The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-05-23
FINANCIAL AND COMMERCIAL.
MnNnAY. May Do

Ing upon the market Tor INDUSTRIAL securities
was the statement OF Mr.. Frick OF Pittsburg
printed In THE SUS OF yesterday. to the effect
that the capitalization OF the consolidated Car
neRie and allied properties would be 100000
900. and that all Of the securities would be taken
by the present owners of the properties. Ever
since the consolidation OF tho Carnegie enter
prises was preached 1t has been persistently
reported that the capitalization based upon
them would be upward OF 100000 o 900.
and It was generally assumed that "a
largo part Of the securities would be
thrown upon the market. either by inviting
subscriptions to them or by manipulation
through various channels. The magnitude OF
the reported capitalization. together with the
assumption that those who have built up the
enterprises referred to were DESTROYS OF selling
out to the public. naturally disturbed the con-
fdence OF those who have been investing In
Industrial securities and dampened the ardor
OF those who have been promoting them.
Hence the authoritative statement from Mr..
Frick. quoted above. removes from the indus
trial situation what was regarded as n very
dark and threatening cloud.
Another development in that situation to-day
was the payment. without the slightest dis
turbance OF the money market. OF the balance
Of p5 y cent. due upon subscriptions to the
&75. OOO, 900 capital Of tho Amalgamated Cop
Der Company. This fact. together with the
manner In which Amalgamated Copper stock
has been supported in the outside market,
would seem to indicate that those who made
the security retained a larger proportion OF it
than the public purchased. 1t is useless to
disguise the fact that the public appetite for
new securities has for the moment been
pretty we'll satiateI. COMPARATIVELY email
enterprises. conservatively capitalized. will
undoubtedly attract capital for some
time to come: but II promoters and
bankers are wise they will defer offer
ings OF capitalizations OF fifty and a hundred
million dollars until the issues OF the last six
months have been thoroughly diEested. That
process will probably be accelerated In the
near future by the declaration Of dividends
upon the common stocks Of several OF the In
dustrlal companies. notably American Steel
and Wire. Federal Steel. and United States
Rubber. Some OF the newor preferred stocks.
like American Smelling and Refining. will also
be added TO the dividend paying list.
Settlements of the fight In the sugar refining
trade and OF the war between the local gas
companies would without doubt be exceed
inRly effective in reviving and increasing conf
dence in the class OF securities under discus
sion. One OF the strongest arguments adj
vanced In favor OF industrial securities is that
the combinations upon which they are based
minimize competition and expenses: but the
IOrC0 OF THIS argument mas neeu COnSlueTaDly
impaired by the development OF competition
in the sugar-renning industry and the inability
OF the local gas companies to live up to trade
agreements. The probability Of an improve
ment In both quarters may logically be based
upon the fact that tho controlling interests in
all OF the concerns involved in the two fights
are engaged TO q greater or less extent in the
production and marketing OF securities.
A Wild story from Boston containing alleged
terms upon which the sugar refining war Is to
be settled was circulated in Wall street this
afternoon ard was promptly denied by repre-
sentatiyes OF the various interests. Those de-
niaia. however. do not include the possibility
OF an adjustment OF the differences between
the American Sugar Refining Company and
the independent refiners upon a business basis.
Coincident with the circulation OF the story
referred to. Sugar Refining enjoyed an advance
OF o-or 4 points. 1t is possible that this move
mert would have taken place had erratic Bos-
tor spectators refrained from publishing their
tmaSinings through subservient news aGen-
cies. for the market for Sugar Refining has
shown a hardening tendency for several days
past. The furry In Sugar Refining and n ma
terial decline in Brooklyn Rapid Transit were
the more noteworthy features OF a compar-
atively narrow market.
The dulness invited attacks from the pro-
f~essional element which. though they did not
dislodge much long stock, disclosed the abb
sence Of either concentrated or public support.
In consequence the great majority o. the list
closed lower than on Saturday. and many
stocks. notably the newer and less active
issues. sustained noteworthy net losses. In
terest In the franchise tax measure was re-
vived owing to tho converting OF the special
session Of the Legislature this evening. The
Street. however, has no clear idea OF the prob
able action Of the Legislature. because it hest
tates to believe trustworthy information that
the Governor has changed his original views
regarding the measure now before him. and
has also reached an agreement with his party
as to what 1t Is advisable to do. Probably be-
tsre the end OF the week the franchise tax
bogy will cease to be a factor in speculation on
tho Stock Exchange.
Now York Stock Exchange-Sales May 22.
UNITED STATES AND STATE BONDS I'm 81. 0Oos).
8 US 8s.
CLOSING PRICES OF UNITED STATES BONDS.
Md. Asked. Bud. Asked.
Tn St 2s.r. Tn st4s.r.
stplofGlOo - lp25.....l3O l3OH