The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-12-15
CITY'S BONDS SOLD.
Blair & Company's Offer Ac-
cepted by the Finance
Commissioners.
TERMS OF THE SALE.
Magnificent State of Affairs In the
Police Department = Presi-
dent Feeney% Commended,

when the Board of Finance formally closed
the bargain with Blair & Co, of No. 80 Wall
street, New York, for the delivery of the
S550,00 of City Hall bonds. The bonds are
gilt edged securities. and the Finance Com
missioners, although pleased to be able to
dispose of such a bulk of bonds at a price
above par and accrued interest, realize and
freely state that Blair & Co, secured a bar
gain. This statement is based upon the fact
that on Wednesday, millions of dollars were
offered on the money market at one per cent,
but there We're no takers. However, the
they ave lone well, and feel that the credit
of Jersey City in the financial world is con-
sidered excellent.
The firm of Blair & Co. is an old New
York banking house and has at it's PACK
John A. Blair of Blairstown, New Jersey.
Knowing this the Commissioners feel salts
fled that the city's credit will not be dis
turbed at any future time, prior to the ma
turity of the bonds, by the purchaser flooding
the bond market with them. From what
little the Commissioner could learn it is
believed that the bonds were purchased for
an investor who intends holding them until
maturity.
The bonds are issued for the purpose of
securing funds for the construction of the
new City Hall. They are gold certificate
bonds. That is, the principal and interest
are payable in gold coin of the United States.
They bear 5 per cent. interest which is pay
able, s-emi-annually on the first days of Jan
uary and July.
CoMMENDABLE COURSE.
In providing for the payment of the bonds
a commendable course has been pursued,
which will not to any noticeable extent
affect the tax levy. Beginning with January,
1922, inclusive, $4,000 of the bonds will be
paid off yearly. In this way $500, 900 will be
redeemed In ten years. In 1928, by
means of a Sinking Fund, conducted
of the same principle the remaining $3.50, 0O0
will be redeemed. The bonds will be de-
livered to the purchasing bankers in this
wise:-On January 2 of the coming year
$500, 900 will be delivered; on March l fol-
lowing, $3.50, 900 more will be delivered, and
on August l following, the remaining
$1,000 0 will be delivered at the bidders
price of $101. 80. Should the bankers desire
to take up the $150,000, agreed to be delivered
March l, 1894, that privilege is extended
them provided, however, that S101.S 81 and
accrued interest is paid the city. Should
the bankers then desire to have delivered
the remaining 100000 agreed to be delivered
August l, 1894, they too will be delivered,
but not before March l, 1894, at the rate of
S101.8 81 and accrued interest.
The bankers were communicated with re-
garding this proposition, and the terms were
accepted in writing, the acceptance being or
dered spread in full on the minutes. The
bids of other bankers were returned to their
representatives.
Now, it is safe to assume that contracts for
the construction of the new City Hall NAV
be given out. 1t is not the usual custom to
award contracts until the money is placed at
the disposal of the commission having the
work for which the bonds are issued: but the
Finance Commissioners are somewhat anx-
ious to e off any contemplated additional
City Hall legislation.
President Hitler is of the opinion that the
City Hall commissioner may safely proceed
now as the money to meet all expense will
be on hand as desired and required after
January 2 of the coming year.
OTHER BUSINESS TRANSACTED.
After disposing of the bond business the
board considered routine business which has
accumulated since the last meeting.
Daniel j. Harper, who was appointed a
constable in the Sixth Aldermanic district
last Tuesday evening, filed his official bond
in the sum of $1,000. 1t was accepted and
ordered filed in the bond book. Messrs.
Bacot & Record notified the board that they
had recovered a judgment against the
city for o. H. Perry for $780, "a
for coal and asked it's payment. Mayor
pointment of John J. Nevin as his secretary.
Mr.. Nevins' name was then ordered to be
placed on the regular payroll. The resolll-
ton of the Board of Aldermen requesting
the appropriation of $3.50 for the payment Of
Richard Wade for the renovation of the Al
dermanic Chamber brought up a little argu-
ment. Ex-PreSident Allen of the Board of
Aldermen agreed, it appears, to lave the
Board of Finance bear half the expense of
renovation. The half was $500, and by reso-
luton it was appropriated to the Aldermen.
Mayor Wanser vetoed the resolution, mas
much as it was expressly agreed the work
should cost only $500, and as a result Richard
Wade has been waiting one year to get his
claim of $3.50. An effort is now to be made
to straighten out the difficulty. The sum of
81 ,240.5 80 was paid Patrick O'Neill on account
of the joint outlet sewer.
PRESIDENT FEENEY's GOOD WORK.
A most encouraging state of affairs was
reported from the Police Board by Commits
sioner Simpson. 1t came out in a request
from hat boardto have $1,000 transferred
from the Committee on Health to Station
Houses and Prisons. This transfer will per-
init the Police Board to pay all its indebted
ness and begin the new year free and clear
from debt, a condition of affairs which has
not existed for the past twenty years. The
transfer is to be made. President Feeney
was quietly commended as being one of the
best officials of the city,
The Fire Underwriters Association re-
newed its appeal for a hearing, at which
some plan may be devised for the creation of
a central fire alarm system to do away with
the present old fashioned methods. The
board decided to hear the gentleman on the
evening of December q. The payroll for
laborers on meters for November, Belleville
and High Service, and laborers employed
laying and repairing water pipe for October,
were passed. An early start was made to
pay 1898 county taxes by paying Hugh
Dugan 1925, 600 ON account. The board
rescinded a resolution, ordered the reasses-
sors' payroll for last May paid and adj
iourned.