New-York tribune., 1896-07-29
THE BOND SALE NOT A SUCCESS.
BIDS RECEIVED FOR LESS THAN oNE-THIRD
OF THOSE OFFERED FOR SALE
Ry THE CITY

BY THE CITY.
Only $l,oo.5oo worth Of the proposed issue OF
s. sos 962 Sc gold bonds and stock Of this city were
bid for yesterday at the sale held by Controller
Fitch The highest price offered was lo'2l ana tne
lowest par. The par bids predominateo' 80 ''o
average of the sale is low
The bonds the regular 3's per cent eoid
bonds and were divided as follows: $4,000 for the
construction OF Harlem Bridge $7o9O 2s Tor schoo-
house bonds. ss5l15 SO for sanitary Improvement 10
schools s25 coo for change OF street grade damage
commission Si7 900 for new East River Bridge s2u'-
900 for Improvements of parks and drveways' sloo-
600 for paving In Twenty-thrd and Twenty-fourth
wards 81 4629 95 for State tax for insane. Se"co
for additional water stock.
There were twenty-three bids submitted The
most of them were handed In just few minutes
before II O'clock when the time for submission
ended Half dozen. received after that hour. were
rejected.
The bids showed lack Of spirit Tho largest bid
was that of b. c. Paddock Of Philadelphia. who
bid for $500 900 Of any the bonds at 1152 The Con-
troller and his assistants do not understand the
bid. They say It may be either sll51o a phenomenal
" high bid. only s0ol575 What the intention OF
the bidder does not appear on the face OF the
bid.
f. Bcekman Underhill bid for 500 900, equally d.
vided at slOo55 and slOo125. Frederick Uhlmann.
president of the Brooklyn Elevated Railroad bid
for 10000 of New East River Bridge bonds at sOl
Arthur s Fairchid offered $4,000 for $4,000 worth
of the paper; Mr. Maillard offered par for $4,000.
and Maitland Coppell & Co. offered prices ranging
from slOlss down to sl0l69 for 100000 Of any on
sale their choices being follows: Harlem Bridge
bonds $l0 81; schcolhouse bonds, sl069 East River
Bridge. repa,1ng and parks and drveways. slU Ss
each; insane tax bonds, slol76, and water stocks,
SlO, "a. The North River Insurance Company
bought $4,000 at par and Adrian lsen Co.
rhe other bids We're follows lasS!d Henri stTass5 r @
at SOL 2 $4,000 al sO5.S5 and $4,000. at $0352 A.
Ciallot $1,000 at sOO26 Henry Brothers, $4,000 at
$40 600 at SO W. A. Stiles S. 900 at 800 s0 T. White.
s. 500 at SOL %; Maclay Davies 5000 at par Mrs
L. A. Laurence.le $1,000 at par; Joseph Holland ct
s25O 600 at par; Ntw-York State National Bank. of
Albany, 5000. at par; Cuyler Morgan q Co. bid
for s50oo0 at par.
Controller Fitch although much disappointed at
readvertise the bonds. and hopes for better results
next time. The Controller declined to enter into
any discussion as to the cause of the light bidding
AS the bonds are S19 per cent. and payable abso-
lutey in gold, he was not disposed to think that
the silver ag taton at the bottom of the trouble
Acting Mayor Jeroloman In speaking of the fall
in his opinion there were several causes for the
situation not the least of which the proposed
charter for Greater NewYork az thus far disclosed
by those having the craft of II In charge Mr..
Jeroloman said that investors afraid TO buy
bonds first. because they feared the result OF
the PROPOSED borough system second, because . the
and third, because the proposition for the greater
city bad In itself
dealers in Government bonds and investment
curties at No. "a Nassau-st. said: "rhe bonds
of the city of NewYork are all right. The reason
the new lot was not fully subscribed for is that
the Controller puts the bonds up later they Will be
sold readily enough