Financial Notes
NEW LOAN ACTIVITY.
'Mime general business in the Stock Markets in existing securities remains stagnant—if exception be made of the few features in the Industrial Market such as the rise in Celanese shares—activity in new loans and new capital issues generally continues and the absorbing power of the investor seems to be in no way exhausted. Latterly "a feature has been the flotation of certain foreign loans which have had an extraordinarily good reception. The Mortgage Bank of Greece issue for £2,000,000 in 7 per cent. Bonds at 931, offered through Harnbros Bank Limited and Erlangers, was covered very many times over, the yield being a good one, while the Bonds carried a guarantee from the National Bank of Greece. Equally successful has been the flotation of the Estonian Loan under the auspices of the League of Nations and brought out here by the British, Foreign and Colonial Corporation, with the Midland Bank and the Royal Bank of Scotland on the prospectus. The total amount of the Loan was for the equivalent of £1,500,000, of which, however, the greater part went to America, while the English portion of £500,000 was covered many times. The Loan was in 7 per cent. form at the price of 941.
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