The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1891-12-09
THAT Big PREMIUM.
Splendid Result of the
City's Refunding
Operation.
A AYEAR'SINTERESTGAINED
The Finance Board Will Help I'M
prove the Hospital and
Station Houses.

The methodical manner in which the
Board of Finance has reduced the city
debt. wiped out old disputed claims. re-
duced and paid off bonds bearing seven
per cent. interest and issuing five per
cent. bonds when actually necessary.
thus placing the city upon the sound
financial foundation it boasts of today, Is
appreciated by the public generally. That
the credit of Jersey City in the financial
world has steadily increased under the
management of the present Board was
demonstrated yesterday by the lively bid
ding for the $4,000 worth Of five per
cent bonds sold yesterday. as stated in
THE News. The redemption of this
batch of bonds alone is saving of 500. 600
interest to the city.
That the bonds are thought to be worth
more than the amount named on their
face by shrewd financiers is demonstrated
by the bid of Vermilye & Co., of 103 307 for
the entire block. The firm of Vermllye &
Co. embraces some OF the Oldest and most
responsible business men of Wall street
and the Stock Exchange Vermilye g.
Co. virtually pnid to the city So OF pre-
mium on every hundred dollars, or 81, ,026.-
577 20 for the block of 1896, ,000-a premium
of $30, 577. 20.
jersey City bonds are not traded in to
any great extent ou the Stock Exchange,
as they are Immediately gobbled up,
being classed as gilt-edge securities OF
the first order. Vermilye & Co. will un-
doubtedly dispose of the bonds in patches
of from $4,000 to $100,000 at 107 and prob
ably at ITO, so that IL can be seen at a
glance what solid collateral they are con-
sidered in the financial world. The
bonds of no city in the country are more
sought after than Jersey City's. Yer
milye & Co., beside holding this batcn of
bonds, also purchased several years ago
smaller block of Jersey City securities.
The Financiers feel happy in the fact
that Jersey City's credit Is so good
The resolution selling the bonds to Ver-
milye g. Co. was offered by Commissioner
Hitler and unanimously adopted.
WHY MR.. FEENEY ATTENDED.
President Feeney of the Board of Police
Commissioners was present at the meet
ing after the executive session was held
and his presence was explai ed when an
extra appropriation of $3.50 was added
to the S., 900 already set aside for the con-
struction of the wings to the City Hospi-
tai, which have been referred to in the
columns of The JERSEY CITY NEWS. The
present appropriation of IS 800 will enable
President Feeney to secure the greatly
needed addition to the hospital. An
extra appropriation OF $2950 was also
added to the SO. 900 set aside for the pur-
pose of rebuilding and putting in a
proper condition the Tbird Police Station,
which is located on Oakland avenue.
These moneys will be paid from the con-
tingent fund.
Gu. .accountvf thescouuty tax for 1891 q
warrant was ordered paid to Hugh Dugan
for $780, 900.
ELECTION EXPENSES.
On resolution offered by Commits
sioner Allen it was decided to borrow
$14, 500 10 make up the deficiency in the
election expense account. The same re-
solution ordered the Board OF Freeholders
to place to the cityss credit $7.l0S- 25 on
this account, this sum betug due the
city by the former Board.
Another attempt will be made to have
the complete city charter published in
book form for the use of officials. On
motion of Commissioner Kenny $1,000
was set aside for this purpose, not penny
of the money to be paid to the company
doing the work until the books are COM
pleted and accepted.
A claim of $4l746 was ordered paid for
extra carpenter work on the new Fourth
precinct station house. Then followed Il
resolution presented by Commissioner
Kenny, which caused consider ole sur
prise. 1t provided for the appropriation
of $500 for the purchase of text books for
the night schools Commissioner Kenny
remarked, when the resolution was
adopted, that he would have saved him
self time and trouble had he done this in
the beginning instead of trying conclu-
sions with he Board of Education.
The resolution of the Tax Commis-
sioners increasing the pay of their Gle rks
was referred for investigation. There
are some doubts rs to the advisability of
concurring 10 such proceeding.
To Mrs Margaret Ga ffney was ordered
paid $2,3l2.29 in two warran S, being the
surplus from the sale OF property on
Grand street under the Martin act.