Perth Amboy evening news., 1913-10-18
Idea Advanced at Committee
Meeting of Board of Alder
msn Last Night
TO RAISE 100000 FOR
PUBLIC SCHOOLS
French Method Meets With
Favor and 1t May be
Tried Out Here.

School extension bonds in the
amount of 100000 may be issued
IN multiple form to people of this
city at four and half or FIVE per
cent, according to a plan discussed
by the aldermen at their committee
| meeting last night. This and several
other subjects came up for consider
alton. City Attorney c. G. Hommann
decreed that it WAS up to the council
and not the Board of Harbor Com
| missioners to proceed with the search
OF rights to riparian claims at Buck
tngham avenue, Broad street and
along Raritan avenue. 1t was prac-
tically decided to place a sewer in
Paterson street, to order the city
electrician to install a fireboat call
and to make amendments to the city
electrical ordinance.
Recalling the recent difficulty ex-
perienced in Issuing street improve
ment bonds because of the condition
Of the financial market, the city
fathers seemed pleased with the idea
as presented. With an issue Of null
tiple bonds, such as was suggested,
the general public who have small
or large sums to invest would benefit,
as they would receive good rate Of
interest and the security would be
about as good as could be desired, as
banks in which the public now de-
posit money take such bonds. The
general scheme is to issue the bonds
in amounts ranging from 500 to
$1,000, and instead of having them
payable on set date of maturity,
forty or more years hence, the pro-
moters of the idea would have them
paid off at the rate of $4,000 annual
ly. Persons purchasing the bonds
would bid on them according to the
year they want them to mature
Thus, a man having few hundred
or thousand dollars to invest at a
much higher rate of interest than
banks pay with as good security,
could buy one or more bonds. The
interest would surely be four and a
half per cent and perhaps five. The
plan is meeting with much favor In
France and it seems to be the inten-
tion of officials of some cities to edu-
cate the people to take advantage of
the system In this country.
Surprise Over Riparian Matter.
A surprise was caused when the
city attorney stated 1T was up to the
council to have the riparian rights
for Buckingham avenue, Broad street
and Raritan avenue searched. 1t
had been the prevailing belief among
the aldermen that the harbor COM
missioners should have the work
done after the council had taken
means OF paying for counsel in addi-
ton to the city attorney. Mr.. HON.
mann stated that in this matter 1t
was the duty of the harbor board to
recommend to the council, and de-
clared the latter body should act.
1t Is the intention to place a sewer
In Paterson street, between First
and Second streets. preparatory to
paving that portion.
Action may be taken at the regu-
lar meeting on Monday night to have
City Electrician Jay B. FRANKIE In
stall a whistle on plant No. 2 of the
Atlantic Terra Gotta Works in Buck
ingham avenue to summon Lehigh
Valley fire tugs.
A plan to amend the city electrical
ordinance to provide lower mini
mum fee for installation of electrical
work will probably be completed at
a meeting In November.