New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-20
LARGEST CITY BOND SALE.
CIRCUIT OFFERS s37,0OO,OOO.
Discounts Effect of Possible Demo
cratic Success.

Cortroller-Grout End Mayor Mcclellan are pre-
r,aring for possible business depression ana
democratic success at the polls next November
nv raising enough extra money 20 run the CITY
Government Cor a year Instead OF selling bones
sn small ins.aIrnents. the Controller and Mayor
have decided 10 sell on May next S5|OV'V'O
% B. per cert bonds all at once.
.,he Controllers friends say he is conhdenI
-l,a+ the csty~s bonds would not bring par il the
Democrats should elect a President next Novem-
her end that 81 selling the enormous amount
contern plated ne simply is preparing for rainy
cay Tho Controllers move is something OK a
political and financial sensation. indicating that
Democratic success ~ the polls next fan might
,-eyert the city from raising necessary funds
10 NEE. TIE cost Of various great improvements
unless the interest rate should be raised
The Controller is likely to be criticised for his
7,ess!rnisIn. because with the undoubted re-elec-
ton OF President Roosevelt next fall there is
every probability that the money market win he
easier, and that IN selling S37.OO0O00 Of bonds
shis spring, while the market is stagnant, the
city viii lose possibly $4,000 n premium
money that could reasonably be counted or If
small Issues Of bonds were made from time 70
time until it is practically certain that the Re
publicans viii win
LARGEST PREVIOUS SALES.
Under the Strong administration what was
shen the largest sale Of city bonds on record was
snade, but the largest single issue was only
E1eOOOO00. CT the S37OOO000 TO be sold,
S32OOG,OOO will be corporate stock. payable IL
nrty wears. while the other S5.O0000O will be re
funding assessment bonds, payable IN ten years
The man or firm who bids for the entire issue
VIII have 70 deposit with the Controller certi-
red check for $40 600. Under chapter ga Of
the Laws OF 1904, it viii be possible for one
bidder 60 get this entire issue, end it is alto
Fzether likely that combination OF two or three
big bond houses in Wall Street will get all but
about s.. 100000 OF the issue. The new law gov
erning bond bidding in this city says that all
or none" bids cannot be considered by the Con-
trouer unless the bidder Offering TO purchase
stau or none Of the bonds offered for sale shall
also offer to purchase 'a1l or any part" thereof
This provision viii make it possible FOR the in
saividual investor 10 buy city bonds II he offers
enough for them.
WHAT CONTROLLER CIRCUIT SAYS.
An che comment the Controller would make
on his great bond sale was furnished yesterday
in G typewT3tten slip, IS follows
The sale OF corporate stock announced IS the
largest which the city has ever offered The
general improvement in market conditions Tor
these securities since the last sale has encour-
aged as to seek 10 provide now for the cash re
ouirements for public improvements for the rest
OF the calendar year. have taken TINS course,
however. only after fun consultation with the
houses which deal in city bonds. and with rep
resentaffve fnanciers. as well as witlls my
ciates in the Board OF Estimate and ApportiOn-
ment.
Some OF the largestiitems Of the budget are as
follows:
o2rBoTats st9s - r i f1a5 r5i6aa 100000
Coruorafe stock 81 the OF Ney-1ork Tor ite
uses PURPOSES Of The Department OF DOCKS -.
coToTe1 , sseS n al sites therefor 100000
'orae'4 fs f'P PiSq ' F r5 cry -. $4,000
'lllo ire s, ~ % y1. en-. u s15oooO
i r5r s a9 sdiiri8a supply Sf 1900 900
Corporate stool, az the city Of New ork for The
uasTlen. assessments imposed upon the
NayoT. Aldermen and C1rnmuuaIty Of the city
u -eeu-Norl uior 10 January J. lssN. and
G59 SHe isss .-.......... 100000
sslrnorate the city OF NoW-York for the 49, 49,
Asseesrent bonds of the city 100000