Show STEEL COMBINE PERFECTED IT W HAVE CAPITAL EXCEEDING EX-CEEDING Sl0000000o6 Now Combination Will Bo Called the United States Consolidated Steel Company New YOrk Feb 21Tha Herald tomorrow to-morrow will say JP Morgan ha Just completed the project by which anothpr and tho greatest consolidation fnle8tcon8oUcaton of capital is added to the notable list of the last ten years The steel combination com-bination plan waG consummated at u conference in his office late Saturday afternoon and Sunday the news was tho topic of half thQ conversation In I the corridors of some ot the uptown hotels An official announcement may bo exceeded today Monday from the office of J P Morgan Co to tho ef feet that the Carnegie company tho Federal Steel company the National I Tube company the American Steel and Wire company the American Tin Plato company the National Steel company the American Steel Hoop company and the American Sheet Steel company are to be combined in one concern which la J to Issue its stock in return for thelra the valuation having been determined upon the assets and the earning power of the respective corporations thus merged This new combination it is understood under-stood will be called the United States Consolidated Steel company It will have a total capitalization of 1100000 OOOO thin JSOfljOOOOOO will be 5 percent per-cent general mortgage bonds 400000 000 will be 7 irer cent stock and HO 000000 will be common stock Tho charter of the company which has been prepared under the special guidance of TVlllam Nelson Cromwe who promoted tho National Tube com nanv will be med It IK wild n at Tren ton N J today Monday ld I Stocks in the companies to be merged will bo taken in at high figures and yesterday afternoon the Wold rfAs torla became a sort of miniature and subdued stock exchange where John 1 W Gates and his friends bid well I abovo market price for the securities of the corporations which the United States Consolidated company is expected ex-pected to acquire LrCgal details of the project have been in the hands of 0 law committee consisting of Wll Ham Nelson Cromwell a director in the National l Tube company Francis Lynde Stetson Mr Morgans personal counsel Judge Klbcrt H Gray president presi-dent of the Federal Steel company Mqx Pam of Chicago director in and counsel for the American Steel and Wire company and Victor Morawele These five men represent Mr Mor gans interests in the matter They and 4Mr Morgan H C Frlck and President Charles Schwab of the Carnegie Car-negie company Chairman John W Gates of the American Steel and Wire directory Judge William H Moore of Chicago who has promoted n number of large steel companies and President E C Converse of the National Tube company met Saturday In Morgans private office and after a prolonged conference agreed to final details They all consented to the figures Mr Morgan Mor-gan named and the representatives of the several interests proceeded to recommend to their respective stockholders stock-holders the acceptance of the terms then decided on The American Bridge company which is known as < Morgan concern is contrary to general expectation left out of the consolidation The reason given was that thc stock is i listed in London and that it might not bo easy to acquire it Rockefellers Mcsaba range property It is understood will not go immediately into the company It is thought quite likely the Lake Superior concern may be turned over date to tho great combination at a later |