BANK SHARES.

New Zealand Times, Volume XXVII, Issue 5729, 26 October 1905, Page 5

BANK SHARES.

BOOM IN “ NEW ZEALANDS.” SALES AT £6 18s 6d. Tbo, placing of the balance of forfeited shares—l3,7B3 —on the market a little over a week ago has, through some means, had the effect of sending up the price of Bank of Now Zealand shares. On the day following the opening of tho tenders —last Tuesday week—tho Wellington Stock Exchange roport,ed that there were buyers at. £6 10s and sellers at £6 15s. Within the past day or two Bank of New Zealand shares have been sold for as much as £6 13s Gd, and sellers are asking £7. Inquiries made do not disclose any particular reason for such a rise in so short a time. Certainly nothing has been published ns from tho board of directors to warrant such a “jump,” as nothing has been officially said that could in any way ho taken as a guide by tho public since the annual meeting of tho board, over three months ago. Tho assumption is that some of tho local brokers have oversold themselves, "thinking to get tho full number of forfeited shares they tendered for a few days ago. The surprise came when the tenders were opened, and it was found that tho 13,000 odd shares had been largely over-subscribed. Tho result was that only thceo who tendered at £G Is Gd and over received their full allotment, those tendering under that price dividing tho balance pro rata. If this assumption ho correct, some Wellington brokers will lose heavily in fulfilling contracts, as the demand they have been forced to make has been tho means of elevating tho price.