The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-07-20
BAD TIME FOR
COUNTY BOND
ISSUE
FinancierS Criticise Free.
holders PIanS-- Newark
and E. 0. Securities.

Newark school bonds, the last issue
of municipal securities, We're the prin-
cipal sellers in the local market this
week, the price being 1929. People who
surrendered their 4 per cent govern
ment bonds, due July 1, invested the
money they received in the Newark
school bonds. and also in East Orange
municipal bonds, which sold at 1914.
Julius S. Rippel got the best of this
trading. for he purchased all of the
last issue of school bonds-$1 ,165, o00-
and he has sold more than one-half of
them. If money was easy these bonds
would sell at 112 or ia. Mr.. Rippel has
also bought 800, 900 worth of East
Orange municipal bonds.
Financiers and dealers in securities crit
icise the proposition Of the Board of Free
holders to issue and offer for sale 100000
of county bonds to raise cash for the con-
struction of the Overlook Hospital for
the Insane. They say that this summer is
not a good time to offer county or munic-
ipal bonds for sale. as money Is scarce. the
railroads are Offering bonds and short
term notes. drawing interest Mt 6 and Z
per cent, and therefore neither brokers nor
individuals care for bonds that pay only
4 per cent.
Inc county DOnuS CtNIlDl Dt hplu tut
less than par, under the law, and fnan-
ciers say they doubt If Essex County
bonds would bring more than par If offered
for sale now.
Big New York Arms that bought old is
sues OF the county bonds might bid for
them to prevent a sale below par, which
would injure their bonds and also the
credit of the county.
Newark city bonds are a safer invest
- - H. A., 1...t, Aa,.l- To- tho nCeotr
of Newark amount to $45. 900 1000 and the
liabilities to only 500, 000, 1000, so that the
city has more than two dollars of assets
to one of liability to back up the bonds
1t issues. East Orange has $3.50 of assets
to each 81 of liabilities, so that its bond
issues are amply protected.
Issues of Newark bonds are well pro-
tected by a sinking fund for their redemp-
ton. Besides bonds of the city of Newark
are a legal investment for banks and
trust companies and insurance companies
In New York, Connecticut and other
States. Essex County bonds are a legal
investment for banks and like institutions
only in New Jersey.
County bonds that were quoted in the
market two years ago at 15 are now
quoted at 1902. If n man has money to
spare, it is the opinion of fnanciers that
now is the time TO invest In bonds, lock
them up in a safe and forget them until
they rise again In value. when MONEY is
easier.
in the local market this week Newark
Passenger bonds sold ut 1G7 and Consolida-
ted Traction bonds at 1903, while for North
Jersey Traction bonds 69A was bid and K
asked, and white Line" bonds were soft
at 81 bid. Gs asked. Publ Service notes
sold at "a, last weeks figure; the certif'
Gates were quoted today at 65h bid, Offered
at 661s, anu none of the stock was sold.
United Electric bonds fell off a point Il
6S In the bidding, offered at 50, though
these bonds should be worth S., for thu
company is a -moneymaker. Newark Ca
bonds were sold at 1S5 and Hudson Coun'
TVS at 1924.
Fidelity Trust stock. a few shares, were
sold at 10, but there yas no change from
last weeks prices for bank and insuranc,
stocks.
following Is the range OF prices and
securities of the local market. as furnished
by ]. S. Rippef. 700 Broad street.