The New York herald., 1921-12-16
Total Subscriptions Reach
$218,9O9,1 100, With So
Bids Made.
ON SALE TO-DAY AT 1O4.75
Craig, Gratified, Says Corpor-
ate Stock Never Brought
Such Price Before.

A syndicate Of bankers headed by
]. p. Morgan & Co. took the entire
s55,o0o,000 issue Of Az per cent. fifty
year bonds of the City of New York,
which was sold yesterday by Comp
troller Charles L. Craig in the Mu-
nicipal Building, with bid of 1O3.4O7
for all or none. This was the first
bond issue offered by the city since
early in 1917. There were fifty-eight
bidders. with total amount of $21S,-
900, 100.
Comptroller Craig said last night
that this oversubscription was $25 ,O0O,-
900 in excess Of any oversubscription
in previous sales of city bonds, and
that the issue was purchased at the
highest premium ever received for this
class of corporate stock. The sale will
bring about s1.SoO.ooO additional in
premiums into the city treasury.
The result showed. it was declared at
City Hall. that the credit of the city is
Of a surprise to those who had followed
the comment on the city's credit made
by the Meyer committee, whose chief
counsel, Elon r. Brown. had said that
Hylan administration the credit of the
city had been seriously impaired. The
bid also illustrated the growing strength
of municipal and Government bonds in
bod h1yf fbo ayd
of Liberty and Victory bonds.
It was announced that the Morgan
syndicate will offer the bonds for sale
this morning at 104.75, at which price
they will return 4.25 per cent. On the
basis of the price paid by the syndicate
the yield is 4.33 per cent. The syndi-
cate, headed by the Morgan company,
includes the Chase Securities Company,
First National Bank. National City
Company. Guaranty Company. Bankers
Trust Company. Brown Brothers & Co.
and Harris, Forbes & Co.
Members of a syndicate headed by
Kuhn, Loeb & Co. and including Dillon,
Read & Co. and kidder, Peabody Ss Co,
submitted a bid for all or none at
103.077. Blair & Co., in association with
White, Weld & Co., the halfgarten Co,
Kissel. Kinnicutt & Co., w. r. Compton
&; Co. the New York Trust Company
and the Central Union Trust Company,
bid 1926 for "all or none"
A syndicate headed by Speyer e Co.
and the Bank of the Manhattan Com
pany, A. Il. Leach & Co and Dominfck
4 Dominick bid for s20,000.0O0 of the
issue in lots of $5,000,090 at 1O3.7o,
1885. 1885 and 103.45.
Following is list OF those VINO sough-
Ar
Empire Trust Company. all or any
part 5000. 900 at 102.33.
Farson. Son C Co., s1.oo0.o00 at an
average OF 103R.
Rutter & Co, $500. 900 in 100000
blocks at 1o4.25, 1o4. 1oS.75. 1o3.oo.
1925.
Robinson & Co, 81, ,ooo, 900 In 100000
lots from 101.2S1 to 103.05.
Chemical National Bank. $1,ooo,ooO
at 102.30.
Kountze Bros, s2.o0O.ooo. in lots of
s25O.000 each, at 100.37, 100.57, 100.77.
101.O7. 1927, 101.47. 101.67, 101.S7.
Bank for Savings in New York.
S1,000,oo0 at 102.51.
Mechanics Bank of Brooklyn, $1,000
900 in 5000. 900 lots, from 100.75 to 101.
Metropolitan Trust Company. $500, 900
in 100000 lots at 102.375 to 102.535.
Fidelity International Trust Company.
$500, 600 in lots of 100000 at 10o.50,
5000. 900 at 1O0.75, 100000 at 101.
Union Exchange National Bank,
$1,000, 900 at 100.50.
Sutro Bros. & Co, s1,0o0.0o0 at 102.51.
A. J. Johnston & Co. $1,000. 900 at 100.
Corn Exchange Bank, s1o,000.000 at
1908.
Standard Bank. s5Ooooo in lots Of
500. 900 each, 101 to 102.50.
o.
of 100000 at 102.39: 100000, 102.49.
and four lots of 100000 each at prices
from 10259 to 1o3.
r w. Pressprich, $500. 900 in 100000
lots from 101.50 to 103.