New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-09

fssff
-..s1 ACKNOWLEDGEMENTS 100000
Two more strides toward the signing OF the
rad transit contract were made yesterday.
-avs-nor Roosevelt signed the amendment 10
81 charter which will keep the Municipal As
es-,h1v from interfering with the bond issue.
- counsel for the Rapid Transit Commission
-e listed the Appellate Division of the Supreme
court and arranged to make a motion to-day
far modification OF the stipulation concerning
rhe bond TO be given 10 secure the construction
n the tunnel by striking out the provision re-
ouiring justification by the sureties in double the
amount q the liability assumed by each. and by
vesreing the minimum amount permitted 10 be
+sken BY each surety from S500o 600 to $3.50, 900.
Albert B Boardnan.> one Of the Boards coun-
ss3 told q Tribune reporter yesterday that he
xouid ask for order TO show cause why the
Board should not accept the security proposed
br August Belmont for John B. Mcdonald. the
contractor The order will be made returnable
On Tuesday next and copies Of the order will be
served upon the Corporation Counsel and upon
zabriskie. Burrin & Murray. counsel for the
n-operty owners who opposed the reduction OF
ne bonds from SIS. 700. Mr. whalen says he
zsu no. oppose the motion. and it is not thought
shar the court VIII be prevented from signing
- order on the same day BY any arguments
,rhirt Zabriskie, Burrin & Murray may be able
:, advance. Such being the case. the long ex-
,ected contract will be signed, II is expected,
next Thursday.
REASONS GIVEN BY Mr. BoARDMAN.
NJ Boardnan. being asked 70 outline the
-sssons why the court should approve Mr.. Bel
raonrs crer. said
-,s suggestion that the rapid transit problem
oorIS be solved the lines Of existing legislation
80 Hrs. made by ex-Mayor Hewitt The legls-
- ss1 E' 70 the city property capable OF earning
prObsy ooo 900 or MORE net t yearly, 5c6
2, e4rS ular recommended by ex-Mayor Hewitt
rs EMBODIED IN an act prepared by Judge Beck
-nSn This act required favorable vote by the
s5sd for certain security the city against the
se1zHlt q the contractor as Iolo~s i+ ne I'D
continuing bond covering construction eQulp1q1eh
Is al he security which the act required Upon
this legislation the question whether me cry ougnI
voters ano 1ee + had beer possible TO obtain
lsrge - :. ~ ,7roreT+y owners the
Rspid transit Co1nrnissioners had they chosen to
tract without requiring larger security against the
contractors default than the $3.50 a1oSe n
give their consent 70 the construction and operation
q ne eo Toa ana the ApPeiIafe Division
stands is Insisting that n q CIV 70 must T
have 10000 IN bonds 70 protect II against me me
80 s,SrS of e yG 900: that the sureties upon these
bonds which viii call CONSTRUCTION 0 ela 6o nus us
7arsz+ Justly in double the amount Of their re.
sPscgses e9 ds 70 reoure s. oo oo as minimum
Indemnity 10 the city against loss
THE BELMONT PLAN.
The Belmont plan provides for this indemnity en-
sae P5oTG oeT r0 or appr0Ted securities Their plan
% ts extent Is oDy9uFy Re boe sT good The
elracnt plan requires the deposit at once OF money
re - g p0 900 and the further deposit on or Pc
fore January 1901 OF an aaoluoi1ai SroyiSes
also -- Tor the organization OF corporation 70
DO no ether 6sHes IS 8 GO COO the subscribers TO
r ss-ssfactorv TO the Rapid Transit Board aho 70
1oI5-in 70 co per cent OF their respective sub
sprons) that there can DC nc bs copany is
"a = o3Ts ne IA If the Whole OF It's capital were
give construction bond f2r $1,000 =. fba rand
T~sasr Board on additional CONSTRUCTION Don 1
sge-srs-iIg 81 900 The Belmont proposition also
protects the city against any POSSIBLE Ioss go - ali
c1,irfe the contractor TO demand ponos LIOII a.
sub-contractors and the assignment u 'He7e
~ s sD5Iisetion to the court would be necessary if
FOR these facts:
First-That on record as II stands no sg soe
surety can be accepted on CONSTRUCTION Ooi0 IO'
smaller aum than $4,000 .-.,..,o- bonds
Secoud-Each surety on the cons l4S u a--
must justify IN double the amount o. MS coin-
s. Of course matter OF no eO ms 1E6a oe
sT S o g99G give Bonds for $4,000 apiece
:; = ! S - o iii ian 10000 The Court viii be
asked 70 modify lis order so as 70 meet III
ers0r rair Il i plain that while the coinpaIl!
57a5 = r. nance Mr. Mcdonald with IT'S Sc oo9e99
eapal IS perfectly goea surety 90 0h he e1gaged
IN ~ other business than this II cannot 5-Sy Ids
zsviEg only s. d9G0c0 il cannot prove that II haS
: 81 90 Tne Rapid Transit Commissioners aie -
~ onfrior mat is bond for 100000 VII De pei
fetIv good and in fact far better security 70 me
crF than pond OF any surety company - .,
diTizuai who's ability 10 respond in damages n
future owing 70 other business enter ISf+p+
cc-InltEen-s, nay De enLlrely his mar
any reference II the success or IAlidIe u LIS -
tlcular enterprise.
NAMES To BE KNOWN SOON
President Alexander E. orr would not give the
rames yesterday Of the men who viii form the
construction coraosny I am not at liberty 10
tell YOU The Few names that know he SAID
They VIII ali be submitted 10 the Board WITHIN
few days. and then they viii become pubic
properly. As Il Is I know only few OF them.
tt -se. however. are the names Of men OF such
Importance and standing IN the community that
] am satisfied. Nothing now Interfere WIN
thE signing q the contract within week
John = Mcdonald, the successful bidder Tor
te contract. said: 1t is matter Of only fe"
days before the names Of the men who VIII be
Members of the construction company will be
knoEn to all. and I do not care 10 mention any
q taein now"
feorge " Wickersham. August Belmonts
sscnsz believes that the construction company
VI b Incorporated within a week He said:
:. EaI be q very small matter 10 incorporate the
y--pany after the Court shall have acted The
Stock Las been largely oversubscrfbeo. every
mag j n readiness The construction company Is
L.seting CORPORATION II wiz support Mr. Mcdonald
nlaaeia y. Least far ths bond is concerned
cone H IS the contractor. For what the company
- O. tor him he wiz make financial arrange
- ~ dollars auL just what the arrangement
80 erEy mt hey Will