New-York tribune., 1900-01-26
MAY NEED MORE TIME.
OBTAINING MDONALD'S BONDS NOT AN
EASY MATTER.

There is good reason for supposng that John B.
Mcdonald, the successful bidder for the rapid
transit contract is not finding II so easy matter
to furnish bonds for 5000 600 and additional
81 100000 in cash he anticipated, when he de-
posted his certified check for s5O,OOO with his bid
of S35 100000. His bid accepted on January II,
and the same day he said his bonds were all
ready to be filed almost at hours notice He
was served on January IS with formal notice that
ten days from that date would be allowed IN
which he might submit his bonds to the Boards
inspection and he has not done so yet. Yesterday
he sent word A. f. Orr. president of the Rapid
Transit Board, that he might require an exten-
sion of the ten days time. He did not actually
ask for e. but whsi he does he can get it, me
Board having expressly empowered Mr.. Orr to
grant an extra ten days If it seems advisable
When Mr.. Mcdonald read in yesterday after
moons papers that both houses of the Legislature
at Albany had passed the bill amending the city
charter eliminating all danger OF the Municipal
Assembly holding up" the bond issues, he ex-
pressed his qualification and admitted that the
passage of the bill would expedite the preparation
of his bonds. He said he was not ready yet to file
his bonds with the Rapid Transit Board, and
could not say definitely when this would be done
Neither would he affirm deny that he had told
the Board he might need an extension of time for
that purpose Being told of the rumors ahoat
that he had been Offering to sell out his entire
contract, and having failed to find purchaser was
considering the advisabity of forfeiting his GER
titled check for S50OO0, he smiled and said, Non
sense-no truth in IT at all l shall build the
road all right and there will not be any delay
about IT."
Mr. Orr. president Of the Rapid Transit Commits
sion, said:
When the contract was awarded to Mr. Nc
Donald he was allowed ten days in which to file
ten days 3 he g e0gd take take 1T o aoT f ba
the bonds will be filed In plenty of time
Mr. Orr admitted that the contractor had warned
him that he might require extension. but said
that 1t had not been actually asked for.
Controller Coler said he thought Mr.. Mcdonald
would file the s6OOOOOO bonds in a few days
at have understood" Mr.. Coler said that Mr.
Mcdonald will ask for an extension of time in
which to file the bonds and that he has communi-
Gated with the counsel for the Rapid Transit Com
mission on that point 1t may be that he wants
more time in order to make the best terms possible
for him with the security companies who to
furnish the bonds.
Controller Coler got to his office late yesterday
morning being tired by his trip to Albany on
Wednesday in the interest of the proposed amend
ment to the Rapid Transit bill. Speaking of the
manner in which the Governor received him and
the other members of the committee in charge Of
the bill and the chances for its success. Mr.. Coer
said:
The Governor was in entire sympathy with the
BILL and almost at once promised to send an
its immediate passage: Everybody at Albany ap-
With the unanimfty evidenced in its reception and
the desire % there is on al sq TO nH m the
members of the Legislature seem to be with us
Mr. Mcdonald it is said. offered to deposit his
81 100000 in cash with the Controller and arrange
for the filing of his bonds by the middle of next
week. but the counsel of the Commission said there
was hurry, that next would be time
enough and that the Commission might not be
legally able to accept deposits and surety bonds
separately 1t would be better counsel said, for the
contractor to keep his cash until all OF his bonds
ready.