The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-26
OFFICIAL STATEMENT EXPECTED
TO BE ISSUED TODAY BY j. p.
MORGAN & CO.
CAPITAL OF OVER A BILLION
TRIFLE OF A MILLION AND A HALF
ONLY IN CASH NEEDED FOR
THE DEAL
FILED AT TRENTON
Instrument Recorded Yesterday In
cooperating the "United States
Steel Corporation" Merely
Precautionary Measure.

NEW YORK, Feb. 25. = Official an
nouncement of the Morgan steel combine
will probably be made tomorrow. Up to
| late hour tonight 1t looked as il the
statement would be made ia time for the
morning papers, but after protracted
| conference at the Office of j. p. MOI gan
& Co., Robert Bacon, member of the
| firm, said the official announcement
| would have to be withheld for another
! day. The nominal capitalization of $4,000
| of the United States steel corporation is
| understood to mean that the incorpora-
| tors have simply taken the precautlGn
to file papers before any one else claims
a chance to use the title. The incor-
| porators include ex-Judge Curtiss, who
| is a partner of William Nelson Crom-
well, of the law firm of Sullivan & Crom-
we'll; Mr. Cromwell, President Gary, of
the Federal Steel company; Max PAM
| representing the American Steel and
Wire company, and Francis Lynde Stet-
son, who is one of Mr.. Morgan's conf
i Dental legal advisers, were in confer
| ence the greater part of the day. With
these gentlemen, from time to time, were
representatives Of the various films
which are to form the great combination.
| There were unconflrmed statements that
committees representing these companies
had prepared circular letters to be sent
| to their stockholders, that these letters
| gave exact terms and all details, ana
! that the shareholders would be urged to
| accept the terms set forth director
| of the American Steel and Wire COM
| pany said of this: II do not know what
the directors of the other companies may
i have done, but can say that as yet we
have prepared no letter for our share
holders
Another bit of gossip was to the effect
that both the American Bridge company
and the National Tube company would
| be left out of the combination. These
| concerns are credited with being domi
mated by Morgan interests, so that the
rumor that they were not to go in was
| accepted with much reservation None
| of the principals or officers of the COM
pany would discuss the matter at all.
DETAILS COMPLETED:
Morgan & Co. are declared to have
made all arrangements for financing the
| commission. They have also, according
to reports, completed the details neces-
sary to the exchanging of old securities
for new. Regarding the securities of the
company, a prominent bank official was
| quoted as saying that not more than
! s., 100000 of actual cash would he neces-
! sary and that this sum had already
been put aside by the underwriting syn
dicate. Speedy application will be made.
| it is said, to list the shares of the COM
/ pany here and on the London exchanges.
| The underwriting syndicate is said to
/ have offers for the shares Of this new
combination aggregating about $l00, &c.,
600. 1t Is reported that London, Paris,
| Berlin and Frankfort bankers have taken
| kindly to the advances of the under
writer's
From a well informed source comes the
statement that the United States corpor-
| alton will have 81. 100, G00.090 Of capital
stock. OF this $500, 100000 will be per
cent general mortgage bonds $40G, ,OO0,0 0
/ of per cent preferred stock and $780,
| 00O000 of common stock. The corporal on
will take over the. Carnegie, Federal
| Steel, Steel and Wire and other COM
| panies named by an exchange Of stock.
| The valuation of the subsidiary concerns
| has been arrived at by a close examina-
| tion of their assets as well of their earn
ing power. Mr.. Morgan is said to have
| declared that without a combination the
companies to be absorbed in one would
! have spent for betterments at least $50.e
100000 a year for the next five years
| With the element of competition eli u
| mated, it is figured that all or nearly
| all of this will be saved.
INSTRUMENT RECORDED.
TRENTON, N. J., Feb. 25.-Arti les of
| incorporation of the United States steel
corporation were filed today in the state
department This is the gigantic earns
gie-Morgan combine. The articles of in
corporation are in part as follows:
| l. The name of the corporation is United
States Steel corporation.
2. Location Of principal office in The
state of New Jersey is at No. 81 Newark
street. in the city of Hoboken, county of
and in charge thereof upon whom pro-
cess against the corporation may be serv-
ed is Hudson Trust company.
| Said Office is to be the registers office
| of said corpOr alton.
! 8. The objects for which the corporation
! is formed are to manufacture iron, steel.
other materials end all or any articles
consisting or partly consisting of i, on.
steel, copper, wood or other materials
/ and all or any products thereof.
| To acquire, own lease occupy, use
| or develop any lands containing coal
| iron, manganese, coal or othe~ ores Or
any woodlands or lands for any purpose
! OF the company.
| To remove or otherwise extract coal,
| stone, ores or any other minerals or tim
bers from any lands acquired, leased or
! other lands.
To buy or sell or otherwise to 5eal or
| to traffic in iron, steel, manganese. cop
| per, stone, ores, coal, coke, wood, luIn-
ber,. and any materials and any Of the
products thereof and any article consist
ing or partly consisting thereof.
To construct bridges, buildings, rail
| roads. docks, slips, elevate, $, water
works, gas works and electric works,
Viaducts, aquedUcts. canals and other
means of transportation and to sell the
same and to otherwise dispose thereof or
to maintain and operate the same eX-
cept that the company shall not maintain
| or operate any railway or canal in the
state of New Jersey.
TO apply for, obtain register, purchase,
| lease or otherwise to acquire and to hold,
use, own, operate and introduce and to
sell assign or otherwise to dispose of any
trade marks, trade names, patents, IN
ventions, improvements and processes
| used i'll connection with or secure,I under
letters patent of the United States or
elsewhere or otherwise: and to rse, ex-
ercise, develop, grant licenses IN re-
spect of. or otherwise to turn to account
any such trade marks, patents. licenses,
processes and the like orsany such prop
erty or rights.
70 engage IN any other manufacture,
mining, construction, or transpol tation
business Of any kind or character 'vEat-
soever, and to that end acquire, hcH,
own and dispose of any and all property
| assets, stocks, bonds and rights of any
and every kind; but not to engage in any
business hereunder which shall requi. e
the exercise OF the. right of eminent do
main within the state of New Jersey
To acquire by purchase, subscriotion or
| otherwise, and to hold or dispose of
stocks. bonds. or any other obligation
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