The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-02-27
DETAILS OF BIG DEAL
ARE STILL LACKING
Morgan Not Ready to Give Out
Information.
EXCHANGE OF STOCKS
WHAT THE CAPITAL ISSUE OF
CORPORATION WILL BE.

New York, Feb. 26.-At the Office CT J.
P. Morgan & Co it was stated today that
they We're not yet prepared to make any
official. statement or issue any circular
giving the full details of the proposed
United States Steel corporation. They
recognize, however, that it is due to the
public and the various stockholders that
they should know as early as possible the
basis upon which securities of the va
rious companies viii ultimately be re-
ceived for conversion into the securities
of the new corporation, which is as fol-
lows:
The following offers to be made for
stocks Of the several companies named :;
Federal Steel preferred, 10 per cent Of
new preferred. Federal Steel common
+ per cent of new preferred and 10715 per
cent of new common American Steel &
Wire preferred, 1ll1z per cent IN new pre-
ferred- American steel & Wire common,
lO212 per cent of new common National
Tube preferred, Is per cent Of new pre-
ferred. National Tube common, S.S per
cent of new preferred and l25 per cent or
new common. National Steel preferred,
70 per cent OF new common. NdelOLLd4
Steel common, lz5 per cent OF new com
mon American Tin Plate preferred, 10
per cent of new preferred. American TN
Pate common 10 per cent OF new COM
mon. American Steel Hoop preferred, lGO
per cent of new preferred. American
Steel Hoop common, 100 per cent of new
100 per cent of new preferred. American
Sheet Steel common 100 per cent OF new
As to the stocks Of the last four com
panieS, the aggregate amount OF stock SO
TO be offered will be arrangedWlth the
principal stockholders OF those companies
who have requested the. distribution OF
such amount among the four companies
to be made in the manner stated.
According TO the alIOtmentS stated, the
old stocks of the existing companies VIII
exchange for the stocks OF the new cor
PorauOn as follows, par values being
American Steel & Wire 100000 pre-
ferred for $41,OOOOO0 OF new preferred; S0J'-
600 common Tor S51,250C0O of new COM
mon Federal Steel, S53, 900 preferred
for SIS. $50, $50 of new preferred; $46, ia, 5O0
common for s.. $50 372 of new preferred and
S49, $40, So of new common. National Tube
S40OU0,0O0 preferred tor $50,OOOsO0O O new
preferred, $4,000 900 common for $3,52O,OOO
OF new preferred aI11 SYo'VVS5y6yS 20 90 ~ ncw
common. National Steel, 81 ,V9,OO9 pre-
ferred for $685. 600 of new preferred; $52,-
coo 90 common for S40,O00OOO OF new com
mon American Tin Plate $l6,SZo,O0O pre-
feTred for So, sos 80 of new preferred; SO
0O0, 600 common for 5,608.DJ0 new preferred
and S35, 100000 OF new common. American
Hoop 100000 preferred for $l4Co0,OV0
new preferred; 100000 common for 49,
COO COS of new common American sheet
Steel, S24 500, 600 preferred for $24,5Ot"JO OF
new preferred; $24,5O0,000 common for ga
500 00U of new common.
These aIlotments absorb q total OF
S26l, ~, 6l2 of new preferred stock ana d
The Capital Issue.
J. P Morgan this evening authorized
the Associated Press TO state that the
capital issue of the United states steel
CORPORATION would be S3O0,OOO,O00 bonds,
100000 COO of preferred stock ana $500, =
100000 of common stock.
Asked as to the terms for exchange OF
the stock and bonds Of the Carnegie com
Dany for the new securities. Mr.. Morgan
intinated that this was matter which
concerned the stockholders and bOndhold-
erS of the Carnegie company.
As to the probability of the early issue
of the syndicate circular inviting sub
scriptions to the new securities Mr.. Nor
gan said that it would depend upon 'ty-
ing UP ends which required time and
that no further statement was likely to
be forthcoming regarding the terms of the
consolidation until the circular is issued.