Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-05-15

600 interest. it is said, was sold after his
death for 100000
In the formation of Carnegie Bros Il Co.
there were Andrew and Thomas Carnegie,
Henry Phipps. u. A. Stewart and John
Scott. Andrew Carnegie owned S2, 800 900
of the $1,000 600 capital stock, Thomas
Carnerie and Mr. Phipps about $3.50, 600
each. and the balance was divided among
the others.
Carnegie, Phipps & Co. was founded
about 1883, and was made mp of Andrew
Carnegie, Henry Phipps, John Walker.
William Singer and several others. Mr..
Singer entered the Carnegie combination
through his retention of his interest
in the Pittsburg Bessemer Works
at Homestead after it had been bought by the
Carnegie combination. A reorganization
took place soon after in which those part
ners in the one concern who had no interest
in the ether were taken in. The members
OF Carnegie. PhippS & Co. were given an
interest in Carnegie Bros. & Co. at the rate
of five to three. s, 900, 900 being the original
capital of the latter and $4,000 of the
former company.
What the Investments Returned.
After the death of Thomas NJ. Carnegie it
is said his interest was bought for So 200,-
O00 Some years ago Mr.. Phipps sold half
OT MS lUlSTtsl- WHICH DTOuunL ABOUT
s., 500, 600 Mr. Walkers interest was said
10 be $3.50, 600, whica was sold at hand
some advance, and Mr.. Abbott's is put at
s.. coo. 600
Nj. Erck, atte- numerous purchases, is
understood to own more than one-tourth of
the steel and iron concerns and about two
flfthS OF the coke property. The coke prop
erty of the Carnegie Frick combination is
almost as valuable as its iron and steel end.
A sweeping estimate OF the aggregate value
ot the Connellsyille coking coal land and
plants II the whole region is $40, 900, 900,
and OF this the Carnegie Frick companies
own or control 40 per cent, or S2S, 100000.
This, OF course, is a liberal valuation. The
Trick Coke Company and its branches
have outstanding 100000 of stocks
and bonds and il is understood
that Messrs Carnegie s. Frick have refused
$50 900, ,0c0 for this property. They own
and operate over II 900 of the Il, 900 coke
ovens in the Connellsville region and
besides they own the Monastery Coke
Works. which are outside the region, the
large coke plant at Larimer, which is opeT-
ated on slack from the Westmoreland Coal
Company, and large plant with about 200
ovens on the PIttsburg, Virginia and
Charleston Railroad.
Ecaches Into Wider Fields.
In addition to these Pittsburg interests
in iron, steel and coke, the Carnegies own
or control a large number of Bessemer and
other kinds OF iron ore mines In the Lake
Superior, Gogebic and other ore regions,
together with stock in railroads and ore
docks. lake steamer and freight lines and
much undeveloped coal and ore land.
It is estimated that the Carnegie outfit
can be safely valued at from $50, 900, 900 to
500 000, 600. all OF which will be absolutely
,,r,lar -ha roapapauap- of Mr. EricE
The growth of the new chief of the great
est iron and steel and coke company in the
country has been even more remarkable for
its rapidity than that of Mr.. Carnegie him.
self Henry Clav Frick is not much over
90 wears old. He comes of good old stock
and has always shown the most remarkable
executive ability. He went into the coke
business in 1871, having been previously en-
gagged in the distillery of the Overholts,
who are his relatives His first
coke operations were on a very
limited scale, but he soon be-
gan TO reach out. He was the first to
understand the true value of this wonderful
fuel, and he made contracts for the output
OF large number of other works BY
1889 he had control of the greater part of
the coke output. Then others came into
the field and Mr. Frick began to buy them
out. being aided bv the Carnegies and by
always had great faith in the business judg-
ment and integrity OF the young Coke
King.
Interested in the Minnesota Company.
At various times others were associated
with Mr. Frick in the coke business,
among them being the Ferguson broth
ers, who sold out some three or four
Years, 40. The Carnegies. tried various
plans OF divided authority in the coke busi-
ness but thev soon found that Mr.. Frick |
was the ablest man in the concern, and he /
soon had the whole management confided 10 |
him. His ability was of such high order, |
his industry so great, his executive genius |
md foresight SO marked, and his |
Rptness in the selection and hand !
ling of men so unusual, that |
when Nr. Carnegie decided to give less at
tention 10 his iron and steel business, he |
turned over the reins of government to Mr.. |
Frick in January, 1889. Since that time |
Mr.. Frick has been general manager of the |
whole Carnegie concern, and his rule has |
caused the companies TO prosper astonish- |
ingly Mr. Frick is also largely interested |
in the big Minnesota Iron Company, of |
which he is director, and besides he is in |
a number OF banking and other coporations. |
He is a very quiet, unobtrusive man, |
genial and pleasant in society, but having a |
great hatred Tor display. He is devoted |
alike TO his family and his business, and |
bids fair to become one of the wealthiest |
and most remarkable business men in the |
country.