The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-09-27
SALE or STATE CANAL BONDS.
IS, 1000. 900 SOLD BY STATE,
COMPTROLLER, GLYNN.
Most Successful Sale or . Per Cent. Barge
Canal Bonds Ever Made-The Issue
Oyersubscribed. Three T~imes-Prices
Net the State O Premium OF el4,A4S.

Most successful Sale OF b Fer Cent. Barge
Canal Bonds Ever Mnde-The Issue
Oyersubscribed Three Tmes-Prices
Net the State q Premium or elA.A4s.
ALBANY. Sept. 2e.-State Comptroller
Martin H. Glynn to-day conducted a
successful sale Of s per cent. New York
State canal improvement gold bonds.
He sold IS. 000. 600 Of these bonds at rates
that will net the State a premium OF
Sl%.4tS.e 90. This is the most successful sale
Of speroent. barge canal bonds v held
by the State and Is a recognition TO large
extept Of the conservative and careful
manner In which the finances OF the State
have been administered by the present
administration during a period Of great
financial depression Twenty-four bids
were received and the issue was over
subscribed three times. The highest bid
received was submitted by Alfred Blum
OF New York CITY. who hid for $4,000 OF
bonds at los. H'
The successful bidders, with the amount
allotted to each. are "a follows:
The Nassau Trust Company. Brooklyn.
$50. 900 at 100: Queen Insurance Company
OF America. New York city. 500. 600 at 100;
Thomas B.. Lockwood, Buffalo. $4,000 at
1905 the Williamsburg Savings Bank.
Brooklyn. $500 900 at i0o: Maiden Lane
Savings Bank. New York city. $4,000 at
i0i; Alfred Blum. New York city. $4,000
at los: Max L. Sand. New York city. $4,000
at loi .7s; the Farmers Loan and Trust Com
pany. New York city. 500. 900 at 100; the
Home Insurance Company. New York
city. 800. 900 at 100. 1875; tho Home Insurance
Cnrn nm % Nav yArk rity AO0 nm Mt I'M *.
the Home Insurance Company. New York
city. 100000 at loo.s75; the Albany Trust
Company. Albany, 100000 at 100: Guar
anty Trust Company. New York city. $780,
900 at 100; United States Mortga &c and
Trust Company New York city. $500 900
at 100. 0t; United States Mortgage and Trust
Company, New York city. $500. 900 at 100. 07;
500, 600 at 100. 10. and $500. 900 at 1oo.l3; the
Commercial Trust Company. New York
city, sio0. coo at 100: Agricultural Insurance
Company. Watertown. $4,000 at 100: Citl-
zens Trust Company. Fredonia. $4,000 at
1905; Manhattan Trust Company. New
York city. $4,000 at 1908: j. 8. Bache 4
Co.. New York city. $500, 900 at 10f 20, and
$500, 900 at 100. 20: National Commercial
Bank, Albany, $50. 600 at lo1 .l25; BAN Of
Hammondsport. "-Hammondsport, 5000 at
100; State Of New York. 32eo, 900 at 100.
Among the unsuccessful bidders was
William A. Read 4 Co. OF New York
city, which firm bid 100. 1873 for all or none
of the entire issue There were also
bids a~ggregating $50 900 which were
rejected because OF the Noncompliance
With the requirements as to the deposit
The bonds bear a rate Of 8 per cent. in
terest, but by the operation Of chapter
$50 Of the Laws OF 1907, as amended by
chapter 22s of the Laws Of 1905, these
bonds practically pay 4 per mt. interest
when owned by insurance companies,
trust companies and savings banks
operating In the State OF Now York and
are con~considered q desirable invest
ment for such Institutions.
These bonds are also legal Investments
for trust funds and savings banks and
are acceptable by the United States Gov
the State Of New York as security for
State deposits, by the Superintendent
of Insurance to secure polioyhoiders
and by the Superintendent OF Banks
In trust for banks and trust companies.