The sun., 1897-12-21
HAPLESS TUNNEL PLANS.
RAPID 1RANsIT COMMISSION CON-
FERS WITH CONTRACTORS.

Tryt,.~ to-Vs,a out uuoyr large q bend They
Can OTsr 70 the Court ir They Find Ht Hope-
SesS - Get . 01B, 200. 900 Bond. which
Raust nun FOR Froua Thirty- ave 20 Fifty Years.
The Contract Committee Of the Rapid Trana-
IL Railroad Commission began yesterday the
work OF finding out what kind and amount OF
security the various syndicates OF possible bid
ders for the tunnel road can offer. The COM
mit.eo consists OF Alexander Il. Orr. Charles
Stewart Smith, and George L. Rives. secre-
tary Lewis L. Dclaheld. Lawyers A. b. Board
man and Edward NJ, Shepard. William L. Tren-
holm. President Of the American Surety Com
pany; Theodore Cooper, the well.known civil
engineer; Clarence Cary Of Cary q Whitrtdge,
lawyers. OF 80 Wall street. and number OF
others met tho committee in tho rooms OF the
Chamber OF Commerce. 1t was declared that
satisfactory progress had been made in getting
information.
Mr.. Cooper and Mr.. Cary admitted yester-
day that they represented syndicates which
wero preparing to bid upon tho contract to
build and operate the proposed road, II the mat
ter ever got 30 far. Besides preparing list OF
securities which the contractors may be able
to offer, the Committee on Contract Is also hav.
acter of the bonds securities which have been
eXacted from contractors here and abroad and an,
those efscted ss from the greatest hduciary OFF,
After reading over the opinion of the Appel.
late Division and the language OF section ~
of the Rapid Transit Railroad act, the lawyers
for the commission are pretty well convinced,
It is said. that the court meant TO apply the
term of the contract for both building and oper-
ating the road. This contract, under the law,
from Ss to @ fss
size of the bond tho law does not appear to leave
the, Rapid Transit Railroad Commission any
Section "a says:
The person, firm or corporation so con-
tracting for the construction, equipment, main
tenance and operation Of said road shall give
Board of Rapid Transit Railroad Commits.
sioners may require and with sureties to be
tie aggregate in double tho amount Of said
curity and and shall provide for tho prompt pay.
ment by said contracting. person. firm or cor
he'd in the aforesad % Contract and also for f the
SON., firm or corporation Of all the conditions
vided for in said contract
F! The risks Of construction are provided against
vides that in addition to the bond just spoken
Of 81 ,000, 900 shall be placed in the hands o.
The ft CssmSsrlain by the contreetof SnS
the operation of the road shall have actually
| 600 has earned in the mean time 10 to bt
credited to the rental account Of the contractor
| Inc whole chance then, OF tne RAPID Iransll
Railroad Commission being able to go ahead
| with its present plans rests upon what tn,
members OF the commission itself and its coun
sci have said is impossible-the getting Of $l5,
100000 continuing bond-or In inducing thu
Appellate Division to review itself and reduc,
the amount of the bond to perhaps % 900. .0Q0
| opportunity to comply with the requirement.
OF the prevailing opinion Of the court, the op
| posing. parties can do nothing toward havini
| an order entered. II, however. no action b,
taken for such time as to indicate to tho cour
| that the commission has no intention to compl!
| with the stipulation regarding the bond or 1
unable to comply. the lawyers for the propert,
| holders will move to enter an order which
| would virtually end the tunnel plans.