THE OMATIA DAILY PEE; SUNDAY, MAY 11, 1002.
17
(Mill OF TOE SYNDICATE
Ifrncrai FroCu Uade in Launching the
Kodern Trait.
rTORY Of SEVERAL RECENT DEALS
Wv Millloa Arr Mi4r la rioattaa;
allroa aa laaaetrlal tasnbiaes
. Mormi't Share la ra
dicate Developsaeat.
ritldsni cabled over from London of the
epensttlon to be awarded to the trndl
s which U underwriting the securities
ft be sew shipping rombiDe ha, excited
rest In the hlrtory of the development
Chete syndicates nd the extent of their
fTItt In thlt consolidation I, to recelr, a
tut of t25.orKJ.UfiO in common ttock and
00.00 preferred.
l iplte of the extraordinary attention
icb bat been attracted to thl arrange
U relatea the New Tork Times. It It
fited ont by a prominent financial Inter-
la Wall atrert that thia It not to large
ment at was received by the underwrlt-
of the ateel truRt organization. The
plng trust syndicate guarantee the
a of SO,000,'HK bondi and about 1120,000.
4 In atock.
"his syndicate hat been called upon for
1000.0O0 of ltt rash subscription. Inter-
connected with the new scheme admit,
ever, that most of the bonds of the new
epany have already been aubscrlbed for
side of the syndicate. All that remains
'be done, therefore. It to float the latuo
1120, 000, 000 of atork. It Is taid that if
i syndicate Itself were to buy these bonds
I profit would amount to about E5 per
it, which would be reduced to tome 30
cent by the aale of the shares of Itock
.leet than par value.
t has been figured by responsible per
ls that the profile of the syndicate will
.ount ta about one-half the face value of
t aecuritles with which payment will be
de to them, or aome $13,000,000 or $14.
,000. Of this amount It It understood
it J. P. Morgan Co. will receive about
400,000 for managing the affair. Thia It
laidered a low estimate In Wall etreet
radlrate'e Development.
Since 18S0 the underwriting syndicate hat
d a remarkable development In this
jntry. It hat made possible the forma
n of companiet with hundreds of millions
dollara capital; it hat brought great
cklng houses into harmonious working
reemcnts. It has brought American and
"elgn financial Institutions Into close co
era tit. n and it has fixed a very tnug berth
' the stock market manipulator the man
io acts aa a sort of selling agent for un
rwrltlng syndicates.
Syndicates are paid usually In the tecuri
t of the companies tbey underwrite. The
Jck market operator turnt those scrurl-
Into cash. Thia Is why underwriting
ndicate often remain In existence long
ter the apparent use for them has ex
red. Uttle it known outside of Wall ttreet
nklng houses of Just what the part is
ilch it played by thete syndicates. The
pat remarkable Illustration of the work
g of such a syndicate It found In that
ilch underwrote the tteel trust securities,
id Ha operations will terve at a type of
.oae of all the reel.
Attention was called by Prof. E. 6. Meade
the University of Pennsylvania, in a lec
re before the New Tork university re
ntly, to the fact that the formation of the
eel trust waa brought about because New
irk banking houses still held a consider
le amount of eecurltiet they had received
commissions for forming the smaller steel
usts American Steel and Wire, Federal
el, Steel Hoop, etc. There were six
eh corporation!, aside from the Carnegie
mpany.
These trusta had been organised on tb,
lght of the great demand for Iron and
eel producta in the yeart 1S98 and 1899.
any of them had been capitalised up to
lelr fullest earning capacity, independent
any material asseta. They had unified a
sat number of miscellaneous companies,
Jd many difficulties had been encountered
f the bankera who guaranteed their se.
iritlet. Messrs. J. P. Morgan A Co.. for
tample. hud underwritten the Steel Tube
impany.
That It to aay, tne Morgan company had
treed to furnish the necessary capital for
archcaing the securities of the subsidiary
smpanies and to provide working capital
r the tube company when fully organized.
I return for this cash which wat supplied
i, Morgan company received a large
xtount of atorkt In the new corporation.
Ikewlse. a large amount of securities of
i American Steel and Wire, Steel Hoop,
In Plate and other companies passed Into
hands of Wall street bankera.
So long at there waa a great demand for
el products, aayt Prof. Meade, and the
akrr of the finished product bought their
.w materials from Mr. Carnegie, there
at no trouble. The bankers were gr a du
ly telling their stocks through operators
id there wat no complaint from any
urce. In 1800 the market for the finished
oduct fell off tome, however, and the
fferent ateel trusts propoted producing
elr own raw materlala.
Mr. Carnegie threatened that If thlt waa
me be would build large producing plants
id compete with the product companies,
alt action on his part would have meant
.la for the other com pan lea aud the total
at of the holdlngt of the Wall atreel
takers. It waa deemed necessary to buy
it Mr. Carneglt and consolidate all of the
Ml-producing trutta.
To effect thlt consolidation it waa neces
iry ta purchaae securities amounting to
aout $1.0(10,000,000. Working capital had to
supplied to the new holding company
nd cash bad to be furnished for purrhas
if such of the necessary aecuritles aa
lust be bought In the open market.
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as)a.
Messrs. J. P. Morgan A Co. therefore or
ganized a syndicate which agreed to tupply
$-u.(1'.0"0 la cash upon Ita belr.g demanded
by the managers of the undertaking.
Haw ta Get the Mllllea.
It wat obviously Impossible for any on,
banking house to undertake to tupply euch
a turn of mopey. Even had It been pos
sible, tb risk of lost would hive been toe
great. Hence, while J. P. Morgan A Co.
themselves tutaacrlbed a large amount ot
the sum, the major portion of it waa dis
tributed among a cumber of banking es
tablishment. The first and only call made for payment
waa for $25,000,000. This sum waa paid to
the tteel trust, to be used when necessary
to tecure the securitiee of tubsldiary cor
poration and to aupply working capital.
In return for this psyment the syndicate
wat paid S4!.St7 shares of the new common
and an equal number of shares of the new
preferred atock (market value about $84,.
OOO.OOO). It was expected that this payment
of $25,000,000 would , be returned, but the
syndicate guaranteed the flotation of the
entire issue of securities tome $1,410,000,.
000 In all.
It waa never expected that the syndicate
would ba called upon to tupply the total
amount of money subscribed. In fact, such
a call would have been decidedly embar
rassing. Here la where the value of the
guarantee came In, however. With such a
guarantee as this, and with such a payment
of stocks to operate with, the syndicate
managers could go to trust companies and
borrow money upon the securities received
at commissions. With this cash the re
mainder of the deal could be financed. It
could not have been possible without such
ruarantee.
The process it to gradually pay off the
loant at the trust companiet, sell the se
curities and send dividends to the members
of the syndicate. In the case of the steel
trust the I2L,000,00 was returned within a
short time anJ It Is expected that the total
dividends upon the syndicate's subscrip
tions wil amount to about $40,000,000. Thlt
will be 20 per cent of the amount sub
tcribed about 160 per cent of the amount
paid In.
No turn profit at thlt was ever before
made by aucb a transaction in thia coun
try. It was explained by the manager,
however, that the profit wat not abnormal
when the risk undertaken waa considered.
The risk might have been said theoret
ically to be epitomized as follows: The
possibility that all of the subsidiary corn
pan lea might not be aecured, the possibil
ity of panic conditions in the market,
which would render the aale of the com
mission tecutitiet difficult the possibility
of impedlmenti In the flotation of the
rompany'a securities. When It Is realized
that the capitalisation of the Steel trust
waa about $400,000,000 In excess of the ag
gregate capitalizations of the companlea
consolidated, the element of rusk in thia
last possibility may be teen.
This, then, It the method of operation
of the tyndlcate. Ita theoretical purpose
is to supply auch cash aa may be needed.
Its practical purpose Is to furnish the
necessary credit. When the necessities of
the case make it essential to provide cash
and credit, the scheme la not considered ao
successful. The profit of the syndicate
Is reckoned aa a commission upon Ita lia
bility, not upon the amount ot cash paid
In. It Is an application of the nam, prin
ciple as that upon which bankera make
loana. They agree to furnish money. Aa
a matter of fact, they usually merely fur
nish a book credit, and upon that they
charge lntereat. As in the case of syndi
cates, the collateral is very much more in
secure, the interest charges are impliedly
very much larger, although there la the
possibility of there being no gain at alL
Flrat araslleatea.
Syndicates war, first organized in Eng
land in about the year 1640, and In floating
all laxfce corporation and Joint atock com
paniet tince that time, they have been ex
tensively employed. The Bank of England
ttaelf, in ita original organization, wat
planned upon very much the same lines aa
a bankers' tyndlcate of today. It was char
tered primarily to guarantee a govern
mental loan in the latter part of the aeven
teenth century. The same plan haa been
utilized In nearly all large flotations of stock
in Ecgland since then. .
Strangely enough, tbla method of floating
securitiee was not brought over to this
country until 1890. Before that year, Is
sues of capital had been floated by direct
subscription. There had not existed the
need tor a syndicate to provide working
capital or to buy up the tecurlllea of com
panlea which it waa desired to incorporate
in a combination. The trust certificate plan
had served the purposes cow served by the
great New Jersey trusts.
After 1S90, when the trust certificate plan
had been dislodged by the courts. It became
cecesaary to combine corporations by pur
chasing their shares. This created the ne
cessity for enormous capitalizations, and
for great aumt of working capital to acquire
control ot tubsldiary corporations. The
syndicate plan very naturally became In
grafted upon the financial machinery of thlt
country.
Casuists figure upon other ponalbllitlea of
the syndicate auggested by the proposed
plan to convert $200,000,000 of aharea of the
preferred stock of tb, United Statea Steel
corporation into bonds, and make an addi
tional isau ot $50,000,000 in bonds. An un
derwriting syndicate has been formed to
guarantee thia deal, and it la to be paid
tome $10,000,000. J. P. Morgan A Co., ot
course, get merely a commission, aa man
ager, in addition to the profit upon the
turn they subscribe to the total guarantee.
Owing to the rlak Involved in these deals
It ia always considered wisest to distribute
the subscriptions as widely as possible.
It is said that the organizers of the Steel
trust have at yet not been able to aell tbelr
holdings of stock in the market. They still
hold control, however, of the property, and
can vot, any action that may be desired. It
is understood that it la thlt speculative
Interest which Is principally concerned with
the conversion. Two possiblUtle lay In
the conversion, it la pointed out.
The first ot thea, ia that a 6 per rent
bond will be eaaler to tell In the market
than a speculative atock, especially aa the
$300,000,000 of steel first mortgage bonds
ar, greatly inferior to the actual value ot
th material assets ot the trust. Secondly,
the control of $126,000,000 of th, new second
mortgage bonds will give their holders th,
powar to tore a foreclosure and reorgaaiza
tlon of th, company In case ot a failure to
meet fixed cburgea.
Ia case a large number of independent
companlea should grow out of the promia
ot proflit now afforded by the great pros
perity ot the ateel trust aad the galea of
tb truat should thereby be curtailed to th,
extent ef rendering lb corporation unable
to pay th lntereat an the second mortgage
bonds, a foreclosure could be brought about
Th competing concern could thea b
brought into th fold, tb company entirely
reorganised, new capital Seated aad mor
profits eur4 for banking syndleate.
It it not argued that thia la what prom
ise to be th case with the steel trust, but
that th posslbilKlea of profit to under
writing syndicate hav a conspicuous illus
tration in th prof ts gained by th under
writers of tb various securities floated by
tb United Etatee Steel corporation.
Syndicates aa a rule feel thai tbey ahould
oak about 10 per cent on tba amount of
their tubaciiptluns to these underwriting
agreements. The amount of cash called lu
la ordinarily about 10 per cent, though this
sometimes rises to $0, 10 and to par cant
Syndicate, hav Ui known aa recently aa
1S0 to be In terlous straits and hav to
supply the full amount subscribed, and then
be in doubt about a dividend. This doe
not btppen often, however, as tbe man
agers of syndicates are usually houses of
tuch standing that the success ot the
scheme is practically guaranteed befor it
la ever launched.
Islss Tana Deal.
Outside of the steel syndicate th most
profitable underwriting deal of recent yeart
was that of the reorganization of tbe Vnioa
Pacific hallroad company. Its profits were
ever publicly stated, but the circular con
taining the reorganization plan stated that
tbe syndicate had pledged Itself to supply
$10,000.0', if needed. It wat to receive
$6,000,000 in preferred eharet, of which
Kuhn, Loeb Co.. at bankera. were t re
ceive $1,000,000. The syndicate wat never
called upon to pay much cash and t'nion
Pacific tnaret are cow aelllng at around
102 and 103.
The syndicate which underwrote lb, re
organlzstion of the Erie railroad received
$15,000,000 In new prior lien 4 per cent
bonds, and contracted to furnish up to $14.
000.000 in cash to the new company. In ad
ditlon, the firm of J. P. Morgan at Co., aa
depositaries of the old securities which
were to be exchanged for the new, were
to receive $."00,000 In cash aa compensation.
Last October the Mexican National rall
road'a affairs were readjusted. The syndi
cate which carried the scheme through
bought for $12.!6T,0O0 rash the following
securities, to which are added tbelr present
market quotation: Prior lien 4H per rent
bonds, $9,221,000 (par value), present quo
tation 102; first consolidated 4s, $3,595,313
par value, quotation 81 H, and preferred
atock, $2,400,000 par value, present quota
tion 41.
In reorganizations the underwriting syn
dicates always assume responsibility for
aaseesments not met by shareholders. This
was a prominent feature of tbe Atchison re
organization plan which wat made public
on June 21. 1894. The reorganization com
mittee. In a circular to the stockholders
outlining the plan of rehabilitation, said:
"Syndicate! may be formed on reason
able and usual terms to furnish tbe money
needed in case of foreclosure to psy tbe
non-assessments, pay bondholders their
shares of the proceeds of the sale, and
such syndicates by such payments and to
the extent thereof shall be entitled to and
shall represent and succeed to all tbe rights
that the bondholders receiving euch psy
ments would have been entitled to If they
had assented to this plan and deposited
their bonds."
Tbe assessments on the common stock of
Atchison amounted to $10,000,000 when the
company was reorganized, and a syndicate
was organized in London and thia country
to supply the cash. Thlt syndicate was to
guarantee tbe exchange and flotation of
the following aecuritles: $129,000,000 gen
eral mortgage bonds. $87,000,000 second
mortgage bonds, $12,000,000 prior lien bonds
and $102,000,000 of common stock. Just what
sum was cleared by the tyndlcate In thia
reorganization w-at never announced, but
the Immense responsibility assumed Justi
fiet the ttatement that the profit wbb very
large, $10,000,000 or $12,000,000 being re
garded as a conservative estimate.
This matter of guaranteeing assessment,
was a very important one. also In tbe re
organization of the Richmond t West Point
Terminal company one of J. P. Morgan's
great accomplishments. In the Richmond
Terminal company which was a holding
company, Interested in the Richmond A
Danville, East Tennessee, Virginia A Geor
gia, and other railroad properties In the
eouth were tuch lnteresti aa General Sam
uel Thomas, Calvin S. Brlce, Patrick Cal
houn, John H. Inman and Alfred Sully.
In the general crash of '.he 1893 panic
period thlB company went to pieces, and J.
P. Morgan A Co. reorganized the propertlet
into the present prosperous Southern Rail
road company. The commission of the
syndicate which floated the Becurltiet of
thit new company wat In atock at that
time valued at $7 a there, but It now tell
ing at $39. It it tupposed that the tyndl
cate sold ltt holdings at about 25 thut
bringing Into ltt coffers a very comfort
able number of millions of dollara upon ltt
guarantee ot tome $10,000,000 or $15,000,000
of cash.
Mr. Moriss'i First Triumph.
The first great achievement of J. P. Mor
gan was his first reorganization of the
Reading railroad. It had been controlled
for years by Franklin Gowen, who had
done many spectacular things, such as
floating the very elusive "deferred income
bond." There was a contest between the
Gowen Interest end DrexeL Morgan c
Co., which resulted in a readjustment ot
the company's affaira. Mr. Morgan is con
ceded in Wall etreet to have made very
large commissions by this deal.
The road waa turned over to Austin Cor
bin, and very large net earnings were re
ported. A. A. McLeod attempted to com
bine the coal and carrying industries on the
Reading lines, and th property went to
smash. Following tbe panic of 1893, Mr.
Moigan again reorganized the road, reaping
large commissions onee again.
The first of the large industrial com
panlea to be reorganized was the Sugar
trust. Its reorganization waa forced by
the fact that ltt charter under tbe lawa
of the elate of New Tork had not been
legally drawn, and It wat forced to take
refuge In New Jersey. The Cordage trust
was the first of tbe big Industries to be
really reorganized after the modern fash
ion. Ita troublee furnished one of the moat
pirtureaque Incidents of the panic of 1893.
Mr. Morgan wat called into consultation
in thia readjustment, but the company bat
had two reorganization since lu first dis
integration. In tbe formation of many large eomblna
tlons the underwriting agreement U pri
vate and only the managers appear as
financing the deal. In the Northern Securi
ties combination, for example, no syn
dicate managers appeared at aJL Control
of the atocks to be consolidated waa al
ready aecured ard that any consolidation
waa to be effected wat oatenslbly not oue
ot the purposes of tbe company's forma
tion. Share of the Northern Pacific and
Great Northern railroads were deposited
directly with th. Northern Eecurltiea com
pany without the intervention of bankera,
and J. P. Morgan A Co. themselves se
cured the transfer of aome $78,000,000 of
Northern Pacific atock from the I'nion
Pacific interests to the Northern Seruri' let
company without one dollar of commission.
Such waa the testimony ot Mr. Morgan be
fore the United Slates commiasloc in tbe
Peter Power bearing.
Often a combination la brought about by
tnaid Interests entirely, bankera appearing
merely aa depoa it axles. Tats waa th
method used in the organisation of the
Glucoae truat or Corn Producta company.
The capitalization waa $80,000,000, but no
underwriting syndicate appeared to guar
antee the flotation of the securities. All
of this was done by "inside interests," who,
of course, received a large commission.
To catalogue tbe profits which hav, been
cad by underwriting syndicate in Wall
atreet in recent years would be to make a
Hat of all rbe Important reorganizations
and combinations w hich have been effect-d,
record tbe amount of money guaranteed by
the underwriting syndicate and fake 20
per cent ot tbe total sum. These tyndl
cate have amounted to very much mor
within tbe laat three yeart than ever befor,
becauac of tbe custom which had grown
up of not calling for mor than a email
percentage of tb total. Previous to 189t
tbe total Bubacriptloxt waa uaually called
for, but up to that year tbe $2M).000,oo
corporation waa alnuiar aa entire atranger.
Tb profit to be drlv4 truss uadar-
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jjW-;irwv.'. ,,,.t.' ,mwm-xrmmv m i .... m, iim -ir mtmmM. ni.n.irym." iwr.ii. .y;-tw.--...- .,,,, ..-, .. ; . 5
BaBBBIBHaaBBBSMBBaa
Operations Avoided.
When a physician tells a woman Buffering with ova
rian or womb trouble that an operation is necessary, it of
course frightens her.
The very thought of the operating table and the knife
strikes terror to her heart.
And our hospitals are full of women who are there for
ovarian and womb operations !
It is quite true that these troubles may reach a stage
where an operation is the only resource, but such cases are
much rarer than is generally supposed, because a great
many women have been cured by Mrs. Pinkham's med
icine after the doctors had said the operation must be
performed.
Lydia E. Pinkham's Vegetable Compound has
been very successful in curing ovarian troubles. In fact,
up to the point where the knife must be used to secure
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Ovarian troubles are easily developed from womb
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ovaritis is steadily on the increase among women. It is,
nevertheless, a most serious trouble, and to recommend
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It is, therefore, with full consciousness of the serious
ness of the disease and the steady failure of other medicine
to cure it, that we present for ovarian and womb trouble
Lydia E. Pinkham's Vegetable Compound as the
most certain to help of any medicine in the world to-day.
Any person who could read the letters in Mrs. Pinkham's
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The strongest and most grateful statements possible
to make come from women who have escaped the operat
ing table by the use of this medicine. Let any woman
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velop into them, write and get Mrs. Pinkham's advice. If
you are beyond the reach of the medicine, you will be
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and kindly advised.
The most serious of all the diseases of women, as well
as the minor ills, are promptly overcome by
Vegetable Compound.
Earnest Words of Gratitude.
M Dxab Mm. Prim am : Your Vegetable Compound bu completely
Ciredme of tba worst form of womb trouble, and made me a Btronir,
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E. Pinkbam'a Vegetable Compound, I Buffered
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occur every two weeki and once I had a ne
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ation as aoon aa I was strong enough. I read
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after having been told by their doctors that an
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what Lydia E. Pinkham's Vegetable Compound can do, and have In
fluenced many of my friends to try it, which has proved very gratify
ing in it results, f thank yon for restoring me to health. AUXIE
HA.KILXY, 209 & Sangamon St., Chicago, 111.
ANOTHER OPERATION AVOIDED.
" Pi IB Mbs. PfWKHAsi: I feel Tery grateful to you for the benefit
I derived from your kind advice and remedies, 1 was troubled with a
complication of female troubles, had ovaritis, painful and irregular
menstruation, leucorruaea, nervousness, and weaknebs. I had no appe
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but this I could not bear to think of. I was induced to try Lydia E.
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Boston, Mass.
a.'in-Sl
Ms ANWH H A T 1 1 V
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help Lydia E. Piokham's Vegetable Compound has been to me, I waa
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well woman now and can do any kind of work. I want this published
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MES. MAEGAEET BAMPORD, Centennial
Ats., Crescent Peach, Severe, Ma
t.i t tl'i
ANNA, ASTON
" Dxab Mba. PlirKHAsf : I wish to aend yovi
my testimonial stating th grand effect Lydia E.
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ovarian trouble that my physician thought an
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th mateat boon on earth to Buffering women."
MES. AXKIB ASTON, Box 1ST, Trey, Mo.
$5000
" ' dolKJSibsd witb th National Citv Bank, of Lvnn.
to any person who can show that tbe abov taatimoniala are not genuine, or war pu
w.m qjwHt uumw." biiu aw im a a juwuss iaj.. ajtto, run
Owina- to th fact that om skeptical nsople aav from time ta time asaaadnnj!
th gntuiMtiHa of th tauum'tnial kitten w ar constantly pubiMhiag, w Lave
nJ City Bank, of Lynn, Haas.. I3,(AJu, wnicfc win b paid
Mialiert befor bauihur tba
writint- hav frown to such an extent that
many banks cf cCDiiucra.itie' reputation in
Wall atreet rely almost entirely upon surb
profits for their incomes, letting tbe con
ventional banking buelneas entirely aloos.
Bometlmea tb profit are not received in
cash, but In bonds or stocks, and tbey have
t be disposed of. Thia eiplalna many
sudden offerings of securities in tbe mar
ket. Oaeratar Part.
If all tb members of tb syndicate re
ceiving profit in auch manner aa thia were
I attempt ta realise tbelr caab value In
tb market tber would be a general
slaughter. It becomes aeceaaary, tberefor,
te employ th skilled market eperaior. A
j weil known operator has been confessedly J
I maraeunc tbe boldinas of th steel under-
j writers for tbe year past, but tbe market
o far has not responded as It had been
hoped would be tbe case.
1 It was a vary much limpler matter when 1
ryndlcate undertake to guarantee tbe j
flotation of a aingi ,Usue of bonds or 1
ttotkt, tuch at tbe Issue of $30,000,000 ot j
Atchison debenture several months ago
and of flO.000.000 of atock of tbe American 1
Telephone and Telegraph company a few
weeks later. Bucb issues are turned over
to syndicates, because the recommendation
of certain bankers to the public of tbe gilt
edged quality of a security is worth to tb
corporation iasulng tb security very much
ntor thai th 2 tat or (reaMj- per ont paid
as commission for th underwriting com
mitment. At such iaaues by strong corpo
rations are ordinarily ao eaay to Coat tba
commissions paid ar compenaailngly
small.
Following tbe custom understood to have
been Inaugurated by J. P. Morgan A Co.,
houses which form syndicates and act as
managers now usually subtract a fifth of
the net profits aa compensation for tbelr
special servioes. A recent heavy bond
Issue by a very large system of railroads
waa made on a i per cent basis to tbe rail
road, witb tbe payment In addition to tbe
bankers of a flat fTr.OOW', tbe hankers de
ciding on the selling price to tbe public,
which, ia the lnatanca, allowed a com
mission of 1 per ceuu
Every Woman
KlSlfcL, !.( iNA ""IPjw -
Li.sr. bjt MnS stftu.t. fir 11- au v"T
iusuaxwl boofc l J.S f!T w, I '
rul- pniauirs ftiMi ttmei.uitt ta- &j ar
niU4ll., M Llt H4BIBU fV tV 'r'k M
l ur kal by
IIIKIH1X at MrfOUEIX DRIG CO,
Corner Plxieemh and Xod-e streets. Omaha
