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NEW 5 1 4 |
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NEW, 5-1/4 to 5-1/2
25 15 NORTH BRITISH, 25 to 26
50 20 SOUTH DEVON, 34 to 36
These lines have, in the language of the Stock Exchange, passed out of the hands of the jobbers, and most of them are now too heavy in amount for the operations of the smaller speculators. We therefore look upon their steadiness as a high proof, not only of their ultimate value, but of the general abundance of capital.
It is hardly possible as yet to draw any such deduction from the present prices of the lines which were passed in the course of last session. Upon many of these no calls have yet been made, and consequently they are still open to every kind of fluctuation. It cannot, therefore, be said that they have settled down to their true estimated value, and, in all probability, erelong some may decline to a certain degree. Still it is very remarkable, and certainly corroborative of our view, that the amazing influx of new schemes during the last few months-which, time and circumstance considered, may be fairly denominated a craze-has as yet had no effect in lowering them; more especially when we recollect, that the amount of deposit now required upon new railways is ten per cent on the whole capital, or exactly double of the ratio of the former deposits.
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