New-York tribune., 1901-02-27

Amsricsn ,s Steel and and WiI Wi+s M
National Tube preferred ........... i;S id;S ,c5
National steel preferred. 12' ,.s
NmePiean Tin Tr Plate preferred Iss
american Steel Steel Hoop preferred, '.... loo 100
american Sheet Steel preferred 80. @ loo LOO
to the stocks the ,ecks last 81 four fa se
arransed with the principal stockholders of those
companies, who have requested the is fo he
made in the percentages as stated
II is stated upon authority that there is to De
no division of treasury assets among the stocA-
holders of any of the companies before the ex-
change of stock is effected. 1t is also said that
all present accruing dividends of the constituent
! companies are to be adjusted and paid as OF
| Anril / on which day II is assumed, the United
States Steel Corporation will formally enter upon
its business career. AS 10 the common stocks IN
the above list which are 70 he exchanged tor
both common and preferred stock of the new
| company II is said that the figures given are
equivalent to a total in the case Of Federal Steel
! common stock. OF 11Il2 per cent in the new COM
mon stock; National Tube common. III and
! American Tin Plate common, 1.io
According TO the allotments stated. the old
stocks Of the existing companies will be ex-
changed for the stocks of the new corporation
as follows par values being given in every case:
American Steel and Wire sNooo.ooo preferred for
| $1,000 90" of preferred: SoGo.o~ common Tor
81 259ooo Of new common ..oos .o- exc 80 oao
| Of preferred $t6 isi 800 common for Ns'sS'z
Of new pef;Ted Ere and m o @ OF new f6T
OF preferred: 100000 common for $4,000 OF
National Steel $57GoS0oO preferred for $50 eco
/ of preferred; 100000 common for S+l@'cD
American Tin Plate. sls325o go preferred for s22.
r 9t new r1e7red @d Of ne% a1T
American steel Hoop $1,000 preterred lor SIt'-
American Sheet Steel. s2i5oooo preferred for 80.
| 5o0 81 new common.
! These alIotments absorb total OF S261 10 6l2
O, new preferred stock and total Of $269, 30
GO Of new common stock. aggregate Of
S531 4i32 234 as against S45I ,o1o,2o0, the total
outstanding stock OF the companies az present
the difference about S75 oO0 600, apparently rep
resentins water" although OF the out
standing issues are generally regarded as hav-
ing already rather more water than is con-
sistent with a state of perfect corporate health
| Mr. Morgan Yesterday afternoon authorized
the statement that the capital issue OF the new
! United States Steel Corporation would be $500.
| 0oo oon bonds 500. .Oo0.0o0 of preferred stock
and S40n 600 600 OF common stock Asked as
TO the terms for exchange Of the stock and
| bonds OF the Carnegie company for the new Sc
| cur'ies. Mr. Morgan intimated that this was
| q matter which concerned the StOCRnolnSrS ana
bondhoders of the Carnegie company.
As 20 the proba bity of the early issue OF the
syndicate circular inviting subscriptions to the
| new securities. Mr. Morgan said that it would
| depend upon tying up ends which required
| time, and that no further statement was likely
to be forthcoming regarding the terms OF the
consolidation until after the circular should
| have been issned.
1t is learned from excellent source that sew
eral of the banking houses OF the underwriting
syndicate yesterday signed the syndicate agree
ment at the Office of ]. = Morgan & Co II is
said that arrangements have already been made
to place most of the underwriting in Europe
| owing to the fact that many large bond
! issues have recently been brought out here An
accurate list of the local underwriters cannot
yet be had but it is reported that the syndl-
cate will include the National Bank of Com
merce the National City Bank the Mutual Life
| Insurance Company. the United States Trust
Company, the Farmers Loan and Trust Com
pany. Kuhn. Loeb & Co. Speyer e. Co. Lazard
Freres, August Belmont & Co. and Ladenburg
Thalmann & Co II is said that the syndicate
has pledged itself TO take $3.50. 900 of the
stocks and bonds of the corporation and il
is estimated that the syndicate will clear L. per
cent the subscriptions
The publication of the preliminary statement
had a steadying effect the steel stocks in the
early trading Steel Hoop being especially strong
For the first three quarters of an hour the deal
ings In the steel stocks We're based guesses
upon their consolidation valuations. After that
the alert mathematiclans of the Board conducted
a steady arbitrage between the different stocks
of the group. they would work out in new
stock At the outset Steel Hoop common and
preferred presented the best purchases. Federal
Steel and Steel and Wire were promptly sold
As the day advanced the steel stocks declined
their movement being ascribed by some partly
to alleged efforts by John W. Gates and his
friends TO compel Mr.. Morgan TO grant better
terms of exchange for the American Steel and
Wire issues. American Tin Plate common closed
at 6o net loss for the day of 4 points while
the preferred showed fractional gain. Steel and
Wire common declined 4i2 points, closing al 4OIs
and the preferred closed at 81, net decline of
ga Steel Hoop common closed at Sc net gain
l per cent. the preferred closing at S21.. net
loss of Ia per cent Federal Steel common
closed ut 4o14. net loss of 211. and the pre-
ferred gained IS per cent National Steel com
mon closed unchanged at 46l4, the preferred AL
vancing ia per cent National Tube common
lost 49, points. closing at IS. and the prsfarraa
declined points, the last quotation bains 100
The common and preferred shares of tho nan,
steel corpora ton traded in when issued.
the curb yesterday afternoon The fre.
bid for the common shares was 50 and for tbs
preferred 20. Later the preferred stock was hia
up TO S3, while several thousand shares Of tba
common were reported sold at IS 80 and 40
There active trading in the subscrjpt,on
rights, over 100000 being bought at and around
10ol2. and some going high as H. OF the
stocks included in the deal only Sheet Steel is
dealt in on the curb" That stock sold up at