Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-09-11
new YORK CITY BOND SALE
$4O,OOO,OOO ISSUE SUBSCRIBED
FIVE TIMES OVER.
Nine Hundred Bidders for Securities.
Sale Will Net 1O2-$17,OOO,O
Likely to Go to Syndicate.

NEW YORK, September 1.-THE city's
s4O,ooo,OO AZ per cent gold bond issue was
subscribed for more than five times over in
the bids that We're opened in the controllers
office yesterday afternoon. More than 800
bids were received, $50 of which will be
tabulated, the others being irregular and
therefore thrown out. The bids aggregated
s2O7 ,159 400
1t took nearly five hours to read the bids
off The sum of s4l43, 1SS 40 which accom-
panied the bids, being the required per
cent deposit, is withdrawn from circulation
and will be locked up without earning ca
pscity until the bids tabulated and the
bends awarded The clerks in the control
lers office We're working until midnight on
the job. 1t will probably enlail three days
mere work before it will be known who
will get the bonds. The sale will net the
city little more than 1U2, according to the
calculations of Controller Metz and Deputy
Controller McCOoey.
According to old-tme officials In the con-
trollers' office no such competition for mu-
niCipal bonds was ever known in this coun-
try. The most spirited bidding in the city's
history for its bonds before this was in
1904, when s37 ,Oo0G9O at 51a per cent were
offered. There We're 1871 bids for those and
the issue went at the price of 1Oo13 to
1904.
Controllers Office Swamped
The sale yesterday drew a crowd which
simply swamped the controllers office The
Railways and corridors adjacent to the Of
fee were damned. City officials, clerks
from nearly every bondhouse in the city,
bidders and spectators pushed and jostled
to hear the bids read off. Practically every
person had a pad and was dashing off
names and figures Every telephone in the
building was in constant use and scores of
persons rushed out to use telephones in the
neishbOrhood.
There were two bids for the entire s4O,-
coz, eco issue One was made by what was
known as the Morgan syndicate. 1t offered
to take the S36C0O.NO corporate stock at
1oo.GI7 and the So,"oooco assessment bonds
at 1OO.OG7. None of the bonds will go to
| the syndicate. The Abra ham White Bond
Company, composed of Abraham White
and Samuel Byerly, both of whom have
won fame ''shoestring bidders on bonds
also bid on the entire $f0.O0O.OOO. Officials
in the controllers office said last night that
the White company would likely get at
least sl5.O0nOOO, if not s17GAO,0O0. The
company bid 1929 on s11O0U,0OO worth of
bonds and also made bids for 100000
each at these rates: 1O2.O1, 1O2.O2 100. SO
| and 102.55. There were also bids of s1,O0O,-
coo each by the company at 1O1.S7 and
1918.
Twenty-Three Big Bids.
Altogether there are tweaty-three bids
| above 81 coo, 600, and their total aggregated
nearly $40, UOO,G90 The Equitable Life AS
surance Society is likely to receive a large
| award, its bid of s2.J0O.OO0 being at 1O2 OF.
The syndicate composed of W. A Read
and ]. x \. Seigman, which asked for
$4,000 of the bonds at prices ranging
from lGO.1J3 to 103, will probably get an
award of $1,I'r90oO at the price of 1Oo so
Kuhn, Loeb & Co. may also get an award
of s3,U00EO. having bid for $4,000 600
Sl.COoGoo each being at these. rates: JOB.
1923 and lG2. r. L. Day & Co., who bid
for S2.E'1 900, will probably receive an
award of 81, 2Sj,0O on that part of the slid
ing scale of their bid above lO2
The high bids of the sale were mostly in
small amounts. the record bid in price be-
ing made by Jesse Leeman of 6)S 9th ave
nue.. He asked for 5000 worth at 10
There were more than a hundred bids above
lO2. large and small. and according to the
estimates In the controllers office all these
will also win out