GLUT OF SECURITIES.

Colonist, Volume LV, Issue 13739, 3 June 1913, Page 5

GLUT OF SECURITIES.

UNDERWRITERS HOLDING O*F

A RESPITE NECESSARY.

London, May 31. The "Financial Timos" states that there is a tacit agreement amongst loading underwriters to abstain from further business until the glut of,new securities has been absorbed. Joint stock banks in one or two cases have been taking steps to stem the tide of fresh borrowing by public authorities. If a respite is given the natural elasticity of tho stock markets will soon re-assert itself. The "Daily Mail" states that there is scarcely an underwriting house in the city which has not had to seriously considor tho question of declining fresh obligations. The market for short term issues is almost equally congested, and relief cannot be expected without a- slowing down of trade, the widespread prosperity of which is at the root of tho scarcity of money.