A SUCCESSFUL ISSUE.
While success has attended most of the capital issues during the past week the palm must perhaps be given to the extensive response to the offer by Messrs. Lazard Brothers and the Whitehall Trust Limited of Tokyo Electric Light 6 per cent. Debenture Stock at the price of 90. The amount offered was 24,000,000 but, owing to the fact that holders of existing bonds for 23,600,000 had the right of conversion which was exercised very freely, the amount available for public subscription was comparatively small and the rush of applications being great, large applicants only obtained about 5 per cent. while in the case of applications up to 22,400 allotments cent., to be decided by a process of balloting. On the first day of dealings the price rose to 31 premium.
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