New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-07-13
Morgan Syndicate
Makes Successful
Bid for City Bonds
Price of lOO.6507 Consid.
cred Satisfactory in View
of War Conditions

The sale Of 100000 Of city bonds
yesterday was made to a syndicate
headed by ]. P. Morgan e. Co., which
bid for all or none Of the bonds, at a
price somewhat under that Of former
years, but satisfactory in view Of the
present war conditions, according TO
Controller William A. Prendergast.
The issue consisted OF SAT 100000 Of
Az per cent ffty-year bonds and ST.
100000 AZ per cent serials, maturing
from one to fifteen years. The price
was 10O65O7, as compared with lO2.6l8
for the same amount of ffty-year bonds
and 1O1.432 for fifteen-year bonds ct
the last sale in April, 1916.
There were l31 bids in all, with
total amount bid of sl93,865,o3O At
the similar sale in April, 1916, there
were only eighty-six bidders and total
bid of 1852 $4,000. The Controller
made it clear that the whole issue was
given to the syndicate because its total
bid was 53.75l better than the highes,
bids of the unsuccessful bidders.
The successful syndicate consisted OF
J. p. Morgan e. Co., the First National
Bank, the National City Company, the
Guaranty Trust Company, the Bankers
Trust Company, Brown Bros. e. Co. and
Harris. Forbes E. Co. The syndicate's
total bid price was $685., 1885.
After naming the members Of the
successful syndicate and the price paid
for the bonds. the Controller said::
"The highest bids for S55,OOO'OOO OF
bonds outside of the syndicate's bid
would have brought S55,3O4' 1871
Thus. the syndicate's bid was better for
the city by s53.751.3O. The average OF
the highest non-syndicate bids was
100 529. as against 10O.65O7 for the
syndicate.
'In my judgment the sale to-day has
been a successful one for the city, con-
sidering that the country is at war
and that unusual demands are beng
made upon the financial and material
resources of the country.
"In May, 1918, when the great Euro
man countries were at peace, the pest
nr;ce we were able to secure at sale
~ s45.0OO, 900 of Az per cent bonds
was 1OOI37. Although the figure rea-
lized to-day is below that OF the SAFE
of Az per cent bonds in June, 1912 the
difference is slight"
Many Unsuccessful Bidders
The Kuhn. Loeb & Co. syndicate put
n an unsuccessful bid of l00.277 for
all or any part of the s47'5OO'OOo OF
fftv-year bonds. This syndicate re-
Gently carried off an issue of state
bonds, and for several years past mas
been a successful bidder for New York
CITY issues. The other members OF this
syndicate were Kidder. Peabody & Co.
and William A. Read & Co.
The largest unsuccessful bidders for
the ffty-year bonds outside OF the
Kuhn-Loeb syndicate were Speyer q
Co who bid for 100000 at from
1ol % to lOO.42, and William Solomon
& Co.. who bid for 100000 at 1OO.5l3.
Neither of these firms bid for the
fifteen-year serials.
Among the other larger unsuccessful
bidders were Lehman Bros, with a BID
for 81 100 600 at 10O.66 to 1916 for the
ffty-year bonds; zimmerman & For
shay. with a bid for 81 SOL 900 at lOO.25
70 1Ol.6s; Heidelbach, lckelheimer
Co. with a bid for 100000 at 1OO.3s;
As;oI T. Co. with a bid for sl,000,O0O at
1O1. GA 10 1O0.39, and W. j. Wollman d
Co. bid for 100000 at 101626 to 1OO.26l.
There were several bids for 100000,
including those of the Emigrant Indus
trial Savings Bank, the Guaranty Trust
Company of New York, and the Kings
County Trust Company
Solomon Bros. e. Hutzler put in an
unsuccessful bid for s7,500,0Oo of the
ffteen-year bonds at 1OO.o7l1; j. 5.
Bache & Co. bid unsucces5fully for
ran