The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1892-06-21
WAR over THE BANKS.
Mr.. Peterson's Anger at the
Third National a Cause
Of Finance Board
Strife.
DIVIDE THE CITY DEPOSITS
The Cleveland Taboo On the First
What Has Mr.. Matthews TO.
DO with the Struggle?

The little eruption in the Board of
Finance aJ last Thursday mornings meet
Ing has caused much public
The true iuwardness of Commissioner
Pet rson's attack upon Chairman Allen
of the Committee on Finance WAS not
known at that time. but Investigations
nnde by a JERSEY CITY News reporter
reveals a most amusing condition of
affairs. The general impression was that
Commissioner Peterson was fighting Mr..
Allen with the direct intention of having
;hc First Nation al Bank added to the list
of city repositories at the expense of the
Second. 1t is a matter of public record
that the First National Bank has always
o"en excluded since the late Orestes
Cleveland got a grip on municipal affairs.
PETERSON'S
Commissioner Peterson, however, never
before made any attempt TO correct this
inoma!y. 1t WAS believed. too, that he
Mas epectaliy friendly to the Third NJ
s0n1i. Until very recently. he kept his
per4ci al account there. Previous to the
,ntn meeting. at which Mr.. Peterson's
.esn! 'iion directing an equal division OF
he cry money in all the various banks
Ms presented, another resolution was
,ffer Il in caucus. 1t was killed, how
wa, before the public proceedings began.
This resolution read as follOws:-
Resolved. That the City Treasurer be and is
Der, hy instructed to withdraw all monies now
bn deposit in the Third National Bank 10 the
credit of Jersey City and placed in the First
National Bank forthwith.
IRE resolution was drawn and pres
,nttd by Commissioners Peterson. The
Nher Commissioners opened their eyes in
iurpr.Ss. Commits liner Peterson was
st1 eyed to be, and i'll fact always was n
strong supporter of the Third National
Bank. Why he should so suddenly ask
mat all city money be transferred from
hat Bank lead TO ii deal of questioning.
rhen 1t was discovered, 1t is :aid, that a
disagreement in which Mr.. +. j.. Mat
news figured con~spicuouslF, resulted IN
VI Peterson's withdrawing his private
lccOun from the Third National u
ilac.ng it i'll the first.
THE W. PROPOSALS.
The original resolution us printed above
vas voted down in aucus it is said, by
Com issioners Allen and Bedell. With
view to compromising matters, Mr..
Peterson substituted the ut er resolution
which directed "a equal distribution of
he city money in ali the banks. This
resolution was disapproved OF In caucus,
on, but the fight was carried iuto the
10 n meeting.
A demand was made by Certain of the
commissioners that the original resolu-
ion be acted upon in open meeting, ~
yell asthe substitute. This course was
lot approved CT and President Edelstein
destroyed the first resolution, leaving
,nly the substitute to be acted u3on. It's
lefeat by a vote OF 2 to Q followed.
The fight between the supporters of the
First National Bank md Mr.. Allen is still
III, and on good au tholity it is stated
hat Mr.. Peterson is so determined to
get square" with certain gentlemen con-
lected with the Third National Bank
nut he will carry the matter into the
oprts aud secuie au order compelling
h.. City Treasurer to deposit The city
nonev in all the city banks, giving each
II co ual share.