The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1901-04-24
THE Big Steel COMBINE
Huge Trust Incorporated n FL"
Jersey For s1,1OO,OoO,0oO'
CHARLES M. SCHWAB, PRESIDENT

j. p. Morgan & Co. Announce the Ac-
quisition of the American Bridge Conn
pany and the Lake Superior Consolida.
ted Iron works-Offcers and Directors
Chosen-Large Incorporation Fee Paid
New York City.-Shortly before the
close of business on the Stock EE-
change Monday word was received
from Trenton, N. j., that an amend
ment of the charter had been filed
there by the United States Steel Cor
poration, increasing it's capital stock
from $4,000 to $1,100O00,0OO. The
$4,000 original capital was only NOM
inal. Unofficially. on the date the
company was formed. the capital was
stated to be S4OO,0OO,OO0 preferred and
S4OO, 100000 common stock. or $780,.
600, 900 in all. This was increased in
the official announcement on March .
to S425 100000 preferred and $425..
100000 common, or S850,000,000 in
stock, irrespective of the $504, ,OOC
five per cent. gold bonds. The total
Capitalization is now S1,404, 100000.
Of the total authorized increase $156,
250,OOO is set apart to acquire the out
standing stock Of the American Bridge
Company and the Lake Superior Con
solidated Iron Mines.
Charles Steele, representing J. +.
Morgan & Co.. made the following
statement:
I'm accordance with their circular
of March 2, 1901. which provided,
among other things, that the entire
plan of organization and management
should be determined by J. 2. Morgan
g. Co., they now announce the orSani'
zation and management Of the United
States Steel Corporation.
Directors will be !. Pierpont Nor
gan, John D. Rockefeller, Francis H.
Peabody, Henry H. Rogers, Charles
M. Schwab, Elbert H. Gary, Robert
Bacon, Charles Steele, Marshall Field
Norman B. Ream, p. A. B. Widener
William H. Moore, James H. Reed,
Henry C. Frick, Daniel G. Reid. e
C. Converse. Percival koDerts, John
D. Rockefeller, Jr.. Alfred Clifford.
William E. Dodge, Nathaniel Thayer,
William Edenborn. Abraham S. HeW
lit and Clement A. Griscom.
"The President will be Charles NJ
Schwab; the Treasurer. Arthur F.
Luke; Secretary, Richard Trimble; the
Executive Committeeman, e. Fl. Gary,
Chairman: Daniel G. Reid, William
Edenborn, E. C. Converse, Percival
Roberts, and Charles Steele. The
Finance Committeeman will be Robert
Bacon, Chairman; Henry H. Rogers
Norman 3. Ream, and P. A. B. Wild
ener."
The properties acquired are of great
Importance to the United States Stee.
Corporation. The American Bridge
Company was organized May 10. 1900
and Is known as Morgan corpora
ton, numbering among its directors
two of Mr.. Morgan's partners. Robert
Bacon and Charles Steele. The COM
pany includes twenty"four Of the most
important bridge making plants in the
country, and manufactures bridges.
roofs, buildings, columns and all metal
structures. It's productive capacity is
100000 tons per annum.'
The Lake Superior Consolidated
Iron Mines, Rockefeller concern,
was organized in 1898. The company
owns and operates large iron ore
mines on the Mesaba Range, Mime
sofa. 1t leased some Of its mines to
the Carnegie and other manufacturing
interests. The company controls the
Duluth, Mesaba and Northern Rail
way. extending from Duluth to Iron
Mountain, Mimi, comprising total
owned and operated Of 132 miles OF
roads. The funded debt Of this prop
crty is S5,995,000.