New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-12
WANT TO BUILD THE ROAD.
.,,sEE sYNpICATEs INTERESTED IN THE
RAPID TRANSIT SCHEME.
my TO BID FOR THE CONTRACT - THE
prurscHs BANK SUPPOSED TO BE con-
NEcrEp WITH ONE OF THE COM
PANIEs-ExrENsIvE PLANS
ALREADY MADE

ALREADY MADE.
snr.e syndicates are making active prepar lions
=. Md for the contract for the construction and
.s.ration Of the underground rapdtransit rail-
~ the plans for which have been formulated
=. the Rapid Transit Commission. One OF these
,d,cates is said to be principally backed or rep
s.ented by the Deutsche Bank, Of Berlin This
.vndicate is believed TO have advanced much
trther In preparations to make bios tnan ei'he
a the other two. It's reported plan Is to deposit
mno ooo with the United States Trust Company
- he drawn upon for the carrying out OF the
vork this sum TO be maintained by 1resh Nv
costs when drafts are made upon IL. ihs o'"..
,xo syndicates which are actively prepaihe ~
make bids for the contract are not KNOWN,
so.s,p IN Wall Street includes the names % %
e.-nont Morgan as we'll the Vanderbilt in.ei
80. IN the scheme representative or the "a"
at P Morgan Co. however saia 'ne -
.,bing to do with the underground scne
% parsons chief engineer OF the Kapiu ,.a 70
c..r.,.sion said Yesterday afternoon to IT'D
~ anor,er. .'Thers are three separate sShu''
.,.s who have actively prepared 70 o'u io' Wv
.n,ract when bids are advertised io''
III hs ~ the Appellate Division OF tue oup'
court should decide favoraoiy upon ''e ''p "
c.s.r,,ss,on One OF these syndicates has gone sys
..na,,carv 10 work to retain couhsei gu
, .xnarts 10 examine the plans Charies
ee,soitb ia their chief engineering expert anu "e
rs examined the plans ana spee"oa''o" -. -
ena and reported upon them 10 MS e"'p''
..nnrt made by their engineer that thes nav
'Ne ,,n stems that they will be able TO proceeu a.
taNe" on the work II the Commission shouio
sr,.rs the contract TO them. They nave oo'"m
IA mon various portions OF the "orA l'o 80
o,trac,ors and have awarded those CONF ~
,,.,o,aIv upon their receiving the main
oilio"a ca,,ro,ss,on They have also made ar
,a,t. 70 secure the necessary conos' anu
I'VE agreed with the Carnegie steel Co"pS
mon q price for the steel to ne usea al Wv, az, .
.1,boueh the price is consideraoy less me- 80
.or +ha amount mentioned in some quarters nus
This syndicate stands ready 10 Pioeee
,vo-. With small delay should 1t get the contract
WISH TO KEEP IN THE DARK
u,.n oslsd who were the persons behind the
80. svndicates Mr. Parsons replied that ne reay
Ala not know inasmuch as those persons hs'us
wished 10 keep much In the Darn aS p0''''
until they knew where they STOOD
"Tba two syndcates other than the one "hose
Mods 7 have described" continued Mr. Parsons
shave proceeded about their preparations IN
different manner. They intend TO make 'ne', Jus
believe. without going to the length Oh ie'.ne
their conditional sub-contracts. leaving that iof
later DEVELOPMENTS. The persons securing the con-
tract will not have to use such an enormous a''ou
a, money as some people seem to think. The city
vii, nav for the work. The contractors VIII nave
70 deposit 81 10000 TO demonstrate their gooo iai,h
10 secure the necessary bonds, TO ADVANCE the
money for the equipment. and for beginning the
work hut the finances needful are not so ehor"ous
a. thew have been represented to be in some quar-
ters But everything hangs fire now until the oe-
clsion Of the Appellate Division OF the supreme
Court has been made known. The Rapid transit
Commission has nothing to do until they get that
decision The plans and specifications are nhisneo
and printed. Everything is ready for advertising
for bids But the public may rest assured tnat
there will be responsible bids for the contract II
the Commissions report Is approved
CHIEFLY AMERICAN CAPITALISTS
Lewis L. Deahed, secretary Of the Board OF
Rapid Transit Commissioners would say nothing
with regard to the story. except that there would
not only be bid. but bids. for the contract 1t is
believed by many however. in Wall Street that the
Deutsche Bank of Berlin is not at the bottom OF
any one OF the syndcates but will stand as trustee
for prominent American interests Mr.. Parsons said.
IN confirmation this report that while he did not
know anything about the individual makeup OF the
various syndicates. he had reason to believe that
the men chiefly interested in the syndicates were
American capitalists.
A. B. Boardman. one OF the Commissions counsel
said that there doubt that strong syndi-
cate had been formed to bid for the contract and
had conditionally let its sub-contracts. as we'll as
made arrangements to secure the needful bonds
In case the contract should be awarded to 1t. Mr.
Boardman doubted that the incoming municipal ad-
ministrstion would be hostile TO the plans Of the
Rapid Transit Commission.
WORK OF c. sooYsMITH.
upon which of the syndicate is prepared to Did,
and who. II the bid is accepted will be the engineer
OF construction for that syndicate said to Tribune
reporter last night. in answer TO queries:
1T is true that for several months have been
giving careful study to the problem OF
curate estimate of what 1t will cost to build and
complete the underground railroad system APP
proved by the Rapid Transit Commission II is
true also that have been acting for combination
Of men who propose to bid for the contract. All I
htpa fiopt Ia hat In
cludes the necessary elements TO construct such
system this, and also TO take and operate
Il after 1t has been built In computing the prob
able cost have trusted solely to my estimates, but
have divided the work to be done into large num-
Der OF sections, and my negotiations have been
fined to the most competent contractors In the
try, Each individual Arm selected 10 build these
sections has been chosen for his special fitness do
the work and TO cope with the conditions the
particular section allotted 10 him. From all Of
these firms selected have received the
requisite evidence Of their ability to out prop
trly and expeditiously. the work awarded to them
Thus am confident that my estimate will be SUI
hcient for the whole work, and am also con
WINGED that IL the members OF the syndicate In
whose behalf am acting the successful bidders
the work OF making the road will be done In the
most satisfactory manner.
Being a competitive bidder, you would not Of
course give any hint as TO the amount your syn
dicate is prepared TO expend; but may ask II
your estimate to the cost OF building the road
comes within that Of the Commission
inquiry addressed TO Mr.. Sooysmith by Tribune
reporter
ESTIMATES WELL WORKED OUT
II hardly like to say anything in that direction
Mr.. Sooysmith replied. but I can say that Mr..
Parsonss estimate Of s35.coo0o0 was well worked
out. and can say further that bid will not
be In excess of Mr. Parsonss figures"
MT sooysmith declined to make known the
names OF those who form the combination. AL
though am well aware he explained. of the
makeup OF the syndicate. II does not come within
my province 10 allude to that part OF the scheme.
Al that ] willing to say In This connection
is that before joining the combination satisfied