The daily morning journal and courier., 1907-09-12
LEGALITY OF BOND CHECK
 METZ MAKES INQUIRY
 If Found All Right White Com pany Will Receive $15,O00,0O0.

New York, Sept. 11.-Efforts to de- ternline whether the Greater New York Securities company, which made out the check for ssO0,o0O that was attached to the bid of the Abraham D. White Bond company for the citys entire issue of $40,000, GOO 1-2 per cent. bonds, is a banking corporation within the meaning of the law, as re- quired by the charter, were made to- day by Comptroller Metz.
 To get legal advice MT. Metz sent for Acting Corporation Counsel Ster- ling and Edward M. Shepard. The Greater New York Securities compa- ny is not registered with the state banking department at Albany, but that fact, it was said, does not neces- sarily affect its status as banking corporation.
 If the bid and check are perfectly legal the White company will get be- tween 15,000,0 GOO and S17,000,000 of the bonds If no award is made to the White company bidders whose of- fer averages 10150 will be the lucky ones. This figure would still bar cut the Morgan syndicate, which bid a little over par.
 Comptroller Metz desires also to satisfy himself as to whether the Greater New York company is sol- vent banking corporation. The city charter and the conditions of the pro- posals for the bid provide that checks accompanying bids shall be drawn on a solvent banking concern. Mir White has been before the public on a number of occasions previously fn the bond bidding line In fact, he first became famous as the original post age stamp" bidder
 This was in 1890, when, under the Cleveland administration, he made bid for about sl,5oO,o0e government bonds at cost to himself of forty-seven cents for postage He got the award. No | deposit was required He was then liy- 1 ing in Boston.
 i White had no money to pay for hlS l S1,50Qs0o0 bonds and could raise none in | Boston, lie came here and tried to get | the money, but had little success until | he went to Russell Sage, Mr. Sage lei him have S750000, which helped hin
 out of the woods.
 MT; Sage got 2 large part of tthe | pTOuls QI tue SAlG VI LlS DOnQSt nu
 1t was said that White had Sl40,00Q a'
 his share, and this gave him start 1T life.
 He bought the house of John A. Me Call, at Long Branch for $50o,000 ou- of the profits of one deal. He has be- come entangled over the changes II the reorganization of the DeFores Wireless company
 On the basis of the city receiving 10 or better for the whole Issue, whicl 1 Comptroller Metz believes will be tn. case. about $27,000,000 of the issue. con siderably more than half, will go tt fourteen firms. These firms and tht amount they will probably get are a follows
 J. S Bache & Co, o,,.........$ 4Oe,oOi Kuhn, Loeb & Co.,.........4. 8,o00 ,00i H. Newman ...,>,...,...ts4A l5,q0 Libbey & Straust st.,.......AtSs 1000 William Saloman & Co. eo00O' New York County Nat. BaHks 20000 w. A. Read and ]. & w, Selig- | man .,.... ....st......st.. 1,9bQ,0O R. l.. Day & Co..a... 1,2S6,00 Abraham White Bond Co. n i6, 900, ,00 Millett, Roe & Hagan. ..... 375,00 Metropolitan Life Tns. Co... 500,00 Limited States Trust Co.,.,. 100000 IEdnitable Life Assurance So- | clety st..s .4..,sr .......,. 2bO0jOO