New-York tribune., 1901-04-02
NEAR BILLION AND A RALF
STEEL COMBINATIONS CAPITALIZATION
FURTHER INCREASED
PROVISION FOR ACQUIRING THE AMERICAN
FRIDGE COMPANY AND THE ROOKIE
FELLER IRON ORE INTERESTS.

FRIDGE COMPANY AND THE ROOKIE
FELLER IRON ORE INTERESTS.
The United States Steel Corporation yester-
5sv increased its capital stock from $1,000 the
nominal sum named in the original certificate
fled at Trenton. TO SLIGO 100000. From the
circular issued on March by ]. P. Morgan &
CO.. the syndicate managers. il appeared that
the authorized issue of capital stock TO be
Ss500O0000 but a supplementary circular, is
sued last night, announced that the American
Fridge Company and the Lake Superior Con-
eoiGated Iron Mines We're to be taken into the
Tinted Statess Steel Corporation, and that the
additional $3.50 100000 of stock, equally divided
between preferred and common, would be used
for the acquisition Of the stocks of those two
companies al the outstanding interest in the
Oliver Iron Mining Company and the Pittsburg
steamship Company not owned by the Carnegie
Company. and for future requirements and
ouisitons" In addition 10 the authorized cap
ital stock of S1.100O00O0O. the United States
steel Corporation has 304O00OoO bonds. making
the gigantic sum Of 81, ,404. 100000 as its total
capitalization
The Lake Superior Consolidated Iron Mines
which company. II was announced on March 1G
would go into the United States Steel Corpora
tion. has outstanding 500. .sS7.44s capital stock
and q total bonded obligation Of S5995 600
NhlCN
Duluth, Mesaba and Northern Railway Com
rany. one of its constituent companies. The
Lake Superior company owns in addition 10 the
railway several iron mines in the Mesaba
range, in Minnesota. The Rockefeller feet of
ffty-uine steamers on the Great Lakes also is
included in the combination. II is understood
T. T Morgan & co. announce that arrangements
have been made for the acquisition by the
United States steel Corporation OF more than
81 per cent OF the stock Of the Lake Superior
Consolidated Iron Mines, including the interest
~ John D. Rockefeller; and their offer 10 the
stockholders Of the latter company is S135 each
par value Of common and preferred stock Of the
United States Steel Corporation for every 500
mar value Of the stock OF the Lake Superior
company the latter stock to carry all dividends
and rights to dividends declared or payable
after March -.
The American Bridge Company. which was in
corporated al Trenton in 1900. has S35oo00oO
common and S35.O00OO0 : per cent cumulative
preferred stock II Is known Morgan
rropertv. and among its directors are Robert
Bacon and Charles Steele. Of J. P. Morgan
Co. and J. P Ord who is also connected with
that firm The company Is said 10 control about
20 per cent OF the bridge tonnage Of the United
States. The offer made by the syndicate man
ayers for its stock IS conditional upon the deposit
and sale Of az least two-thirds Of all the out
standing shares of the common and preferred
classes. respectively. That offer is follows;
For each SlOo par value, of preferred stock Of
The American Bridge Company. Sl10. par value.
in preferred stock Of the United States Steel
Corporation and for each 500, par value. of
American Bridge common stock, S105 in United
States Steel common stock. United States Steel
preferred stock closed yesterday on the Stock
Exchange at 967s, and American Bridge pre-
ferred, which is dealt in the curb was
quoted a. the close al 1912 bid, 1o4"a asked,
tinted States Steel common sold the close
al 49, while Bridge common was quoted at 4I$s
htd, 49, asked. IT Is stipulated that American
Bridge common stock deposited for exchange
s-aA carry dividends and rights 10 clvldends
declared or payable after March u, while the
preferred must carry all dividends and rights 70
dlLloends declared or payable after April "A.
deposits of Lake Superior Consolidated Iron
Mines stock must be made al the office of j. F.
--u4sal q 20. deposits OF preferred ana com
mon stock ot American Bridge Company may be
nade either a. me Office Of that hrm or AT the
of1oe u hidGer, Peabody & Co, Boston All
1901
II is announced that the offer. made in the cir
cular Of March by the syndicate managers has
been accepted 10y more Than - per cent Of the
holders of stock in The several companies men
Toned then-the Federal Steel Company, Ma
uOnal Steel Company. National Tube Company.
American Steel and Wire Company. American
I'm Plate Company, American Steel Hoop Com
laiy anc American Sheet Sieel Company. Yes
I+rcay was the last day OF the additional period
allowed within which 10 deposit stocks Of the
seven companies just named. and such shares
as may hereafter be offered for deposit Will be
received only al the discretion Of the syndicate
managers and on such terms as they may
prescribe.
The dealings in United States Steel issues on
me Stock Exchange yesterday We're of almost
Unprecedented volume, more than two hundred
anG ten thousand shares Cf the common and
more than one hundred ana forty-eight thou
SaaG shares Cf the preferred changing hands.
The common closed at -, net gain OF 2l2 per
cent and the preferred al 957s, net advance Of
- per cent single brokerage firm sold in
ne course 0f the day more than one hundred
and three thousand shares Of the preferred, Of
which one hundred thousand shares, represent
'ns HloVVoptJ. par value. were for account Of
single interest. There was much speculation
IS 10 the identity Of this interest, the name of
hlch however could not be learned.
The annual meetings of the Carnegie company
ana the Federal Steel Company We're To have
Iaen he'd yesterGay. but were postponed.