New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-11-11
OVER ELEVEN TIMES TOO MUCH.
THE GREAT SUCCESS OF THE MUNICIPAL
ROND ISSUE.

Controller Fitch's throat was stillsa little sore
yesterday after his four hours labor on Monday
in calling out the 1855 bids at the great SlSOoO'~
municipal bond sale on that day. The Controller
said that he hoped to recover before the tabuIa-
ton was completed Owing to the many combina-
lions OF bids and offers made by those anxious to
get a share OF the issue. II IL likely to prove n
complicated affair. Some bids were for all or any
part OF the bonds advertised some were Tor stated
bonds and some were for many combinations
that they would puzzle even accomplished
fnan cer.
The sum Of the bids received was about *lso,yo.-
Oo over eleven times the amount OF N6oi6o%Io ~.
the loan placed the market
To say that the city officials were happy over
the result Of the bidding would be to give n meagre
idea Of pleasure expressed by most OF them Mayor
Strong received stack OF congratulatory letters
and kilograms from welknown bankers like j.
T. Morgan & CO.. vermilye Co. August Bel
mont & Co. Blake Brothers & Co. Harvey FISK
& Sons and Speycr & Co.
Controller Fitch stopped his work on n pile OF
bonds TO which he afiixing his signature yes
tcrday 10 accept CONGRATULATIONS from a crowd
OF pleased citizens. The Controller. too had re-
cclycd many congratula,ory letters and messages
Ito was not inclined TO say much. The Controller
sent many letters to German. Engish ana frehch
capitalists. and had advertised the bonds at homo
and abroad more widely than had been done TOT
any previous sale.
I'm the good work and alderman Olcott. another
member OF the Sinking Fund Commission. had
been active ia bringing the excellence OF New
York Citys securities to the attention OF investors
on both sides OF the Atlantic. Both these ofhciais
were well satisfied with the outcome
The tabulatIon had not been finished at late
hour last night that the Controller was not
able TO gay on what bids the bonds would be
awarded The highest bidders for the NVo,cW
r.,l,mption bonds were Farson. Lcech CO.. Oh
Chicago. at l0i59: the J. u. Morgan syndicate. at
lus 2g7l and Kuhn, Loeb a. Co. AT lnt6J. Inc atter
onor.i for 81 tspOpr dock bonds 1910 while the
Morgan combination bid i0I5y1. f. {. BurlinKhame
offcr.d SglsnD for 500 90 OF these bonds bidder
ernine himself Alexander Thompson, and writing
from the Hotel Manning. offered s-lsvw Tor s-"
go ~ this issue. 800 ,, 80 .,,,,
A number OF small bids were received as high
as III The highest bid received was at lbs Tor n
small LOT Controller Fitch IL investigating these
LlJs The law requires him to inform the highest
bidders thai they can have the bonds. provided
they are ready to pay for them: Severai OF tne
bids have been designated as TAKE. ana WIN
good reason apparently - ,,.,..a %
Fire Commissioner Sturgis was autnorileu 10
uct 800 O0D for the Pension Fund OF his Depart
ment but his faith was weak ana ne o'H H, only
lion as an officer OF the Knickerbocker trust
company offered only l0o.S6 for &V,Wo OF the re-
demption or dock issue -. m,.,. A., M,
These bids show that prominent officials did NOT
realize the value which investors mad placed upon
the city's securities .,. ..., ho uou,d
ask th. Legislature at its coming session TO pass
on ACT recurring every bidder In the future 70
dcnosit "A certified check 10 guarantee the iu'h-
ment OK the bidders contract