Bridgeton pioneer., 1900-09-27
BONDS BOUGHT BY
CUMBERLAND TURST.
BridgetOn'S Institution Makes the
Best Bid.

BeSU Blu.
An afternoon session of City Coun-
Gil is a novelty, and the one Thursday
afternoon was attended by President
Stevenson, Messrs. Morrison, McMul
len, Deal, Conner, Nichols, Powell,
Blew, Woodruff, Hurff and Ackley.
Mayor Hampton, City Comptroller
Sharp, City Solicitor Potter and
Treasurer Hitchner were also in the
room.
The meeting was one of the most
important this, year because of the
fact that at this time $4,000 worth
of bonds were to be sold to the high
est responsible bidder.
The sale brought here several repre-
sentatives of large broking and bank
ing firms of the big cities, who had
submitted bids for the bonds, and all
were anXiously waiting for the open
ing of the sealed proposals.
Not one of the visitors were long
kept in suspense. 1t so happened
that the first bid opened was the
successful one. and when the figures
were read, each knew that he had
not the coveted securities. There
was genuine surprise for them
as well, for the successful bid was
made by local institution, and the
money for the securities is furnished
by a Bridgeton concern When
Comptroller Sharp read that the Cum
berland Trust Company would give
a premium of $3.50 for the entire is
sue, then all the other bidders knew
that the next train left Bridgeton at
3 o'clock. They took it.
The Council was called to order
promptly at two O'Clock by President
Stevenson, and it was announced
that William A. Logue, the lawyer,
desired to address Council. That
gentleman appeared as representative
of Frank NJ. Riley, Trustee of the
Cumberland Nail & Iron Company.
Mr.. Logue called attention to a bit of
record that is probably known to but
few people in Bridgeton. He said
that some fifty years ago David
Reeves, decided to the city a right of
way by law for Cohansey street to
the river, over property of the Iron
Company, just north of the Scull
paint works. 1t was desired to sell
this propery, and this right of way
clouded the title, although for years
and years the right of way had been
Shut off. 1t was desired by the
Trustee to give the city right of
way on the south side of the Scull
property which was more desirable.
There was there now a twelve feet
lane, and it was the purpose of Mr..
Riley to double this probably in
width. Mr.. Logue made application
for the appointment of Commissioners
to vacate the old lane, and it was
promised that before the report of
the Commissioners is made, the deed
for the new right of way will be pre-
sented to Council. The application
was granted, and Council appointed
Messrs. Eli Rogers, Walter M. Sharp
and Louis Beckhardt as Commission
erS.
The opening of the bond bids was
then commenced. The total issue is
$50, 900 there being 100 bonds in de-
nomination of $500 each, payable in
twenty years, and can be cancelled
in ten years.
The first was the successful bid. 1t
was made by the Cumberland Trust
Company through John S. Ware, Sec
retary and Treasurer. The bid was as
follows Bonds Nos. l to 40 inclus-
i've, $40, ,666; Nos. Al to 80, S2O, 1872:
Nos 81 to 120, S2O, 83S; Nos. 121 to
160, $40, 924; total, 1888, 1SO.
Thompson, Tinney & Co., New
York, $8l, 348.
John D. Evarts & Co., New York,
s82, ,OO6. 33.
Randolph K. Leopold & Co., SS2,-
1896 80.
Sailor, Stevenson & Co.. Philadel-
phia, $82, ,OO8.
W. J. Hayes & Son, Cleveland,
Ohio, $81, 1856.
W r.. Todd, & Co., New York.
S81, 900.
n. W. Harris & Co., New York,
SS2, 536.
E. D. Sheppard & Co., New York,
$81, $50.
Mr.. Blew said that inasmuch as
the Cumberland Trust Company's bid
$ was the highest, he moved that the
bonds be sold to that institution.
This motion. of course prevailed hv