The sun. [volume] (New York [N.Y.]) 1833-1916, 1911-06-18
BIDS FOR The CANAL BONDS
THE ISLE MORE THAN THREE
TINES Sv'BSCRfBED FOR.
The Average Accepted Price viii nun
something over 1O2.sO-Tbe NJ.
tionai CITY Banks Dsd for the Entire
issue IL Considered unsuccessful.

issue IL Considered l'usuccrssful.
WASHINGTON. June IA preliminary
consideration OF the bids submitted for
the $50. .ooO.OOO issue OF Panama Canal
bonds made by Assistant Secretary
Andrew OF the Treasury Department
tonight shows that the entire issue was
more than three times subscribed for
and that the average accepted price for
the entire issue will run something over
io2 80. Tho National City Bank OF New
York. which eubmitted bids for the entire
issue in lots Of 81 400, 900 ranging from
100 5ool to io2 22S. is considered an un-
successful bidder. Also Kuhn. Loeb 4
Co. who submitted bids on $4,000. 900
worth OF bonds. failed to reach the ac-
cepted price Secretary Andrews state
ment follows:
The opening Of the Panama bond bids
began At Z o'clock, but a. there were no
less than $500 letters. many Of which
contained four or Ave bids IL is impossible
At this time 10 give more than an approx
mate estimate Of the outcome Il is GER
tain that the issue Of $50. .000. 900 IL more
than three times subscribed for. APP
parently the bona fide bids each total OF
about eios. 900. 900. This is exclusive OF
many bids imperfeotly or incorrectly
prepared or this total IL is estimated that
bids have been received for more than
g.. 800 900 at io3 or more. THAT about
Ss2. .OOO. 600 have been bid for at between
1902 50 and io2 %. that about SsI .0oo. 600
have been subscribed for at between
Ioi so and io2 10 and that about $50 900 900
have been subscribed for at ioi so and
under These figures are only rough
estimates. subject to subsequent revision
II would appear from this that the average
accepted price will run somewhat over
lo2 so and that the lowest accepted price
will probably range between Io2 rs and
1902 90
A large number Of the bonds will find
immediate 10 dgm ent in the houses Of
individual subscribers in ANAL allot-
ments. but the largest subscriptions are
naturally from bond dealers and bankers
Apparently the largest successful sub
scribers are Harvey Fisk 4 Sons and A. B.
Leach d Co. who have subscribed for
SO, 900 ooo. Other large subscribers are
The Hanover National Bank Of New
York. 81. 400 900: the American Exchange
National Bank OF New York. $1,000
william A. r. ad Co. Of New York,
81 900 600 Seaboard National Bank OF
New York. $500 900; National Park Bank
Of New York. ssoO.oo0; First Trust and
Savings Bank OF Chicago. $3.50 900; Hi
hernia Savings and Loan Company San
Francisco, ssoo. 900; Irving National Bank
OF New York. 37sOooo: Knauth, Nachod
Kuhne Of New York. ssnO. 900: Seattle
National Bank Of Seattle. Wash. 370O. .ooo
Palmetto National Bank Of Columbia
S. C.. $1,000 Mellon National Bank OF
Pit.sburg. Sioo.ooo
The majority Of what remains beyond
these sums will 60 10 small bidders scat
tered over all sections Of the country.
III the price Of these bonds averages
io2 81 they will Weld about 2sO on the
investment.
The bids submitted for these bonds
is satisfactory 20 the Treasury Depart.
ment. As compared to the bonds issued
by other countries the average accepted
price is very high. Tho British consols
per cent bonds, sell at about 90. the Ger
per cents. at eS.
The bids offered to-day came from Arms
and persons we'll distributed over the
entire country. There are great number
of small individual bidders. II is the
intention Of the Treasury Department,
TO give these small bidders the preference
N appears that there are about 10000
| individual bidders. What proportion OF
these were successful il is impossible 70
| tell M this time