Evening star., 1901-02-26
TO EXCHANGE STOCK
Basis Of Absorption offered by New
Steel Trust.
Id COMPANIES TAKEN IN
Shares Of New Organization Given
in Lieu of Others.
THE OFFERS IN D ETAIL

NEW YORK, February 26.-At the office
of J. P. Morgan & Co. it was stated today
that they were not yet prepared to make
any official statement or issue any circular
giving the full details Of the proposed
United States Steel Corporation. They rec
ognize. however. that 1t is due to the pub
lie and the various stockholders that they
should know as early as possible the basis
upon which securities of the various COM
panies will ultimately be received for con-
version into the securities of the new cor
poration, which is as follows:
The following offers to be made for stocks
of the several companies named:
Federal Steel preferred. 40 per cent of
new preferred.
Federal Steel common, per cent of new
preferred and 1071a per cent of new COM
mon.
American Steel and Wire preferred, 1171a
per cent in new preferred
American Steel and Wire common, 1O21a
per cent of new common.
National Tube preferred, 125 per cent OF
new preferred.
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 Tin Plate common, 70 per cent
of new preferred and 125 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 princi-
pal stockholders of those companies, who
have requested the distribution OF such
amount among the four companies to be
made in the manner stated.
According to the allotmentS stated. the
old stocks of the existing companies Will
exchange for the stocks of the new corpo-
ration as follows, par values being given
In every case:
American Steel and Wire, $40. 900, 600 pre-
ferred for SAT 100000 of new preferred; $780,
O,OOO common for 51,25O.DO OF new COM
mon.
Federal Steel. s5S26O,9Oo preferred for
s5s. .5s6, 800 of new preferred; s464 300
common for ST .S:I9312 of new preferred and
$40, $40, ,622 of new common.
National Tube. S4o,@o.O00 preferred for
SJ0,0N0OO OF new preferred; S4OOOO.O0O
common for S3,52O000 of new preferred and
S5o,UO,OD of new common.
National Steel $27.OOOUO preferred for
s33 7J0, 900 of new preferred: So. .O00,OO3 COM
mon for $4,000, 900 of new common.
American Tin Plate. $1S.323O0O preferred
for So. .!U6.2.y of new preferred; S2SWO,o0O
common for $1,000 600 new preferred and
s3J, ,OOO. 900 of new common.
American Hoop, s14Ooo,O00 preferred for
S14, 100000 new preferred: s19.0O0,G0O COM
mon for s19O00,O0 of new common.
American Sheet Steel S24. .5O0,GdD preferred
for Sl4 800 900 of new preferred S24 100000
common for S24 800 600 of new common.
These allotments absorb total of SOL
10, ,612 of preferred stock and a total
of $3.50 30. .Dy2 of new common stock. The
authorized statement is silent to the
total capitalization proposed for the new
corporation and as to the, terms Of settle
ment with the holders Of Carnegie Company
stock and bonds. .... -