The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1901-05-02
DIDN'T SELL TAX BONDS
Bidders Wanted the
Whole Sum Or
None at All.

| The Board of Finance did not dispose
of the 100000 worth of tax arrearags
bonds at yesterdays bond sale because
| outside bidders refused to bid otherwise
than for the whole issue, including the
900 school bonds and the $207 900 fund
ing bonds. President James G. Haskins
of the Sinking Fund Commission bid l.0s
and interest to date of delivery for the
| two latter lots, and they were bought in
| by the Sinking Fund Commissioners. All
the bonds offered were gold bonds bear
| ing per cent interest. The $500, 900 tax
arrearage bonds are to run but five years
and the school and funding bonds mature
| in 1881, thus running for thirty years.
| Two bids for the entire lot We're re-
ceived as follows and rejected
Blake Brothers Ss Co., and Ester-
brook & Co, New York dointly), l0O959,
and accrued interest for all or none OF
the following bonds:-$6OO,0 900 tax arrear-
age, maturing May |, 1906; slS2,Oo0 school.
maturing May /, 1885, 100000 funding,
| maturing May l, 1881, all bearing interest
at rate of per cent. payable in gold.''
The bid was accompanied by certified
check for $19,78S on two per cent. of the
full amount bid for, and it was stipulated
ing legally issued.
IN w. Harris & Co., New York, Chi
cago and Boston; Harson, Leach & Co.,
New York Gointly):-For $685. four per
cent gold bonds, 10005 and accrued inter-
est to date of delivery, the bidders stipu-
lating that the Commissioners agree to
furnish them with the usual papers salts
factorily showing to their attorneys le-
gality of issue prior to payment of said
bonds" certified check for two per
cent of the total amount also accom-
panied this check.
There was some grumbling on the part
of the representatives of the New York
firms, who claimed they were practically
confined to bidding ON the short term
bonds.
Commissioner Mullins intimated the
city was possibly up against combina-
ton. Two of the representatives indig-
nantly denied this. One said he didn't
like the slur and there was no basis for
such an intimation. The Commissioner
turning to the one nearest to him said
why, this man said inside that you
wanted him to go into combination with
him.
But he agreed to bid the same for the
long term bonds as do" was the answer
The Finance Board has no doubt that it
will be able to dispose of the tax arrear-
age bonds without difficulty at satisfac-
tory prices Considering the excited state
of the stock market and the high rate of
call money the sale of yesterday is con-
sidered as satisfactory. Looking over the
lump bids the Commissioners did not con-
slider the prices offered as satisfactory.
he long term bonds were worth more.
The Sinking Fund Commissioners had
offered a fair price. At the price offered
by the other bidders the Finance Board
considered that they would be selling the
short term bonds at discount
The city receives $4,000 premium on the
long term bonds sold. Their rate showed
splendid evidence of the healthy condition
of the Sinking Fund. For the first time
in the history of the city it was able to
bid at bond sale end take such a large
block of bonds as was bid for by it yes
terday. 1t is regarded as an evidence of
the capable and able financiering by the
Sinking Fund Commissioners.
Blake Brothers & Co. and Easterbrook
& Co.'s joint bid for all the bonds meant
$3.50 for every thousand dollars; Harri-
son & Co., and Farson, Leach & Co. IS
S. on every thousand. The Sinking Fund
Commissioners for the school and funding
bonds paid the city 800 for every thou
sand,