New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-11-10
WONDERFUL SUCCESS.
ruE s1e,O4659O 20 CITY BONDS BID FOR
FIVE TIMES OVER.

,r or THE ELECTION OF M'KINLEY PLAINLY
suowy-s. 1. HERzBERG OFFERS los1 TO Ill
.op 6, 600 600 vERMILYE & CO.. io4.7l FOR
-,,r WHOLE ISSUE: KUHN LOEB & CO.
o,o AND j. p. MORGAN & CO..
,oa ,e7-MR FITCH AsCRIBEs 1T
PARTLY TO ADVERTISING.
49,. heaviest bond sale the city ever had re-
"a Yesterday in the largest premiums ever
-, rvervbody said it was one Of the magnf-
NV -.s,,,,s ~ the election Of William Mckinley
wonderful triumph for the present munich
odunistration Before the reading of the
-. nod been ended, the Mayors telephone bell
~. CITY Hall began to Jingle. and congratua-
-. ,oured in upon him from fnanciers. mer-
80 manufacturers and business men of all
....-,ntions The Controller was likewise show
80 u,,th CONGRATULATIONS on the amazing sue
..ss Of the sale.
r.o number of bids received was 1So. and the
-,,-o amount Of the bonds offered was bid for
zig five times over at premiums that Will
.h an average Of nearly per cent
.,.ror Strong was highly delighted with the
.,,.,.u I'VE have had three great days" he
..a sin little over a week. Our superb sound
eN nsrade of Saturday. October 81 the cleo
.,on ., Mckinley and Hobar, last Tuesday. and
200, bond sale to-day. 1t is a great success
,oxs the wisdom of waiting until after the
-,1..,or 7 think we shall realize a premium of
=. ,aost 41a which means a saving OF about
e-,n ooO over what we would have got by SELL
80. mar No such a sale has ever been made.
e,,ut 7, proves to my mind that we could
60. soated the entire issue at par at . per cent
interest"
CONSCIOUSLY BROUGHT OUT
Controller Fitch said that the sale brought
ant one thing most conspcuolsly. and that was
tho value Of advertising Il ADVERTISED 'he
hands on both sides of the Atlaatc, ana the
money was well spent" he added. The election
=, Mckinley undoubtedly had much to do with
our success"
Recorder Goff Chamberlain McCook and Alder
nan w NJ X Olcott. the other members OF the
Sinking Fund Commission. also expressed their
unbounded pleasure in the wonderful success OF
the sale.
The Controller said that II would take day
or two TO tabuate the bids before the awards
could be made. He thought that the bona hde
bids would foot up about $1o.OO.OOo
The Sinking Fund Commissioners met at :
o. m yesterday in the Controllers office TO open
the bids. The OondS ONereu LOT stiie arc pay ANY
In gold and aggregated the immense sum OF
SIG O46 500 10 bearing 81 per cent gold Interest
They are non-taxable The result. yesterday
showed a most satisfactory comparison with the
attempted sale in August. when the country was
in dread Of free silver anarchy and all the evils
threatened by Bryan and the Chicago platform
Comparison with last years first sale of CITY
bonds, which produced an average premium o.
about 1888, was highly advantageous 10 yes
terday's figures. About four months later Their
was a sale which showed drop 10 about 10l
The sale last August was a failure. not all the
bonds offered being bid for and the price falling
TO an average Of scarcely par.
All the bids Of the August Offering were re-
jected The Mayor and the Controller had views
Is to what should be paid for the bonds. The
Controller held that all bids above par should be
accepted. The Mayor said the prices bid were
too low. and that II the sale was,postponed until
after election better prices could. be had
Vermilye & Co. bid 1O4 Il for the whole issue
J. p Morgan & Co. Harvey Fiskand Blake Bros
4 Co bid 1O5297 for $7OO0.0U consoidat led
bonds due In 1922. and 104597 for the whole
issue. Kuhn. Loeb e. Co. bid 1880 TO 1OJ. 10 fol-
the whole Issue. S. L. Herzberg Offered 1895 &c
Ill for SJ.OOO,OOO Of the bonds
SOME OF THE OFFERS MADE: