Show PANAMA BOND I I I BIDS OPENED Issue Many M ny Times Oversubscribed Oversubscribed Oversubscribed scribed but Complete Jab Not Finished VAGUE STATEMENT MADE SECRETARY CORTELYOU CORT LYOU DE DECLINED D DECLINED TO BE EXPLICIT Washington Nov 30 The opening of the bids for the Issue of ot Panama canal bonds which was be begun begun begun gun at this afternoon was not concluded until neary 10 when Secretary Cortelyou made the following announcement The bids for the of Pa Panama Panama Panama nama bends Invited by the circular of Nov 18 8 were opened this evening eVen ng In the treasury department There were more than bids and the loan was many times oversubscribed oversubscrIbed oversubscribed scribed No complete tabulation has been possible yet but It can be stated 1 that the average price is well above the present market price of the bonds Owing to the large number of ot bids to tobe tobe tobe be it will be impracticable ble to make an allotment Immediate Immediately ly Iy 1 tnt tut the secretary will be prepared to give stive further information n on Mon lon Monday Monday londay day Many Irresponsible Bidders Further than this the secretary was not prepared to make any statement He explained that there was such a avery avery avery very large number of bids that to tomake tomake make malte any deductions as to the lowest price at which the bonds would iw M awarded was manifestly impossible to tonight tonight tonight night and that it might take some close calculations to determine just which bids were successful and which were not noL No doubt a considerable number which were made for consid considerable erable amounts by b Irresponsible parties who if successful to be able abla to sell their awards at a profit and these suspicious cases would have to be looked into before final awards were made The secretary said however that the final results would be an announced announced announced at the earliest possible mo moi moment moment ment Refused to Explain Asked as to just what he meant in his statement by the present market price of the bonds the secretary asked to be excused from being more explicit but others familiar with the present market price of the other Pa Panama Panama Panama nama bond Issue Interpret his words word to mean that the successful price of of he Ime present Issue will be consider considerably considerably ably abl in excess of 01 and possibly above 03 Among the bidders was the National City bank of New York which submit submitted submitted submitted ted a it number of bids aggregating 5 at prices ranging from to It also Is understood that the First National bank of ot Chicago bid for tor a large amount of the bonds at some something something something thing In excess of Redeemable After 1916 Under the circular of Nov No 18 IS these bonds will bear Interest at the rate of 2 per Jer cent per Del annum payable quarterly on the first days of November February May and Au August AUgust August gust They will be redeemable In Unit United United United ed States gold coin at the pleasure of the United States on and after Aug 1 1916 and will be payable pa able Aug 1 1936 I The secretary reserves reseneR the right to t permit bidders offering the highest prices to increase the amount of their purchases |