The Washburn leader. [volume] (Washburn, McLean County, N.D.) 1890-1986, 1901-03-02
BIC COMBINE FIXED
y. r. MoRGAN,s GIGANTIC PROJECT
Is COMPLETED
New Combination Will BE Called the
United States Consolidated Steel
Company anu WIFI Have q Total
capitalization Of 41,1OO,OOO,OOO-
stocks of the Companies Merged
Will BE Taken In ut High Figures
All Parties Interested Greatly
Pleased Over the success. Of the
Deal.

New York, Feb. 26-The Herald says:
J. p. Morgan has just completed the
project by which another and the
greatest consolidation of capital is
added to the notable list of the last
ten years. The steel combination pla1,
wa contaminated at a conference in
bis office late Saturday afternoon, and
Sunday the subject was the comment
Of conversation in the corridors of the
uptown hotels. An official
ment is expected to-day from the Office
2f J. P. Morgan & Co. to the effect that
Tie Carnegie company, the Federal
steel company, the National Tub
company, the American Steel and
Wire company, the American Tin Plate
company, the National Steel company,
th0g american Steel Hoop company and
the American Sheet Steel company are
to be combined in m 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
understood, will be called the United
States Consolidated Steel company. 1t
will have a total capitalization of ST.
100, 900, 900. OF this $500, 600, 900 will be 5
per cent general mortgage bonds, $780,
DOC, 900 will be z per cent stock, and
$500, 600, 900 will be common stock.
The charter of the company, which
mas been prepared under the special
guidance Of William Nelson Cromwell,
who promoted the National Tube COM
\ pany, will be filed, it is said, at Tren-
ton, N. j., to-day.
Stocks of the companies to be merged
will be taken in at high figures, and
yesterday afternoon the Waldorf-As-
toria became a 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:
corporations which the United States
e Consolidated company is expected to
acquire. Legal details of the project
have been in the hands of a law COM
mittee consisting of William Nelson
Cromwell, a director in the National
Tube company; Francis Linde Stetson,
Mr.. Morgan's personal counsel; Judge
Gilbert H. Carey, president Of the Fed
eral Steel company; Max Pam of Chi
cago, director in and counsel for the
American Steel and Wire company, n
Victor Morawetz.
s.. These five men represent MI. Nor
gan's interests in the matter. They
and Mr.. Morgan. H. c.. Prick and Pres
ident Charles M. Schwab, of the Carne-
gle company; Chairman John w. Gates,
x3f the American Steel and Wire COM
'pany; Judge William H. Moore of Chi
cago, who has promoted a large num-
per of steel companies, and President
E. C. Converse, of the National Tube
company, met Saturday in Mr.. Nor
CAMS private office and after a pro-
longed conference, agreed to final de-
tails. All Of the persons directly in
terested in the Morgan-Carnegie steel
deal seemed greatly pleased last night
over the successful termination OF their
labors.