The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-02-26
FILED FOR
BIG STEEL TRUST
Gigantic Concern Incorporated
in New Jersey.
CAPITAL STOCK $4,000
HOWEVER, WILL TAKE SIS, 0Oo,-
600 TO FLOAT NEW COMPANY.

New York, Feb. 25.-Articles of il
corporation of the United States Steel
corporation were fled today at the Of
flee of the county clerk of Hudson
county. New Jersey. This concern is
the gigantic Morgan-Carnegie com
bine. The agent of the new corpora
ton in New Jersey is the Hudson Trust
company of Hoboken- The objects of
the corporation are to manufacture
steel, iron, copper and other materials,
and to own, occupy and develop mines,
anti to own means of transportation.
The incOrporatOrs are Charles =. Gun
William J. Curtis and Charles NC
Veagh.
The total authorized capital stock is
s.. 600. divided into thirty shares OF SlOV
each The provision is made that the
stock may be increased at any time
The company's capital is divided
eoualIv into : per. cent cumulative pre-
ferred and common stock The ob-
jects of the company, as set 1orth at
length in the incorporation papers are
to manufacture iron. steel, manganese
coke copper, lumber and other maIerl-
ais and all or any articles consisting
or partly consisting of iron, steel, cop
per, wood or other material, or all or
any products thereof; to acquire, own,
lease. occupy, use or develop any land
containing coal, iron, mananeX, stone
or other ores of oil, and any wood
land or lands. for the purposes OF the
cOmDauV TO mine or otherwise extract
coal ores. stone or other minerals Of
temper; to buy or sell such ores or the
products thereof: to construct build
ines. bridges. machinery, ships, boats,
engines cars or other. equipments,
railroads, docks, ships, elevators, wa
terworks, gas works, electric works,
other
waterways and means of transporta-
ton. or to sell or dispose of the same,
or to maintain or operate the same
But the corporation shall not own a
railroad or canal in the state OF New
| Jersey.
The CORPORATION shall also have the
right to apply for, obtain, acquire and
/ dispose of trade marks, trade names
used in connection with the business
of the company; also the right TO ac-
duire the stock, bonds or other oDllga-
lions of any corporation engaged IN
the same line of business; the company
may conduct business in the United
| States and other countries and may
| keen books in other states, except Such
are required by law TO be kept IN the
state Of New Jersey.
Capital Stock So, 900.
The authorized capital stock is di-
viGed into fifteen shares of preferred,
amounting to $1500, and fifteen shares
of common stock, amounting to like
sum. From time to time the preferred
and common stock may be increased
/ according TO law and may be issued
/ in such amounts and proportions as
NAV be determined by the directors of
! the company. The preferred stock shall
/ be entitled to yearly dividends or Z
( per cent, the dividends to be cumu-
/ lative. After the dividends on the pre-
ferred stock shall nave been paid, the
directors may declare dividends on the
| common stock.
! The number of directors, if more
than three, shall be some multiple of
three The number may be increased
| according To the bylaws. The duration
/ of the corporation is perpetual
/ The SO, 600 capitalization of the cor
poratiOn excited little comment in Wall
street, as It was generally understood
/ that the promoters had deemed 1t wise
as a precautionary measure to file its
3 Incorporation papers at this time with
4 out regard to the amount of capital,
/ so as to secure the validity of its title.
Another conference of all those inter-
: ested in the corporation took place at
] J. P MOrgan'S office today. 1t was
stated on good authority that the So
/ called terms of the deal heretofore pub
| lished are nothing more than guess
work. The exact terms Of the deal, 1t
/ was said, have not yet been settled and
are not likely to be before the end OF
the week, if then
] It was reported in Wall street today
that arrangements for financing the
United States Steel corporation and for
exchanging the securities OF the par
ticipating companies have been COM
pleted. It was said that not more than
SIS, 600, 600 Will be needed to float the
new company, and that this amount
has already been set aside by the I'M
derWTiters. The cOmpany's securities
viii be listed on the New York stock
exchange and probably on the London
; stock exchange.
/ From q well informed source comes the
/ statement that the United States Steel
/ corporation viii have LOO, 100000 OF
/ capital stock. OF this $500, 900 600 viii be
/ per cent general mortgage bonds, $780,
/ 00O, 0O0 OF per cent preferred stock
and S400, 100000 of common stock. The
/ corporation VIII take over the Carne-
! gle, Federal Steel, Steel & Wire and
/ other companies named, by an eX-
/ change Of stock. The valuation of the
/ subsidiary concerns has been arrived
/ at by a close examination of their as
| sets, as well as their earning power
/ Mr.. Morgan is said to have declared
/ that without mbinatiOn the COM
/ panieS to be absorbed in one would
! have spent for betteTments at least $780,
= 600 900 3 year for the next five years
/ With the elements of competition elm
/ mated, it is figured that all, or nearly