. The Street Railway journal . l;.(lic.lMrorlS>om-li(,r l.olls J lliv.l«r.«.iu,.U-lil,,IHR,un Rlveln c. oks. iin.l ll in vieh «S IjiilllAll olhoolhots ^odlabu.ibull» ou Anchii'toll. 6.—STKEL CADRE POUR LE CHEMIN DE FER À QUATRE VOIES SUSWAY 428 STREET JOURN. [Vol XVIII 14. Il a utilisé son propre crédit pour émettre des obligations et des actions. Il a épargné les frais de financement du régime, et, plus encore, il fonctionne, non pas sous une franchise wliich peut être modifié par les organes législatifs municipaux et d'État, mais sous un contrat définitif, qui ne peut pas être bro

• Contributeur: Reading Room 2020 / Alamy Banque D'Images
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. The Street railway journal . l;.(lic.lMrorlS>om-li(, r l.olls J lliv.l«r.«.iu, .U-lil, , iHr, Un Rlveln c.«. iin.l ll In vieh «S IjiilllAll olinn holes ^odlairi.cxculjt lioks fur iCuhiiniiM sliall bu facctl top anil bottom, iirlior l)oll« FIG. 6.—STKEL FRAMEWORK FOR FOUR-TRACK SUSWAY 428 STREET RAILWAY JOURN. [Vol. XVIII. No. 14. he used his own credit to issue bonds and stock. He issaved the expense of financing the scheme, and, further-more, he is operating, not under a franchise wliich can bealtered by municipal and State legislative bodies, but undera definite contract, which can not be broken by any lawsthat may be passed. Two bids were received. One was by Andrew Onder- roor*rronuoo&5ol?&odooooODuooaooobuooogiDOCu l. SECTION OF DEEP TUNNEL NORTH OF 104TH. ST. Stri-ut Ry.Journal FIG. 7—DEEP TUNNEL WORK donk; the other by John B. McDonald. Mr. McDonaldsbid was for $35, 000, 000, and was $4, 300, 000 lower thanMr. Onderdonks. The commission met and decided toaward the contract to Mr. McDonald, Jan. 16, 1900. Thecontract was signed Feb. 24, 1900. It was an impressiveevent, second only in that respect to the formal beginningof work, which took place March 24, 1900. John B. McDonald is a well-known contractor, who hadthe backing of the banking house of August Belmont &Company. August Belmont & Company organized acompany to furnish the necessary bonds for the faithfulperformance of the work. The city now has in cash ancsecurities $8, 000, 000 for that purpose. The Rapid Transit Subway Construction Company wasformed by August Belmont & Clmpany to finance theconstruction of the Rapid Transit sul)wa- under John B.McDonalds contract. It also will, it is understood, operate the system when it is C(jmp

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