New-York tribune., 1906-07-26
CITY STOCK BIDS LOW
aTERAGE is BELOW IO2.
Metz Lays 1t to Great Prosperity
and High Money.

,,s- received for the proposed issue Of sl25OO :
- 4 per cent stock and bonds Of the CITY Of
-. work. which were opened at the Controller
-. Yesterday afternoon. were exceedingly un-
..,orv and considerable OF disappointment
.,,se there were not enough bids for the water
-, which has twenty years run. and the as
,sn. bonds. which have ten years TO run and
80. II is hoped to get some Of the bidders FOR
=: longer tern bonds to take the former on the
- ~ ther bid for the latter. no awards were
&c last night. 1t was asserted that the awards
l5 not he made until late to-day. Not in many
w.. bssore has there been a failure to make the
80. On the same day the bids were opened
rbsre were only twenty-eight bids yesterday,
- tbe average price was between 1O1 and 1o2.
- last bond sale Of the city held on Febru-
-, =. x when s2oOOO,OOO OF hfty-year bonds were
"a A. an average price Of l0S.O52 Controller
-, admitting his disappointment over the small
- n The bids received. attributed it to the fact
~, there was no market for such bonds on ac-
t ~ tie prosperity of the country and the
t,gh price Of money
The stock and bonds for which proposals were
sles were as follows: slO,5Oo.0O of corporate
,,ok 10 mature in thirty years. issued fer various
-,rnicipal purposes, principally the Chelsea and
.tsr improvements $50o.oO0 Of corporate stock to
.,,re in thirty years. issued for the construction
= ,be rapid transit railroad $500 900 of corporate
cork 10 mature in twenty years. issued to pro-
sse for a larger water supply; 81. .OOO 900 assess
s,rset ard park openings
40 single firm individual bid for the entire
,,vae The nearest approach TO this were the bids
- Harvey Fisk & Sons. which were for all except
,be 81 100000 Of ter-year assessment bonds. The
Iarest bids received were par and the highest was
mss Some Of the bids received, were as fellows:
p, Pesr6sley-s25o Gao al 100 Is $3.50 0oO al 1O027
,r55SSsD "a l00 So ard S2J0 600 al 100 "a
= Il Reiseaaa-Eght io1s q s25.o0O each at from
zsrvsy Fisk 100000 all or paro at 1Oo1s5
ngS 81 81 S 1o ali or part, Al iS S i 81 IL oG Go
m y rar at i006S7 81 100000 Cali or part az loO777
'S a.,nsl % cy Ba2kESI 100000 ali or parr at 1oo51
Ssres G. Gates & Co.-Sa5 coo at l04 and SOS 600 at
AMsessr & Co-s5oo oao AZ I01 So 500 600 At 1o1 so
r0oO lo2 o. 100000 o2 y and $500 600 at I02 81
Bankers. Trust C9mpany-Sx lots q $4,000 each al
IsdaS ca-FIre lots Of $4,000 each at from 1916
wFsht-ssoeo VI coo 1os4s $4,000 at
& 9ssR naa a - 169 - at s,n 1890 SO
sa00 lO2 p $4,000 Ol56 and $1,000 at oI II.
William salomon & Co. also bid for several lots.
After The bids had been opened Controller Metz
sad:
attribute the low bids to the fact that there is
market for city ponds al TINS time The country
Il he money Is going into industrial enterprises
Ssrs had for selling bonds but thought il would
ss best 10 sell q per cent bond issue and pay off
g0ne Of the obligations. including property that We
obligations We are paying s per cent. I expected
mar would not get much over average of 102
and fraction. but did not expect the bids would
sveFsge as low as they did.
Later in the day E~puty Controller McCooey in
sEpanstion Of the reason the awards were not
made said:
We wanted 10 communicate with some of the
BIDDERS for the long term bonds, who viii not he
a5s 70 get all for which they bid. in order 10 see
they would be willing 10 take of the
0ther bonds al The same fglges. We Will not get
replies until to-InorroW- ~s
not thought likely, .foweHeF, that any of the
bidders would be wiling, ~ pay much for the