Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1910-06-03
ATLANTA's BOND SALE
HIGHLY SATISFACTORY
AtlantianS Are Urged to Get
Mium-0ther Cities Would
Not Bring Par

TIE price brought Wednesday by the
ssss eco instalIment OF the city's $1,000
eco bond issue. although not as high as
expected, is still very gratifying TO
Mayor Maddox and Chairman John W.
Grant. chairman OF the council finance
committee.
In view OF the fact that many cities
and even some states have recently
failed completely in their efforts TO mar
ket . and IL per cent bonds at par. il
Is considered that the sale OF Atlanta
bonds Wednesday at 1911 was highly
successful
Chairman Grant SAYS that IL the work
on the sewer. waterworks. school and
other improvements proceeds rapidly il
Is probable that another installment OF
the bonds will be sold early in 1871.
About one-third OF the s3.0O0.0OO issue
has been marketed IL is probable that
another million dollars worth OF bonds
viii be placed on sale either in January
or February. The last installment will
most likely not be sold before the late
fall OF 1911
As an evidence OF the present conii-
tons in the bond market and especially
as Affects the market for municipal bonds
the following from the current issue OF
the Commercial and Financial Chronicle
the recognized authority on things nnan-
cial. win be OF interest:
Though the money market is easy ana
there Is every prospect at the moment OF
ftS- coutinuins so. under the drop in eX-
change rates and the cessation Of gold
exports, our leading municipalities are
Ending increasing difficulty in dlsposihg
OF their new bond issues We referred
last week TO the inability OF the city OF
PHILADELPHIA TO float loan OF S.oco,tp
A Ewra and having -
Years 10 run. There were only seven
scattered bids fer an aggregate OF no
more than So. 90. This week the city OF
Raltfu,ore has had a similar experience.
II offered g 10000 50-yesr per cent
stork exempt from city and state taxes
and got bids for only S4S.lo az par .,
better The other bids received rahseo
from % Ia down TO as low as si-2ss- Ohly
the s.45 100 bids at par or above were &C
~an,es ara the city is now attempting 10
aisnose OF 8. 100000 Of the remainder ny
xr,au sales al par over the counter. NIL
waukee last Saturday undertook 10 ois-
n4ze NJ s5aS 600 l-ao-yesr serial - ana re-
. ,,efved no bids az par or above inns IN
stance might perhaps be passed over see
tnp that Milwaukee is now being govern
"A nv the Social Democrats, TINS pOil'lSaI
partv having been successful al the poils
~ the election in April The Iact Is
however, AAAdA
are faring no better
chicago failed on Wednesday 10 plac.
even $4,000 a 1v2s. though the bonds had
only a short term to run. namely three
Years The highest bid for these LIS
waS sos. No award was made pend-
ing an investigation TO determine whetn-
e. he city can legally sell the bonus
below par. Portland. Ore. on Monday OF
this week invited proposals for N.eoV'Vvp
swear Is. but received only one bid al
u5. which was. OF course, rejected An
offer Of $4,000 S0-year Is made on the
same day ELECTED no bids whatever Even
some Of the New England cities are eN-
perfencing difacuity in disposing OF per
rent issues Heretofore these New Eng
land towns have been able 10 borrow
on the best OF terms and their credit,
as a rule has been superior TO that OK
municipalities elsewhere. Waterbury,.
Conn. the present month offered SloO,-
90 lilo year serial Is without success.
Stamford, Conn, offered $4,000 S-year
As and received only two bids, both be
low par. To whatever cause we attribute
the dificulty in floating municipal bond
Issues. the fact itself - one of the sig
nifcant features OF the times"