The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-02-25
TRUST HAS BEEN FORMED.
FINISHING TOUCHES PUT ON Bill
LION DOLLAR STEEL COMBINE.
It Is to Be Called the United States Con-
solidated Steel Company--Con-
Germs Which Are Absorbed.

New York, February 24.-The Herald to-
morrow will say; The steel combination
plan was consummated at a conference in
j. Pierpont Morgan's office late Sunday
afternoon and nm official announcement
may be expected today (Mondny) from the
office of Morgan Il Co. to the effect that
the Carnegie company, the Federal Steel
company, the National Tube company, the
American Steel and Wire company, the
american TIN Plate company, the National
Steel company. the American Steel Hoop
company and the American Sheet Steel
company are to be combined In one con
Germ, which Is to Issue its stock In return
for theirs, the valuation having been de-
tcrnined upon the assets and the earning
powers of the respective corporations thus
merged
This new combination, it is understood,
will be called the United States Consoli
dated Steel company. 1t will have n total
capitalization o. II, 100, 600, or this
SS00000,000 will be ) per cent general
mortgage bonds. 100000, 900 will be per
cent stock and S40O.000,0 900 will be com.
mon stock. The charter of the company,
which has been prepared under the spe-
cial guidance of William Nelson Cromwell,
who promoted the National Tube company,
will be filed, it is said, at Trenton, n. j.,
today (AIonday).
Stocks of the companies to be merged
will be taken in ut high figures and
yesterday afternoon the Waldorf Astoria
became a sort of miniature and subdued
stock exchange where John w Gates and
his friends bid well above the market
price for the securities of the corpora.
lions which the United States Consolidated
company Is expected to acquire
Legal details of the project nave been
II the hands OF a law committee" con
rector In the National Tube company;
Francis Lynde Stetson, Mr.. Morgans per-
sonal counsel, Judge Ebert H. Gary pres
Pam of Chicago, director in aud counsel
for the American steel and Wire com
pany, and Victor Morawetz
These five men represent Mr. Morgan's
Morgan, II. c. Frick and President Charles
NJ. Schwab of the Carnegie company,
Chairman John W. Gates of the American
Steel and Wire company Judge William
ii. Moore OF Chicago, who has promoted
q number of large steel companies and
President Il, c. Converse of the National
Tube company met Saturday in Mr. Nor.
CAMS private office and after n prolonged
conference agreed to final details They
all consented to the figures Mr. Morgan
named aud the representatives of the sew
ciai interests proceeded 10 recommend to
their respective stockholders the accent.
ancc Of tho terms then decided upon Tho
American Bridge company, which Is known
as Morgan concern and has an authorized
capital of S33,000,000 preferred and $685.
0co,O0O common stock, Is left out of the
consolidation, although its absorption was
contemplated in the original plan. The
reason given that the stock was listed In
Ltndon and that II might not be easy to
acquire It, - The Lake Superior Consoli
dated Iron Mines, the Rockefeller Iron Orc
properties, including the Mesaba range
which passed few days ago It Is I'M
derstood To the Morgan combination will
not 20 Immediately into the new Tnited
states Consolidated Steel company. Ii is
Thought quite likely that the Superior con
Germ may be turned over to the great
the persons interested In the Carnegie.
Morgan steel combination were gre1tly
pleased last Sunday night over the suc
cesstul termination of their labors.