The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1906-07-27
PROFIT ON FOUR CENTS|
New York Express Clerk Makes
$4,000 on Deal In. Panama
Canal Bonds.
BID IN s5,8oo,ooo WORTH.


After Allotment Is Made to Byerly
Price Advances and He Sells Option
to Banking Firm-Student of Finan-
ciaI Conditions Earns Vacation and
Promotion.
New York, July 27.-Take one part
familiarity with fiscal conditions and
one part opportunity, spice well with
assurance, and one has the recipe
that enabled Samuel Byerley, clerk
for the American Express company, to
outbid several hundred seasoned finan-
ciers for bond allotment He not
only made more than $4,000 profit on
an expenditure of 4 cents, but also
gained promotion and a two months
vacation.
Since a sixth of the governments
Panama canal bond issue was allotted
last Saturday to Byerley he has been
known in Wall street as the "myste-
rious Mr.. Byerley." 1t was supposed
that he was representing interests in
the street which preferred to remain
In the background.
While discussion was rife and new
theories were being hourly launched
Mr.. Byerley quietly canvassed the
financial district to see where he could
dispose of his valuable option to the
best advantage. J. S. Bache & Co.
paid the amateur fnancier $4,000 for
it. They later resold it to Fisk & Rob
inson, the successful bidders for more
than half of the issue.
When Mr. Byerley was seen at his
modest little fat he appeared to be
taking his good fortune philosophically.
Studied Financial Conditions.
To Mr.. Byerley the $4,000 which his
sale netted him came as the answer
to little problem of mathematics on
which he began working when he first
saw the announcement of the bond
issue on July 2. 1t was never ques-
ton with him as to whether he would
gain or lose. 1t was simply how much
he would make
Byerley is forty eight years old He
lives with his wife and four children.
Two other children are not at home.
He has always worked on a salary,
and yet he regards it as the most nat
ufa thing in the woaiG that he should.
bid for $S,000,O00 in bonds, secure
more than half of what he had asked
for and sell out within three days at
a large profit when he could not have
raised thousandth part of the pur-
chase price of his bonds
II had always read financial news
with care" said Byerley. 1T is my
recreation. / am not speculator. !
work for a salary and have large
and growing family, and yet l have
always taken pleasure in keeping in
close touch with fiscal conditions.
"The announcement Of this bond is
sue interested me immensely. / had
been watching the movements Of the
old government 1890 2 per cents and
was convinced that the demand for
the new issue would make them cheap
at the price l intended to offer for
them
Bonds Needed by Banks.
i diSO lOOh lIlO COlSltlCIdLIOn llc
fact that hundred new national
banks were organized last month, and
/ knew that there would be demand
for the bonds to secure the new bank
note circulation.
II made my bid at fraction below
104 the day after l saw the announce
ment Of the ISSUE / asked for $8,-
100000 of the bonds. learned un-
officially that had been allotted $5,-
100000 worth. l telephoned the next
day to Washington and had the rumor
confirmed.
II had made two bids, SO that my
actual outlay was cents for stamps
my company has been kind enough
to give me two months leave of alb
sence and to promise me promotion.
My wife and I will travel in Europe
The children are to take trips of their
own"
1t was pointed out in Wall street
that If Byerley had possessed the cap
ital to hold the bonds and sell them
In small lots he would have realized
cor 0O0