New-York tribune., 1896-07-28
CITY BONDS GO ABEGGING.
BIDS RECEIVED FOR ONLY s121.OOO OUT
OF 100000.
THE CONTROLLER DISAPPOINTED But HE
THINKS THE LARGE LOT TO BE SOLD To-
DAY WILL HAVE TAKERs-HE COMPLAINS
OF THE IMPORTERS AND TRADERS
BANK AND RECOMMENDS THE MA
CITY DEPOSITORY.

Controller Fitch greatly disappointed yester-
day when he opened the bids for the 100000 OF gold
bonds which he had advertised for sale and found in
the bid box proposals for only s2l 600 OF the $4,000
offered. The bonds s25O.cO OF schoolhouse
bonds and n5o.0oo for the site for the College OF
the City OF NewYork. They were 3ia per cent gold
bonds. which had been bid for by Moeer & Co. at
l047s at the Controllers last sale a month ago Noel
Ter e. Co. failed take them and Mr.. Fitch ordered
them resold with the intention. he said. OF making
the bidders who neglected fulfil their agreement
responsible for the difference In the price they Of
fered and that for which the bonds resold
The bidders and bidding yesterday follows
L. Beekman Underhl. Jr.. $4,000 at 1Oo.55 and 5000
at lola: Kings County Trust Company $1,000 at
loo5O; II. ID. Spears, 5000 at l0o5O and Charles
Spencer 81 900 at 100
The Controller regretted the condition of things
especially because to-day he is to have sale for
much larger sum OF bonds-s3. sos s62 56 gold bonds
3iz per cent nterest-and he feared the effect upon
the bids he will open to-day.
1t is very much to be regretted" said Controller
Fitch yesterday, that some OF wealthy capital
lists. whose interest in the citys welfare ought be
great enough TO induce them 10 come TO our relief
at this time did put In bids for these bonds
The most Of them-s25O.cO worth-are wanted
for the building OF schoohouses. primary schools
that. The money is actually needed to pay the con-
tractors for erection of schools for the little chill
dren. to keep them Oft the streets We surely have
phianthropic and public-spirited citizens here in
New-fork, whose interest In the municipality has
shown itself at other times and in various ways
who should manifest their In the way
Of bidding bonds essential for the citys needs
Unless they do this the work those schools must
stop"
Later in the day Controller Fitch said that he
was happy TO say that his remarks quoted above
and printed in OF the afternoon papers had
been effective call the attention Of Of capital
to the situation. He added: Il have received a
number Of telephone messages this afternoon which
indicate that the bidding tomorrow will make a
much better showing. I am much encouraged and
look forward to the opening OF to-morrow's bids
with confidence that there is 10 be a decided i'm
provement over the work of to-day"
In the financial community the failure 10 sell the
bonds was ascrbed first. 10 the free-silver craze
and. second. to the great amount Of city and munc-
ipal securities now being offered. II said that
the offerings were far in excess OF the demands
from investors. No disrust Of New-York City bonds
was felt
The Controller yesterday addressed letter to the
Mayor and the city Chamberlain. his associates in
the Sinking Fund Commission. advising that the
National CITY Bank be substituted for the Importers
and Traders National Bank The reasons given
substantially follows:
The Importers and Traders Bank is the de-
pository for city funds. and within the last three
years this bank has not accorded the city all the
rights and privileges that we have a right to ex-
pect. The average weekly balance in this bank to
our credit is about ST. liz % As the financial off,
Ger Of this city | have to borrow large sums OF
money between January and October OF each year.
and To avoid a large interest account this money is
called for only needed
The city has the right to expect from its de-
postories a ready and willing response 10 Its calls.
but this bank shows no disposition 10 accommodate
us and | shall recommend to the Sinking Fund
Commission that the citys moneys De Withdrawn
from this bank speedily possible.
I'm 1894 this bank loaned only 10000. in ls9o
nothing and so far this year but 100000. In lss1
when money was needed in great hurry. went
personally 10 the officers Of this bank and asked the
loan and though this bank had not up to that time
In the year loaned us any. money met with a nlt
refusal. No money loaned the city by that bank
during that year. Again. this year, another request
made by my deputy. was refused ~, r,,
Mr. Fitch suggested that the National CITY BANK;
which has bur a weekly balance or city moneys ol
s2s3 $50 So be substituted the cys principal de-
pos,orv because, since 1894, II has lent the c.ty
10000 thus far this year alone; N2O"" IN 1888
and s. 80, 900 in 1894 - ,.s .. -
when Acting Mayor Jeroloman was asked as 20
uhaf action he would take regarding Controlsr
FYtchs complaint against the importers ana is irdi
ers' Rank ne said: II have Just received MT rlcn
complaint think that II all that ne says - .rur, &
and I do not doubt word OF 1t. the change Sus-
ges ell should be made.