Perth Amboy evening news., 1918-07-26
GPREM|UM ON
COUNTY BONDS
Perth Amboy Trust Company
Loses Out to National City
Bank of New York.
nu snsoinI correspondent.

81 Special Correspondens.
NEW BRUNSWICK. July 2e-
Perth Amboy was the only place in
Middlesex county to be represented In
1.-THE bidding for the big bond issue OF
the Board of Freeholders yesterday.
| Bids had been advertised for S2SS.0OO
worth of bonds to take up numerous
( short term notes that has been Issued
| from time to time for improvements
/ The bonds were purchased by the Ma
| tionai City bank, of New York, which
bid $3.50, Ace for s2ss.o0o worth Of the
bonds, being premium OF Sl,4oo.
| The Perth Amboy Trust Company,
| the only financial institution in Mid
| dlesex county to offer a bid, was but
| $409 under the National City bank,
1 the Perth Amboy's institution bid be-
ing $2ss.057 for $2ss,OO0 worth of the
bonds.
other bidders, all New York bond
houses. were Harris Forbes, who bid
| on $3.50, 900 worth of the bonds $685.
900: ]. o. Rippel & Co., who bid on
$3.50, 900 worth of the bons, $2Ss.o66;
Van Ingen & Company, who also bid
on $2s9,000 worth, $28s,900.
The freeholders were greatly pleas
/ ed with the fact that one of the
countys own financial institutions
was able and showed q willingness to
L Il
bonds and offered such large pre-
MUM for them, and there was much
sentiment among the freeholders to
give the bonds to the Perth Amboy
Institution. The county solicitor, how
ever, advised against such procedure,
pointing out that 1t woul tend to drive
| outside bidders away in the future
should a high bidder be turned down
now in order to favor a Middlesex
county bidder.
The point was considered well taken
and the bonds were awarded to MA
tional City bank. The Perth Amboy
representatives of the Perth Amboy
Institution got some satisfaction out
/ of the fact that IL at least took the
National City bank, of New York, the
largest financial institution in the
country. to beat them.
Following the disposal of the $685.
/ 900 bond issue, resolution was intro
duced by Freeholder Belloff authoriz-
| ing the county collector to borrow
$50. 900 in anticipation of taxes. The
representatives OF the Perth Amboy
Trust Company being at the meeting,
they agreed to lend the money fortn-
with and the matter was closed at
| once.
! A communication from the Jersey
Central Traction Company was read
stating that they would comply with
1
stall red lights at the approaches to
the draw on the Amboy bridge.
Because of the extra expense the
county has been under to repair roads
due to the severe winter, resolution
was adopted providing for the issuing
Of emergency bonds to the amount OF
| $50, ,0To.S1 to cover such expense. The
resolution which was introduced by
Freeholder Haight, was as follows:
Whereas. During the winter JUS
past the weather conditions have beer
| entirely abnormal and unusually Sc
we're. and,
whereas, In conjunction with the
unusual severity of the weather con-
| ditions our roads have been subjected
| TO an enormous increased traffic due
to war conditions and the congestion
| OF freight over which this county hat
no control nor the happening of which
| could have been reasonably anticipat
ed. and.
i'Whereas, Due to the aforesaid con-
| junctive elements of weather condi
tons and trafiio there has been spent
/ on the Following roads the following
| amounts. 10 wit:
Road No. 8, Iselin- Railway, Ss.6s1.ss.
Road No. o, colonia-Avenel. $2.629.21.
Road No. 81. Highland-Park-Metueh-
en-. te.1ef.73.
] Road No. rs. Metuchen-MenloP Park
Iselin. ts,s1s.7e.
Road. No. rs. Metuchen-Perth Amboy.
Road No. Ss, cranbury-New Bruins.
wick, tT,s0e.74.
Road No. so. South Amboy-Keyport,
s2.545.ss.
Total. s5O.075.s1.
And Whereas. The aforestated ex-
penditures were all expenditures due
to the emergency conditions caused
as aforestated.
Therefore, Be II Resolved by 1heI
Board of Chosen Freehoiders OF the
County of Middlesex that IL be consid-
cred that an emergency exists due to
the conditions previously stated and
the happening which could not have
been anticipated.
And be II further Resolved that the
aforesaid moneys for the aforesaid
roads be funded by the issuance OF
emergency bonds which shall bear
upon their face a statement OF the
cause or event with reference 10 which
they were issued and the date or
period thereof"
The secretary Of the State Highway
Commission notified the board that
aid in the construction OF the Parlin
road.
South Amboy common council re-
Quested that inasmuch as the county
had taken over Bordentown avenue
from Pine avenue 70 Stevens avenue.
that the county install cutters on both
sides Of Bordentown avenue.
Lawyer Leo Coakley, representing
Charles Tentle. appeared before the
beard and asked the county 70 reim-
bunna his elienf for injuries received
bY Tanues horse when he stepped IN
4 hoIe On the Ambog bridge on Nay
"a. Mr. Tentie asked fer f1ae. TIVE