The act incorporating the New York Bridge Company was passed by the Legislature on April 16, 1867. It named as incorporators the following citizens of New York and Brooklyn:--
John T. Hoffman Edward Ruggles Samuel Booth Alexander McCue Martin Kalbfleisch Charles A. Townsend Charles E. Bill T. Bailey Myers William A. Fowler Simeon B. Chittenden Smith Ely, Jr. Grenville T. Jenks Henry E. Pierrepont John Roach Henry G. Stebbins C. L. Mitchell Seymour L. Husted William W. W. Wood Andrew H. Green William C. Rushmore Alfred W. Craven T. B. Cornell Isaac Van Anden Alfred M. Wood William Marshall John W. Coombs John H. Prentice John P. Atkinson Edmund W. Corlies Ethelbert S. Mills Arthur W. Benson John W. Hayward P. P. Dickinson J. Carson Brevoort Samuel McLean William Hunter, Jr. Edmund Driggs John Morton
By this act power was given these incorporators and their associates to acquire real estate for the site of the bridge and approaches; to borrow money up to the limit of the capital, and to establish laws and ordinances for the government of the structure upon its completion. The capital stock was fixed at $5,000,000, in shares of $100 each, and the directors were given power to increase the capital with the consent of the stockholders. It was further provided that the incorporators already named should constitute the first board of directors, holding their places until June 1, 1868, and that after that the board should have not less than thirteen nor more than twenty-one members. The officers were to consist of a president, secretary, and treasurer. The cities of New York and Brooklyn, or either of them, were empowered at any time to take the bridge by payment to the corporation of the cost and 33.33 per cent. additional, provided the bridge be made free. An additional provision was made that the structure should have an elevation of at least 130 feet above high tide in the middle of the river, and that it should in no respect prove an obstruction to navigation. In conclusion, the law authorized the cities of New York and Brooklyn, or either of them, to subscribe to the capital stock of said company such amounts as two thirds of their Common Councils respectively should determine, to issue bonds in payment of these subscriptions, and to provide for the payment of interest. It was subsequently determined that the city of New York might subscribe $1,500,000 of the total capital; the city of Brooklyn, $3,000,000, and $500,000 to be paid by the private stockholders.