The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-25
GREATEST CONSOLIDATION OF CAP
ITAL EVER KNOWN COMPLETED
BY j. p. MORGAN
EIGHT CONCERNS ARE IN IT
A CAPITALIZATION OF OVER A Bill
LION DOLLARS FOR NEW
COMPANY
MEsABA RANGE PROPERTY
Expected That 1t Will BE Turned
Over to the Gigantic Conn
binatiOn I'm q Short
Time.

NEW YORK, Feb. 24-The Herald
tomorrow will say:
]. P. Morgan has just completed the
project by which another and the great
est consolidation of capital is added to
the notable list of the last ten years.
The steel combination plan was con-
summated at a conference in his office
late Saturday afternoon, and Sunday the
subject was the comment of conversation
In the corridors of the uptown hotels.
An official announcement is expected to-
day from the office of J. P. Morgan &
Co. to the effect that the Carnegie COM
pany, the Federal Steel company, the
National Tube company, the American
Steel d Wire company, the American Tin
Plate company, the National Steel COM
pany, the American Steel Hoop company
and the American Sheet Steel company
are to be combined in one concern which
is to issue it's stock in return for theirs
the valuation having been determined
upon the assets and the earning power
OF the respective corporations thus
merged. This new combination, it is I'M
derstood, will be called the United States
Consolidated Steel company. It will have
total capitalization of $1,100 00O 900. OF
this $500 900 will be 8 per cent general
mortgage bonds; $4G0, Goo 900 win be per
cent stock, and $500, 1000, 900 will be com
mon stock.
CHATTER PREPARED.
The charter of the company which has
been prepared under the special guidance
of William Nelson Cromwell. who pro-
NOTED the National Tube company, will.
be filed, it is said, at Trenton, N. j..
today.
Stocks of the companies to be merged
Will be taken in at high figures. and
yesterday afternoon the WaIdorf-Astoria
became sort of miniature and subdued
stock exchange, where John w. Gates
and his friends bid we'll above market
price for the securities of the corpora
lions which the United States ConsoIidat-
ed company is expected to acquire. Legal
details of the project have been in the
hands Of law committee" consisting
of William Nelson Cromwell. a director
in the National Tube company: Francis
Linde Stetson, Mr.. Morgan's personal
counsel; Judge Ebert H Gary, president
of the Federal Steel company; Max Pam.
Of Chicago, director in and counsel for
the American Steel & Wire company,
and Victor Morawetz
REPRESENT MORGAN
These five men represent Mr.. Morgan's
interest in the matter They and Mr..
Morgan II. c. Frick and President
Charles M. SchWab, of the Carnegie COM
pany; Chairman John w. Gates, of the
American Steel and Wire directory;
Judge Wllllam II. Moore Of Chicago,
who has promoted a number of large
steel companies, and President E. e.
Converse, of the National Tube com
pany, met Saturday in Mr.. Morgans
private office, and, after a prolonged
conference, agreed to final details. They
all consented to the figures Mr. Morgan
named, and the representatives of the
several interests proceeded to recommend
to their respective stockholders the ac-
ceptance of the terms then decided on.
The American Bridge company, which
is known as a Morgan concern, and has
an authorized capital of $50, 0GO 900 COM
mon stock, is, contrary to general ex-
pectation, left out of the consolidation,
although its absorption was contemplated
in the original plan.
The reason given was that the stock is
listed in London and that it might not be
easy to acquire it.
The late Superior Consolidated Iron
mines, the Rockefeller iron ore proper
ties, including the Mesaba range, which
passed few days ago, it is understood,
to the Morgan combination, will not so
Immediately into the new United States
Consolidated Steel company. 1t is
thought quite likely that the Lake Su-
perior concern may be turned over to the
great combination at a later date
All of the persons directly interested in
the Morgan-Carnegfe steel deal seemed
greatly pleased last Sunday night over
the successful termination of their labors.