Perth Amboy evening news., 1922-06-21
PA. TRUST co.
GET n. ]. BONDS
Irregularities Are Alleged in
Opening State Bond Issue
at Trenton

June
ties which, it was charged, brought
about the possibility of belated bid
ders ~outbidding competitors with
knowledge of their figures. marked
the opening of sealed bids on So
900. 900 of State Bridge and Terminal
bonds here yesterday. The bids
were opened before State Treasurer
William T. Read, of Camden, sitting
as the state house commission.
Shortly before noon. daylight saw
sing time when the bids were sup
bosed to be opened, Col. Harry b.
DSalter, of the comptroller's office.
walked In with all but a few of the
bids. which numbered over 125, al
ready opened and tabulated, a job
which must have taken something
over an hour.
Russell ". Adams. of South Or
ange, representing j. S. Rippel &
Company, a Newark brokerage
house, which bid on the whole issue,
protested. asserting thai the pro-
cedure made possible the making
of better offers after the figures OF
competitors became known. Then,
two minutes after the appointed
hour. according to eye witnesses OF
the official clock, former State Sem
ator Emerson Richards, counsel for
the Bridge and Tunnel Commission,
came in with bids for Atlantic City
and New Brunswick banks aggregat-
Ing 100000 Of bonds.
These latter bids were opened
along with the few other unopened
bids and were found to be high
enough to gain awards. Ex-senator
Richards bid 100.71 for ~s250,000 of
the issue for the Boardwalk National
Bank, Atlantic City, the same price
for the same amount for the Bank
ers Trust Company of that city. and
the same price for 100000 of the
bonds for the Peoples National
Bank of New Brunswick. Only one
Arm, the Fidelity Union Trust COM
pany, of Newark. bid a higher price
for more than 500, 900 of the $5,-
100000 issue. This firm took $780,
600 at the price of 101.773. There
was another bid at 101 for the Bank
ers Trust Company, which
5000, 900 worth at this price.
None of the bids unopened when
NAhe Richards proposals were re-
1eived were for large amounts.
state Treasurer Read asserted
that the bids were opened before
hant so that they might be tabulat-
ed a 1 thus to expidite the reading
of 1T offers. He declared that If the
prod ding was not strictly legal, no
hart was done.
tt issue was o~versubscribed
thre times, according to Colonel
Salter, who issued a statement de-
claring that the bids were opened
at IL o'clock, standard time
Not a bond of the issue goes to
banks outside New Jersey. Be
sides the bid Of the ]. S. Rippel
Company for the whole amount
at 100.S56: the National City Com
pany of New York bid 100.S49. and
the Guarantee Trust Company OF
New York hid 1o0.35, both for the
whole amount. The g single
award was 10 the Newark and Essex
Banking Company, which secured
$1,000, 200 cf the bonds at 100.S75.
The list Of awards with amounts
and prices. as announced by the
comptroller's office, follows:
First National, Princeton. 100000
ut 1913: First National, Princeton,
500, 900, at 102.S0; Franklin Trust,
Paterson, $1OC, 900, at 102.S0s Vent
nor City National $4,000. at 1922
SOC; First National Roselle, $4,000.
at 102; Peoples National, New
Brunswick, 100000. at 101.71;
Boardwalk National, Atlantic City,
$685. 600, ut 101.71; Bankers Trust,
Atlantic City, $250.000. at 1911;
Fidelity Union Trust. Newark. $780,
OOO. at 101 773; Ironbound Trust
Newark, $4,000 at %101.7069; Peo-
pies Bank and Trust, Westheld,
HH100, 900. at 101.66S2; Ocean City
little and Trust Co., 100000, at
Bloomfield Trust. $4,000,
at 101.50; Fidelity Union Trust,
Newark, $500,000 at 101.110; West
side Trust, Newark, $z50,00o. at
1O1.15; Second National Paterson,
$780, 900, at 1O1.025: Farmers Ma
tional, Allentown, $4,000. at 101.-
1875; Trust Company Of New Jersey,
Jersey City, 100000, at 101: Pater-
son National. 100000 at 101; Lam
bertville National. $4,000: at 101;
Farmers National Allentown $4,000
at 101:Montclair Trust, $4,000. at
101; Plainfield Trust, $4,000, at
101; Bankers Trust, Atlantic City,
$4,000 at 101: Perth Amboy Trust
$250,000, at 10000: First National,
Trenton, 100000 at 10000.
The following awards were made
at the price of 100.S75:
First National South River, $685.
900: Fidelity Union Trust. Newark,
$500, 900: Mechanics Trust, Bayonne.
$4,000 o Hamilton Trust, Paterson.
$40O,0 900; Peoples Bank and Trust,
Passaic, 100000: National State
Bank Newark. 100000; Broad
Street National. Trenton. s200,0OO;
Citizens Trust. Paterson. 100000;
First National. Paterson 100000;
Mercer Trust, Trenton, 100000;
Title Guarantee and Trust, Jersey
City, 500, 900: Colonial Trust, Tren-
ton. $4,000; Rutherford Trust
$4,000: Passaic National. 100000;
Union Trust. Elizabeth 100000;
Farmers National Allentown. $1O,-
900; Newark and Essex Banking
10000 First National Borden
wn, $40. 900; Essex County Trust,
East Orange. $4,000: Red Bank
Trust, $685. Bank of South Hud-
son, Bayonne. $4,000: Newton
49,