New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-30
5inanrial.
The Financial World.

have been dull during the past week; but In q
few stocks there has been exceptional activity
Tomorrow is the lat OF May. and we hear from
certain high speculative quarters that the month
Of May is bull month; which nay be inter.
preted as hint Of what It may be this year
unless things go crooked. They have gone
crooked occasionally. since bull month Of
January. Next week Will probably give sign Of
what is coming. The money market is all right
The banks have over So 900 600 surplus: ana
the Government will put into the market hero
the $20OO00O0 Spanish Indemnity, which win
be drawn direct from the funds now under lock
and key in the Treasury vaults.
The two notable events OF he week have been
the announcement Of the formation Of the Anal
gamated Copper Company, ard the passage Of
the Ford Bill by the Legislature. The latter
came as a surprise. and caused immediate SELL
ing Of the stocks Of companies supposed to b
affected II a surprise, as It had been
thought the Bill was blocked in ,he Assembly.
Undoubtedly 1t was blocked, but the impetuous
charge the Governor made on that body drove
1t through in hurry. Just what will be the
effect of the measure no one seemed to know
yesterday. Everybody appeared to be asking
verybody else what 1t would do. In day or
two, there will have been time for examination
and opportunity for opinion to crystallize. But
as it was clearly aimed at traction and gas COM
panies, the stocks Of those companies were
freely sold
The author Of the bill explains that its pur-
pose is to put companies which have franchises
to operate in. under or over the public streets.
on an equality as regards taxation with steam
railroads which own their roadbeds and have
to pay taxes upon them real estate. On the
tuct
panies most affected will be the Metropolitan.
the Brooklyn Traction. and the gas companies.
The stocks OF each had a sharp drop.
Consolidated Gas stock has been heavy for
some time The difficulty with the company II
that people we'll informed the gas business
believe that its earnings are poor. Electricity
has made great inroads upon them. In future.
the company will be compelled to give more at
tention to fuel gas, as the New Amsterdam
Company has; and II IL well understood that the
latter company does not earn 2k per cent on its
preferred stock Another thing-al our city gas
companies will have to face the certain fact that
gas will have to be sold cheaper than It has
been. II their managers cannot see that, they
are blind to the signs.
The formation Of the Amalgamated Copper
concern is significant Of several things; and one
of them is that Wall Street is to be hereafter Q
market for copper mining shares. Hitherto Bos-
ton has had this market exclusively: but q
glance at the list OF directors Of the con-
shows that It is to be permanently New
York affair The chief men in II New York
men, and the financing is to be done through q
New York bank. The big following this power
full combination has-and It is one Of the strong.
est Wall Street has seen-makes 1t sure that
copper mining stocks will find their home here.
Where one big fellow leads the way, others
smaller will follow. Applications to list tho
stocks OF other copper mining companies are
already before the Exchange. and more will
come.
Announcement that the capital OF the new
company is S75,OOOOOO, and that It has pur-
chased large interests" in certain copper mines
named and others unnamed discloses that the
backbone Of the late big speculation in copper
stocks on the Boston market, must have been
furnished by the purchases Of this syndicate
1t was their buying which was the strength OK
it. Doubtless where the market ran away from
them they threw over enough stock to break IL
coming in again buyers at the lower ranses
and thus causing those rallies which 30 speeduy
followed breaks which seemed to have marked
the elimination Of the boom.
They could we'll afford to buy. supposins that
their plans go through successfully. Their pur-
chases Of the stocks of the several individual
companies. are turned in to the new company
at valuations known only to themselves. but
which may rest we'll assured would NOS
show them a loss Against these shares they
issue stock of the Amagamated Copper Com
pany; and the $75,OO00OO issue is now offered
TO the public for subscription at par. 1t Is
safe to assume that without reference to any
In, tho he
make swinging big profit IL they sell it to the
public at the offered pric,.
VIII the public subscribe? 1t will climb over
itself to do It, In these times, such list Of
names as appears in that combination would
make anything go. We shall probably hear
that the issue has been subscribed for three
times over Five per cent must be paid In on
application: which, If the subscriptions are az
large as anticipated will in itself send In checks
to the City Bank next week TO the tune OF eleven
millions and over. The balance is to be PAID
within ten days after notice OF anotmeht-an
operation which will have TO be nicely man
aged If disturbance of the money market Is 70 W
avoided.
We shall soon be hearing about the various
dividends which, it is understood. are TO put
number of stocks the dividend paying hs'
for the first time in July. Declaration Oh .he''
will probably be made early in June. feoel"'
Steel common is one of these stocks. Steel VITO
common Is another.
Mr. Gates returned from Europe on rr'o~.'
He brings important contracts In MS pocAeS
What he says Of the condition OF the iron anu
steel trades in Europe. and OF the enormous r'se
in prices there, would easily fill this column
Boiled down, 1t is that every furnace ana ever
mill Is so choked with orders that the oh'y UNI
Guilty is to get out the work at anywhere h.a'
contract times. And there is no let up IN sisn.
All the world seemed to be bare OF mater'"'
when the boom started. and all the world IS ouy.
ing now Active as the trade is here II IL ye'
behind the roaring pace at which 1t is running
in Europe.
It was stated yesterday that the papers hau