The age-herald., 1901-02-19
FINAL PAPERS MAY HAVE BEEN SIGNED Report That the Carnegie Deal Has Been Concluded $4OO,OOo, 1000 CAPITAL All the Present Stock and Bonds of the Constituent companies are To
 Be Cancelled If the Plan
 Carries.
$4OO,OO0,00O CAPITAL

New York, February 1s.-The Mail and Express says:
 It was reported in Wall street today that the final papers in the new steel con- soiBdatser would be signed at meeting at the Metropolitan Club this evening at which ]. Pierpont Morgan will be present The capitalization Is to be $foey0Oo.oo0 T ner cent preferred stock and $4o0. .o00,000 common stock, beside which $3o0, 600, 900 5 per cent first mortgage bonds will be issued.
 All the present stocins and bonds of the constituent companies are to be cancelled f the plans now in prospect are carried through. This tiHpeards upon the stock holders of the constituent companies. If they should oppose the consolidation the plsns first broaehed for a company of relatively small capital to absorb the Carnegie Company would be carried out. Bond holders of the Carnegie Company ere to receive bonds of the new company bond for bond, and MT. Carnegie himself js to receive bonds in exchange for his < ,C9O. 900 stock at 150, giving him $i24eOo,- , and leaving about $15,000,00o of bonds lo be used for organization and bankers commissions Mr. Carnegie will have no stock in the new company, but will hold sa17 800 GOO of the new bonds. Those minor stockholders who have not been paid cash are to receive $50 for their holdings in the preferred stock of the compsny and :, bonus of an equal amount of common stock. This would take $l05, 5,00o,000 pre- ferred and an equal amount of common .ack of the new company to be divided
 snS the other companies,
 Earnings Were $98, 100000.
 The earnings of the constituent com- panies last year amounted to $9S, ,00o,0Oe The interest on the new issues of hends wlH be $l5,OO00O0, and other charges will Increase this to SIS, ,70S, 600. Add this to ae $46, 100000 due per annum on the pre- erred stock, and there remains about | per cent possible to be paid as divi- enIs on the common stock if last years arnings should be maintained.
 The Evening Post saysi
 While banking interests have been sounded on the question of underwriting tne securities to be created by the cor ,t-on that is to contiue the business
 opne by the various steel companies
 .e proposals have been held up
 ~;1iement with the Moore inter-
 d the formal transfer of the prop
 | IS understood the negotiations 70. yet passed the option period and -nI. CarDegie has really done little j.e ilan he did two years ago in sell .a, he privilege to buy at a fixed price to 1s Prick. But with such a proposition 4n1er advisement by the Morgan syndi- cate t is taken to mean that the matter is as goed as closed, since the principals would in all probability not allow the affair to reach the stage it has without putting tn deal through. A banker who has heen n conference over the matter admits tha. his firm will probably un- derwrite the securities of the $S00, 900 company could not say when an an nouncement would be possible, there be- ing so many details still to be considered before the amalgamation would be com plete.