The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1896-11-28
BONFIRE OF BONDS.
Atlantic City Securities for
5000, 900 Permanently
Wiped Out by Mayor
Stoy.
Special to the Jersey CITY Netcs.

- n 4 NJ o y : ~ 49, -
600 fire occurred yesterday afternoon in
the Union National Bank building in this
city. 1t was of ~incendiary origin and
Mayor p. Stoy and a dozen city officials
were the guilty persons. Their guilt, how
ever. consisted of executing the instruc-
tons of City Council and the wealth. con-
suned was in the shape of city bonds
which had never been issued.
Altogether bonds to the amount of
100000 have been printed, signed and
sealed with the intention of exchanging
them for title to the to local water plants.
They have been III fated bonds, and from
the time they were issued in 1892, the
securities have been the cause of trouble
and worriment TO the city officials.
The trouble they have given followed
them to the very furnace door. The elab-
CRATE preparation made for their destruc-
ton nearly had to be postponed, because
VIXEN the jury of city officials who were
to certify to their incarceration We're as
sembled, it was reported by Comptroller
A. NJ. Heston that bonds to the amount of
100000 were not in the city vaults nor
could they be located at the banks.
CONSERVATION seized the officials, and
for the next half hour every telephone in
the bank building was jingling in a vain
hunt for the lost securities. Bank cashiers
reopened the banks, and city officials
scurried through their various offices
searching vaults and safes for the miss
ing papers. The bonds were signed by
former Mayor Willard Wright and former
City Clerk James Winters, n bore the
seal Of the city. They were in perfect
A+-Z
being the fearful idea was entertained
that they had been stolen
Before four O'Clock Ia the afternoon the
anxiety was relieved with a message
from Cashier L. a. Downs, of the Second
National Bank, stating that the bonds
were slowed away safely in the vault of
the Safe DEPOSIT and Trust Company.
He announced that it would be difficult
for him to ~resuTrect them today without
the expenditure of some little time. This
Is the explanation why the whole issue
was not destroyed as directed by City
Council
A conference of the officials present.
consisting of Mayor Stoy. City Treasurer
Jeffrses, City Clerk Emery Irelan. City
Solicitor Endicott- comptroller A; NJ. Hes
ton, Tax Collector Carleton Godfrey and
Finance Committee of Council, Harry
Postoll, Joseph L. Ingerman, Daniel
Knauer. Albert Dyer and edward S. Lee,
ing one another upon the ecove of
the bonds. decided to proceed and destroy
those in possession of the Comptroller.
Forming in line the official dignitaries
marched down into the boiler room of
the bank. Here they found a good and
hot fire ready. and without any formalsty,
bu with plenty of jest, the neatly bound
books of bonds and coupons were com
signed to the flames and went up in
smoke. When the first $30.o 600 of securities
were tossed into the furnace by Mayor
stoy he remarked. There is the only oc-
casson in my life that 1 ever had money
to burn"
was to follow its predecessors, a 5000
certificate was torn out, cigars was passed
around among the company, and the bond
used to fire the cigars. after which the
party signed a big document attestine
the destruction of the bonds and dis
persed.
Today the remaining $4,000 bonds will
be destroyed in like manner