New-York tribune., 1908-01-31
METZ BREAKS RECORD
UyM Offer $4,000, 900 41-2 City
Bonds for Sale.

Controller Metz will make a public offering Of
100000 AZ per cent city bonds on February II
or Is This is the largest single offering in the
history Of the Finance Department About $500
COS of the offering will be 1fty-year bonds and the
remainder ten year.
Controller Metz and Deputy Controller McCooey
have been sounding the bankers for the last month
about selling bonds, and yesterday afternoon, at
conference held in the library of J. P Morgan. at
Madison and 36th street, Controller Metz
was advised TO go ahead with the sale, with the
assurance Of Mr.. Morgan, President Baker OF the
First National Bank and George W. Perkins that
the market was in good condition for high grade
security like city bond The conference was at
tended by the men named. Mayor Mcclellan. Cor
poration Counsel Pendeton City Chamberlain
Martin Controller Metz and Deputy Controller
McCooey- The conference lasted about an hour.
A smile went around ciubdom last night when
It was learned that the conference was intended
TO be secret, like the last attended by the
Mayor and Controller at Mr.. Morgan's house. The
chauffeur of Controller Metz's machine took the
precaUtion to remove the sign Dept Of Finance
from the frcnt CT his while II was standing
before Mr Morgan's house. When the machine
drew up at the Finance Department at 30 o'clock
the sign back in its accustomed place All
that the Controller would say about the confer
ence was:
Il have been talking with the bankers for the
last three weeks about selling bonds and the talk
we had at Mr. Morgan's house to-day was the
last of series with the bankers We consulted
with Mr. Morgan because he understands the con-
dition OF the market I confident that the
market is right for the sale. and that the bonds
Will command a good premium
The bonds steady about s. 0S. and the
financial situation is improving little all the time
The offering of S50TNGpO. if sell al OF them,
will give US money enough To meet all our contract
liabilities and carry Us clear September next
The money will be used for sutways, Catskill
aqueduct bridges and bridge approaches public Ii
brary. piers and other things I shall begin adver
tising the offering once"
Allowing ten days for advertising. not including
holidays and Sundays. il would that the sale
would take place on Saturday, February Is It is
unusual 70 sell bonds on Saturday and the Con-
troller may hurry along the advertising to
have the sale on Friday, February a
The last bond sale took place September 70.
The offering was 100000 and the total bids
lo2os3 or a premium of about g every 500 OF
bonds
Abraham White the so-called postage stamp
bidder of ts Cleveland administration. bid for the
entire issue at 102 So His bid entitled him nearly
s17.r0Ooo Of the bonds. but when his check for
$SrooeD presented for collection the Guardian
Trust Company could not realize on it. and Whites
bid thrown out
. A syndicate composed of J. P Morgan &, Co. the
National City Bank. the First National Bank and
Harvey Fisk & Sons 1O0677 for s35 0o0O00 obtain
ing less than $50o.oo0 that figure, All told SS6
bids were made for the bonds.
Since the last regular bond sale Controller Metz
hast sold To j. p. Morgan syndicate S6500.ODO
worth OF revenue bonds at per cent