THE MONEY MARKET
EXCESSIVE UNDERWRITING. By Gable—Press Association —Copyright. Received 20, 12.25 a.m. London, June 19. ' The Daily Telegraph says that 1911 has been a splendid time for the underwriters. Each new issue has been greedily swallowed. The past three months, however, has given an almost unpreceBented list of addled issues. Of eight issues, including that of New Zealand, aggregating £21,755,000, the underwriters received 75 per cent. All are now at a discount. It is evident that the market needs a rest. Fortunately, the burden is well distributed. It is likely that the writers in the autumn will have to pay higher interest upon loans whereon they carry stocks than the stocks earn. The danger of excessive underwriting mav assert itself.
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Taranaki Daily News, Volume LIV, Issue 304, 20 June 1912, Page 5
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121THE MONEY MARKET Taranaki Daily News, Volume LIV, Issue 304, 20 June 1912, Page 5
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