NEW CAPITAL ACTIVITY.
Right up to the eve of the holidays a good response has been given by the public to most of the new capital issues which have been offered, the latest instance being the State of San Paulo Loan offered last Tuesday by Messrs. Barings, Rothschild and Schroders, the subscription lists being open only for about twenty minutes. The entire loan was for the equivalent of about £6,500,000, but it was divided as to £3,500,000 in sterling and $15,000,000, the latter being offered in New York. Of the sterling issue, £750,000 was placed on the Continent, while the London portion consisted of £2,750,000 in 6 per cents. at the price of 941. With a good security and a yield of about 64 per cent.—to say nothing of the influential auspices under which the loan was issued—it is not surprising that the bonds were very heavily over-subscribed.
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