New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-01-25
Bids Up to the Last Minute.

Some time before tho sale began the
large office of the Controller was overflow
ing with clerks from various bond houses
and representatives OF bidders. The Con-
troler stood with his watch in hand, and
n minute before 2 O'Clock asked II there
we're more bids. clerk came running in
and slid his envelope into the box just az
the hands OF the big clock on the wall
cached @
Deputy Controller Fisher was assigned
20 read tho bid. as they were handed TO
him by force OF clerks engaged In rip
PIG open the envelopes. Mayor Gaynor
attended tho first sale of the administration
on March q. but pressure OF duties kept
him away Yesterday.
city Chamberlain Hyde, who is not on
the most cordial footing with Controller
Prendcrgast, forced his way through the
crowd several minutes after the box was
opened. The Controller saw him conf 1g'
tabled his hands into HIS pockets. made
short bow and turned away. The Chamber
lain sat down for a few minutes, looked
bored. got I'D and inspected the envelopes
as they were opened, and after fifteen min
utes went away.
In the frat row IN front OF the table We're
Mr.. and Mrs Alonzo r Peck OF 10.
West SD street described as among 'ne
oldest subscribers 20 city bono fdes.
They took a lively interest in the reading
OF the kids. -
Tbere were few small bids. Among
them. however, was one OF Anton Horn
ohio bid so worth at .567. Attached 10
HI. hid WAS q crisp 81 bill, being the usual
. uer cent deposit required by law. W. u
.n.orn offered l0l for 80 worth Of bon1s
Wall Street Not Worried.
The last hid was announced at q"
O'clock Stock market prices in the last
,ou, whom the fTurcs Of the various bids
boear IA appcar on the ticker, were little
aosotad. However, transactions in the bono
den,rtrnent Of the Stock Exchange in the
now bonds. when issued were extreme
10 beavv. ageregating S.7is,ro, par value.
The impression had gained In strength over
night that the city would receive an aver
ago price well in excess Of that which the
speculative element recently mad been eS-
,Actjne. and very large part Of the buy
ing Of the bonds throughout the day repre-
sented covering Of shorts.
The short interest VAS placed by some ~
the bond houses ss high as sl5,"'"p' al
though II probably fell much short OF that
sum. one man was known to have sold
300 oaO or the certificates at lOoN on the
curb when the trading in them began, and
the short selling has been going OIL IN
heavy volume ever since the day they were
first offered for trading, and through the
medium Of private bond houses az well as
on the curb and later on the exchange.
The purchases have been largely for for
eign account. and the rawlings banks are
understood also TO have been buying extern
sjvelv. believing that at or under lol 'hey
would secure more advantageous terms
than by obtaining their bonds from the
successful bidders.
Wall street figured in tho afternoon. from
the data then available that the Morgan
National City-First National Eank syndi.
cate would prove the successful bidder
with its offer Of 1Gos91 for all or none, and
II Was on that belief that the movement
of the shorts 10 cover became urgent, the
price Of the when issued certificates ad-
vsncing on the stock Exchange in the last
hour TO 1918. and closing at 10iis.