The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1901-04-05
mines and11linflq
Review Of Mining Operations
and Developments Of Lake
Superior District.

Super1Or district.
U. S. STEEL co. ORGANIZES.
A circular issued from the office
of J. Pierpont Morgan & Co. Monday
and addressed to the stockholders
of the American Bridge company
and the Lake Superior Consolidated
Iron Mines. announces that the
offer of the syndicate made on
March 2, 1901, has been accepted by
more than SO per cent of the holders
of the stock and the plan proposed
has become operative.
Morgan & Co. offered for the ac-
count of the U. S. Steel corporation,
in exchange for the preferred and
common stock of the American
Bridge company and for the stock
of the Lake Superior Consolidated
Iron Mines. certificates forpreferred
stock and common stock of the U.
S. Steel corporation upon the fol-
lowing basis:
For each 500 par value of pre-
ferred stock of the American Bridge
company $110 par value in the pre-
ferred stock of the u. S. Steel cor
poration, for each 500 par value of
common stock of the American
Bridge combany $1O5 in the com.
mon stock of the U. S. Steel corpor.
alton.
For each 500 par value of the
stock of the Lake Superior Consoli,
dated Iron Mines $135 par value in
preferred stock and $l35 par value
in the common stock in the u. s.
Steel corporation.
The circular further says: "Ar.
rangements have already been
made for the acquisition upon the
above basis of more than IS pc,
cent of the stock of the Lake Su
Iperior Consolidated Iron Mines
lembracing therein the interests, oi
John D. Rockefeller. - -:
| Arrangements have also beer
aadeffor esacqu ss6Y talS U
is. Steel corporation of all the sout
standing interest in the Oliver Min
ing company aud the Pittsbura
lSteamship company, not owned b,
the Carnegie company. The offe,
herein made for the stock of thu
American Bridge company is con
ditional upon the deposit and sale
Hereunder of at least two. thirds in
amount of all outstanding shares o.
the capital stock of said company
which two-thirds shall include two
thirds of the outstanding preferred
stock.
"The authorized capital stock o.
the United States Steel corporation
has been increased to $55OOOOOOO o.
preferred stock, and $55O,OOO,OOO O.
common stock. The incorporation
has appropriated and has agreed t.
issue $425yOO0,000 of such preferred
stock and $425.O00,O0O of such com
mon stock under the contract re
ferred to in the circular of March 2
1901, and it proposes to issue the re
mainder of such authorized capita
stock for future requirements anG
acquisitions, including the acquisi
ton of the stocks deposited under
this circular.
"Deposits of Lake Superior Con
solidated Iron Mine stocks mus
be made at our office in New York
Deposits of preferred and common
stock of the American Bridge com
pany may be made either at ou,
Office in New York or at the Office O.
Messrs. kidder. Peabody & Co:
Boston, Mass. All deposits mus
be made on or before the 18th da,
of April, 1901. After that date nc
deposit will be received except II
our discretion and on terms such
as we may prescribe."
"1n accordance with their circula,
of March 2, which provided among
other things that the entire plan O,
management and organization shall
be delivered by Messrs. J. Pierpon,
Morgan & Co., they now announce
that the organization will be con
stituted as follows:
"Directors, J. p. Morgan, Iohr
Rockefeller, A. F. Peabody, 81. IT
Rogers, c. III. Schawb, NJ. II. Garv
Robert Beacon, Charles Steel, Mar
shall Field, Norman b. Rean, p. A
B. Widener, VIM. p. Moore. Tames
A. Reed, Henry c. Frick, d. G. Reid
E: c. Converse, Percival Roberts
John D. Rockefeller, Jr, Alfred
Clifford, w. E. Dodge, Nathaniel
Thayer, VIM. Edenhorn, Abram S
Hewitt, and Clement A. Griscom..
! President, c. NJ. Schawb, treasnr
er, Arthur F. Lake; secretary, Rich
lard Trimble, executive committee