New-York tribune., 1921-03-31
OF $47,OOO,OOO Revenue
Bills and Stock Notes
Offered, Bids Are Made
for Only $26, 100000
Five Millions of
These Are Rejected
Paper Must Be Peddled to
Banks to Get Money to
Meet Current Expenses

When the bids were opened yester
DAY in the Office of the Comptrolle]
on the recent offer for $4,000, 900 ir
New York City revenue bills and s5,
ooo'o0O in corporate stock notes, i,
was found that they totaled only s26
100000, OF which S21 100000 were &C
cepted. Comptroller Craig fixed the
maximum rate of interest which the
city would pay for the loan at pc,
cent. Some of the bids ran as high
as 61s per cent. The city had neve,
mad to pay more than 500 heretofore
Arthur j. Philbin, Deputy Comp.
troller, who opened the bids, attributed
their scarcity to the prevailing high
money rate and the desire Of banking
houses to obtain higher rate of in.
terest than the city is willing to pay
at the present time. Comptrolle,
Craig explained that it was absolutel,
necessary for the city to obtain the
lull amount of this loan in sordcr tc
meet current expenditures. but he was
conhdent Of getting it by pedd'ing the
cltys securities among various banks
who were or were not bidders.
Necessary to Make Monthly Loans
The Comptroller said it was nece.-
sary for the city to obtain such loan,
from month to month in order to meet
current expenses, pending the payment
OF taxes. He declared that unless the
bills now pending in the Legislature
advancing the payment of taxes for
the second half of the year from No.
vember l to July l, and abolishinp the
off1ce of City Chamberlain, became law
1T would be problematical whether the
city would be able to borrow the money
required to carry its huge budget OF
S350000,O0O. y
Il have been pressing these condi-
tlons upon the attention of the Legis-
lature for some time" said Comptrol-
Ter Craig, particularly in reference to
the passage of the bill advancing the
time of payment of taxes for the sec.
ond half of the year from November I
to July |, and the bill to abolish the
Chamberlain's Office, which was passed
by the Legislature last year and dis.
approved by Mayor Hylan. The condi.
tions reflected by these bills are the
necessary consequence of the manner
in which the Chamb erlain's Office has
been administered for the last three
years.
Asks Emergency Measure
~ shall probably request Governor
Miller by telegraph tomorrow to send
an emergency measure to the Legis-
lature for the passage of these two
measures The Chamberlain bill has
been hung up in an Assembly commit
tee upon the personal request of some
OF those concerned in its defeat"
The following awards were made of
city revenue bills and corporate stock
notes:
Chemical National Bank $1,000, 900
revenue bills dated April /, maturing
June 8, at per cent; First National
Bank Of New York $1O,0OO,OOO revenue
rotes, maturing June ID, at 500; First
National Bank Brooklyn S250,0OQ revc-
nue. bills, maturing June IA, at 5.95;
Chase National Bank and Salomon
Bros: e. Hutzler 100000 revenue bills
dated April /, maturing May 26, at
5.99; Industrial Bank of New York
$150,000 revenue bills, maturing June
8, at 500, and Kuhn Loeb & Co. s5,-
100000 revenue bills, maturing May 26,
at per cent.