The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-02
GREAT STEEL TRUST
GROWS STILL GREATER
ABsoRBs LAKE SUPERIOR MINES
AND AMERICAN BRIDGE COMPANY
CAPITAL SI.IOO. OOO.O


NEW YORK, April IA circular is
sued from the office of ]. Pierpont Nor
gan & Co, tonight. and addressed to the
stockholders of the American Bridge
company and the Lake Superior consol-
ldated iron mines, announces that the Of
Ter OF the syndicate made on March 2
1SVl, mas been accepted by more than IS
per cent of the holders of the stock
| and the plan proposed has become oper-
| atlve. Morgan & Co. offered for the ac-
count of the United States corporation.
IN exchange for the preferred and COM
mon stock of the American Bridge COM
pany and for the stock of the Lake Su-
perior consolidated iron mines certifi-
Gates for preferred stock and common
| stock OF the United States steel CORPORA
ton upon the following basis: For each
$I0O par value of preferred stock of the
American Bridge company $110 par value
IN the preferred stock of the United
States steel corporation; for each $10O par
! value OF common stock of the American
Bridge company sos in the common stock
of the United States steel corporation.
For each 500 par value of stock Of
the Lake Superior consolidated iron
mines $135 par value In the preferred
stock par value in the common stock of
the United States steel corporation. The
! circular further says:
arrangements have already been made
Tor the acquisition upon the above basis
OF more than IS per cent of the stock of
the Lake Superior consolidated iron
mines, embracing therein the interests of
John ID. Rockefeller. Arrangements have
also been made for the acquisition by
the United States steel corporation of all
the outstanding interest in the Oliver
MINING company and the PittSburg
Steamsnlp company, not owned by the
carnegie company: The offer herein
MADE for the stock of the American
Bridge company is conditional upon the
deposit and sale hereunder of at least
tWo-th1rdS in amount of all outstanding
shares OF the capital stock of said com
pany, which two-thirds shall include
tWo-thlrds of the outstanding preferred
stock.
"The authorized capital stock of the
united states steel corporation has been
increased to $3.50, 600, 600 of preferred stock
and $500, 000,0G0 of common stock. The
incorporation has appropriated and has
agreed to Issue $425, 600 of such pre-
ferred stock and $425 600, 600 of such com
mon stock under the contract referred to
in the circular of March 2, 1901: and it
proposes to issue the remainder of such
authorized capital stock for future ac-
qulrements and acquisitions, including
the acquisition of the stocks deposited
under his circular
Charles Steele gave out statement
tonight in which he said the directors
of the United States Steel corporation
hao not been elected yet, but would be
in day Or two. The statement follows:
In consequences of their circular of
March q, which provided among
other things, that the entire
plan of management and other
wise shall be delivered by Messrs.
J. Pierpont Morgan & Co., they now an
nounce that the organization and man
agement of the United States Steel com
pany will be constituted as follows: Di-
rectors-J. Pierpont Mo- gan, John Rock
teller, A +. Peabody H. H. Rogers, c.
N Schwab, M. II. Gary, Robert Bacon,
Charles Steele, Marshall Field. Norman
B. Ream, P. A. B. Widener, William p.
Moore, James A. Reed, Henry c. Frick.
u. G. Reid, e. c. Converse. Percivai
Roberts, John D. Rockefeller Jr., Alfred
clifford, w. E. Dodge, Nathaniel Thayer,
William Edenborn, Abram S. Hewitt and
Clement A. Griscom. President. c. M.
Schwab; treasurer. Arthur F. Lake; Sec
1etary, Richard Trimbe; executive COM.
m1ttee, p: II. Gary, chairman; D. G.
Reid William Edenborn, Z. c. Con-
verse, Percival Roberts and Charles
Steele; finance committee, Robert Bacon,
chairman; III. II. ROBBERS, N b Ream
and P. A. B. WiGener''