The American Bridge Co., as its name implies, was a fabricator of bridge material and structural steel generally. It was not a steel company in the strict sense. It obtained a large proportion of its supplies of steel from the Carnegie company and fabricated this material. It had a capacity of approximately 600,000 tons yearly. The company was incorporated in May, 1900, as a consolidation of a number of smaller concerns and had a surplus of $4,030,331. Holders of its preferred stock received $110 in preferred stock of the new corporation for each $100 of their holdings, while the common stockholders received $105 in U. S. Steel common for each $100 of their holdings. Four companies, as has been stated, formed the “Reid-Moore” group. The American Tin Plate Co. was chartered in December, 1898. Like all the concerns forming this group it was considerably over-capitalized. Nevertheless, its earnings in the first year of its existence were approximately $3,600,000 or 20 per cent. on its preferred capital, and in 1900 they exceeded $5,750,000, or about 32 per cent. on the preferred capital. At its formation it acquired thirty-nine different plants, embracing 279 mills, manufacturing tin and terne plates. Its preferred stockholders received $125 in U. S. Steel preferred stock for each $100 of their holdings and its common stockholders $120 in preferred and $125 in common stock of the new corporation for each $100 of their holdings. The National Steel Co., another of the Reid-Moore concerns, was the maker of raw material for the other three members of the group. Its production was largely confined to semi-finished products and it had a capacity of about 1,700,000 tons of steel a year. It had some ore holdings in the Mesaba Range as well as a twenty-year contract for a one-sixth interest in the ore production of the Oliver Iron Mining Co. The company was chartered early in 1899 and in the first year of its existence earned approximately $8,750,000, or more than 32 per cent. on its preferred stock. Of this amount, however, $3,617,000 was written off for depreciation. At the time it was merged into the Steel Corporation it had surplus and undivided profits of $6,910,995. Holders of both its common and preferred stock for each $100 of their holdings got $125 in the corresponding stock of the new corporation. The American Steel Hoop Co., third of the group, was formed a month or two later than the National Steel Co. It was a consolidation of nine concerns manufacturing chiefly bars, hoops, bands, cotton ties, and skelp, and had an annual capacity of about 700,000 tons. Its earnings were not as large as those of the others of the group, its first nine months’ operations yielding a return at the annual rate of slightly under 7 per cent. on the preferred capitalization. Its accumulated surplus on April 1, 1901, was $1,660,311. The two classes of its stock were exchanged at par for the same classes of U. S. Steel stock.