New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-06
New York State
Bonds Bring a
High Premium
Whole of $25,O00,OO0 Issue
Is Awarded on Bid
of 104.817

New York State sold yesterday its
new issue Of S25,OOO,OOO of ffty-year 4
per cent bonds to syndicate Of New
York City bankers at the largest pre-
MUM since 1910. Kuhn, Loeb & Co.,
William A. Read & Co. and kidder,
Peabody G. Co., representing banking
proup whose members have been I'M
usually successful in state and mu-
ncipal sales of other years, were
awarded the issue on their joint "all
or none" bid of 104.S17. At this price
the bonds yield approximately 1913 per
cent. which represents the cost OF the
money TO the state. The bankers be-
gan placing the bonds privately last
night at 1853 to yield 3.75 per cent
They reported a heavy inquiry. The
formal offering Will be made next week
In announcing the award of the bonds
TO the syndicate State Controller Travis
said:
an view Of the present uncertain
conditions prevailing and the prospects
Of heavy financing in the near future
bv the United States government the
sale is considered to have been the
most successful IN recent years"
The sale brought the state pre-
MUM Of exactly s1,2O4,25O, so that
s26.2O4.25O will be received from the
syndicate for the S25,OOO,O00 issue.
The bonds are designated as fol-
lows; $4,000, 900 for canals, $4,000
600 for highways, s2,5O0,0OO for ex-
tending the Palisades Interstate Park
and S25OO,O 900 for increasing the area
Of the state foreign preserve gem
orally.
Highest Premium Since 1910
The premium is the highest paid Tor
pcr cent state bonds since 1910, when
an issue Of highway As sold for lOo.3'o'
Last wear an issue of S25,000,0OO of 4
por cents sold at 1927, netting the
state $4,000 in premiums. Although
the issue was heavily Oversubscrloed'
the number OF bids, fifty-three, was
somewhat less than the average or
other wears. due apparently to the fact
that the country is about to enter into
the world war. Last years sale
brought 90 bids, that of 1915 l39 olos
IL. g 1Oti Ag0 bids
The successful syndicate presented
the only "all or none" bid. One "ati
or anv part" bid of 1O1.141 was made
bv a syndicate composed of Harris
Forbes & Co.. the Guarantee Trust
Company. the First National Bank ana
the National City Bank of New YORK
Others of the important bids follow:
William Solomon & Co. and Marine
National Bank, Buffalo, $lO,OOO,OOO
from 1OI .5l3 to 1O2.763.
]. e. w. Seligman G. Co., $75OO'OOO
in three bids averaging fraction
over 1913.
Equitable Trust Company bid Tor
$4,000. 900. as follows: S25O,OOO at
1o4O7 100000 at 1882, s35O,OOO at
to357 100000 at 1882, S45O,OOO at
1O3O7. 100000 at 1922, s55O,OOO at
1O257. s65O,OOO at 1922, S7oO,OOo at
1O2.O7 and 100000 at 1912.
Speyer e. Co., $5,OOO,O0O at 1888.
Rank of Manhattan Company, 3d.
600 900 at 1923 to 1925.
]. s. Bache & Co. bid for $1,000
600 in ten 100000 lots from 1OO.Ol1
to 101.17.
Farson. Son & Co, 81 100000 from
1Ol.78 to 100.3S.
Kean, Taylor & Co., 100000 at
100 26 TO 1O3.51. r. W. Pressprich
g. Co.. 81 .OOO, 900 at 1OO.76 to 1926.
United States Trust Company, ST.
100000 at 1903.
Bankers Trust Company, Buffalo
$1,000. 1000 at 1915 to 1895.
Bernhard, Scholle e. Co., 81, OOO,Ooo
M 1926 to 101.5l.
r. w. Pressprich e. Co, Sl,OOO'Ooo
at an average of 10l.5.
Exempt from War Taxes
In Wall Street circles great aatlsfac'
ton was expressed over the success oil
the bond sale. The price received was