New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-07
TR NDONALD'S CONTRACT
.,,.RFvrIY he Is FIGUREHEAD IN
THE TUNNEL BUSINESS.

--.a-nr the articles Of agreement. as they appear
60 between John 2. Mcdonald and the
- Transit subway Construction Company 1t
80 s7uea- that Sir. Mcdonald Jared little better
-. -re bankers 70 whom ne appealed fof ASSIST
.-s- ne 7fs with the surety companies. which
- - s,,-eH- -r force hard bargain upon the
80 .7-,--a..-o~ 81 the terms Of the agreement.
,-4;~h access was ob1airable yesterday IN the
=, NJ -he County Clerk II would seem mat MI
.-r,,-af5 is reduced somewhat 10 the position Of
e~.,-r,esd in ta. construction company, and that
. -I-. chance of profit Is IN the possibility OF
,-.-.~re remaining n The hands OF the company
49, .1e maj ga vu2ert Is made ny the city Such
a,.s--ce Il is stipulated. shall ne disposed Of as
-,s-e5 in an agreement between the company
~ Mcdonald which has not been divulged-
7,,- s7s~- from tfts according 10 the agreement
----5~r has been fIed 5n tire County Clerks office,
~ Mcdonald has itrle or no intrinsic interest IN
-. contract F9e has virtually surrendered the en-
ire business To me company mas agreed 10 assign
.-~ lease Coy operation 10 anybody whom II may
Inc end has Consented not only TO The com
-s--e receiving All money payable 10 him Under
--e contract. Hur 20 assign to the company al
-----e~-= Ealing due 70 aim from the city shonio
-.-a De eng further capacities ri assignments LETT
- ST. Mcdonald r1c company takes lien upon
--e- sz The following provision shows me con-
--..--- further -E-e=s that he wi from time 70
---a rre- and as required by The company. exc
-,-a amy ana all further assignments powers OF
e------~ and rthe- Instruments necessary or ap-
-ropr-zre 20 enable ~ ~ collect and receive all
amounts o- money which shall become que anc
-rs-= re- rr-, H the CITY under tire said contract.
ar WISE necessary OF proper 20 more e1ectuaily
carry -1- t1e terms n tris agreement
NOT TO BE LOST SIGHT OF.
on me FACE o. things as has been pointed
-s- Mcdonald has given himself ana MS contract
.7ck stock and barrel. over 80 the company- But
ne -ar- nor 70 n= lost sgh- ri thar the agree
-rer- does TO- say wha1 interest Iii Mcdonald
---5z .r TIE company NJ Mcdonald may own
n rf the 50 ~
r-= -on-rar- .rE syndicate. fcr an the agreement
SHOWS Consequently. until IT IS known 5ust what
r1I5t-s I'm the shape 90 shares has been appor-
-.,-e5 NJ The contractor il would ne mere specuia
-1- attempt ~ form aD- opinion from the arll-
cl=s NJ agreement as 10 me PROFIT NJ Mcdonald
The agreement between Nj Mcdonald ana the
----a-- pz- mace February p The Instru-
r1=-- Describes ar length the purposes for which
r-a -ouuar- vas organized. and goes on 70 state
r-a- me company would advance 70 the contractor
-1e Haf''t which he vas called ~ OF 70 deposit
z--r me city r1e day H. signed rhe contract
upon receiving from The contractor MS pro1nissory
note ~ notes I'D S-cn mounts as me company nles
prescribe amounting in the aggregate 70 The said
rsta u n-r cent Der annum until paid The
tractor 70 extend ne payment Of he notes for two
years from me date of their maturity The com
-har n snaI receive al the moneys payable 10 the
contractor and shah dis6urse them. thar he shall
sna1 nave ben approved b tFe canananT out Of
scent the company agnes 10 pay al amounts due
70 suh-co1rractors and others for work done ma
-eT-sls supplied
IT was said yesterday thar Sir Weetnan D Pear
san. n I.- member OF the British contracting
1ru # = Pear-o1 d son. who arrived this
country last sunday. had come here 10 look into
TIE rapid transit project with a view securing
large sub-C0rrrzcr- M Mcdonald said yesterday
that ne had 10 knowledge II Sir WeeJuan. had
h any means NJ knowing whether the Engiishrnau
ls1 -Cea ~ bidding for part Of the rue
tive Work NJ the tunnel. Slr WeeTman himself on
Sunday last said thai he purpose OF his journey
here was -o develop the freight carrying facilities
Ia : IA HE - trr rf ~~ED
chased hy bis company
Plans FOR THE CELEBRATION
~ The opening ~ the Council meeting yesterday
af-e-noon Councilman Wise, OF the committee on
ceremonies 70 attend the opening Of the under
ground road mace report 20 the effect that he
lad SHau ny Mcdonald. who had agreed that the
70-s m t1e road should begin on March p near
-ra fountain IN the cry Hau Park The commit
-=- rad ro- Yer decided IS 70 The character Of the
r-----E reTeuGuie- All that NJ Mcdonald had
stipulated was that . slare should n= erected 70
mark The spot whence the first shovel ~ earth was
taken. Little could he done. however. until the
frI--lt mad passed the resolution 1ppTopriaring
meet The expense. The resolution could
-rr be- passed for the reason that quorum could
obtained committee held a meeting
a--rr Council adjourned and decided 70 have
deliberately decorated programme prepared.
showing che mouth ~ tunnel. with two trains
. and coming out Il was also decided 70
r-~- hand n music ana 10 have other cere-
monies the character ~ which VIII be determined