New-York tribune., 1907-09-10
BRISK BIDS ON BONDS.
RECORD FOR CITY SALE.
Some May Be 106-Dedls on Curb
at IO2 f-2.

Acting Controller McCooey said last night IhaI
g :otal Of 325 bids had been received Tor 'he
sa0ooaoeO Of AZ per cent bonds The amount
N be sold is the largest offered by the CITY
,J,s interest rate is the highest the city mas Oeeh
oornpelled to pay for twenty years and II looks
.e ~ the offering would be oversubscribed large
l. ,ben the box is opened at O'Clock this after
noor.
about one hundred bids were turned in yes
,.rdav some OF them coming from beyond the
mississippi and one two from the Facilc
-+ inst how much the subscriptions Will
<oo- ,,p no one knows in advance, but MI NC
-,oe,- IS confident that the issue will be largely
oversubscribed-
Controller Grout about two years ago offered
sg7 aeO0.gO at one sale, and 1871 bids were turned
tn II is expected at the Controllers office that
before . o'clock this afternoon more tnan Iour
hundred bids will have been submitted MI
,Tccooev said he had knowledge of synolcate
tt5ding or Of the average premium that the
bonds would command. but he was comment
hat the issue would go at a substantial pre-
MUM
Al The Finance Department every one Is hoping
nat Controller Metz will get nome from Europe
in time 10 take part in the opening ana a"8'u
80, # hids His steamer, the hronprinzesSlii
,,ecilie will reach Quarantine about hooN' A4'0
ARRANGEMENTS have been made TO get 'Ne
rroler up the bay in record time
rba on,niou appeared to be general IN wan
street Yesterday that the bond sale "ouiu %
6 success an6 that the entire issue "ouio -
6fsposed of at between 10l and w. sunni -
-. bovrever. said that Individual BIDS LOT
.-ro11 amounts would probably run as His
1ns There were transactions in the ne" poHoS
-, ,f and as issued" TO the amount OF about
:, n,oaao on the Broad Street curb market
yesterday The first sale was at Io-12' lot
cena,a of rhe bonds Up 10 noon ABOUT
s9oaoon Of the bonds had been soid' at prices
,aneins from I02Iz 20 1924. In the afternoon
The nrjce advanced TO 1929 and the trading De-
came brisk.
Whether there would be AN all or none old
hv = syndicate could not be Learned oeIliii'eiS'
hut ? representative Of one Of the large ooho
houses said that he understood tnat ueIe
o,,,d he s,,ch bid at about 101. 1t was re-
ported that the bids by the large life lhsuT-
anoe companies, three of which IT had been
said would nut in bids for S5,ooo,o0O each
would he made direct as it had been found that
under ,he provisions of the new Insurance law
= Was rot permissible for them TO make bids
through a syndicate. II was the consensus OF
opinion in banking circles in the Street now
ever. that there would be a syndicate bid in
the background sufficient to cover the sale
effectively in case the individual bids fell short
Of the total amount.
Bankers said that there would be heavy bidE
from the West and from Europe. though the
-otai from the latter quarter might not he as
large as had been expected
incuiry In banking circles developed that
MACY houses. rule not represented in such
pro-osaIa. hed submitted bids. IT was said.
however. that of the smaller banking in
stitutIoHs had been careful 20 limit their bids
OILY = sUch amount Of bonds they could
actually fnd market for. The reason for this
according 20 banker. the condition Of
the money ynarEet: which makes II hazardous
for small tond houses TO bid for the bonds on
a speculative basis.
Well informed bankers said they thought the
sac would bring an increase in cash TO this
market and would be effected without anv great
disturbance IN the money market