New-York tribune., 1901-02-21
THE BIG STEEL CHARTER.
RELIEVED THAT 1T WILL BE FILED To-
DAY OR SATURDAY-THE RUMORED
HITCH IN NEGOTIATIONS.

II is generally believed in Wall Street that the
charter OF the mammoth new steel company VIII
be filed Trenton either to-day or on saturday
If for the corporation has been decided
upon. II is The United States Steel Company
first rumored. it is said. for that name
is already borne by two small companies. The
company may be called The American Steel Com
pany.' il was reported yesteday; but that report
seems TO have been nothing more than guess.
The following statement made yesterday by
a associate of the lawyers who have been at
work on the details of the proposed combination:
a great deal of nonsense and very little sub
zion with what is called the Carnegie-Morgan COM
I9i 0naton 20 Nearly all Of IL mas been guesswork as
IS made It may be taken a fact that the actual
determined II IS also mndeeided WietHer or Hot
certain companies which have been mentioned as
Another point which has yet been settled is the
known These matters cannot be settled offhand.
an1 II r Is safe to assume that The ncorpora tion
great many persons are anxious to learn on
what basis the several existing steel companies are
10 be taken into the corporation and the most
anxious OF all are naturally the minority stock
holders OF the manufacturing. mining and trans
portation companies which are operated as con-
sutuent parts Of the big corporations such as the
carnegie Company and the Federal Steel Company.
for some Of these subsidiary companies are to-day
paying large dividends But the purpose Of Mr.
Morgan and his associates a 20 the terms on which
Tor stock Of the vast new company is still unre-
vealed, and is likely 70 remain secret until the
time comes for the issuance by J. p. Morgan & Co
OF a formal announcement containing facts and
figures regarding the consolidation story which
came from Pttsburg, TO the effect that the major
ity interests in the Moore companies yet 70
be arranged with. and that the negotiations might
fan as 20 those properties, was declared in the
Street 10 have been put out for the purpose Of help
ing bear raid" or the steel stocks. a movement
which IN fact occurred
The newly elected Board OF Directors OF the
American Steel and Wire Company met yesterday
and. it said. discussed certain features Of the
projected consolidation. OF which their company Is
TO be part. John W. Gates was asked yesterday
morning for some information as 70 the progress OF
negotiations. Mr. Gates. who still suffering
from a throat said; For heavens sake. don't
ask anything about that. 1t will all come in
time"
The steel stocks were weak yesterday. in line
with tho general list but showed serious de-
cIines. Federal Steel common sold up 20 4sss and
closed az i6i4. net loss OF 2ls per cent the pre-
Te Wire com5n 5nS SOLD between ass and T. cosns az
81 Det 80 loss Of m T 8ss cent IT, While Isr the 6sD
can Tin Pae a san and d65 IrTsS each o had
point. and the preferred. which had gone as high
IS 81 closed at ls'S net decline OF Z's per cent
clined fractlonaly.
Pittsburg. Feb. 2o-Henry Phipps. Of the Car
negie Steel Company at his Office to-day.
having returned from New-York last night. but he
declined talk the proposed Consolidation OF
steel interests. Ex-Secretary Lovej0y also refused
10 discuss the deal but said that Mr. Fric1 would
be home the latter part OF this week. This IS re-
garded as intimation that the work OF com
pletlug the combination will not be through before
Friday or Saturday. Manufacturers are anxious TO
have the announcement made. as they believe It will
help the market.
The latest report in Pittsburg the Carnegie
Morgan deal is that while representatives, of all the
Moore compartcs the Carnegie company. the Fed
eral steel American Steel and Wire. National
Tube and American Bridge companies have taken
part In the negotiations. not q single interest has
Vet signed final papers. Confidence i expressed,
howeN er IN the deal ultimately going through, and
this IS reflected IN. the strengthening Of the steel
market lots II bilets having sold this week az
premiums high = on the POOL price OF Si9 %
Tho hest information obtainabe here attributes the
de'ay I'm closing the deal To toe independent att-
tude OF the Moore combine II is said the CON
trolling factors in these interests not satisfied
with the proposal made for the transfer OF this
stock TO the new company.