The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-04-08
HIS FINANCIAL SCHEME.
Bonds Renewed at Decreased
Interest. Saving the Citizens
Thousands Of Dollars.
THE FREEHoLDER CONTESTS.
''aonest john" Erickson Of the
Sixth-The Situation in
Hob0ken.

Democrats who are friendly to Charles
w. Allen point with pride co the record
he has made since he became President OF
the Board OF Aldermen and a member of
the Board of Finance four years ago.
They say that when ne was elected, the
Board of Finance recognized and appre-
cia.ed his great knowledge of finance an d
Immediately made him Chairman OF the
Committee on Finance, the most import
ant in the Board.
As soon as his was done, Mr.. Allen be-
gan a study of the financial condition of
the city, for the purpose OF reducing the
debt burden upon taxpayers. He ascer-
tanned that millions of bonds bearing z
per cent interest were outstanding, and
that New York city could borrow all the
money It wanted for 8 per cent
Mr.. Allen having mastered the situa-
ton, recommended to the other members
of the committee an economic scheme.
which was adopted, by which the city
received great benefit. Through the
efforts of MI. Allen, on January l, 1891,
the Board renewed s25o,o00 7per cent
bonds at 5 per cent. interest; on May J.,
1891, the Board paid s3O0,0O 0 bonds bear
ing z per cent, and renewed 81, 4o9, 900 OF
z per cent. bonds at 5 per cent. On the
same dale, the Board paid 100000 assess
ment bonds, and wiped out of existence
that DEBT.
ASSESSMENTS BONDS WIPED OUT.
Ga November l, 1891, Mr.. Allen econ
mended that the Board of Finance should
pay $1,000 0 assessment bonds bearing z
per cent. interest, and this was done. On
MIR. Allen, S248,0 900 bonds bearing 7 per
cent. interest were renewed at s per cent.
Ga January 1, 1892, Mr.. Allen was instru-
mental in having S546. 600 of 7 per cent.
bonds renewed at 5 per cent. interest. and
also another lot of $780, oe worth of bonds
bearing7 per cent. interest at 5 per cent.
On May 1, 1892, the Board of Finance
through the advice OF MI. Allen, re-
deemed s153. oU0 bond having Z per .
interest, and also 100000 worth of the
same sort of bonds.
On July /. 1892. the Board by advice OF
Allen. retired 500, 900 of per cent
bonds and on November ], redeemed
SIC. oCO OF bonds of the same character. In
January 1898. Mr.. Allen suggested that
$500, 600 or 6 per cent water bonds be re-
newed, and this was done at 5 per cent
interest.
Mr.. Allen has also informed the Board
of Finance tina on May l, 1893, the Sink
- No. 49, ~,te,f1rnr will arnuid q
for the payment of s2S7.o0O OF
Street and Sewer Z per cent bonds. With
this record. the friends of Nh. Allen
believe that he will be supported at the
polls next Tuesday.
FREEHoLDER CONTEST.
The contest for Freeholders is being
fought with considerable energy. JUS
tice O'Donnell, Chairman of the
Democratic County Committee said this
morning that the only district that was
doubtful was the Second Assembly, which
under ordinary cir cumstances, has a Re-
publican majority of 1000. The fight In
The SIKH District, he thought, would re-
suit IN the election Of Dennis Gallagher,
the regular Democratic nominee. He did
not believe that the trouble In the Eighth
Assembly District would leach the voters.
and that Lenahan would be elected. In
all the other districts. the Democratic can.
didates have plain sailing and will DO
winners next Tuesday. Ia regard to
Aldermen, Justice O'DolneIl believed
that at least five out Of the six democrats
nominated will be elected and he thought
that Dusenberry has but a hghting
chance.
REPUBLICAN VIEW.
Mr. Simpson. the Republican candidate
for Alderman. at-Large. does not agree
with Justice O'Donnell. Mr.. Simpson
said this morning that SO many Demo-
cratic taxpayers had assured him that
they intended to vote for him. that he be-
Iieyed he would be elected. He was
quite certain OF this If all Republicans
would go to the polls and vote next Tues
day. The vote OF the Republicans will,
no doubt, be solid for Simpson, and he
that If he can poll the entire vote,
enough taxpayers will support him to
give him a handsome majority. Both
Mr.. Simpson and Mr. Allen are doing all
they can to bring out a full vote, each be-
lieying that If this Is accomplished, he
will be elected.