The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-02-25

Morgan Engineers Another Con
sOlidatiOn of Capital.
DEAL JUST COMPLETED
TRUST REPRESENTS OVER A
BILLION DOLLARS.

New York. Feb. 24-The Herald to-
morrow will say: J, P. Morgan has just
completed the project by which another
and the greatest consolidation Of cap
ital, is added to the notable list of the
last ten years. The steel combination
plan was consummated 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 hotels. An Of
fetal announcement may be expected
today (Nfonday) from the Office of J.
P. Morgan & Co, to the effect that the
Carnegie company, the Federal Steel
company, the National Tube company,
the American Steel & 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 com
bined in one concern, which is to issue
its stock in return for theirs, the yalua-
ton having been determined upon the
assets and the earning power Of the
respective corporations thus merged.
This new combination, IL is under
stood, viii be called the United States
Consolidated Steel company It viii
have a total capitalization Of Sl,l0OO g0,
900. OF this $500 600 900 viii be per
cent general mortgage bonds, $500, 000,
600 viii be per cent stock, and $780,
100000 will be common stock. The
charter of the company, which has
been prepared under the special guild
ance of William Nelson Cromwell, who
promoted the National Tube company,
will be filed, it is said, at Trenton, n.
J., today (Monday).
Stocks at High Figures.
Stocks of the companies to be merged
| viii be taken in at high figures, and
| yesterday afternoon the Waldorf-As-
| toria became a sort of miniature and
subdued stock exchange, where John
| W. Gates and his friends bid well above
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 a law COM
mittee," consisting of William Nelson
| Cromwell, a director in the Nauonal
| Tube company, Francis Lynde Stetson,
| Mr.. Morgan's personal counsel; Judge
/ Ebert H. Gray, president Of the Fed
| eraI Steel company; Max Pam OF chi
| cago, director and counsel for the
| American Steel & Wire company, and
| Victor Morawele.
| These FIVE men represent Mr.. Nor
| gan's interests in the matter They and
| Mr.. Morgan, H. g. Prick and President
| Charles SchWab Of the Carnegie com
pany: Chairman John w. Gates or the
| American Steel & Wire directory; Judge
| William H. Moore of Chicago, who has
| promoted a number of large steel COM
| panies, and President Z, 9. Converse
/ of the National Tube company, met
/ Saturday in Mr.. MOrgan's private Of
| fee, and after a prolonged conference,
| agreed to final details. They all con-
! sented to the figures Mr.. Morgan
! named, and the representatives Of the
| several interests proceeded to recon-
I mend to their respective stockholders
! the acceptance of the terms then de-
/ cided on.
! The American Bridge company,
/ which is known ASA. Morgan concern,
| is. contrary to general expectation, LETT
| out of the consolidation. The reason
| given was that the stock is listed IN
| London. and that it might not be easy
/ to acnuire if. ROckefelIer's Mesaba
range property, it is understood VIII
not go Immediately into the company.
It is thought quite likely the Lake Su-
| nerior concern may be turned over 70
the great combination at a later date.