New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-21
S45, 000,0 Sale Brings Aver.
age Price of 100.159, the
Smallest Figure for An
Entire Issue.
WARNING BY CONTROLLER
Neither J. P. Morgan & Go. Nor
Kuhn, Loeb & Co. Syndicate
Gets Any of the Securities
on Their Bids at Par
Income Basis Is 4.49.

troller Prendergast sold S4J.OOO,Oto OF
corporate stock bonds Of the City Of
New York yesterday. This is the low
| est price at which an entire issue or
city bonds has ever been sold. on
June %. 1901, the panic year, the
price received was 1O0V91. and on
! August T. of the same year it was
! 100000.
But on both occasions the bonds
were as and not enough bids were re-
ceived above par on either occasion
TO take all the bonds. The remainder
Of each issue was sold over the count
er. The law does not permit the city
TO sell its bonds below par.
| The income basis on the price re-
ceived yesterday will be 449. The
total amount of stock for which Of
| ferings were received amounted 10
$40 124, 80. The total number Of bid
ders was 40 \ year ago the average
price received for SGJ,O0o,O0O of IA
per cent bonds was 1OO.I4i.
MORGAN & Co. Bid for S5,000,000.
As happened last year, the firm OF
ii. T. Morgan & CO. does not get any
Of the bonds. They bid for S5.eoo,oOo
at par A syndicate headed by Kuhn,
Loeb & Co. and the other members
| of which were the United states
Mortgage and Trust Company the
Fourth National Bank. Kidder, Pea
body & Co., Heidelbach, lckelheimer
Il CO., Hallgarten & Co, and the New
York Municipal Railways Corporation
| bid for SlJ.vD.OOO at par, but, OF
/ course. did not get a single bond.
| The lowest price at which any bonds
were sold was i0O.005 and the highest
was lO5. only 500 worth was sold at
the latter figure
The fact that The Municipal Rail
WAYS Corporation got none of the bonds
means that II will nave to replace IT'S
bond for the subway contracts by Duy
| ing the bonds i'm the market or buying
revenue notes. Some time ago the city
! borrowed 81 .000. 900 from the company
which is a subsidiary Of the Brooklyn
Rapid Transit Company. giving its
note. The company turned this note
back 10 the city as security on the sub
way contract The city will now pay
its note
\ similar transaction was made 10y
the marlborough Rapid Transit Com
many. which loaned Sl.00o,0OO TO the
civ in anticipation of a bond sale. II
will be able to replace the citys note
with bonds. however. as it obtained
II. 100000 yesterday at 1000.
The larger awards with the prices
! follow.
in,erboroush Rapid Transit COMPANY 81
'Ok twsrI'sn Exchanse National Bank 5000
Hare Fisk & Sons. $4,000 a. 1000"
! g. 49,, 90 Al iOpi77. 100000 al loo.2iI.
! Hnnkcrs Trust Company. 10000 al 700 90
! 500 90 at 100 02i. $500 600 ~ lo0O33. >sr"p
at loo 100 $4,000 a. t,o 10 ~ $500 iSS ESQ a.
| Luton Trust Companf, Pittsburgh. 100000
A. 100 i25. $4,000 at loo25 $4,000 at
poiss.yain & Co. 500. 900 at oO3 500. ooo
Adolph Boisseyan q Co. S.is5.ooo at
Josephthai Lochhem & Co. 100000 at
! 100 O2 70 loo L.. ~
! Goldman Sacn' 30 80 t,E" o.,o ~ io5 o3G
to 100 10 .,o-o,.,
,cS on ~, ,,'i loo az
LeVisohn Brothers '5o'g' 81 lo,VS 40 o lV9.'
100 ISL.
eco S os, a., 100 olS 70 100 "a
\. u. Leach co. NV'V'V At lVV'V'l 70
| Dominiok & Domlnick. $4,000 at loO0,7 TO
lV9.lo,. ,,,.,.,u & % ,9so ooo a, ,oo osgi
Harris. Forbes CO.. 500 600 az 100 ~
100 az w. lib
Flfk & Robinson 500 600 a. locSiS TO 100 oI Is
10 loo 90
w ,>,, No. "a ga =, ~ 100 az -
100 i2i.
HSnitabie trust Company. 81 600. 900 at 100 oes
Lehman i%rmegs SoU% 81 "a ooo 10 iSc a.,
TO 1907 .
100 Of 10 iOOIs.
,o Emisra ~ INDUSTRIAL savings bahN' '-'OOVO al
| Alexander smith Cochran. $1,000 at 100 10.
RicS,r "a y Wilson $500 600 AZ 100 is5
pr.nderoast Warns tho Public.
THE Controller made the following
statement after the result of the sale
had becn determined last night
I'm the light OF present financial con
ditions all over the world this sale of
Now York CITY bonds must he con-
sidered a success Although the issue
vas for a very large amount So oOO