New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-06
MCDONALD ALMOST READY.
BOARD CONFIDENT NOW THAT HE WILL.
QUALIFY.
MORE TIME GRANTED HIM-MR. oNDER-
DoNKs BID REJECTED AND Hfs
CHECK RETURNED


rejected the proposition Of Andrew onderdonk,
returning to him the check for s150ooo which
he deposited with his bid of S3a 100000 for the
construction Of the underground railway Sew
eral commissioners admitted after the meeting
that this action virtually put the Board on rec
ord as being confident that Mr.. Mcdonald viii
qualify. From another source 1t was learned
that August Belmont had laid before the Com
nissioners such proofs of progress with the con-
struction company which he is forming that
they felt perfectly safe in rejecting the Onder-
donk bid.
In ADDITION to this the Board appointed Con-
troller Coler and Commissioner Rtyes eorn
mittee to go 10 Albany on Thursday to attend
the hearing which Governor Roosevelt VIII give
upon the bin amending the city charter so that
the Municipal Assembly cannot interfere with
the issue Of rapid transit bonds and also an
pointed President Orr and Controller Coler an
other committee to confer with August Belmont
TO examine into the sureties which he proposes
to offer on behalf OF Mr. Mcdonald. and to re-
port upon their nature and value 10 the Board
This committee win probably confer with Mr.
Belmont to-day.
II IS reported now that Mr.. Belmont viii offer
as tue sIWuuo0 security required part cash
part bonds Of the construction company and mart
personal guarantees. II this be true It NAV be
necessary to ask the assent of the AnnsIIata nj
VISION TO their acceptance, for when the court
reduced the bond from S15,000O00 It specified
exactly the kind Of securities that would be ra
CURED AS the construction company was not
then contemplated its bonds were not specined
but II is thought they would prove perfectly
acceptable 10 the court
MR. MDoNALD COMPLAINS.
feature Of yesterdays meeting was the
complaint made by Mr.. Mcdonald that he had
been virtually mised by the guarantee com
panies into thinking that he could get his bonds
rom them easily, but when his $4,000 check
was once deposited the companies had made ex
ornltant demands, which it was impossible to
meet When The Tribune published a runor to
the same effect some days ago the companies
made haste to deny it and asserted that they
were merely protecting their stockholders.
From a Trustworthy source it was LEARNED that
the surety companies with which Mr. Mcdonald
was negotiating demanded that he furnish to
them cash and an indemnifying bond to the full
amount OF the sureties that they should furnish
which would amount to 100000, and that
further. they should have the disbursing of the
entire S35.0OO,O00 which would be paid for the
work-in other words. that they should have en-
tire control OF the contract, and that Mcdonald
should become a mere fgurehead in the transac-
ton To this Mr.. Mcdonald refused to accede.
any other terms. negotiations were broken of.
THE REQUEST FOR MORE TIME.
The meeting of the Board yesterday was held
at No 320 Broadway. All the Commissioners,
including the Mayor, present The secre-
tary first read the following letter from Mr..
Mcdonald asking for more time:
To the Honorable, the BOARD of Rapid Transit
Gentlemen: Circumstances have made it neces-
sary Ior me 70 Apply 70 your hSn9Tanie nooy TOT
suretes required by the contract to construct and
When made my bid had what believed to be
Satisfactory assurances that they would go on my
ton to them, found them disposed to impose con
onerous than had anticipated when named them
Negotiations lasting over ten days resulted IN the
deemed unreasonable and with which on short
notice was not prepared to comply. They were,
cash its equivalent representing the full amount
q ter noho was ptid SCI apare aor +
was useless TO continue negotiations these lines,
stifute other sureties IN their place and stead I
tutes within reasonable time providing the Com
days. JOHN B. MDONALD
Mr.. Mcdonald, it will be noticed in this YER
sion Of his letter, which is the one given out
for publication by the Board. refers to the guar
that between the first and second sentences Of
this version he inserted sentence naming GER
tain companies in a way which the Board did
not care 10 publish Mr.. Mcdonald also left
blank space for the number of additional days
he wanted The Board gave him until Feb
ruary 20.
Mr. wHTTRIDGE'S LETTER.
Another letter was read from F. W. Whit
ridge representing the Onderdonk syndicate,
and demanding the return of the check If an
other extension was to be given to Mcdonald
It said:
Alexander E Orr. Chairman of the Board OF Rapid
reaT Sir: We are informed that Mr. Mcdonald
has applied 70 you for further extension OF time
within which to complete me Terms ,o OF ms pa
prudence or necessity OF your Boards taking any
action upon that application IT, indeed IL has been
OF the Invitation TO Contractors Mr.. Onderdonk
the end OF the period fixed by the Commission for
the consummation Of MI McDonalds BID TO nave
bid returned think it right, therefore, to notify
you OF Mr., Onderdonks position. ana 10 say tnat
any extension given to Mr. Mcdonald beyond TWEEN
ty-fve days after the award Of the bio Will we
obligation now imposed upon han1-Wnlcn ne mas al
u times been ready TO fulh-of complying with the
for the construction and equipment OF the Rapid
Transit Railroad, and request that at the expira-
NAV be returned to me. F. W. WHITRIDGE-
A long discussion followed the reading Of these
letters. Finally Mayor Van wyck moved the
following resolutions. which were seconded by
Charles Stewart Smith and unanimously
adopted:
Resolved That the time Of John B. Mcdonald to
execute the contrast for CONSTRUCTING and operating
deposit give the requisite bonds and otherwise per
He'd 10