New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-04-05
AN IMPORTANT CONTRACT SIGNED.

THE GtIRERr ELEVATED ROAD AsSURED-FIvE
MILES UNDER CONTRACT 10 DE FINISHED BY
| OCT. 15-rHE LARGEST IRON CONTRACT EVER
MADE IN THIS COUNTRY
! From time to time the daily journals have
| contained announcements that the Gilbert Elevated
Railway had been contracted for, and that it's early
| completion was assured This announcement was first
| made exclusively in THE TRIBUNE, but was so ire
| auently reiterated in other papers accompanied
| nv strong assertions OF the ability aud dis
| position Of the directors OF the NewYork, Boston
and Montreal Railroad 10 carry cut the magnlhcent
scheme and vet there such delay in the signing OF
the contract that TIE TRIBUNE became suspicious that
II had deceived by the sangune friends OF tho road
II as stated that the contract had been made with the
New England Company OF Boston and IN order TO
he satisfied as the truth Of these assertions
TRIBUNE reporter was dispatched 10 make In
ouiries at the Company's Office in Boston. This
is In the Sears Building, ftate-st, and here
the reporter found that March l9 contract
had signed, though IL was believed that one was
negotiating. Inquiry then again directed TO the
Office in this city, but DR.. r. W. Gilbert. the engineer
declined 10 talk upon the Companys business, and re-
fused 10 say whether not any contract had been
Egued Application made 10 several others without
success and finally resort again had TO President
Hoyt who was frankly told Of the existing suspicious.
Mr. Hoyt recognized the suspicion TO be quite natural
considering the public anxiety for some sort or rapid
transit and the delay signing the contract, but
planned that the formal axng If the signatures which
had been done on April was only ratification OF
agreements made months ago. Numerous minute
calculations had TO be made before the
bulky document called the contract could
be drawn up aud then the counselors OF the company
lone OF whom Mr.. Lowery, present at this CONVEX
satjopl had 10 devote many days the work Of
sderng legal conditions Of the document In fact
the work Of building has been going on for weeks. but
thus 1t has been confined TO the calculations neees
sary before beginning work into which iron largely
enters
Mr. Hoyt then introduced the reporter TO Mr.. f. r.
Wirgin the managing director Of the NewEngand Iron
Company, who Uniformed him that tho con
tract had been signed on March "a, and
approved by the directors 1t Boston on Mon
day last II makes a volume OF many pages, and is
full Of the dryes details and figures the size and cost Of
each pillar and post and rail being stated The general
features OF interest may be briefly stated. The New
England Company privileged 10 sublet portion Of
the line and Mr. Wiggn intimated that in order 20
plete It in the time insisted npon by Mr.. Hoyt,
who devotes his whole time aud energies
TO this scheme, the Company Will have to
sin further enlarge its works or give half
the contract 70 other ironworkers t is by far the
largest contract fOI iron work ever made In this country
and no single company could complete 10 IN the tno
allowed The Company under Obligations to fin
sh the double track from Chamberss 10 Fortysecond
st. distance Of three miles by tho middle Of Oc
tOber only SIX months hence. MS VIII require u%h-
LAYING at the rate of mile month for 1t Will probably
be three months before the be supplied in
quantities 10 begin.
The payments TO the England Company arc pro
vided for and 100000 IN the hands OF trustees 10 be
paid ont in monthly inetallmens not to exceed IS per
cent OF the work Mr.. Wggin stated that before
beginning any calculations he satisfied himself as to
the charter, conditions ana financial prospects Of
the road of these hadn't been satisfactory he added
I shouldnt have wasted two months in making csti-
mates and in enlarging the C0mpany's works" lie
further stated that his opinion the road certain 10
he built in ConteB plated, and sure 10 he great
suceess- one which will materially alter the face OF
NeW.YOrk CITY"