Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-02-02
CITY 4 ?. c. BOND
ISSUE LARGELY
OvERjUBSCRIBEO D
Federal Trust Co. and j. s.
Rippel Each Get $500,O0O
Worth.
100000 OF DOCK BONDS
GO TO BROAD AND MARKET
John S. Whelan Secures $25,'
900 Worth and David
G. Porter $4,000.

Promptly at noon today, the hour
fixed for the sale of 81, 100000 Newark
city bonds, Comptroller Tyler Parmly
bids had closed and he directed Secre-
tary Richard Finn to open the bids.
City Counsel James r. Nugent was
present to explain any questions that
might be asked and incidentally to
show that under the statute the new
issue was, in fact. really more de-
sirable investment than the recent New
York city corporate loan of $4,000, 900
4.25 fifty-year bonds, which brought a
fiat rate of 102.
AS previously stated, 81, 900, ,030 of the
corporate bonds offered by the city to-
day are issued to render it unneces-
sary for the city to borrow hereafter
on temporary loans approximating
$1,000,000 a year. Today the city re-
ceived from the county about $S44 900 of
the city's share of the direct school
tax.
Here Are the Bids.
Five bids, oversubscribing the loan
by $500, 900, We're received in all: David
c. Porter, Brooklyn $5,0 900 OF the dock
bonds, 101 and interest; Ellzabethtown
Water Company, $4,000 par an inter-
est, dock bonds; Broad and Market Ma
tional Bank, pal, 10O.165 for s1OO,O
dock bonds; S. Rippel, s5O0,oOO cor
porate bonds, par and interest; Federal
Trust Company. $5O0,OOO corporate
bonds, par and interest.
The awards were made as follows;
Corporate bonds of the city all at par
nd int
Company, $50O,0OO ]. S. Rippel, $780,
600; John S. Whelan, $25, 900; David C.
Porter, $4,000. Porter's bid was 101 and
that is why he was included.
The $luQ 000 dock bonds were awarded
to the Broad and Market National Bank
at $lO0.165, thus completing the sale.
The sale was considered as highly
gratifying inasmuch as the bonds Of
fered are all per cent.
Twenty-Year Bonds.
The corporate bonds are issued for q
twentyyear' period, and their sale at
tar as compared with the recent New
York issue. which carries 4.25 for fifty
years, was deemed as showing the high
nancial standing of the city
The sale of the first instalment of
dock Improvement bonds, also at a
premium, shows the faith of the finan-
cial world in that much-needed inn
urovement.
Mayor Haussling and his administra-
ton was warmly commended at the
conclusion of the sale, because of the
acknowledgment of the high standing
of this city as compared with the big
metropolis. There. as previously stated,
the bonds run for fifty years, carried
4.25 interest and the maximum bid was
102 fat. Compared with that the ST.
oO0, ,O3o of local corporate bonds run for
twenty years and carry only per cent.
With the exception of the one small
allotment Of $1,000 they sold at par and
accrued interest That rate compared
with the figure received, life and in
terest rate, on the New York bonds,
makes the local rate of corporate bonds
TODAY the equivalent of 10S as against
1O2 in New York. 1t also shows a de-
cided Improvement over the rates re-
ceived on the more recent bond issues
both for school construction purposes
and running for fifty years--i's-with
an option of redemption at the end of
forty-five years. The last issue In 1910
was for $1,190 900, and it brought 101013
and accrued interest. The one preced-
ing. on September %, 1908. was for
81, ,3s1 ,0O0 and the price was 101.53s4 and |
interest.
The several bond brokers, members
of the finance committee of Council |
Auditor Rowe and, IN fact, everyone |
present, congratulated Comptroller |
Parniy on the success of his first bond
sale.