estimated that the bridge will cost $20,000,000, and if the estimates continue to increase as they have done they will shortly reach $40,000,000. The overhanging of the Brooklyn ring that has had the management of the matter has made further stealing difficult, and they now wish to withdraw their subscriptions.
It is more than probable that all work on the bridge will be suspended for a time at least.
As we are about commencing the erection of a bridge, it will be well for our people to reflect upon what it may be made to cost, where there is no definite and well understood plan adopted, and no contract made.
This bridge was to cost $5,000,000. Of this amount $4,500,000 was to be subscribed by the cities when the private subscription amounted to $500,000.
This money has all been spent and the abutments are not yet built. It is now estimated that the bridge will cost $20,000,000, and if the estimates continue to increase as they have done they will shortly reach $40,000,000. The overhanging of the Brooklyn ring that has had the management of the matter has made further stealing difficult, and they now wish to withdraw their subscriptions.
It is more than probable that all work on the bridge will be suspended for a time at least.
As we are about commencing the erection of a bridge, it will be well for our people to reflect upon what it may be made to cost, where there is no definite and well understood plan adopted, and no contract made.
What sub-type of article is it?
Historical Event
Deception Fraud
What themes does it cover?
Deception
Misfortune
What keywords are associated?
Bridge Construction
Cost Overrun
Corruption
Brooklyn Ring
East River Bridge
What entities or persons were involved?
Brooklyn Ring
Where did it happen?
East River Between New York And Brooklyn
Story Details
Key Persons
Brooklyn Ring
Location
East River Between New York And Brooklyn
Story Details
The East River bridge project, initially estimated at $5,000,000 with $4,500,000 from cities after $500,000 private subscription, has spent all funds without completing abutments. New estimate is $20,000,000, potentially rising to $40,000,000 due to Brooklyn ring's management and corruption. Work likely to suspend as they seek to withdraw subscriptions.