New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-03
MCDONALD NEEDS TINE.
OBLIGED TO ASK RAPID TRANSIT BOARD
FOR MORE.
FINDS THAT Personal BONDS ARE COST
LY, AS WELL AS THOSE OF GUAR
ANTY COMPANIES.

AMY
John B Mcdonald made up his mind yesterday
10 ask the Rapid Transit Commission for
ond extension Of the time allowed him in which
10 furnish bonds This gives color 70 the reports
that he is finding it just about as costly TO get
personal security among the bankers as to get
corporate security from the guaranty companies.
The original time allowance was ten days. This
expired, and another ten days was granted by
President Orr. Next Tuesday is the last Of the
second ten. Judged by the tone of Mr. Orr yes
terday. Mcdonald is not likely to get third ten,
although five more might be added to his allow
ance if ne can show excellent reasons for it and
almost a certainty of qualifying at the end of
that period. President Orr however is not en-
powered to act on the application without call
ing the Board together again and submitting the
proposition to them. Moreover. there is good
reason to believe that opposition to any more
delay would come from the Onderdonk synd-
cate. Mr. Mcdonald still keeps up a cheerful
tone in spite Of his troubles. He said:
find that it will be necessary for to ask the
Rapid Transit Commission for further extension
OF time This is not because any important diff
cu4ties have appeared. but because the new ar
rangements that / about make with respect
have at our disposal will qualify all right: but 1t
!. neoessaGy for me to f have little more b time ord
PRESIDENT ORR's VIEWS.
President orr, being asked how the second
application of Mr.. Mcdonald for time would be
received. said:
The Commission viii do all it can for the con-
bid Of M onderdonk can be held for only thirty
This viii leave maximum of ten days longer
fact. could give him all of this time. be
cause We must retain time enough to act on the
the part OF Mcdonald to qualify have not heard
from Mr.. Mcdonald in reference to an extension
he
reasons therefor that will be acceptable TO the
his application will ask for them II they are
cannot say whether or not any reasons would be
NV authority to extend any more time to the
contractor has been exhausted. and it must rest
with the Commission whether or not any
assure me that by getting little more time he can
are meritorious I personally shall be willing to
for further extension of time. But alone
cannot decide the matter can say however mat
ali of the Commissioners would like TO see the tu1-
mel road built and they are all good business men
Hnd tnat Iney appreciate the difncuues MI Nc
Still we DO not wish to put off the matter so long
that we cannot take advantage OF the bid OF An
railroad for s$s sooc65 and give the city
percentage of the annual gross receipts above %
ooOG00 1t took some pretty close hgurng 70 sausiy
some Of the Commissioners that Mr.. Onderdonks
We msv vet have to- fall back on that bid and it
is therefore doubtful whether Mr. Mcdonald could
F. w Whitridge the lawyer who represents
what he would do L Mcdonald asked for any
time. but left clear impression that he
would oppose the request He said:
I do not care discuss this just now, but when
the request is actually S made we n viii h fbs
swas agreed on by the Board has n II
jseems TO NE that TO a man VII. a'- bust
ness affairs properly arrang tn sl ( SUI;
ct ePt svo fedSE certain n t M hid tb would
As to Teadvertlsing Tor rs i suppose the Rapid
not probab-s Mr. Onderdonk would make a
bid We "a. ar onderdonk has some rights that
hs @ s b ofb1 TO RESPECT o v1 b
ed bidder more than ten days in which to qualify.
WALL STREET OPINION ON THE DELAY.
August Belmont, who is forming McDonalds
construction company, would not say word
yesterday about the progress he is making. De
Lancey NicoIi, Nj McDonald's counsel was
equally uncommuncative. The opinion in Wall
Street seemed TO be that the delay is due to the
fact that Mcdonald is willing to give away
much Of his prospective profits his pro-
posed bondsmen think he should. 1t is conceded
that if August Belmont & Co wanted to deposit
SG.000,000 Of interest bearing securities with the
Controller. such New-York City bonds, for
instance. the Rapid Transit Board would be glad
TO accept them instead OF bond. and they would
be earning interest for Mr. Belmont's firm just
surely and regularly in the city's custody as
might choose to keep them.
a report was published yesterday that Senator
Plat had warned Governor Roosevelt against
signing the amendment 10 the charter which
takes from the Municipal Assembly any power
TO hold up" the rapid transit bonds. At the
office of the Plat surety company yesterday the
report denounced as a fake"
Controller Coler said:
The hill win bear the closest scrutiny, It sim
pines matters, anu tnat IS all. II VIII preclude
the possible Of litigation and make the price
e e b bsg he Sesng 5gp e tho to
bill at once. There is reason why he should not
There was no meeting of the Joint Committee
on Public Celebration yesterday, the members
believing that they would better wait until
some definite action has been taken toward the
closing Of the contract.
LONG ISLAND TUNNEL APPLICATION.
The Railroad Committee OF the council held
a meeting yesterday, and considered the appli-
cation OF the Long Island Terminal Railroad
Company for a tunnel under the East River.
Councilman Cassidy said that the company
should be compelled to agree 10 five-cent fare
their railroad and on all connecting lines,
pay the city percentage above the legal rate.
and release the city from one-half the cost Of
depressing the tracks in Atlantic-ave., as now
provided in the law.
The other members Of the committee did not
accept the suggestions of Mr. Cassidy, and it is
likely that a report in favor of the application
cred the proposed ordinance for inclosing the
rails CT elevated railroads in an asbestos prep
aration so as TO kill noise. but nothing done
about IL.
President Baldwin of the Long Island Rail-
read said that the Long Island Terminal Rail-
road Company expected TO build tunnel under
the East River. I'VE expect a favorable de-
cision from the Board OF Aldermen next Tues
day he said "cn our application for a fran
chise. When we get il we will go ahead imme-
dately. We all ready to advertise for bids
for the tunnel In fact we have arranged with
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