New-York tribune., 1901-02-26
.sas1.Wo.Gs-
A $oOooOo.Ooo SYNDICATE,

y
It is understood that a S2ooooO000 syndicate
is 10 he formed TO finance the vast consolidation
now taking form. and that assurances have been
given TO the interests likely 20 enter this syn
dicate that it is not expected that more than %
per cent of the total amount will be called
Rights in the syndicate were quoted on the curb
yesterday ut 1o1 bid. 100 asked The estimates
OF bankers as TO the amount of cash which will
be needed for floating the new company vary
between S1jotaOo0 as a minimum and $50
100000 as a maximum. The managers OF the
proposed underwriting syndicate II is said. have
received offers aggregating about S1o0oD.OtS
for shares of the company, and will readily
be able to market large blocks OF the securities
in London and the financial centres of the
Continent.
II is estimated that the savings which will
result from the formation Of the new company
and the elimination OF competition will be enor-
nous Mr. Morgan is quoted saying that the
sum OF S1JDOO0UGO would be spent by the sew
eral companies in the next five years. in build
irg new plants as result of their competition
with one another. Now. all this will be saved
as no new plants will he needed The new con-
Germ alone is able to supply the demands of the
world IL Is declared. The increase in foreign
business will he great and with the economies
10 he introduced the United States Steel COR
pOration will he in a position 20 compete WIN
serted that Charles Nj Schwab is 10 be president
of the company.
The fee paid the Secretary or state AT Iren-
ton for filing the certificate of incorporation
Yesterday so. the minimum charge Ihe
regular charge is 2O cents for each $1,000 OF
the total amount OF capital stock authorized
so that If the capital stock be increased to
$500 600 OOO the total fee TO be paid for filing
will be S16O0OO. The annual tax on corpora
tions in New-Jersey is one-tenth of per cent
on the capital stock actually paid in mot merely
authorizedD.
THE COURSE OF STOCKS.
Wall Street was very much alive yesterday
The Street had waited so long for official
announcement of the companys Incorporation
that every one had his nerves tuned up to a
high pitch when the market opened The pub
lication of what purported To be the terms on
which the stocks of the several companies were
10 be exchanged for stock of the corpora
ton was followed by sharp advances in the
steel group Sargely based upon professional
manipulation OF all the steel stocks the Amer
lean Tin Plate fuctuated most violently. The
common stock up II points in the first
fifteen minutes. Opening wide" from G6 to 40
- to points above Thursday-it made
an extreme gain of Is points In the first hour
of business Tin Plate common rose from 66 TO
30 dropped TO IL with great rapidity. and then
sold rapidly up to again. Federal Steel
huctuated rapidly at the opening. advancing )
points in the common and olt in the preferred.
Other remarkable wide openings were 5000
National Steel common from Asa to 90 5000
Federal Steel from 501a to JOA. American Steel
Hoop from 32 to "a and 5000 American Steel
and Wire from 40 TO II. The preferred shares
OF the steel companies also showed substantial
gains. Steel Hoop common closed with net
gain of points and the preferred was up 2la.
close of So. while the preferred gained 2ia.
National Steel common lost u and preferred
gained is. Federal Steel common netted loss
of y, while the preferred gained 21s. Leading
railroad shares rose in sympathy with the steel
stocks but. like them. before the forenoon was
ended prices declined rapidly.