$412,000,000 FOR AMALGAMATED COPPERS
$75,000,000 Subscribed More Than Five Times Over
FINANCIAL WORLD COPPER MAD
Subscriptions of $412,000,000—the largest in any financial deal in the world's history—are reported by the Boston Financial News to have been received toward the Amalgamated Company. "The world has gone copper mad" in truth.
Subscribers can be allotted only eighteen one-hundredths, or less than one share in five of the amount applied for.
One week ago, says the report, it was announced that the Standard Oil magnates, Rogers, Rockefeller, and their associates, had begun their conquering march upon copperdom—that the much heralded copper consolidation was a thing of fact—that the Amalgamated Company had been incorporated, and that its first capital, $75,000,000, would be offered to the public by subscription through the National City Bank of New York at $100 per share—$100 per share, without a discount, a commission, or profit to any one.
Never before since the first dollar of civilization was invented to take the place of the stone tokens of barbarism had such a thing been heard of—$75,000,000 of stock to be sold to investors at $100 per share, and in one week after the birth of the corporation upon which it was based.
The financial world held its breath, and from that time up to the closing of the books of subscription, at twelve o'clock noon yesterday, the financial world, English, German, and French, have awaited with bated breath the outcome of this great feat of modern financiering.
During the entire week from all parts of the world have poured into the National City Bank applications, accompanied by checks for the first payment—one continuous stream of entreaties—for some of the shares of this great enterprise. Nothing in history tells of such a movement.