The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-09-16
CIGY'S CREDIT ALL RIGHT
Conference of National Bank
Presidents and Board
Of Finance
BANKS WILL ADVANCE MONEY.
In This Manner the Bonds Falling
Due october l Will Be
Met
BANKS WILL ADVANCE MONEY.

The members OF the Board of Finance
were not at all discouraged yesterday
afternoon when Clerk Martin Ffnck
announced that there was but one hid
for the big bulk of $1,000 0 worth OF five
per cent. assessment bonds offered for
sale, The bid rendered BY the general
society OF mechanics AMI tradesmen
under ordinary circumstances would bs
considered rediculously low, but 10 view
OF the ~stringencv of the money market.
the comm issioners consider themselves
fortunate in receiving a bid even at par.
The report that the failure to foat tine
bonds would cripple the Board of Finance
In the conduct of the city Is nonsenstcal.
N TO BE REDEEMED.
The bonds which we're TO pa redeemed
and q reissue made OF aggregated $685.
600 OF this sum $259, COO was to be paid
by the Sinking Fnud Commissions, laav4
lug $700,000 TO be reissued. or the
s95e, 600, but s4s9.0 600 worth fall due on
October ! of this year
The remaining $500. 900 worth, do not
fall due until January 1 of next year.
! Tue Sinking Fund Commissioners agree
to redeem by cash payment $3.50 0 worth
of the first batch, leaving $500. 600 worth
to be met October l. and $780, COO of the
last batch.
The only bonds that require the i'm.
mediate attention Of the Board OF Fl n
auce are the $500, 900 falling due October l.
LONE BID WILL BE REJECTED.
The bid of the General Society OF
Tradesmen and Mechanics for $40. 900 is
to be rejected, the Finauce Commission
ers believing that jersey City homes are
worth more than par. In the second
place, TO sell q $4,000 batch would be- to
accomplish little or nothing.
IMPORTANT CONFERENCE.
As soon as the Board of Finance adj
journsd Yesterday afternoon the MEM
bers repaired to the City .Treasursr's
Office, aud shortly after Presfden6 Wash
burn OF the Hudson Ceunty National
Bank q President Hogencamp or the
Second National Bank joiued them.
The object of this conference was very
clear. $500
The. batch of $3.50 600 of bonds falling
due October /. less The s159, coo to be paid
by the Sinking Fnnd Commission. must
be paid Or reissued. Ii new bonds eau
not be foatsd tho $500, 00O musr be Dor.
rowed.
This money Is. it is understoo L, 30 BIS
borrowed from the two banks whose
Presidents conferred With the Finance
Commissioners on temporaryioan bonds,
which Will be redeemed just as soon as IL
is possible to float fnorerbsnds.
WILL TIDE OVER H DILEMMA.
This plan will tide the Finauce Com
mtssioners over the October 1dilemma.
From that time until JHnuary | the
Finance Commissioners bellows that the
money market will have had time Co re-
cover and rtiat once again Jersey City
bonds will ~besought after.
On January l., $50U. 900. worth less
S100,t00. to be patd by the Sinking Fand
Cymuiissioners fall due. but the Finan.
ciers are not 10 any fear, bur that they
will DO mile to meet shts obligation
readily bv that fine.
COMMISSIONER BEDELL,s orIsIos.
COMMISSIONS ,Bsdell In apeakfno
of the failure TO sell the boud.
" yesterday, SAID: "Ws Will moi
make another effort To sAoal
bonds mill money is gliinre plentiful.
We cannot Afford to sacrifice the cityss
credit by dispensing of our bonds al par,
We want a sprsmium. and we'll get II
when we Loaf. them.n
Tire financial standing of the city ia
excellelt Hnd The red emption OF bonds
will 10 merriiy on When money Is raised,