Perth Amboy evening news., 1914-10-22
WATER BOARD TO
BUY BOND ISSUE
FOR INVESTMENT
Resolution Passed Last Night
At Meeting to Purchase
Bonds for Boards Sinking
Fund at Az Per Cent.

The Board of Water Commission
ers decided to invest $780,
600 in it's water bonds dated Sep
tember /, which up to this time
have not been sold because of the
condition of the money market, at
its meeting last night. A resolu-
tion was passed instructing the city
treasurer to purchase for the boards
sinking fund water bonds in the
amount above stated at four and one
half per cent per annum, and to
place the money therefrom in the
general account of the board. The
body considered a petition for a
water main in Laurie street between
Groom and Cornell, empowered the
superintendent to purchase a regu-
lating valve at $247 for the newly
erected stand pipe, and received a
report from the finance committee
In reference to the advisability of
purchasing an addressograph for
clerical work
Instead of borrowing money at 6
per cent. to meet the enormous drain
on the treasury made necessary by
the comprehensive improvements be-
ing completed and still under way,
the board decided to call on its sink
ing fund and purchase water bonds
bearing four and one-half per cent.
interest. President Snedeker stated
after the meeting last night that 1t
was not the policy of the board to
borrow money from the sinking fund,
thereby diminishing that emergency
deposit, but by using the money to
purchase water bonds would be not
only good investment for the sink
ing fund but be a means of increas-
ing the money available for pay
ments on new improvements. The
money in the sinking fund only bears
three per cent. interest, whereas the
bonds will realize four and one-half.
Mr.. Snedeker thought that the money
market would be improved by the
time the $4,000 three-months' note
given the Perth Amboy Trust Com
pany natures, and that the then re-
naming $4,000 Of the water bond
issue could be disposed of. With the
purchase Of the bonds dated Septem-
Der l. the little more than 100000 in
he sinking fund will then have been
invested in water bonds, except about
s16, 1000
A petition was received signed by
Chris Nielsen, Paul s. lessen, Nielsen
e. Hostrup and others. Mr.. lessen
was spokesman for the petitioners.
He stated that three or more proper
ty owners in Laurie street, between
Groom and Cornell, wanted to build
two-family houses in that street and
desired water main. The petition
was referred to the pipe committee.
William P. Nolan, chairman of the
finance committee, reported that he
had visited the Newark water de-
partment and seen an addressograph
in operation there, and was favora-
bly, impressed. He said that it prints
the addresses on bills, is used for
ledger work and for various other
purposes, and that the department of
Newark recommended it highly. The
committee of the whole will consider
the purchase of one of the machines,
which would cost $3.50. The board
may effect an agreement SO that the
city will bear part OF the expense,
and the machine be used by the diff
ferent departments at city hall
superintendent Grieve reported
that a regulating valve is needed for
the standpipe on the poor farm, as
the big container might overflow
with disastrous results without such
a regulator. He was empowered to
purchase one for $247. The valve
closes and opens according to the
pressure of the water, and cuts off
the intake when the tank fills.