Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-12-05
.STETSON VOTES
TO ISSUE BONDS
Councilman Withdraws objec-
ton to q IL Per Cent. Rate
to Hasten School Work.

Reconsldering his original vote
when he realized his stand would
mean the holding up OF bond issue
for the new Central School being
erected In the city. Councilman Henry
I. Stetson, OF Orange, last night con-
ented to an amendment OF an ordi-
nance so that the bonds can be Of
fered at AZ per cent. Mr.. Stetson
tried hard to have the bonds issued
at AZ or 5 per cent, but President
John 9. Finneran and most of the
members of the majority insisted that
the rate should be limited. The or
enhance authorizes the issuance of.
$780, bonds. When a vote was re-
corded 1t showed seven for the smaller
figure and six in favor of having both
amounts mentioned in the ordinance.
Eight votes, or a majority of the en-
tire council, are required to amend
bond ordinance.
"All right; go ahead and tie the
thing up" angerily remarked Presi-
dent Finneran when the result was
made known.
IT am not disposed to hold up the
ordinance" interrupted Mr.. Stetson,
land IL the vote is reconsidered l
shall vote In favor of the amend
| ment."
A second vote was taken and all
the officials, except Councilman
Coyne, who opposed the amendment
at first, voted In favor of it.
The action will have to be ratified
at the next regular meeting City
| Counsel Arthur b. Seymour informed
the council the action was not bind
| ing, as the meeting last night was
! adjourned from the previous one,
whereas 1t is necessary to act on
such ordinances at q regular session.
| When the ordinance was first con-
sidered, Mr.. Finneran explained his
reason for wanting the smaller figure
was that school bonds have been sold
recently at this rate In Montclair and
Nutley, and Orange should not be
obliged to pay a higher rate. Mr..
| Stetson's claim was that the alter
nate rate did not necessarily mean
that the bonds would be disposed of
at per cent. The provisional clause
which was inserted on the advice of
bond experts, would eliminate the
need of passing a new measure or
adopting amendments at a future
date, should 1t prove impossible to
| sell the bonds at the lower interest
rate, he said.
Mr.. Setson figured 1t would be best
to stipulate the per cent. rate In
case bond dealers would not bid on
| lHo lOWGT HSu ITeSlutHL zimmerman
argued 1t was worth while to take q
| chance, and his contention was
thought proper by his Democratic col
leagues except Mr.. Stetson.
! Councilman Charles A. LIE Master,
minority leader, told of conversa-
ton with a Wall Street broker, who
! informed him bond sharks are par
! ticularly DESTROYS of obtaining munic-
| ipal bonds at this time, as some of
them are not making their office
rental.
There does not seem to be doubt
in the minds of most of us that we
won't get bids for the lower rate, and
1 don't see why the four and one-half
figure alone should not be in the ordi-
nance" said Councilman John j. Con-
dron, upholding the contention of Mr..
Flnneran.
Finally the amendment was carried
and the measure was given second
i reading. II could not be lawfully
adopted, and the ordinance will re-
ceive third and final reading on De-
cember H.