The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-11-12
CITY BOND ISSUE AWARDED
VERMILPE & co. SECURE ALE THE
MEK Q Ii PEE ENIS

Their MA or loan Accepted with q
ProvIHo-The Higher bidders 20 Receive
Their Shares if Dem nndeh Wtthin Three
Dnys-A Blow TO Bogus Hids Hereafter
The entire Issue OF 3M per cent. city bonds
recently offered for sale by Comptroller Fitch
amounting to Sl6,O46. 50O,7l, was awarded
yesterday by the Sinking Fund Commission u
rmi d Co. OF 10 Nassau street. Their bid
was 104 7l-l00 for the entire issue. The aver.
age life of the bonds is twonty-threo years and
their net earning power under the award Il
3 1-5 per cent. The actual premium which will
accrue to the city Ia 500, T04.42.
The Commissioner were not sure that they
were within their rights in awarding the bonds
to Vermilye & Co., as there were several bids
for large amounts at a higher figure than the
offer of that firm from persons in whose finan-
cial ability the Commissioners did not reposa
full confidence. Comptroller. Fitch had made
Investigations into tho business standing of
result was not encouraging.
1t was found that. q. Boalaski, who bid for
for which he paid SI.85 a week, at Ole sixth
street. He was not at home. but his Iandlsdy
employment for him. He preferred a Job as q
florist. He is at present. 1t Is said, a writer for
q Hungarian weekly newspaper.
8. Herzberr. who gave his address for ter
days at the ST. James Hotel, Roanoke, Va, and
sfterwSrd 81 y &C. care T'oS of The hid Mutual Sn ! an Li afid insnrSno &c
$685., s40.33,, offering S1o,33O.67l.53. The
Secretary OF the Mutual Lie Company found
out that Herzberg was employed by J. K.
Baker, the general agent. and that he was nos
responsible TO the company, nor had the com.
pAny anything to do with hiring him.
+. Z. Burlinghame. who offered n emium OF
$4,000 on s 100000 Of tho bonds. gave his ad-
Broadway and han bers street. His name was
not on the door. A man In the office said that
Mr.. Burlinghame was engaged In some %electrt.
cal business. 1t was found that Alexander
Thompson and Burton Jones, electrical engi-
neers. who had bid for 81, 100000 and $2,500,-
600 respectively, lived with. Burlinghame In .
sovon-rOom fiat on the third floor OF l04 West
building tuH,n ssI we're from rom ss5 to $50 a month. ~ 'A'
NJ. w. Benjamin. who offered a premium OF
S64, 500 on $500, 900, gave his address as q sixth
floor office In the building at los Broad street.
The office 10 the headquarters of the New York
Muti-color Copying Company. makers OF blue
prints, and n man there, who said he was Ben
tamin's partner, said that they lived together
on the same floor Of the building. He said that
Benjamin was out aud that he did not know
when he would return.
The Sinking Fund Commission asked the
advice of the Corporation Counsel, and he told
them that they could award the bonds to YER
milye d Co.. taking the risk that the higher
in the required time. 1t was better to SO award
the bonds, he said. than to have the sale fall
through. Tho bonds were then awarded to
Vermilye g. Co., with the understanding that II
any of the higher bidders demanded their share
within three days Yermilye a. Go. would give
them up. II Boalaski, Benjamin, and the oth-
ers whose bids were. not accepted should de-
mand their bonds the city will receive a pro-
MUM OF Sl.429.3 72. 80. After the award was
made the Commission adopted a resolution that
In all sales of city bonds hereafter each bid
must be accompanied by a certified check for
reasonable amount. Comptroller Fitch said
afterward O check for Ave per cent of the
amount of each bid would be required as an
evidence Of good faith.