The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-02-26
GETS The CREAM.
Underwriting Syndicate Obtains
Big Rake or
In the Deal Combining Steel
Plants of the Country.
J. P. MORGAN'S SHARE
For Perfecting Arrangements
Placed at 81, 100000.
He viii Guarantee Operation
Of Plants For One Year.

Pittsburg. Feb. 2s.-The Pittsburg Dis
patch says:
An underwriting syndicate Of insiders
with 100000. 900 capital win secure the
cream OF the big deal for the organi-
zation Of the steel corporation. This in
formation comes from Pittsburgers in
terested in the negotiations. T. Pierpont
Morgan win receive s1.SO0.000 for per-
fecJing the arrangement. and it is said
positively that the Carnegie company
viii not receive the amounts the the
stockholders are credited with obtaining
for their great property.
1t is stated that it is the proposition
Of Mr.. Morgan to permit the insiders
the directors OF the various companies
to be included. except the Carnegie COM
pany-to subscribe to the capital of the
underwriting syndicate. which has been
placed at 500. 900 900. This capitalization
was based on the earnings of all the
plants TO be taken into the combination,
and it Is the intention of the underwrit-
ing syndicate CT which Mr.. Morgan will
be the head. to guarantee the operation
of the plants for one year from the or
ganizati0n- At the end OF that time
there viii be a division made to the un-
derwriting subscribers, who it is esti-
mated Will receive as their share about
three TO one in stock at par and what
ever is left of the underwriting capital
TERMS TO STOCKHOLDERS
New York, Feb. 26-At the Office Of J.
p. Morgan & Co. it was stated today
that they were not vet prepared to make
any official statement or issue any cir
cular giving the full details of the pro-
posed United States Steel corporation
They recognize however, that it IS rue TO
the public ana the various stockholders
that they should know as early as pos
sible the basis upon which securities OF
the various companies will ultimately
be received for conversion into the secu-
rites Of the new corporation, which is as
follows.
The following offers to be made for
stocks of the several companies named:
Federal Steel preferred, ITO per cent. of
new preferred.
Federal Steel common. 4 per cent. of
new preferred and 1918 per cent. of
new common
American Steel and Wire preferred.
1175z per cent. in new preferred
American Steel and Wire common,
1929 per cent. Of new common
National Tube preferred, 125 per cent.
of new preferred.
National Tube common, 8 per cent. of
new preferred and 125 per cent Of new
common
National Steel preferred, 125 per cent
of new preferred.
National Steel common, 125 per cent
of new common
American Tin Plate preferred, 125 per
cent Of new preferred
American Tt Plate common, 20 per
cent. Of new preferred and lbs per cent
Of new common
American Steel Hoop preferred, 100 per
cent of new preferred
American Steel Hoop common, 100 per
cent. Of new common.
American Sheet Steel preferred, 100 per
cent. of new preferred.
American Sheet Steel common, 100 per
cent of new common
As to the stocks of the last four COM
panies the aggregate amount Of stock
so to be offered was arranged with the
principal stockholders of those com
panies who have requested the distribu-
tion of such amount among the four
companies to be made IN the manner
stated