In this connection, it is pointed out that insurance companies actuarially require at least a 3% per-cent. yield, a condition which is satisfied by the new loan.
Brokers are advising private investors to switch from corporation leans to this senior stock Some stagging, mostly on the part of the larger capitalists, is expected.
The gilt-edged securities market initially responded to the new lear by marking-down existing stocks from 1 to 2% points in anticipation of selling. When unloading, however, failed to materialize, a recovery set in, dashing the hopes of bears, which had been short in stock, to cover their commitments cheaply.
Text read from the printed page and cleaned; old type leaves the occasional error.