New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-21
THE QUESTION OF THE BOND
COMMISSIONERS TALK WITH SiNDlCA =
REPRESENTATIVES
APPLICATION FOR THE ORDER TO CARRY IHf
co1-R7-s RAPID TRANSIT DECISION INTO

EFFECT TO BE DELAYED
The Contrac, Committee OF the Ha Ii.Sa,. r,,rn
Commission hcl secret meethis .,ts commit
ing the first Of A number OF meet'iss ,aor,r ~
toe will hold 10 consider the scope "''u 49, aa
10 s,i c1o o0) bond stipulation emoodlen !" 'Ie "
-, :. ,ha anne late Division Of the supreme
Court upon the rapid transit plans Inc $3.50
was held at the Chamber OF CoiiIcIO -, I'.t "a.
from 10 o'clock TO o'clock Every 49,. .;.h
takan n rrevent the circulation oil any new w.
~a,a % what took place. inasmuch as the INC"
Who are interested in the syndlcates ""'
,en,nIats bidding for the contract wish 10 d'O'" O.
,,bIici,1 for the present. on the ground lha' S'o
80 names become known they would De oH''
wbelned with communications from numerous ~
,eonle who wished to take part in the "oTh' II
was not even known beforehand where the meet
ing would take place 1880
Those who we're present al the meeuhg WIZ
President Alexander E Orr OF the kapiu ids-.
Commission and Commissioners Chaies S't"ai'
Smith and George L. Rives. the members Oh 'He
Contract Committed a. B. Boardm"h anu Eu" ',
n shepard counse. for the COMMISSIONS Coio"9!
" l. Trenholm president Of the American o"ie''
Company; Clarence Cary. of the law hrn 0! CaiS
& Whitr!dge. who represent one OF inc s!t'o,C"'',
.,d Theodore Cooper a civil engineer OF NO -
broadway. VINO admitted that he represented an
other syndicate that had been LOOMING i'.'o '
matter but would give the names VI HIS t..''
cpals The syndicate in which r IS rs er' Vi W
An wau-st IS interested was not represented al
80 roaAtiny Nj Eser said that the reason he
u,as NOT present was because the commissioners
had been Informed thoroughly OF the purposes anu
character OF his principals
The commissioners were extremely uncommuni-
ca,,vA regarding what done at the meeting
They would say nothing except that they had acted
N accordance with the resolution passed ny the
Rapid Transit Commission on Saturday instructing
them 10 report al early CAKE as poSS'"Ie
whether il was practicable 10 obtain bona such
as the one stipulated by the decision Of the APP
and n X,
impossible TO report what security OF whdteVe?
sort could be obtained from bidders In order 10
obtain the opinions Of prospective BIDDERS upon
these points they invited 10 be represented Al
the meeting II said by man who was IN
position 10 know the facts that the discussion had
10 do in part with certain form OF bond winch
while not exactly the one suggested by the APP
pellate Division. might meet lis approval
Edward NJ Shepard. counsel for the Commission
said yesterday that application would not he made
10 the Appellate Division to-day or tomorrow ds
was at first proposed, for form Of order carrying
its decision OF last Friday into effect. It de-
sired ne said first to canvass the whole situation
thoroughly. 10 investigate the bearing OF the debt
limit side OF the matter, 70 confer with possible
bidders 10 find out what could be expected OF them
in the way If bonds; in short The Commission oe-
sired TO assure itself OF exactly the details 10 be IN
Guided in the order OF the Court before application
was made for such order. Mr.. Shepard did not
know when this application would be made. The
Commission wes al a stands;Hh. he said until the
questions he mentioned had been investigated and
decided. Mr. Shepard repeated his statement. of
last Friday when he said that he believed the
Appellate Division intended It's $iJg"rp bond si!pu.
lation 70 cover only the period OF construction or
the read.
Lewis L. Deafed. secretary Of the Rapid Transit
Commission. sad that $l5.0J),Op0 bond Tor any
such period "a fifty years was impossb be. ana
that for tn&t reason. he. TOO was forced 10 the
conclusion thai the Appellate Divisions decision
Intended the enormous bond mentioned 10 extend
over the period OF construction only
A strong doubt Is fl; in lie minds OF many Of the
men most prominently interested In the plans Or
the RAPID Transit Commission regarding the right
Of the Appellate Division 20 stpula. NE size OF
the bond. OF. indeed. 20 make any stipulation with
regard 20 the bond These men maintain taat this
power is vested by the Rapid Transit act in the
Rapid Transit Commission. and mat such siipula-
tons are entirely beyond the province Of the Appel"
late Division. The impression Is growing that ms
point will De strongly pressed by the COmmlssionS
counsel. In case IL is found impo,s bic TO secure
favorable Interpretation OF mat part OF ne Appel
late Divisions decision relating 10 the bond.
The Contract Committee Will nave another meet
Ing tomorrow. but the place is kept secret