The age-herald., 1901-02-25
It Will be Called U. s. ConsoIi-
 dated Steel Company
CHAR TER WILL BE FILED TODAY
On Saturday Afternoon the Waldorf Astoria Was Turned Into a Min
 iature Stock Exchange During :. Bidding on Securities

. New York, February 24.-The Herald tomorrow will say: M
 The steel combination plan was con- summated at a conference in J. P. Nor gan's office late Saturday afternoon and an official announcement may be expect ed today (Monday) from the office of Morgan X e.. to the effect that the Car re"io f p'r"''-. the Federal Steel Com pany, the National Tube Company, the American Steel and Wire Company, the American Tin Plate Company, the Na- tional Steel Company, the American Steel Hoop Company and the American Sheet Iron Company are to be combined in one concern which is to issue it's stock in re- turn for theirs, the valuation having been determined upon the assets and the Earning powers of the respective corpora kions thus merged.
 This new combination, it is understood, will be called the United States Consoli- dated Steel Company. It will have a to- tal capitalization of $1, 1,100,0O0,000. Of this $500, 900 will be five per cent. general mortgage bonds, s400OOO,0OO will be seven
 
 common stock. The charter of the com pany which has been prepared under the special guidance of William Nelson Cromwell, who promoted the National Tube Company, will be filed at Trenton, N. J., Monday.
 | Stocks of the companies to be merged ] will be taken in at high figures and yes- terday afternoon the Waldorf-Astoria be- came a sort of miniature and subdued stock exchange where John W. Gates and his friends bid well above the market price for the securities of the corpora lions which the United States Consoli- Hated Company is expected to acquire. The Law Commission.
 Legal details of the project have been 4n the hands of law commission con- sisting of William Nelson Cromwell, a tiirector in the National Tube Company: Francis Lynde 6tstson, MT. Morgan's per- sonal counsel; Judge E. H. Gary, presi- f7ent of the Fedora, Company; Max Hall of Chicago, dirsctor in and counsel for The American Steel and Wire Company, and Victor Morawetz. These live men fepresent Mir. Morgan's interests in the matter They and MT. Morgan. H. O.. Prick and President Charles M. Schwab of the Carnegie Company Chairman uohn W. Gates of the American Steel and Wire Company; Judge William H. Moore of Chicago, who has promoted number of large steel companies, and president n. C. Converse of the National Tuoe Company met Saturday in MT. Morgan's private office and after prolonged con- ference agreed to final details. They all consented to the figures MT. Morgan named, and the representatives of the several interests proceeded to recommend to their stockholders the acceptance of the terms then decided on.
 The American Bridge Company, which Is known as a Morgan concern and has an authorized capital of s33, 100000 pre- ferred and $35 100000 common stock, is left out of the consolidation, although its absorption was contemplated in the ori- cfnal plan. The reason given was that the stock is listed in London and that 1t might not be easy to acquire 1t.
 The Lake Superior consolidated iron mines, the Rockefeller iron ore proper Aies. including the Mesaba range, which passed d IeW oays aSo, IL is uhoerseoou, 10 the Morgan combination, will not go immediately into the new United States Consolidated Steel Company. It is thought quite likely that the Lake Su- perior concern may be turned over to the grs combination at a later date.
 All of the persons directly interested In t..e Oarnegie- Morgan syndicate seemed greatly pleased Sunday night over the successful termination of their labors