Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-02-26
IL WILL BE CAPITALIZED AT ONE
BILLION, ONE HUNDRED
MILLION DOLLARS.
ONLY FIFTEEN MILLIONS
WILL BE REQUIRED, so AUTHORI-
TIES SAY, TO FLOAT THE
GIGANTIC SCHEME.
THE CHARTER APPLIED FOR.
A DETAILED STATEMENT FROM
THE PROMOTERS is LIKELY
TO BE MADE TODAY.

NEW YORK, February 25.-Ofhcial
announcement of the Morgan steel
combine will probably be made to-mor-
row. Up to a late hour this after
noon it was expected the statement
would be made in time for tomorrow
mornings papers, but after a pro-
tracted conference at the Office of J..
p. Morgan & Co., Robert Bacon, a
member of that firm, declared that Of
fetal news would have to be with
held for another day.
The nominal capitalization of $4,000
of the United States Steel Corpora
ton is understood to mean that the
incorporators had simply taken the
precaution to file papers before any
one else might have a chance to use
the name.
The i~ncorporators include ex-Judge
Curtiss, who is a partner of VIM. Mel
son Cromwell, of the law firm of Sui
Ivan, & Cromwell.
MI. Cromwell, President Gary, of the
Federal Steel Company, Max Pam, rep
r~esenting the American Steel & Wire
Company, and Francis Lynde Stetson,
who is one of Mr.. Morgan's confiden-
tial legal advisers, were in conference
the greater part of the day. With
these gentlemen from time to time
were representatives of the various
concerns which are to form the great
combine.
There are unconfirmed statements
that committees representing these
companies had
Prepared Circular Letters
to be sent to their stockholders; that
these letters gave exact terms and all
details and that the stockholders
would be urged to accept the terms set
forth. A director of the American
Steel & Wire Company SAID of this:
81 don't know what the directors of
the other companies interested may
have done, but l can say that as yet
we have prepared no letter for our
stockholders"
Another bit of gossip was to the
effect that both the American Bridge
Company and the National Tube Com
pany would be left out of the COM
bination. These concerns are credited
with being dominated by Morgan in
were not to go in was accepted with
much reservation. None Of the prin-
cipals or officers of the companies
would discuss the matter at all,
Morgan & Co. are declared to have
made all arrangements for financing
the combination. The have also, ac-
cording to reports, competed the de-
ills necessary to the exchanging of old
securities for new. AS to the fota-
ton of the company, a prominent
bank officer was quoted as saying that
Not More Than sf5.0OO,Oo
of actual cash would be necessary
and that this sum had already been
put aside by the underwriting syndi-
cate. Speedy application will be made,
it is said to list the shares of the COM
pany here and on the London stock
exchange. The underwriting syndi-
cate is said to have offers for the
shares of the new company aggregat-
ing about 500, 600, 900. 1t is report
ed shat London. PARIS, Berlin and
Frankfort bankers have taken kindly
to the advices of the underwriters.
From a well-lnformed source comes
the statement that the United States
Steel Corporation will have $1,100, 000.-
GEO of capital stock. Of this $500, 000,-
600 will be five per cent. general mort
gage bonds; $500. 100000 of seven per
cent. preferred stock and $500, 900 600
of common stock. The corporation
will take over the Carnegie, Federal
Steel, Steel & Wire and other COM
panies named by an exchange of stock.
The valuation of the subsidiary con-
Germs has been arrived at by a close
examination of their assets as well as
of their earning power. Mr.. Morgan
Is said to have declared that without
a combination the companies to be alb
sorbed in one would have spent for
betterments at least s50,O 0 600 a year
,or the next five years. With the ele'
ment of competition eliminated, it is
figured that all or nearly all of this
will be saved.
TRENTON, n. J., February 25.-
Articles of Incorporation of the Uni
ted States Steel Corporation We're filed
to-day in the State department. This
is the gigantic Carnegie-Morgan COM
bine. The articles of incorporation are
as follows:
Certificate of Incorporation of the
United States Steel Corporation.
we, the undersigned, in order to
form a corporation for the purposes