New-York tribune., 1907-12-01
LOAN OVERSUBSCR[BED
PRICES ABOVE MARKET.
Secretary Cortelyou Considers the
Panama Bond Issue a Great Success.
from The Tribune Bureau.l


Washington Nov 30--The Panama bond
issue has been many times oversubscribed. ana
at prices above the market, according TO the
statement made by the Secretary of the treas
ury to the large gathering Of newspaper CORE
spondents who met him by appointment at lo
o'clock tonight The statement follows:
The bids for the $50 600 900 of Panama Canai
bonds invited by the Secretarys clrcuiar OF
November IS were opened thls evening III 80 .alo
Treasury Department There were more thah
three thousand bids and .the loan was many
times oyersubscribed. No complete taouiatioii
has been possible as yet but II can De SeaeTa
that the average price is well above the present
market price of the bonds. Owing TO the large
number of bids to be considered 1t VIII De IN
practicable to make an allotment lmneolateIy'
h1,t the Secretary will be prepared TO give fur-
ther information on Monday.
while the Secretary was unwilling TO give
any figures tonight his attention was caiied TO
a., too+ that per cents were quoted to-day
ororrd 100 and IO3 He replied that this issue
,,-ourd hiring more than the market. MI Cortei-
x-ou EXPRESSED the utmost qualification at une
resnonse which had been made TO his offer, ana
seemed to regard it an unqualified success
The number of bidders and the premium offered
are also declared to indicate that the financial
furry has practically passed away
The National City Bank Of New York submit
ted p number of bids. aggreeating So,0VuVoo'
AZ prices ranging from 1011s TO 1O6- II as known
that certain bids from Western city were TOT
So. 100000 at prices ranging from 1o3is TO lpfr2'
a,d - was intin3ated that 1A would be about
the successful figure.
Mr.. Cortelvou explained that there such a
large number OF bids that TO make any deouc-
tions as TO the lowest price at which the bonds
would ae awarded manifestly Impossible to-
night. and that it might take some close caicu-
ISL
cessfrl and which were not. AS in all BOND
issues there we're no doubt. considerable
number rv irresponsible persons. who hoped IL
successful TO sell their awards al profit ana
these suspicicus cases would have TO be looked
into before final awards We're made, The secre-
tar said. however. that the final results Wouid
be announced at the earliest possible moment
Under the Secretary's circular Of November
1a tbesa hords will bear i.teresr at per cent,
pavabie on the first days Of November. fepfu-
ary Nav and August. they are redeernao!e III
gold coin at the pleasure Of the United states
ON and after August l. 1916, and viii be pay
able August /. 1886. The Secretary reserves
the hight 20 permit bidders offering the highest
prices to increase the amount Of their pur-
cheses.
Already the new ) per cent certiAcateS nave
been deposited to secure banknote circulation to
the amount of S1s150O0. and about 100000
In currency has been shipped against these oe-
posits. The increase in banknote circulat;on
since November has been 44,35I, ,3io. and the
total circulation tonight stood at S6o3 ic5 40.
This amount will probably be increased to near
ly 100000 600 within the next few weeks al
though it will fall somewhat below this figure
# the ease now prevailing in the money market
dirninishes the pressure for currency. The pro-
ceeds OF the certificates which have been al
lotted are beginning to appear in the statements
OF Treasury receipts The available cash bal
ance has increased by S4,142049 since
Wednesday, in the face of current re-
ceipts. which have been only S15OJO in
excess OF expenditures. This indicates that
about s4,ooo.0oo paid for certificates has
found tts way 20 the official statement of cash
on hand The greater part OF the payments.