New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-19

approximating $3.50. 1000. 900 and it's per
cent bonds for the aggregate sum of
$500 900. 600.
The stocks of the United States Steel
corporation are to he received by the
syndicate represented by you, and a por-
ton thereof is 10 be delivered in pay
ment and exchange for stocks of the
companies hereinafter named, provided
that In no instance shall there be re-
ceived less than two-thirds Of the total
outstanding capital stock of either of
SAID companies, which two-thirds in each
instance shall include two-thirds of the
outstanding preferred stock Of such com
pany.
The shares of the United States Steel
Corporation to he issued in excess of the
amounts deliverable for the aggregate
amount If such shares of the companies
hereinafter named are to be retained by
and belong TO the syndicate, which is to
pay TO the United States Steel Corpora
ton certain cash sums
The other companies whose stocks
are to be received in exchange for the
stock of the new company are:
The Carnegie Company, the Federal
Steel Company. the National Steel Com
pany, the American Steel and Wire Com
pany OF New Jersey. the National Tube
Company, the American Sheet Steel
Company the American Steel Hoop
Company and the American Tin Plate
Company
i VIII deliver to you or TO the United
States Steel Corporation per cent bonds
of the Carnegie Company of the par
value Of SS6.14j.OOO and 1896 shares cf
tho capital stock of that company for
the aggregate par value Of So, 996, OO0
and In payment therefor will accept the
bonds for S225.639.OOO (par value) of the
United States Steel Corporation. to be
secured by a mortgage or pledge upon
all It's property now held or hereafter
acquired.
am 10 receive a sum equal TO my
pfOporuonate share as a stakeholder OF
the monthly profits OF the companies
owned by the Carnegie company until such
time as the new bonds begin TO bear in
terest or the United States Steel Corpo-
ration at its option, may pay interest on
the new bonds from February 1, 1901. in
lieu or the interest on Carnegie company
bonds and profits on stock deposited by
me.
The above proposition is conditional
upon your taking from the other stock
holders Of the Carnegie company. IL they
desire, their shares Of stock at the same
price per share as ! am 10 receive to be
paid In preferred and common shares Of
the United States Steel Corporation.
Yours very truly,
ANDREW CARNEGIE"
New York, March >, 1901.
Andrew Carnegie ESQ.
NO. West 51St street. New York.
Dear Sir: Referring 10 your letter Of
February %, 1901. we would say that
upon the understanding (already con-
firmed by Judge Reed and Mr.. Schwab)
that our undertaking IS based upon the
completion Of the transaction as stated in
your letter or as approved by us Jointly.
and that cas- arranged with YOU last even
ing over the telephone) the total bond
issue may be 100000 600 VIC beg 10
confirm the arrangement as proposed by
you. Very truly yours
-. 2. MORGAN & co..
In resuming the examination of Judge
Reed IN the morning Mr.. Lindabury said ::
Judge, ! think you are an interlocAing
Director
i believe I am open TO that reproach,"
replied the witness.
Judge Dickinson said the government
bill as 20 interlocking directors did not in
clude Judge Reed.
The witness declared he had never used
his influence to bring business 10 the steel
CORPORATION