New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-04-06

or four years in fits investments Mr. wakey the pres
dent having invested over million OF Its bonds IN the
Connecticut Valley Railroad the Connecticut superIu.
tendent OF Insurance had insisted on a change In its
management Mr.. Wggn said he authorized TO seli
1e tIcs Witness Incurred about everything connected
certain gentleman $4,000 in relation 10 the
tain railroad from Long island TO III Gs r..
Connecticut Valley being one Of the three roads com:
then introduced to Mr. J. c. Horton, who said he
on % So tss a OF those bonds fo commits,
other capitalists aying dropped IT, But Mr. wiggn had
proposition for the sale OF the company stock grew Ous
Of this meeting Mr. Horton thought he ought TO have
carry control OF the railroad The witness urged Mr.
Wiggln that he must live up 70 even a bad
until some "''' weeks O sfteTSSrds The hn@s
view led to Witness purchase Of the Charter Oak stock
pany as TO rs affairs, the superintendent SAID the
company had Its full per reserve, but Of tho
would make tne company all right. Witness paid siiSs
share for siS5 900 worth OF stock The 100000
at the corner Of Broadway and Rector4st.. which
appraised at $1,s25,OOo II was subject 70 mort
maJe a mortgage for 100000 upon the same
property to the Charter Oak Insurance Company.
100000 that was needed to make the Charter OAK
good. Ny pay for the mortgage was simply commits
Company. The receipts were over s2,O0O,oo0 year.
The contract for this commission Is Cancelled when the
upon making the Arrangement, became financial
aScr, and Mir. Wggn became preSdent OF tbs Charter
Oak.
THE EQUITABLE BUILDING
After short recess, Theodore Weston testified that hs
was architect OF Equitable Building; the work was
begun In May 1874, and completed in July 1876:
the leases commenced ia May. 1879 the original Office
OF the Equitable separated from the main building
and its completion delayed there Is restaurant
the bnding; DcmonicO's adiOins II; the actual
pense OF put ng-u up the main building was about
81 100000, including the Land; tho additional building
cost about $l.OOOO00; witness received salary VI
$4,000 per year, the preliminary plans were drawn by
br Kendall ne had not completed the plans before tho
building commenced; the internal arrangements
ici entirely to the preliminary drawing; there was
no percentage paid upOn any OF the material
turo 10 inc Building Committee Oi TIE IqnltdDe a.
almost every meeting; Mr Lambert wa chairman Q:
the plans submitted them, and the contracts
were made 10y their direction upOn estimates made by
witness; upon he larger contGeIs DDS were adyerlsel
for ell payments were made by approval of the COM
mittee; Sman a Cheney were the contractors Tor the
stone they Did S9SOOO think II was the Lowest bid OK
Il it ran lii - pcrcdbc foot upon the gan 10
actually furnished the granite measured by MYSELF
commission any consideration was paid on tue
contract The contractor Tor tho masonry work, who
the stone I. T. Smith His work was lc. ia TIC
way lS per thousand feet OF brick, und - or
about that, setting the granite That Included pay
fog everything; he was paid nothing more NO one ESQ
received any Sfatniiy ON account OF me conIa.l. 10
Ind the reprUOf wall IN the interior, and tnc piusternS
For the rs ne received 40 OF 80 Cents ana ior the last
AZ cents per square yard. Morton Chesey dld the car
penicr work at about $4,000. No g3tuty nor cOnuhs
sion allowed any one on any work. number OK
contracts made for the elevators, for the boncF
for the suDcpar takiEg down tie Old building ana
tor other purposes. The entire work cost about $1,000
600 and upon 1t bonus commission was pald 70
cuy one neither officers, directors any one else
The contractors furnished about El.VO wGIt on
work Mir Hyde subsequently. This was used IN hr
architect the house. The committee then adjourned
until Tuesday.