New-York tribune., 1879-04-02
LOCAL MISCELLANY.
Two CITIES N DEFAULT.

TWO ClIlES
no AC1oN.TAKEN YET BY HOLDERS OF Elizabeth
(NJ.) BONDs-No APPARENT UNEAsINEsS AMoNu
JERSEY CITY BoNDHoIDERs.
The interest due yesterday on bonds issued by the
City of Elizabeth, N. j., was not paid at the office
of the Farmers' Loan and Trust Company, where IL
had been made payable The city had defaulted
previously on interest due February first. which
vet remains unpaid The Farmers Loan and Trust
Company has acted as the agent of the city IN the
payment of Its interest and bonds. Its officers
said Yesterday that they did not know who were
the holders of the citys bonds of which tho
coupons had been presented previously Tor
pavment OF the funded debt of Eliza
beth which amounts to 81. 730 800, it was learned
from persons familiar with the ctys securities that
81 900. 900 was held by the Singer Sewing Machine
Company, of Elizabeth about 81 100000 by the
Mutual Benefit Life Insurance Company. OF New
ark and 81 OOO, 900 by Daniel A. Moran, as the rep
resentatve of the actual owners The bonds held by
the Singer Sewing Machine Company are said to have
been placed with Ii security for loan or SS1O'-
900 while those represented ny MT: mOran ane aIe
held in lots ranging from 81 900 to S5OO,OOO. Of
tue remainder of the funded debt large amount ~
held IN Nantucket, and the rest ID scattered among
small holders
Daniel A. Moran, member of the Stock Ex.
change. declined yesterday to give the names OF
the owners of the bonds represented by MN: IN
regard to the probable acton on the PaTt Ga ine
Committee Cities Will meet WITHIN
week for the purpose of arranging the details OF
proposed bill restricting the liabilities and cor
p6rate action of cities and towns One feature of
the bill will be the removal of sinking funds TO the
control of State officers The need OF such restrc-
ton is shown in the fact that Jersey City has hor-
rowed from its own sinking funds S2oO,OHo.
No action will be taken, | think, until after the
meeting of that committee. Then IN attempt VIII
be made by holders Of tho bonds to el-
feet an amicabc settlement of their claims. / be-
lieve the bondhodcrs will act together, but 1t s I'M
possible to say what action will he taken by them.
payment of assessments previously paid hY them
TO the city and ordered he refunded III obedience
10 decisions Of the courts"
Crane, an old resident Of the city; " Elzabeth Is
fiat" For twenty-five years, anduntil two or ihrce
wears ago lived III that city On the same property
ON which paid in 1853 taxes assessed on yalua-
ton of $4,000. and at rate of sixty cents
on hundred dollars, ! paid o. last year
CITY should have been permitted by its
officers on the very eve Of d.oI,egn neg2Ilahons
NOspecia effort was made yesterday in Jersey CITY,
TO meet the municipal obligations. The committee
of the Equitable Life Assurance Society OF this
plcatiOn of the city for new loan with which
to meet the loan of $123,0O0 ,, which
became due yesterday. will meet to decide the mat
ter this morning. The salaries due Yesterday which
are still unpaid amount TO nearly $4,000. The
Board of Aldermen last night elected 5. II: Smith
and Marcus Beach members of the Board OF Finance
and TaqatiOn.
No doubt of the ultimate payment of the debt was
expressed yesterday by the vice-presldcnt OF the
EGuitable Life Assurance Society. who said that
The loan had been made on revenue bonds, IN an
ticpation of the collection of taxes This class of
loans" he said, &" is thought to be the best
and safest of loans being considered in some sense
preferred debt. In the of Jersey City the debt
was temporary loan TO be repaid from collected
revenue; but unfortunately the city has not col
- lIn tsxTa hoo a
the security of the debt, but it has not yet been
paid" -,
The cashier of the Importers and Traders Ma
tional Bank which holds debt of 100000
against jersey City, said Our loan is not yet due
and we can find no fault until it's maturity. have
no doubt the loan will be paid"