New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-14
BONDSMEN KEPT SECRET.
TRANSIT BOARD APPROVES THEM, BUT
is SILENT
COMMITTEE NAMED TO ORGANIZE A WORK
ING CORPS OF ASSISTANTS TO
THE ENGINEER

1he Rapid Transit Commissioners disappointed
yesterday a large part of the public who have
been anxious TO learn the names of the men
upon whose financial ability they will have to
rely to a large extent for the construction Of the
underground railway in accordance with the
terms of the contract. The Board passed upon
the names of these men and upon the allotment
OF stock which each man Will have in the con-
struction company formed by John B. Mcdonald
to carry out the contract and give his bonds
and found them satisfactory, but refused to let
the public know who these men are and what
share Of the bonds they will underwrite. When
Commissioner Rives asked IL he did not
think the public which would be called upon to
eXpend s35, 100000 on this work was Justly and
fairly entitled TO know with whom it was deal
ing, he replied that in his opinion the public
learned too much through the newspapers any
way
President Orr said that August Belmont had
pledged him and all the other Commissioners
10 keep the names secret. Albert B. Boardman,
counsel to the Board. left the room where the
Commission sitting in order that he might
not hear the names read out and discussed. He
would not deny that the public was entitled to
them neither would ne oppose the policy of the
Board IN keeping them secret. He preferred the
middle course-that is. to remain ignorant of
their identity himself. The Board unanimously
passed the following resolutions:
Whereas August Belmont & Co, having sub
United to this Board the names of the subscribers
TO the 100000 capital stock of the corporation to
he organized by them for the purposes stated in
amounts of the respective irrevocabie subscriptions
@ GaP If t qnd gcs hand AND
ing been considered and approved in executive
is now. on motion of Commissioner Rives and
Resolved That the subscribers to the capital
stock b OF such ed & 6arS by waGse Bees
mont & Co., and the amounts Of their respective
subscriptions be and the same hereby are aP-
authorized and directed 10 so notify Messrs August
Belmont & Co.
There Will be another meeting Of the Board
on Friday. In order to get ready for the large
number Of assistants which Chief Engineer Par
sons will need as soon as work begins the
Board passed the following:
Resolved, That committee of three be appoint
ed by the President. of which MI Orr shall be
chairman whose duty II shall be to report 70 TINS
of assistant engineers inspectors bookkeepers ETC.
necessary 10 the speedy commencement OF opera
tons the tunnel.
The committee will consist of President Orr,
Controller Coler and Commissioner Smith.
Messrs. Shepard and Boardmen, counsel for
the Commission appeared before the Appellate
Division of the Supreme Court yesterday and
asked permission to change the form of security
10 be given by Mr.. Mcdonald. Mr.. Shepard said
IT had been found impossible TO give the security
Court; that the number OF persons or corpora
lions who can give bond for 100000 is very
small; that enough companies could be induced
10 go into the affair to make UP total of
S5000oo0 but under the present conditions IT
had been found that the companies require
nnents would be such that Mr. Mcdonald would
not be the contractor with independent control
of the work at all. In fact, the conditions made
by the security companies had been such that
they would practically assume the contract
themselves Under such conditions the project
of securing rapid transit would be at a stand
still.
The securities which he and Mr.. Boardman
wanted substituted have been published, and
are those proposed by August Belmont & Co.
and approved by the Board.
There opposition of any kind, but
there was nobody present from the Corporation
Counsels office decision reserved. A favor
able decision is expected Friday.