Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-21
AWARDS OF NEW BONDS
Fisk & Robinson viii Get
$4,000, 600.
AVERAGE PRICE OVER 1o4
Secretary Shaw's Operations Highly
Gratifying.
MANY SUCCESSFUL BIDDERS
They VIII Be Notified to Pay the
Premium by August - De-
posit Of Government Funds.
AVERAGE PRICE OVER 1o4
MANY SUCCESSFUL BID
BIDDERS

Secretary Shaw has disposed OF the first
issue OF a0,0o0.0 900 Panama canal bonds. at
the large average price of more than 1O4
surprising the financial world to some ex-
tent and bringing congratulations from
many directions, Inasmuch as per cent
government bonds were selling below 1854
at the time the Panama bonds were offered
to the public.
The bulk of the bonds or at least SIS. Oo0,-
0OO will go to the firm OF Fisk G. Robinson,
bankers and bond dealers In Cedar street,
New York. This firm purchased the first
large issue of Philippine bonds. Fisk &
Robinson put in bids for the entire issue,
dividing It into six bids OF 5000, 900 each.
Their lowest bid was 1O3.54, their next bid
1898 and the third 1878 BY reason Of
the many bids above these amounts, how
ever, Fisk & Robinson secure 5000. 900 each
on the following bids: 1o3s9. 40, 1O4.23.
Over 1000 Bids Received.
The big force OF experts of the treasury
were still engaged when the department
closed today in tabulating the bids, which
numbered more than 1000. The force will
continue to work for several days yet in
getting the reports ready to lay before Sec
rotary Shaw.
Until he has everything before him Sec
rotary Shaw will make no awards in which
there is any doubt. All that he knew when
the department closed at 1880 o'clock to-
day was that probably nobody who had
bid below 1O3.S5 would get any OF the
bonds. unless it turned out that few Of
the individuals whose names appear were
found not to be responsible. In which event
there might be a small change. It was
at first expected that those who had bid
over 1OS% would receive bonds but since
last night large bid at a good figure was
discovered IT Va a nv Ca al lu
or AS Central Park west, New York, for
$5.0OO,0OO at 1O3.s67. When the bids were
opened lost night they were placed in pre-
pared boxes. according to their grades.
All above 1O3 were put In one box, all
above 1O3h were put in another and SO on.
There were several boxes below 103. By
mistake the large bid of Mr. Byerly was
placed among the low bids in one Of the
boxes and was not discovered until a tabu-
lation of the bids was begun today. A
number Of clerks worked on the bids when
they were opened and placed them in boxes
Each bid, however, was stamped at the
time of placing and the stamp destroyed
SO as to prevent any duplicate or substitu-
ton. Mr.. Byerly was a bidder also for
other large amounts.
Issue over-Subscribed
The issue was subscribed for several times
over. Some of the bids for the entire issue
were not even given consideration. Secre-
tary Shaw was all along satisfied that he
would get above 1851 for the bonds, and
consequently bids below that amount were
not considered as having much of chance.
which proved to be correct. Two large
houses in New York bid for the entire IS
sue but their bids were below 102h.
Secretary Shaw has announced his belief
that the purchasers of the bonds will be
able to realize reasonable profit on the
transaction. He has declared that he will
not permit government bonds to decline so
as to cause the purchasers loss. as he
does not believe the treasury could afford
this in view of other sales to be made in
the future
Secretary Shaw Is preparing to place with
national banks large amount of govern
ment money, approximating $2O.O000 600. This
will make a good market for the newly sold
2 per cent, as banks accepting deposits will
have to purchase bonds as security. In the
case of all banks that receive awards of
BIDS Secretary Shaw will make deposits with
them aggregating one-third OF their pur-
chases of bonds. The majority of the banks
to be created as depositares, however, will
be new Ones now without deposits.
Mr.. Byerley's bid for $3,00O,000. Should
any of the other successful bidders fail to
complete their purchase, the amount al
lotted to Mr.. Byerley will be increased.
The Secretary will notify the above bid
ders to deposit the premium on their bids
by August l, when the bonds will be award
ed to them.