Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-02-27
SHOWN TO BE the STRONGEST
OF THE LOT.
NATIONAL TUBE sT0CK
FOLLOWS CLOSE SECOND.
AMERICAN SHEET tSTEEL AND
AMERICAN STEEL HOOP TO
GO IN AT PAR.

NEW YORK, February 26.-At thu
Office of ]. P. Morgan and Company i
wa stated to-day that they were no
prepared to make any official state
ment or issue any circular giving tn,
full details OF the proposed United
States Steel Corporation They recog
nize, however, that it is due to the
public and the various stakeholder:
that they should know as early as pos
sible the basis upon which securitie:
of the various companies will ultimate.
ly be received for conversion into tht
securities of the new corporation
which is as follows:
The following offers are to be made
for stocks of the several companies
named:
Federal Steel preferred, no
per cent. of new preferred.
Federal Steel common, 4 per
cent. of new preferred and
90 IL per cent. of new
American Steel and Wire pre-
ferred, III 1-2 per cent. in new
preferred.
American Steel and Wire COM
mon, o 1-2 per cent. of new
common.
National Tube Preferred, 125
per cent. of new preferred.
National Tube common, 3 per
cent. of new preferred and z
per cent. of new common.
National Steel preferred, 2
per cent. OF new preferred.
National Steel common, =
per cent. of new M
American Tin Plate preferred,
125 per cent. of new preferred.
American Tin Plate IN
20 per cent. of lew preferred
and per cent. of new COM
mon.
American Steel Hoop prefer
red. o per cent of new pre-
ferred.
American Steel Hoop m IN
100 per cent. of new minor
Anerican Sheet Steel prefer
rcd. 100 per cent. OF new pre-
ferred.
American Sheet Steel common,
100 per cent. of new common.
AS to the stock of the last four COM
panies the aggregate amount of stocks
to be offered was arranged with the
principal stockholders of these COM
panies who have requested the distri-
button Of such amount among the four
companies to be made in the manner
as stated.
According to the allotments stated,
the old stocks of the existing COM
p2nies will exchange for the stocks OF
the new corporation as follows, par
value being given in every case:
American steel q Wire, &40,-
100000 preferred for Sf7, 100000
of new p~referred; $5O,cOO,O0O
common for sol .25O.0OO of new
common.
Federal Steel, $53,2G0,9O0 pre-
ferred for -$5S,5S6,89O IF new
preferred; S40,4S4,30O common
for $I,S59,372 of new preferred
and $49,3.O,G22 of new common.
National Tube, 5000 900
preferred for $4,000 900 new
preferred; $4,000, 900 common
for 23,520,O0 OF new preferred
and nc,O00,Ooo of new common.
National Steel, T27, OOO,0 pre-
ferred for S33,750,00o of new
preferred: $4,000 900 common
for $4,000, 600 of new common.
American Tin Plate. S~IS,325,-
900 preferred for Sz2 ,906.25O of
new preferred; $2S,0 100000 COM
mon for S5,60O,O00 new preferred
and $50, 100000 of new common.
American Hoop, S14,0OO.O0O
preferred for $4,000, goo new
preferred, Sio,0o0.OOO common
for $4,000, 900 of new common.
American sheet Steel, $2t-
100000 preferred for $24 ,5O0.O0O
of new preferred; %2f, 5oO,0N0
common for $24,5Oo.0O0 of new
common.
These ailotments absorb a total OF
1921, 722,612 of new preferred sock.
and a total of 1868, 720O22 Of new COM
mon stock. The authorized statement
is silent as to the total capitalization
proposed for the new corporation and
as 10 terms Of settlemeh. with the
holders of Carnegie Company stock
and bonds.
J. P. Morgan this afternoon author
lied the Associated Press to state that
the capitalization of the United
States Steel Corporation would be
$500, 600, 600 in bonds, $500, 600, Geo of
preferred stock and S400, 0000, coo of
common stock.
Asked as to the terms for exchange
of the stock and bonds of the Carne-
gle Company for the new securities,
Mr.. Morgan intimated that this was
a matter which concerned the stock
holders and bondholders of the Car
negie Company. AS to the probability
of the early issue of the syndicate
circular inviting subscriptions to the
new securities, Mr.. Morgan said that
it would depend upon tying up ends
which required time and that no fur
Their statement was likely TO be forth
coming regarding the terms of the
consolidation until the circular is
issued.
THE EFFECT ON LABOR.