The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-02-26
The STEEL COMBINE
,xroRPORATED IN NEW JERSEY,
OF COURSE.
NOMINAL CAPITAL OF $4,000.
v,,r ACTUAL CAPITAL WILL Equal
NATIONAL DEBT.

The united States Steel Corporation
"a Re the Name, and Its Powers to
Ne the Most Extensive Possible.
The Actual Capital Required to
r1oo+ the Combine Said Not to Be
Nore Than $15,OOo,OOO, the COmbi-
natiOn Being Chiefly Accomplished
nv Exchanging Securities-The
Preferred stock Limited to Per
cent. Dividend-The Directors to
HIVE Almost Absolute Power.
New York. Feb. 25.-Oflcial announce
.n, of the Morgan steel combine will
,,robablv be made tomorrow. The nom
ono, Capitalization of $1,000 is understood
:, mean that the incorporators had sim
r,1v taken the precaution to file papers
Il before any one else might have chance
H 20 uee the name. The incorporators in
H ,i,da ex-Judee Curtis, who is a partner
,s william Nelson Cromwell of the law
firm of sullivan & Cromwell.
Mr.. Cromwell, President Gary of the
Federal steel Company, Max Pam, rep
4 rssenting the American Steel and Wire
ronnanv. and Francis L. Stetson, who
is one of Mr. Morgan's confidential legal
advisers. were in conference the greater
mart Of the day. With these gentlemen
] from time to time were representatives
of the various concerns which are to form
i 1e great combine. There were
unconfrmed statements that COM
mittees representing these COM
n,nies, had prepared circular letters
to be sent to their stockholders, giving
exact terms and urging their acceptance.
Another bit of gossip was that both the
American Bridge Company and the Ma
tiona Tube Company would be left out
Of the combination. These concerns are
credited with being dominated by Morgan
interests, so that the rumor was accepted
without much reservation.
VIII Not Require Much Cash.
Morgan &, Co, are declared to have
made all arrangements for financing the
combination. They have also, according
b. reports, completed the details necessary
10 the exchanging of the old securities
for new As to the floatation of the COM
pany prominent bank officer was quoted
as saying that not more than S15,000,0O0
Of actual cash would be necessary and
that this sum had already been put aside
By the underwriting syndicates. Speedy
apnlication will be made, it is said, to list
the shares of the company here and on
the London Stock Exchange. The under
writing syndicate is said to have offers
for the shares of the new company ag-
gegating about $100 100000. 1t is reported
that London, Paris, Berlin and Frank
fort bankers have taken kindly to the
alyances of the underwriters.
As Large as the National Debt.
From a well informed source comes
the statement that the United States
Steel Corporation will have $11OO, 900, 600
capital stock. OF. this $300,000000 will
b per cent. general mortgage bonds;
VI 100000 of per cent preferred stock,
Nd $400G00,0G0 of common stock. The
arporation will take over the Carnegie,
2deral Steel, Steel and Wire and other
Nmpanies named by an exchange of
s0ck. The valuation of the subsidiary
@ncerns has been arrived at by a close
aamnation of their assets as well as
their earning power. Mr.. Morgan is
aid to have declared that without
@mbination the companies to be absorb
in one would have spent for better
Eents at least S50,0d0,O0O a year for the
'eXt five years With the element of
ompettion eliminated, it is figured that
al or nearly all of this will be saved.
The Details of the Combine.
Trenton, N. j., Feb. 25-Articles of in
corporation of the United States Steel
Corporation were filed to-day in the State
Department. This is the gigantic Carne-
gie-Morgan combine. A summary of the
articles of Incorporation follows:
It's principal office is located at Hobo
ken, where the Hudson Trust Company
named as its agent, upon whom pro-
cess may be served.
Following is its statement of objects of
formation of the corporation:
To manufacture iron, steel, manganese,
coke copper, lumber and other materials,
and all or any articles consisting or part.
consisting of iron, steel copper, wood,
Or other materials and all or any products
thereof.
TO acquire, own, lease, occupy, use, or
aevelop any lands containing such ores.
Or OIL, and any wood lands or other lands
or any purpose of the company.
To mine or to otherwise extract ores,
minerals and timber from any such or any
oher lands. ..--....... ...........
To deal or traffic in iron, steel and
ler materials and any of their products
ma any articles consisting or partly con-
i5ting thereof.
Has Extensive Powers.
To construct bridges, buildings, ma
'liheIN ships, boats, engines, cars and
"ner equipment railroads, docks, slips,
'eNa'ors, water-works, gas works and
'ectTle works. viaducits, aqueducts ca
ais and other waterways and other
'eaha of transportation and to sell the
a'le or otherwise to dispose thereof, or
maintain and operate the same, except
@ lat ,Ae company shah not maintain or
any railroad or canal in the state
New Jersey
Az acquire and to hold, USE own, oper-
ana introduce, and to dispose of any
'u'lAarks, patents, Inventions ETC., used
80 uctl0n and 70 turn 40 account any
cn 49,. property or rights.
-, 'nSage In any other manufacturing
h,,sit construction or transportation
s'''a Of any kind or character what
~ e''' ana TO that end 10 acquire. hold.
,ss ana dispose OF any and all property.
,rI stocks, bonds aAd rights OF any
W ,e, very kind, but not 70 engage In any
hereunder which shall require
.aa, "eicise Of the right Of eminent do
"lthln the state Of New Jersey
80 Engage In Almost Anything.
10 10 acquire. hold or dispose OF stocks.
~AN' or any other ohfi0atfor 20 ,,., -