The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1901-02-26
steel. DEAL
IS ASSURED
New York Papers Say
It's Completed.
A Big CAPITALIZATION
American Bridge Company,
One of the Compa nies Intend
ed to be Included, Left
Out.

New York, Feb 25.-The Herald
was expected to say today:
-. z. Morgan has just completed
his project by which another and the
greatest consolidation of capital is
added to the notable list of the last
10 years. The steel combination plan
was consummated at q conference in
his Office last Saturday afternoon and
Sunday the news was the topic of
half the conversation in the corridors
of some of the uptown hotels. An
official announcement may be expect
ed today (NIonday) from the Office of
j. Z. Morgan & Co. to the effect that
tue Carnegie company, the Federal
Steel company, the National Tube
company, the American Steel and
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 combined ia
one concern, which is to issue it's
stock in return for theirs, the valua,
tion having been determined upon the
assets and the earning power of the
respective corporations thus merged
This new combination, it Is under
stood, will be called the United StateH
Consolidated Steel company. 1t will
have a total capitalization of 81, 100,
100000. OF this $300,OOO,0OO will be
per cent stock and $400,0O0,00O will.
be common stock. The charter of tht
company, which has been prepared
under the special guidance of WI
liam Nelson Cromwell, who promot
ed the National Tube company, will
be filed, it is said, at Trenton, n. j.
today (Monday).
To he Taken In at High Figures.
"Stocks of the companies to be
merged will be taken in at high fig
| ures, and yesterday afternoon the
| WaldOrf-As became sort of a
miniature and subdued stock ex-
change, where John w. Gates and his
| friends bid well above market price
| for the securities of the corporations
which the United States Consolidat-
ed Steel company is expected to ac-
| quire. Legal details Of the project
| have been in the hands of a law com
| mittee,' consisting of William Mel
| son Cromwell, a director in the Ma
tional Tube company; Francis Lynde
Setson, Mr.. Morgan's personal coun-
sci; Judge Elbert IL. Cary, president
of the Federal Steel company; Max
Pam, Of Chicago, director in and
counsel for the American Steel and
Wire company, and Victor Norawetz.
| These five men represent Mr.. Nor
gan's interests in the matter. They
and Mr.. Morgan, II. G. Frick and
| President Charles Nj. Schwab, of the
| Carnegie company; Chairman John
w. Gates, of the American Steel and
Wire directory; Judge William IL.
Moore, of Chicago, who has promoted
Il number of large steel companies,
and President L. G. Converse, of the
National Tube company, met .Satur-
day in Mr.. Morgans private office,
and after 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-
mend to their respective stockholders
the acceptance of the terms then de-
cided upon. The American Bridge
company, which Is known as a Nor,
gan concern, and has an authorized
capital of $33,O00,000 preferred and
S33,0O0,000 common stock, Is, con.
trary to general expectation, left out
of the consolidation, although its alb
sorption was contemplated in the
original plan. The reason given was
that the stock is listed In London ant
that it might not be easy to acquire
it. The Lake Superior consolidated
iron mines, the Rockefeller iron ore
properties, including the Kesaba
range, which passed a few days ago
1t Is understood, to the Morgan
combination, will not go imme
diately into the new United States
Consolidated Steel company. Il
Is thought quite certain that tht
Lake Superior concern may be turned
over to the great combination at {
later date.
Seem Greatly Pleased.
"All the persons directly interested
in the Carnegie Morgan steel dea
seemed greatly pleased last Sunday