Perth Amboy evening news. [volume] (Perth Amboy, N.J.) 1903-1959, 1915-05-26
ACCEPT
LIGHTING PLANT
BONDS OF CITY
$3.50, 900 Worth of Municipal
Light Plant Bonds Bought
Today by Bond Brokers.

Municipal light bonds in the
amount of s150,000 were bought to-
day by A. B. Leach G Company and
J. D. Everitt & Company, joint bid
ders for the issue, 1t was learned at
the office of the latter concern at
2:3O o'clock this afternoon. Though
City Treasurer Rhodes is not expect
ed to return to the city until late
this afternoon, it was said at the
brokers' office he had been there and
effected the belated delivery and
sale of bonds on the terms agreed on
by the Board of Aldermen Monday
night. From present indications the
action of the bond companies in ac-
cepting the issue will remove all OBJ
stacles in building a city light plant
unless the work is being heldcmfwyp
opposing the plan securing writ of
certiorari and an injunction to pre-
vent the construction of the plant.
At the meeting of the Board of AL
dermen tonight City Treasurer
Rhodes will report in full on the sale
Of the bonds The bonds, it was
learned at the brokers' office, were
sold on the agreement that the money
Bank of Orange, and withdrawn as is
demanded by the progress OF the
work on the plant. Any balance left
in the bank at the end of the year
is to be turned over to the city.
Alderman F. William Hilker, spon-
sor of the electric light proposition,
this morning held different views
than those expressed by Mr.. Weaver
in yesterdays NEWS In reference to
Ethe action OF The aldermen Monday
night. He declared that Mr.. Weaver
was assuming that something would
hold up the construction of the plant,
but that he assumed it would be
built directly following the sale of
the bonds. He said
1.-THE article of Mr. Weaver is
based in assumption. He is assum-
ing that the plant will be held up.
We have right to assume the plant
is coming We are getting s4,165
premium on these bonds, and our ac-
crued interest to date amounts to
another $1,025, which the bond hold
ers will have to pay the city on TAX
ing up the issue, making a total of
200 Mr.. Flagg, of the Watson
Flagg Engineering Company, who
were awarded the contracts for erect
ing and equipping the plant, says
they can have the plant done by No
vember So, If the money is depos-
tied in the Orange National bank we
will only lose interest on same until
November AS the principal would
continually be drawn against as the
plant was constructed, it is likely
that we would only lose $1,000 in
terest on the proposition to have the
money deposited atsthe Orange bank,
and be still about $4,000 ahead of
the game. We figure, il we should
readvertise for bids we would not get
any premium and maybe no bids at
all, as in the case of Bloomfield and
Atlantic City when they tried to sell
municipal bonds last week, because
of present financial conditions, due
to the sinking of the Lusitania, etc.
Anyway, we certainly could not get
as much as $4,000 premium" Mr..
Hilker declared that his sentiments
were shared by the other aldermen
who had voted for accepting the lat
est proposition of the bond holders,
with the proyiso that the balance left
in the Orange bank at the expiration
of year be turned over to the city.