The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-02-25
OmciaI Announcement Is Expected
To-Day of the Plan Now to BE
Carried Into Effect.
ELEVEN HUNDRED MILLIONS
THIS Is THE CAPITAL FIXED FOR
THE NEW COMPANY.
Three Hundred Millions I'm Bonds
Preferred and Common Stock.

NEW YORK. Feb. 24-The Herald to-
morrow will say: u. p. Morgan has just
completed the project by which another
and the greatest consolidation of capital is
added to the notable list of the last ten
years. The steel combination plan was
consurnmated at a conference in his office
late Saturday afternoon, and Sunday the
news was the topic OF half the conversation
in the corridors of some Of the uptown ho-
tels. An official announcement may be ex-
pected to-day (Monday) from the Office Of
J. p. Morgan & Co. to the effect that the
Carnegie Company, the Federal Steel Com
pany, 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 it's stock in return
for theirs, the valuation having been de-
termined 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. 1t will have
total capitalization OF 81, 100000. OF
this s300.UO0,0 600 will be ) per cent. general
mortgage bonds. s400,oo0,OoO will be per
cent. preferred stock. and s4OO 900 will be
common stock. The charter of the COM
pany, which has been prepared under the
special guidance of William Nelson Crom-
well, who promoted the National Tube
Company, will be filed, 1t is said, at Tren-
ton, N. j., to-day (Monday)
Stocks of the companies to be merged
will be taken in high figures. and yester-
day afternoon the Waldorf-Astoria became
a sort OF miniature and subdued stock
change, where John w. Gates and his
friends bid well above the market price
for the securities OF the corporations which
the United States Consolidated Company
is expected to acquire. Legal details of
the project have been In the hands of
claw committee consisting of William
Nelson Cromwell, director in the National
Tube Company; Francis Lynde Stetson,
Mr.. Morgans personal counsel; Judge FL
bert II. Gary, president of the Federal Steel
Company; Max Pam, of Chicago, director
In the counsel for the American Steel and
Wire Company, and Victor Morawetz.
These five men represent Mr.. Morgans in
terests in the matter. They and Mr.. Mop-
gan, III. c. Frick and President Charles NJ.
Schwab, of the Carnegie company; Chair
man John w. Gates, Of the American Steel
and Wire directory Judge William III.
Moore, of Chicago, who has promoted a
number of large steel companies, and Pres
ident 4. c. Converse, of the National Tube
Company, met Saturday in Mr.. Morgan's
private office and after prolonged con-
ference agreed to final details. They all
consented to the figures Mr.. Morgan named
and the representatives OF the several in
terests proceeded to recommend to their
respective stockholders the acceptance of
the terms then decided
1.-The American Bridge Company. which is
known as a Morgan concern, and has an
authorized capital OF s33,0O0OOO preferred
and $35. 900 common stock, is contrary
to general expectation, left out of the con-
solidation, although its absorption was
contemplated in the original plan. The rea-
son given was that the stock is listed In
London, and that ii might not be easy to
acquire it. The Lake Superior Consoii-
dated Iron mines, the Rockefeller iron-ore
property, including the Mesaba range,
which passed few days ago. it is under
stood, TO the Morgan combination, will not
go Immediately into the new United States
Consolidated Steel Company. 1t is thought
quite likely that the Lake Superior concern
may be turned over TO the great combina-
tion at later date.
All Of the persons directly interested in
the Carnegie-Morgan steel deal seemed
greatly pleased last Sunday night over
the successful termination OF their labOrs.