New-York tribune., 1901-03-21
MORGAN EXTENDS TINE.
MANY HAVE THUS FAR BEEN UNABLE
TO EXCHANGE SHARES fOh
STEEL TRUST STOCK.

J P Morgan & Co. the syndicate managers or
the United States Steel Corporation, have, under
date Of March 21, sent circular letter 10 the
shareholders of the constituent companies, inform
ing them that time for depositins the Common
and preferred stocks which would have expired by
limitation Yesterday has been extended until and
including April /. In the circular II Is oeciared
that over 90 per cent of each or the issues OF ehe
various stocks has thus far been deposited In ac-
cordance with the terms offered by the syndicate
managers The extension is granted 1t Is ex-
pIained because of the fact that many sharehold-
ers who desire take part In the piah nave 'hus
far been unable deposit their shares 1or con-
into stock of United States steel Corpo-
ration In spite of statements to the contrary, IL
may be said that application has not yet been
made TO list the shares of the new company on the
New-York Stock Exchange The next regular
meeting of the governing committee OF thdt pouy
takes place on next Wednesday, but action on an
application of this kind could be taken at special
meeting.
One of the lawyers who has taken leading part
in the organization of the United States Steel Cor
poration authorized the statement yesterday that
it would be the policy of the company to
liquidate all of the subsidiary companies. should
such course be found expedent. otherwise the
existence of the companies, the good Will ana
charter of which were especially valuable, would
be continued This statement was made because.
in the opinion of the lawyer. much misapprehen-
sion prevails regarding the future of these COM
panes.
There rumors of injunctions and other legal
obstacles to prevent the syndicate from declaring
its plan operative. but. according TO prominent
lawyers little is likely TO come of such action
The shares Of the new company were strohg ana
exceedingly active IN tie curb market yeslerday
The sold high as 40, reactlng Fler ana dn
closing 43I4 bid 43i2 asked against i512 nld 4S~
asked Tuesday. The preferred rose TO S4@t amd d
closed 2a4bid. % asked, rs Gompared @ With SRs
bid 9O13 asked the close on Tuesday. The steel
issues dealt in on the Exchange all made gains
the largest advance being in National rune GER
tit1CateS-is per cent
An interesting point raised yesterday as to
the availability collateral of the shares or pres
ent steel companies which should be taken INTO the
United States Steel Corporation. II almost all the
stock of the constituent companies Should
be exchanged stock of the corporation. II
was said the St0ck Exchange committee on stock
list might strike stock from the list, the re-
suit being that the shares of n-assentng minor
ity holders would lose their marketable quality. and
with II most of their acCeptabity as collateral at
the banks. The Clearing House has sent out the
following notice:
IAN the stocks of the steel companies going into
the United States Steel Corporation that are
cleared the Clearing House will be taken
out and the certificates Of these steel companies
issued hv the trust companies will be placed in
their stead. beginning with contracts due March IL