Financial Notes
BUOYANT MARKETS.
IN the main article in another column I refer at some length to the continued activity on the Stock Exchange including flotations of new capital. During the past week prices have moved somewhat' irregularly, but on the whole -cheerfulness has been maintained in most markets, the outstanding feature being the firmer tendency of high-class investments and the continued activity of industrial descriptions. The fortnight has probably been one of the most active of the year in capital issues, and not the least interesting has been the flotation of a Birmingham Corporation Loan for £5,000,000 in 4/ per Cents, at 971. This is probably the highest rate at which a 41 per cent. Corporation Stock has been floated for some years, and at one time it seemed likely that the issue would be made at 971. Wiser counsels prevailed, however,
though the reduction at the last moment of * per cent. in the issue price suggests that there must have been -very keen competition for the Loan. That such competition and such . terms of issue may be justified at the moment by the demand for trustees securities is possible, but Whether they will be justified by the course of price movements of investment stocks in the near 'future I should not like to say.
Previous page
