New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-21
SUB WAY MEN ORGANIZE.
RAPID TRANSIT CONTRACT TO BE
SIGNED SATURDAY.
MR.. MDoNALD SUGGESTS ST. PATRICK's
DAY FOR FIRST STROKE OF PICK ON
THE GREAT ENTERPRISE

The directors Of the newly incorporated Rapid
Transit Subway Construction Company organ
lied yesterday by electing the following officers:
AUGUST BELMONT president
WALTER G. oAKMAN. vice. president.
WILLIAM c, EMMETT. treasurer
FREDERICK EVANS. secretary.
Mr.. Emmett, it was announced, is a former
employe OF the Controllers office Mr. Evans
was Vice-President Hobart's private secretary
The customary secrecy about the identity of
the stockholders in this company, outside those
necessarily revealed by the act of incorpora tion
was observed yesterday. The contract between
John B. Mcdonald and the Rapid Transit Board
will be signed on Saturday, Mr.. Mcdonald says
and Immediately thereafter he will begin letting
out the sub-contracts. Construction must begin
within thirty days from signing the contract
and when Mr.. Mcdonald was asked yesterday
what day would be convenient for him to have
the ceremonial that will attend the first stroke
of the pick, he said, with smile
Il think st. Patrick's Day would be appro-
pirate"
That is March II. Charles Sooysmith will be
Mr.. McDonald's chief engineer
Controller Coler, speaking of the securities
which the company and Mr.. Mcdonald will de-
posit with him. according to the terms Of the
contract, said:
do not know just how much power with
me In the matter of accepting securities offered,
but want the whole Board present when they are
hnally passed upon. 1t will be better for all
cerned that this should be So So far as the
FORMS which were submitted to the Commission
at its last meeting are concerned, am perfectly
satisfied. The company is ready with 81 900 600
IN its company bonds, 100000 cash and 81 900 600
personal surety for the continuing bond, besides
the 100000 of the construction bond which will be
furnished by four surety companies The personal
surety for the continuing bond will Justify In twice
the amount, of course. The company is ready
with 100000 cash to replace this when we shall
nave obtained the power from the Legislature to
accept it-that is, cash approved negotiable
securities. So far l there is not a
chance for hitch OF any kind
The surety companies which will qualify in
the $l,OO0OOO of the continuing bond are said
to be the Fidelity and Deposit Company, of
Maryland the United States Fidelity and Guar
anty Company; the City Trust Company. of
Philadelphia, and the National Surety Com
pany.
President Orr OF the Commission, expressed
his qualification of the make up of the company
saying:
itself upon the way that matters have advanced
and are stiU advancing AS the matter has been
arranged there is absolute security that the city
will have trouble in the work that is to be
done on the tunnel am assured that affairs
will smoothly from the start Of the work until
the job has been completed. l overwhelTned I'd
with applications for places the stan OF as
sistant engineers and inspectors. IN this the
papers can give me great assistance, for which I
will be very grateful, II they will publish the fact
that have no power to appoint anybody Every
who obtains place this staff will have 10
pass a Civil Services examination .-.-z---s-.F