The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-10-12
CI7Y'S BONDS sold.
The 100000 Batch Disposed
of by the Finance
Board.
TERMS, PAR AND ACCRUED INTEREST.
redemption and Reissue Of Bonds
Can Now 90 in, Saving the
City Annually Two
Per Cent Interest.
TERMS, PAR AND ACCRUED INTEREST.

The Board of Finance held a special
meeting. this morning, and cousummat-
ed the sale of $500, 00o worth OF 5 per cent.
gold certificate assessment bonds, $780,
900 Of which were offered for sale receut-
~, bu for which but one bid Tor $40. 900
ar par was received. They members Of
The board required money, but they de-
clared that they would not sell any of
the city's bonds for par. The claimed
thatthe bonds were excellent securities,
and too good by far to float at
par. Yesterday the Doard receives
proposals for $1,000 worth. A coafer-
ence was called for half-past O'Clock Ia
the City ~Treasurer's office. and a review
OF the city's financial condition aud the
present coudltfon OF the money market,
resulted In the Commissioners coming to
the understanding that the acceptance Of
bids for $6U0,0 900 worth at par, with
accrued Interest, would be to the best
interests of the city.
BONDS oil.
Accordingly this morning $500. 900
worth were sold to the Mutual Life
lnsurauce Company of New York aud
$500. 900 worth more to the New York Life
Insurance Company to be delivered
November /, both purchasers to pay par
AMI accrued interest. The bonds bear
date OF September. The sale was
SoukpLAlVQ UJ Juh dQUDtlOA OIL Luo
following preamble aud resolutions.
H RESOLUTIONS.
Whereas, AS this board, on August II, 1893
authorized the issue and sale OF assessment
bonds of the Mayor and Aldermen of Jersey
City TO the amount of S7o0,O 600 to renew under
the provisions OF chapter 1873 of the laws OF 1893
that part OF maturing assess nent bonds falling
due to the amount 81 $3.50, odo. and whereas.
proposals for the purchase of $1,000 thereof
were recovered at par.
Resolved, That the offer of the Mutual Life
Insurance COMPANY of New YORK for the
purchase of 100000 of said bonds at par and
accrued interest to BE- delivered forthwith be
the same. is hereby accented. said offer being q
more favorable bid than has been bid publicly,
therefore
Resolved, That the offer of the New York
Life Insurance Company for tn. purchase Of
$30o,U00 of said bonds at par and accrued to be
delivered November /, 1893, be and the same Is
hereby accepted, said offer being a more favor
able Did than has been old puolicly. therefore
Resolved, That the action of the Committee
on Finance in accepting the offer of Parson,
Leach & Co., for the purchase of $4,000 of said
bonds at a premium sof QUE per cent. and ac-
crued interest be and tine same is hereby ap-
proved, said offer being a moe favorable bid
than has been bid publicly therefor.
Resolved, That the Committee on Finance be
authorized to accept bids for and to sell the
balance of said Issue of S7Uo. oJo, 10 wit, S5s,o 900,
q tprlyate sale, at not less than par aud accrued
interest.
Resolved. That the CITY Treasurer be author.
lied to declare said bonds SO sold under the
direction OF the Committee on Finance of this
board, upon the payment to the City Treasurer
by said several purchasers of the amount of
their respective bids in accordance Herewith,
and that said notify said purchasers
when said bonds will be ready for delivery at
the Office of the City Treasury.
SAVING OF Two PER CENT.
The issue OF 500 000 worm of bonds was
necessary TO redeem. $3.50. 900 worth OF
maturing bonds. Tn latter bore seven
per cent interest but the next issue bears
but five, thus relieving the city of two
per cent interest gu $101. 900 OF bonds.
Or tue $3.50 0 falling dHs The Sinking
Fund Commissioners redeemed 5000, 900
worth.
The Finance Commissi oners are highly
elated over the sale. and are nopeful tnaI
a. NO la'e date they will be able to 1oat
ths $250.000 worth of City Hall bonds
necessary for the completion of that much
talked of building.
MONEY o STREET CLEANING.
The Commissioners were so jubilant
over the terms OF the sale that they were
generously Inclined. and. rs u result,
when a petition for $1,000 for extra
street cleaning during the summer
months, to keep cholera away, came up.
it was granted, ami the amount will he
raised by the FInance Co mmlttee on a
temporary loan bond bsari ng 5 per cent.
interest, to be paid out Of tins next tux
levy,
The board will meet again Octoper 90,
THE REMAINDER SOLD.
The remaining SOS, 900 worth of bon DIS
have also been sold. These went to
Messrs. Benwell e. Everett. bankers, OF
No. 6 Wall street, New York, Ii
now appears that ever since the
board failed to sell the bonds at the ad-
vertisement sale, Messrs. Benwell md
Everett have been working studiously TO
secure customers for them. II is owing
TO this firm that the insurance companies
took 100000 just where the S68. 900 will
go no Que knows until the bankers make
u report on the matter.
The entire batch of s66S. 900 worth will
be paid for by Benwell & Everett. 10
seli SO many bonds at this time shows
how jersey City bonds are appreciated in
the financial world.