The Penn's Grove record., 1919-12-12
PENNs GROVE, M FRIDAY, DECEMBER p. 1910
No Bidders For Bonds
No Demand for Municipal Bonds
Rate of Interest May Have
to be Increased

The Mayor and Council of Penns
Grove met in regular session at the
Council Chamber on Tuesday night.
Howard Borden presided in the abb
sence of Mayor Smith. Other members
present were George NJ. Pyne, Albert J.,
Bodine, Dennis c. Fahy.
1t was nnounced that Charles L.
Smith, Asa G. Justice and Hollis F.
Ashcraft had been selected to act on
the condemnation of land, etc, in the
matter of certain streets to be later
taken over by the Borough. Joseph r,
Moreland, civil engineer, of Paulsboro,
made a final report concerning the IT
streets to be taken over by the Borough.
All the field work has been done and
the various markers and
set.
Andrew C%olantuono asked that a
light be placed at Deming Avenue and
Walnut Street. The people living in
that vicinity were nearly all taxpayers
and were entitled to some considera-
ton. He was promised that it would
be attended to after the first of the
year.
Mr.. C%olantuono also referred to the
variations in taXations on land in his
neighborhood. Some was assessed as
low as Sc for a front foot, while he was
assessed at $50 a foot.
John w. Trumbul1 also addressed
the Council upon the same subject. He
has lots at TrumbulI Street Morgan
tract) that were assessed at a higher
valuation han he was asking for them.
The rate varied from his property to
the Borough line $40 to 81 a front foot
The members gave these gentlemen's
pleas due consideration and intimated
that a revision upon a more equitable
basis might result.
Borough Treasurer D. P. Featherer
reported a cash balance on hand of
$22, 923.77. Out of this and further re-
ceipts must be paid half of the State
school tax, S3,6I6.7O; half of the
County tax, S7.7S9.91; half of the State
road tax. $1,391.03, and half of the
local school tax, $4,000.
Two ecverooats were ordered pur-
chased to complete equipment of the
police force.
Sealed bids for the purchase of the
$4,000 bond issue for the Borough hall
were to have been opened at this meet
ing. but there were no bids.
This, it seemed to be understood, was
due to several causes. They are short
term bonds c. years. and will draw in
terest at the rate of 5 per cent. There
is little ,or no demand for such secur-
tiles among the bond houses or banks.
Large investments by the Government
in Liberty Bonds has placed them in a
class above municipal bonds. More
over there is a possibility of municipal
bonds having a tax placed upo them
and if this happens the rate of interest
will have to go to & or z per cent. to
get them on the market.
There was one bid for the entire
issue under the original proposition
making them payable in thirty years.
This was from the Camden Security
Trust Co. They offered $60,315 for the
entire mount, but their bid could not
be considered, as the time the bonds
are to run has been changed to six
years.
Mr.. Stokes, representing George b.
Gibbons e Co, New York, was present.
He said he had no specific bid, but
hought it was possible that the
Borough could make a deal with his
firm and minated hat they might
take them at 97h. This would give
51b& They were not anxious, however,
Such bonds are at a standstin.
After much discussion it was de-
| cided to extend the time for receiving
bide until Tuesday next, 18TH.
! : While bids for erecting the Borough
hall had been advertised for. no plans
had gone out yet. 1t did not look as
if there was going to be any great
| scramble among contractors to do the
work under present conditions. Labor
troubles. rapid advances in prices OF
materials, giving them no table or de-
pendable market would compel a
safety first plan of bidding and tnis
would probably cause the BIDS TO eX-
coed the amount allowed for the build
ing by several thousand dollars.
A bill of s162.42 due Salem County
for road work was ordered paid.
Consideration of ordinances in vari-
Gus stages of passage was LAID over
again.
The Council will meet again on
Tuesday when the important matter OF
the annual budget required by law VIII
be considered together with other BUSH
ness.