The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-03-04
You will find our
advertisement of to-day
on Page 2.
Howe & StetsOn.
BOND. CONVERSION PLAN.
U. S. STEEL'S FORM OF CIRCU-
LARS TO STOCKHOLDERS.

Plan Provides <sr Issuance OF $780,
OO,00O OF Five Per Cent. Bonds. $780,
600, 900 of witch Are TO be Exchanged
for jSaO0,oo0,oOo of sevon Per Cent.
Preferred stock.
New York, March Sat a meeting Of
the board of directors of the United
States Steel Corporation to-day, the
form of circulars to be sent to stock
holders in connection with carrying in
to effect the bond conversion plan, was
approved. They will be sent out during
this week.
The plan provides for the issuance
of $3.50, 100000 Of per cent. bonds, $780,
600, 900 of which are to be exchanged for
5000, 100000 Of Z per cent. preferred
stock. Judge Gary, chairman Of the
executive committee, issued an official
statement to the effect that plans which
have been under consideration and
preparation for over a year, for har-
monizing, extending and rounding out
the extensive plants will be pushed for
ward with all possible despatch. They
provide for additions and improvements
to plants to cost more than $4,000 600.
1t is estimated that when the expendit-
ures are completed there will be added
to the total capacity Of the various sub
sidiary companies 2,700,000 tons Of all
products. The estimates are as fol-
lows:
Illinois Steel company, at South Chi
cago, Ills, $5,075,000 II
Illinois Steel company, at Joliet, Ills,
81, ,470 900.
4 National Tube company, at McKees-
port, Pa. 50, ,255.662.
The increased earnings which will re-
suit from the additional capacity, it is
estimated, viii be $1,5S3,oOO per annum
and that a saving will be effected in
cost of production Of s1,S05.OO0 per an
mum.
At Lorraine, o., IS, SAG, ,O96. The inn
provements here will increase the an
nual production of pig iron 347,0oo tons,
Of rolling mills 100000 tons, and Of the
tube and pipe mills 100000 tons.
q The increase due to additional pro-
duction, 1t is estimated, will be $780,
900, while the saving in cost of produc-
ing pipe, as compared with the produc-
ton of an equivalent tonnage at other
mills Of the National Tube company
which will be displaced by this inn
provement will be equal to $1,500.000, q
total gain In cravings Of So, ,309, 900.
In addition to the foregoing appropri-
ations were authorized for the National
Tube company for sundry improve
at its Pennsylvania department, at
Pittsburg, Pa, and the Riverside de-
partment at Wheeling, w. Va, aggre-
eating $685., 400. 4,
American Steel and Wire company
Improvements to the sumo Of $4,555, 900,
in which improvements at Worcester,
Mass, are included.
American Sheet Steel company, $780,
eG0
Carnegie Steel company, at Home
stead works, Homestead, Pa, $1,135, 900.
At Edgar Thompson works, Braddock,
Pa, SIZE, 900. At Duqlesne works, Mum
hall, Pa, s330,0o0. National Steel COM
pany, $1,592, ,OoO American Steel Hoop
company, $2S5, ,00O American Tin Plate
company, $1,oOO,oo0. H. G. Frick Coke
company, $445.000.
Mining companies: The erection ofsa
crusher plant at Escanaba, Mich. $14S,-
$40, and the erection Of additional
power houses, shafts and mining plants
on the Vermillion, Gogebic and Me-
nominee ranges, S317, 900.
Transportation properties: Duluth,
Misabe and Northern railway. Addi-
tionaI locomotives and improvements,
S543,961 Duluth and Iron Range rail-
road, $1S7,0O0. Chicago, Lake Shore and
Eastern railway. Additional steel cars,
$500 900. Pittsburg Steamship company:
The installation of steam towing ma
chimes on bridges and the alteration
,f SoaQ