SUCCESSFUL /STEW ISSUES
Once again the public will have become accustomed to the almost regular announcement that this and that new issue of capital, including new Corporation Loans, have been over- subscribed within a few moments of the official opening of the lists. Already this revival in the demand for trustee investments has occasioned several Corporations to be able to place 3} per cent. Loans at the price of tor, although the 3i per cent. War Loan can actually be obtained at round about par, allowing for accrued interest. Most of these new issues, however, have gone to small premiums within a few hours of the commencement of dealings and this has stimulated the activities of the premium hunter, a circumstance which, no doubt, largely accounts for the heavy " over-subscriptions." In the case, for example, of the Blackburn Corporation Loan floated last week, the applications were so heavy that sub- scribers only received about 17 per cent. of the amounts applied for. This, of course, under ordinary conditions, should have meant that the Loan would open at a substantial premium. As a matter of fact, the letters of allotment had no sooner been issued than the Loan fell to discount. The " stag," or premium hunter, was taking his profits.
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