New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-18
llNAMA BONDS THREE
j. TINES OVERSUBSCR|BED
o.;eps Indicate That American
''r Credit Is Highest in World.
Officials Say.
AVERAGE ABOVE 1o2.5o
lay Fisk g. Sons Get S10,-
90 on ooo at 1O2.77-No Awards
v. - National City Bank and
Kuhn. Loeb & Co.

,-.sbington. June 1t i"0
ou 2 per cent Panama Canal
pen =, s,nNc0,c0o. bids for which were
hsn =, ,be Treasury Department this
's parroon proved a great success. Such
''.'',s of the bids as are available to-
G." ~, indicate that the loan has oee'
is" .hon three times oversubscrihed
plo,V ,ba, the average price of the new
90. will he a little more than 1000
po"D 6de bids received are for about
..,-onnonoa OF that amount S2.3oo,WU
srhscrihed at 3 per cent or more;
,s5nno @ 600 at more than 1o2.50; $4,000
~ ., between 1O1.50 and 1920 and
spnncOo at 1o2 and under.
-Sa successful bidders and the amounts
,,.v will receive. so far as can he deter
lined tonight. are as follows;
u..y Fisk & Sons. N. y. $40. 100000
c.,oyer National Bank N. Y; 4'ooo'ooo
American ''""S' 49, 100000
ssnN p.,d e Co. N.Y.. 100000
Wluan - A. .t;onaI Bank, ny. 100000
National Park Bank, N. Y..... 500'0oo
r.lsor, & Adams, N. Y....... 4UU,UOo
ei,s, Trust and Savings Bank. ,,
CHICAGO .......-.-... 80. ...'. oOO'VVo
us.rn,s savinas and Loan
Company, San Francisco. 3OO'OOo
s.,t.le National Bank, Seattle 100000
The bid of Harvey Fisk & Sons was
Wp77 More than three thousand bids
were received.
Ths majority Of what remains available
,e,ov these sums will go 10 small bidders
eu over the country If the price Of the
,onds averages 1920. as Treasury Off
rails think II will. they will WELD 2."o
~ cent 10 the investor.
The National City Bank. Of New York.
which bid for the whole issue at prices
y,rvine from 100 1905 10 1O2.5 -. will get
,o,s of the new bonds. Neither will
ygtr. Loeb & Co. who hid for $1,000
on
The prices bid for the new bonds are
taken to Indicate that the credit of the
United States is the highest in the world.
Securities Of England, France and Ger
many are selling at a discount, ana
many bankers believed that the new
Panama loan would bring little above
rsr. Not since the Civil War has this
government issued bonds which did not
have an artificial value because OF the
national bank circulation privilege at
iached 10 them. The price of these new
securities. available for investment only
Is taken 10 reflect the credit Of the ma
ton.
Among the smaller bids prices ran 70
lo5 and higher for small allotments or
$500 and upward
Secretary MacVeagh and A. Piatt An
drew. Assistant Secretary of the Treas
ury (whc has been in active charge Of the
issue. opened the first bids. Secretary
expressed great satisfaction
At the showing
The opening of the bids for the Panama
Canal bond issue has been awaited with
keen interest by New York bankers. espe-
cslly as il constitutes the first real test
0, the borrowing power of the government
snce the national banking system was
eNabNshed in 1853 All former bond issues
have carried the circulation privilege. being
available. that is. as security for national
Rank notes and thus commanding pre-
mum above their actual investment value
The present issue OF 100000 was an
,ounced on May 6 by Secretary MacNeagh.
The act of 1909 authorizing the issue was
30 amended by Congress at the last reg
War session as 10 prohibit the bonds from
feilg used as a basis for circulation. TINS
was done 10 protect the outstanding per
cents. amounting 70 about $7$oo0.mo. Sec
!s,ary MacVeagh has all along hoped that
re Panama Canal bonds would he taken
chiefly by small investors lie has said
that the proportion OF the population hold
ing government securities is much greater
soroad than in the United states. ana mas
tsed this fact as an argument Tor a per
tent rate ~ interest
The Panama bonds. when issued, nave
sold on the curb here at prices so hlsn as
% cause much comment among pankelS
They sold on Friday as high as jog $40
Closing AZ f08. Yesterday. on a nuch le-
taced volume Of transactions. tne price