New-York tribune., 1901-02-28
ACTIVITY IN STEEL.
BROKERS OF THE CURB MARKET
HAVE THE BIGGEST DAYS
BUSINESS.
ESTIMATED VALUATION OF STOCKS OF
THE VARIOUS CoMPANIES-MORE
RIyMORS OF OPPOSITION.

The brokers of the curb market yesterday
| transacted the largest days business in the ex-
| isteuce of that institution, record due to the
heavy dealings in the stock of the new United
States Steel Corporation, when and issued
The transactions in these shares said to
be as much hundred thousand shares, and
many of the sales were in thousand share lots.
The common stock opened at 401a and soon de-
clined under heavy selling pressure to SIaa. The
at 3S bid SS1s asked. The preferred opened
81. advanced ST. declined s2la. and closed
S21a bid, S31s asked.
On the Stock Exchange the steel and iron group
showed strength at the outset Federal Steel pre-
ferred up point and later it gained another
point American Steel and Wire shares were high
er than at Tuesdays close. and Steel Hoop was
strong point rise The close. however showed
net losses for the day in all the common stocks
except Steel Hoop, which gained !. per cent. the
most marked decline being 22l per in National
Iuoe, the preferred stock of which company also
lost IL points
A recognized authority yesterday published a
table giving what is likely to be accepted as a fair
are TO enter the United States Steel Corporation
The prices are arrived at by a computation of the
old stocks and their market value These are the
figures:
asdera Steel preferred se!s 45t= American
Tube preferred 1o3; common. 90 National Steel pre-
S9SR @on ss s American Sheet Steel preferred 81 COM
BY the same process average valuation of 81
per cent is fixed for the preferred shares of the
new corporation and average of 90 per cent
for the common shares
1t is reported on good authority that the svpd,
cate which Mr. Morgan is forming is to under
write s2C0o0 900 Of the securities Of the new cor
poration, and that fifteen months will be given If
IN "hich 10 complete its task; IL is also again
declared that probably not more than 25 per cent
of the amount for which the underwriters are tn
ash boston financial interests. IT is said rep
resented in the syndicate
reports still differ to the men who are 70 ba
selected for the leading Offices in the cornpsnv If
MI. Carnegies wishes are carried out, il is GER
tam that Mr.. Schwab will be named for the pres-
dency. but Mr.. Morgan is still said 70 esteem Mr.
FLICK ABOVE any other man for that place
lhere are persistent rumors OF trouble in PROS
peet LOT tne new corporation from the controlling
interests OF the American Steel and Wire Company.
VINO are reported to be deeply ncensed al the al
legged discrimination against their company IN com
parison with the Moore properties in the matter
dr S1 'te percentages offered by J. p Morgan & Co.
steel companies for the shares ~ the T-nitad
Steel Corporation. sou
Pittsburg Feb. 27-"The Pittsburg Leader" TO-
days says
The stockholders OF tho National Tube Company
made them by the Morgan syndicate of the issue
OF the proposed United States Steel Corporation for
cdec is the disqualification that there are some Of
me stockholders who say that they will positively
reIuSe 10 make exchange Of securities unless
tney are accorded more favorable terms Indeed
the temper OF OF the stockholders is such that
there is grave danger OF the Tube people overturn-
Ing the whole deal II is now proposed Unless
some concession Is made them.
Ten thousand shares OF Crucible Steel common
stock sold at the hrst call of the Pittsburg
Stock Exchange to-day at 262i to ia against Ok
yesterday afternoon. The demand for the stock
was due to the report that the Crucible Steel Com
Paay would probably be Included In the great steel
deal Negotiations, II IS said. under way which
Il IS thought will end In the company becoming
part Of Morgans giant combination Chairman C
H. Holcomb and Treasurer Reuben Miller jr. are
now in NewYork. and the report says they are
comforting with the representatives OF the United
states Steel Corporation The Crucibie Steel Com
pany controls 80 per cent of the output. The cap
itaizaton IS S25+ooe"o each OF common and pre-
ferrel stock