The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1890-09-12
HUDSON PARK BONDS
The Action of the State
School Fund Excites
Comment.
ryeciol to the Jersev Ctr Ne,os.


TRENTON. September IL. 1S90.-The an
nouncement that the Trustees of the
State School Fund had decided to take
100000 worth of the Hudson County
Park bonds is regarded here as somewhat t
startling. They have decided to purchase
at once for the fund 100000 OF the bonds.
subject to the approval OF
partly decided to.take S400, 900 additional.
making 100000 in all. The Attorney
General is member OF the Board, and
his approval probably relates only TO the
legal form of the bond, for it is to be pre-
sumed that he acted with the Board in
their determination to make this pur-
chase. This announcement is startling
because of the important interests in
VOWED.
The State School Fund is one of vast i'm
portance. 1t amounted to $500, ,319 at the
end of the last fiscal year, October 81, 1889.
OF this amount SO, 3T9, ,404 was invested by
the Board of Trustees as follOws:-In rail
road and bank stock, $l46,500; United
States bonds, s4sl, 900; railroad bonds !,
$17, 900; State bonds, S118,000; city and
county bonds, $669, 900; scnool district
bonds, S161, 1872; real estate bonds
and mortgages, ST00.875; principal
of riparian leases, $97S, ,346; and
real estate, S114, 500 The fund has been
raised from the sales and leases of ripar-
ian land, and these investments have
been made by the Board from time to
time. There was cash balance last year
of 1929, ,904. The fund increased during
the fiscal year 1sSs-s9 S472, ,797: and the dis
bursements, including investments. were
SAC, 1928. One hundred thousand dollars
is appropriated annually to The support
of the public shools, ana there are other
expenses amounting, last year, to $l04,
wi fhprafnra hA that the
fund grows annually.
An examination of the list of city and
county securities held in the fund shows
that there is already $4,000 invested in
Jersey City and Hudson county bonds,
Add to this the proposed investment
county park bonds, and the whole. inter
est of the fund in Jersey City and Hud
son county issu es will be G74O, ,OOO
nearly 100000 more than the tota
amount of money belonging to the fund
now invested in city and county bonds OF
all issues The Investment in jersey
City and Hudson county bonds will also
exceed by $3.50, ,000 the investment II
| United States bonds and will be largely
| in excess of the investment of the funC
:! IN any other one class of bonds.
In considering the question Of the Sstfc
| ty of such large Investment in the Sc
| curities of one county, and of the finances
| of that county, it must be understood
| that Jersey City contributes sixty-thre'
| per cent. of the money levied for county
purposes. The true condition of jersey
| City and HUDSON county finances is 1
subject OF much suspicion through th'
| State. Il is sufficient to refer at this
time to the general reputation which
| both "enjoy" In the money market, t
| the enormous debts which have beer
piled up, and to the extrayagant manage
ment OF both.
IN.
| of the State School Fund are Governor
Leon ALBEIT, of Hudson county; Henry
M. Nevius, of Monmouth county, presi
| dent of the Senate; w. @. Heppenheimer
of Hudson county, speaker; Hency O.
Kelsey, Mercer county, Secretary OF State
| torney General; Edward ]. Anderson,
of Mercer county. State Comptroller.
| Speaker Heppenheimer is also member
of the Hudson County Park Commission.