The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1901-03-01
mines all1l Mining
Review Of Mining Operations; Is;
and Developments Of Lake .
Superior District. :. r =.
STEEL COMBINE Is COMPLETED.

-
other and the greatest com bination
of capital IS added to the nota ble
list of the last ten years. An official
announcement was made Monday
from the office of J. p: Morgan & Co
to the effect that the Carnegie com
pany, the Federal Steel company
the National Tube company, the
American Steel & Wire company
the National Steel company, the
American Steel Hoop company and
the American Sheet Steel company
are to he com bined in one concern,
which is to issue its stocks in return
for theirs, the valuation having been
determined upon the assets and the
earning power of the respective
corporations thus merged:
This new combina ton, it is un.
derstood, will. be called the United
States Consolidated Steel company
1t will have total capitalizat ton OF
$1,l0O'OOO,OJO. Of this $3OO,OOO,OOO vii!
De 5 PR cent general mortgage
bonds, 4OOO0O,OOO will he per cent
stock and $t0O,OOO0W will be com.
mon stock. The charter of the com
pany which has been prepared un.
der the special guidance of William,
Nelson Cromwell, who promoted
the National Tube company, will be
filed it is said at Trenton, N. Y.
on Monday. Stocks of the COM
panies to be merged will be taken
in at high figures, and yesterday
afternoon the Waldorf Astoria be.
came sort of miniature stock ex-
change, where Joh.. W. Gates and
his friends bid we'll above market
price Tor the securities of the cor
porations which the United States
Consolidated-coinpany is expected
, to acquire. Legal details OF the
project la. .e been in the hands of a
claw committee" consisting Vim
Nelson; Cromwell a director id. thu
National Tube company, Francis
Linde Stetson, Mr.. Morgan's per
sonal counsel, Judge Elbert H
Gary, present of the Federal Steel
company, Max Pam of Chicago
director in and counsel for the
. American Steel & Wire company
and Victor Morawetz.
These five men represent Mr.. Nor.
gan's interests in the matter. They
end Mr.: Morgan, H. c. Frick and
President Charles NJ. Schwab of the
Carnegie company, Chairman John
w. Gates of the American Steel e
Wire directory, Judge William H
Moore of Chicago, who has promot-
ed number of large steel com.
panies, and President E. c. Con.
verse of the National Tube com.
pany, met Saturday in Mr.. Morgan's
private office and after prolonged
conference agreed to final details.
They all consented to the figures
Mr.. Morgan named. and the repre-.
sentative of the several interests
proceeded to recommend to their
respective stockholders the accept.
ance of the terms then decided on
The American Bridge company
which is known as a Morgan con.
Germ, and has an authorized capital
of $a3yOO,00O perferred and $35,OOO,.
600 common stock is, contrary to
general expectation, left out of the
consolidation, although it's absorp
ton was contemplated in the orig
inal list
The reason given was that the
stock is listed in London and that
it might not be easy to acquire it.
The Lake Superior Consolidated
iron mines, the Rockefeller ore pro.
Perties, including the Mesaba range
which passed a few days ago, it ie
understood, to the Morgan combin.
alton, will not go Immediately into
the new United States Consolidated
Steel company. 1t is thought quite
likely that the Lake Superior con.
cern may be turned over to the
great combination at later date.
A1lof the persons directly inter.
ested in the Morgan-Carnexie steel
deal seemed greatly pleased last
Sunday night over the successful
| termination of their labors.
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