The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-07-01

all the water from said plant which
Jersey City does not draw, the city to
| and water rights, to have the first right
| to draw and the first right to all the
water it needs to draw: provided that II
1 the city shall draw more than an average
| of 40.000o00 gallons per day during any
| period of twelve months. then the COM
pany may at its option rescind TINS por-
\ ton of the contract and upon ceasing TO
| draw said surplus waters shall be re-
leased from paying said $4,000 per year.
n se a ghs to ofaw s waaes uae i
pipes and works and the right to draw
| thefefrom SO far as capacity OF the
same will permit. It is evident, that no
the net cost of the whole plant and
provide the interest @ ssa ooa on the water debt to
sUPPIE1IE ElNilA M UG0' PROPOSITION No.
| Supplemental proposition No. 8 of the
| East Jersey Water Company is as fol-
| lows
across the meadows and deliver good
and wholesome water taken from the
Passaic River above Little Falls in
such quantity as may be desired
az the option of the city. said, ,op-
cry TO be made into the Bergen Heights
reservoir or into the mains leading to
those reservoirs for s35 per million gal
| of 21O feet so much of said water as
may be required for the high pressure
| in Jersey City, for which an additional
charge of SIS per million gallons will
be made for all water so delivered. This
company to have the free use of all the
present city water plant. Water to be
delivered two years from date of con-
tract. Meantime temporary supply
can be given. within six months. as else
where offered"
Supplemental pproposition No. 4 offers
as a Temporary supply to be delivered
within four months, Pequannock water
The proposition is to give Jersey City all
the water the pipe will carry whieh, is
places supplied by that pipe. The guam
tity is estimated to be 206oO,OOo to 23,OoO,-
| COO gallons daily, or enough for Jersey
ctys needs under dep ordinary fbs drassn
Jersey City pipes are able to carry from
Belleville to Bergen Heights. The price
IS na p 5pe No fS IS
offer to give the city all water rights
and privileges needed for a full supply
to pay all damage for diverting the
water and other damages, also to supply
all lands needed and all rights of way,
works at cost plus 20 per cent. for SER
vices, financing and profit to the con-
tractor. Payment to. be made IN cash
ton.
A striking element in the East Jersey
Water Company's bids is the offer OF
that company to take its entire payment
in city bonds, providing. the city shall
within six months. exercise its option to
purchase the plant; or in case the COM
Dany builds for the city on a per cent
age plan; Newark exercised its option
within this period and long before the
completion of the works for that city.
Financial men will appreciate what it
means to place at par SO large an issue
of four per cent bonds. 1t is said that
the company's ability to make this offer
rests on its close financial connection with
the First National Bank of New York.
and with the Lehgh Valley Railroad
Company. On an issue of say seven to
eight million dollars of bonds. this prob
ably means an advantage of from five to
seven per cent, some five hundred thous-
and dollars to the city. If the city. there
fore, should accept TINS proposition and
also accept the company's offer of forty
thousand dollars a year for surplus water
not needed by the city-eouivalent to a
capitalized sum at four per cent. of one
million dollars-this combination of offers
involves a saving of nearly a million and
a half to the city
JERSEY CITY WATER COMPANY.
For water delivered at a minimum con-
sumption of twenty million gallons per.
day, so that a maximum supply of fifty
million gallons per day can be fur
nished, with additional gate at intake
as per specification at the. following
schedule rate per million gallons =