The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-25
GREATEST CONSOLIDATION OF CAP
BY j. p. MORGAN
EIGHT CONCERNS ARE IN IT
A CAPITALIZATION OF OVER A Bill
LION DOLLARS FOR NEW
COMPANY
MEsABA RANGE PROPERTY
Expected That 1t Will he Turned
Over to the Gigantic Conn
bfnatiOn I'm q Short
Time.

NEW YORK, Feb. 24-The Herald
tomorrow will say:
]. P. Morgan has just completed the
project by which another and the great
est consolidation of capital is added to
the notable list of the last ten years
The steel combination plan was con-
summated at a conference in his office
late Saturday afternoon, and Sunday the
subject was the comment of converse ton
In the corridors of the uptown hotels
An official announcement. is expected to-
day 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 American Tin
Plate company, the National Steel COM
pany the American Steel Hoop company
and the American Sheet Steel company
are to be combined in one concern, which
is to issue its stock in return for theirs,
the valuation having been determined
upon the assets and the earning power
OF the respective corporations thus
merged. This new combination, it is un-
derstood, will be called the United States
Consolidated Steel company. It will have
total capitalization of S1,1OO, 900 900. OF
this $500 100000 will be per cent general
mortgage bonds; $4OO, 600, 900 win be per
cent stock, and $4OO, 600 will be com
mon stock.
CHARTER PREPARED
The charter of the company which has
been prepared under the special guidance
of William Nelson Cromwell who pro-
NOTED the National Tube company. wiz
be filed, it is said, at Trenton N. j..
today.
Stocks of the companies to be merged
Will be taken in at high figures. and
yesterday afternoon the Waldorf-Astoria
became sort of miniature and subdued
stock exchange, where John w. Gates
and his friends bid we'll above market
price for the securities of the corpora
tions which the United States Consolidat
ed company is expected to acquire. Legal
details of the project have been in the
hands Of ''law committee" consisting
of William Nelson Cromwell. a director
In the National Tube company; Francis
Linde Stetson, Mr.. Morgan's personal
counsel; Judge Ebert H Gary, president
of the Federal steel company; Max Pam
of Chicago, director In and counsel for
the American Steel & Wire company
and Victor Morawetz
REPRESENT MORGAN.
These five men represent Mr.. Morgan.s s
interest in the matter They and Mr.
Morgan. H c. Frick and President
pany; Chairman John w. Gates, of the
American Steel and Wire directory;
Judge William H. Moore, of Chicago,
who has promoted a number of large
steel companies, and President E. e.
Converse, Of the National Tube COM
pany, met Saturday in Mr.. Morgan's
private office, and, after a prolonged
conference, agreed to final details. They
all consented to the figures Mr.. Morgan
named, and the representatives of the
several interests proceeded to recommend
to their respective stockholders the ac-
ceptance of the terms then decided on
The American Bridge company, which
is known as a Morgan concern, and has
an authorized capital of $50, ,GG0O 900 COM
mon stock, is, contrary to general ex-
pectation, left out of the consolidation,
although it's absorption was contemplated
in the original plan.
The reason given was that the stock is
listed in London and that it might not be
easy to acquire it.
The late Superior Consolidated Iron
mines, the Rockefeller iron ore proper
ties, including the Mesaba range, which
passed few days ago, it is understood
to the Morgan combination, will not so
Immediately into the new United States
Consolidated Steel company 1t is
thought quite likely that the Lake Su-
perior concern may be turned over to the
great combination at a later date
All of the persons directly interested in
the Morgan-Carnegie steel deal seemed
greatly pleased last Sunday night over
the successful termination of their labors