List Closes Half an Hour After Opening Shanghai, July 18.
Closing in half an hour from the time of its opening, the list for the new Loan, underwritten by a synficate formed by Messrs. Swan, Cul-benson & Fritz, showed a heavy oversubscription.
For that portion of the '©8§2,000,000, available for public subseripilon, it is reported that applica tions were received at the Bank of China for more than $22,000,000, Such over-subscription indicates a confid-face in the' Government, and the Munlelpatity of Greater Shanghai, in Mayor Wu Te-chen and his financial assistant, Mr. J. K. Choy.
Interviewed shortly after the books closed, one of the partners of Swan, Culbeftson & Fritz declared that the public participation in the issue was most gratifying. He pointed out, how-fever, that it must be remembered that the issue was not large and undoubtedly a great portion of the large over-subscription was the result of applications being made in several cases for somewhat larger amounts than really desived, The same partner delaed that the Bank of China handled the subscription list in an extreme efficient manner and deserves a great cal of credit for the tedious and thankless task of making allotments. The underwriters were determined to give the smaller applicants and Renuine Investors some special con~ fideration and, fo the best of their ablily, this was done by preferential allotments on small applications.
Text read from the printed page and cleaned; old type leaves the occasional error.