The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1894-05-19
TO SAVE CITY MONEY
Board of Finance Devises
a New Refundlng
Scheme.
MAYOR VANSER APPROVES THE PLAN
Street and Water Commissioners
New Coal Contract Con-
demned.

The Board of Finance met last night, and
for the second time no%n-concurred in the
specifications of the Street and Water
Board to advertise for 10000 tons of coal to
be used at Belleville and High Service. Com
missioner Detwiller, who is chairman of the
Committee on Concurrent Resolutions, re-
ported that the mines named in the spectfica-
lions are all controlled by one coal company.
He did not think that was fair to other
dealers, and declared that it placed the city
at q great disadvantage. He reported that
Mayor Wanser had so arranged it that
there would be plenty Of coal at Belleville
supplied at a lower rate than under last
years contract, owing to the dulness OF the
coal trade. Until the Street and Water
Commissioner abandon the idea of shutting
out all competition the coal specifications
will be non-concurred in.
Mayor Wanser is keeping a close watch
upon the proceedings.
MORE BONDS TO BE REFUNDED.
A resolution offered by Commissioner
Detwiller directing Comptroller Hough to
redeem if possible all z per cent. assessment
bonds falling due September l on a 8 per
cent. basis revealed a plan whereby the city's
interest account will be lessened, and the
city's credit advanced. It is also the first
step toward floating Jersey City bonds at
Wanser, and he is relying upon Comptroller
Hough and the Finance Board to bring this
about.
On September-1, z per cents to the extent
Of 500, 500 fall due. The money is in bond
with which to redeem them now. By re-
deeming them now on a 3 per cent. basis, the
city viii be making interest on the money
,,Au, ,rfn,r IN tho hnpHc lido h,II T1por1
which the banks are drawing big interest.
TO SAVE TIE CITY's MoNEY
On a 3 per cent. basis of redemption, the
city would now pay for every $1,000 bonds
purchased S102,7 $50, or a premium Of $l0.50,
and the accrued interest of three months
which amounts to $3.50. On every Sl,oOO
of bonds, however, six months interest has
been provided for by the city. The interest
amounting to S35 will when the
bonds are purchased by Mr.. Hough
revert to the city SO that on each $1,000
of bonds purchased on the 8 per cent basis
the city can make $3.50. If the entire
issue of 5000, 900 could be redeemed on this
will otherwise go to the banking institutions
in which the citys money is lying idle.
Ths board accepted City Clerk John E.
SCOTS bond in the sum of $25, 900. William
Brinkerhoff and Richard G.. Washburn are
his securities. The board provided for the
June interest by drawing upon general ac-
ment bonds for $42, 900 and on water
account for $8,750, in all 1914, $50.
The board non-concurred III bills of Geo.
Fettis to the amount Of 5000. They are con-
sidered exhorbitant. The n~en-concrrsnt
resolution in connection with the exchange
of $1,000 of water rents with the Pennsyl-
vania Railroad for a $1,000 water meter was
rescinded. Mayor Wanser approves the ex-
change. The Belleville and High Service
payrolls were passed.
The board allowed Comptroller Hough to
retain Clerk Kenyon for IN indefinite
period. 1t was decided to borrow about
S72. 900 on 4 per cent. bonds. The money
will be used in the payment of interest on
property purchased by the city under the
ssMartin Act.n The board will meet again
next Friday.