The times. [volume] (Richmond, Va.) 1890-1903, 1901-02-26
BIGSTEELC0MBINh
GOES lNTOEFFECT
d
Carnegie Morgan Combl-
nation to be Announced
ARTICLES ARE FILED.
United States Steel Corporation
Papers Recorded at Trenton.
THREEIHOUSAND CAPITAL STOCK
But Fifteen Million Dollars Necessary to
Carry Out the Mammoth Scheme, and
the Issue viii Be Over
Bi'iion-Somc of tie
Details Are Made
- Public.
THREE THOUSAND CAPITAL STOCK
(Ey Associated Press.)

NEW YORK Feb. 25.-Oficial an
nouncement of the Morgan steel combine
will probably be made tomorrow. The
articles Of Incorporation We're filed at
Trenton. n. j., to-day. The nominal cap
italizatien of s.. 900 is understood to mean
that the corporators have simply taken
The precauiion to file papers before any
one else might have Il chance TO use the
name which Is the United States Steel
Corporation. The corporators are: EN-
Judge Win. j. Curtis. u partner OF VII
liam Nelson Cromwell. of the law 1irm "l
Solomon &c Cromwell. c. Cuff aud Chas
McVeaEh. all OF uobollen.
Mr. Cromwell President Gary, of the
Federal Steel Company; Max Pam, rep
resenting the American Steel and Wire
Company and Francis Lyndc Stetson.
who IS one OF Mir. Morsans confidentai
legal advisers, were in conference the
greater part Of the day Wlth lheSe
gentlemen. from time to time We're rep
1e;ertatives OF various concerns which
are to form the great combine There
were unccnfirmed statements that a COM
,nittee representing these companies had
prepared circular letters TO te sent 10
their stockholders. giving exact terms OF
consolidation and urging tEclr accep-
lance.
Another BIT OF gossip WIS tIlsil i'oSil
The American Bridge Company and the
National Tube Company would be left
ont of the combination. These concerns
AT. credited with being dominated by
Morgan interests. so that The rulnor was
accepted with much reservation.
ONLY FIFTEEN MILLION
Morgan & Company are declared TO
have made all arrangements for tnahc-
ing the combination. They have also. ac-
-, ,DJ1IIiaI pTi Eta details
necessary to The exchanging of old securi-
ties for new AS to floating the secuii-
ties OF the company 4 prominent bank ofl-
Ger was quoted as saying that not more
fiau 900 of actual capital WoulC be
necessary and that this sum had already
been put aside by the underwriting syn
dicates. Speedy application will be made,
it is said 10 list the shares OF the COM
pany here and on the London Stock EN-
change. The underwriting syndicate is
said TO have offers for the shares of the
new company aggregating about SlnC000,-
nHo. 1t is reported that London. Paris.
Berlin and Frankfort bankers have taken
kindly TO the advances of the underwrit-
ers
SOME FIFTY MILLION YEARLY.
From Il weli-irformed source comes the
statement that the United States Steel
Corporation viii have 900 Of CAPT
tai stock. OF this $500. 600 600 will be per
cent. general mortgage bonds. Sle0.G Gt0
of I per cent. preferred stock. and $780,
Oei.0c1 OF common stock. The corporation
will take over the Carnegie, Federal
Steel. Steel and Wire and other companies
named by an exchange of stock. The
valuation Of the subsidiary concerns has
been arrived at by a close examination of
their assets as well as of their earnin:.
power. Mr.. Morgan is said TO have de-
declared that without a combination the
companies to be absorbed in one would
have spent for betterments al least So0,-
0a0. 600 a year for the next five Years.
With the clement Of competitor elimi-
mated il is figured that all or nearly al:
Of this VIII be saved