The Saint Paul globe., 1899-05-06
III. C. FRICK DENIES THAT THE
CARNEGIE WORKS WILL BE-
COME PART OF 1T
SAYS CARNEGIE HAS RETIRED
CONTENDS THAT HIS FORMER
PARTNERS WILL CONTINUE
BUSINESS AS BEFORE
GREAT INTERESTS INVOLVED

Should Double In Value In the
Next Five Years-SteeI Trust Talk
NEW YORK, May 5-Mr. H. c. Frick
when seen today made the following
statement:
The current rumors that the Carnegie
Steel company, limited and the H. G..
F'rick Coke company contemplated com
bination with other steel interests are
wholly unfounded. What is in contcm-
plation, and what is now practically con-
summated, Is the amalgamation, under
one corporate organization, of all of the
properties of the Carnegie Steel company
limited, and the H. c. Frick Coke com
pany, and their subsidiary and allied or
ganization. Practically the only change
in the situation will be the retirement Of
Andrew Carnegie from the organization,
he having sold to his partners his entire
interests, Mr.. Carnegie's intentions being
to give his entire time in the future to the
prosecution Of his great philanthropic
works.
with reference to the charters which
have been obtained in Pennsylvania and
New Jersey, there is nothing to say at
present, but 1t should be well understood
that there will be no change in the man
agement of the various companies"
DETAILS OF THE DEAL.
The exact figures which represent the
purchase price paid to Mr. Carnegie for
his interests could not be learned. 1t is
said. however, the price Is over $3.50. 600,
00O 1t Is understood that one of the stip-
ulations of the sale is that the new COM
pany shall retain the name of the present
concerns.
The new company includes not only all
the Carnegie steel plants, but also the H
c. Frtck Coke company, with its 10000
acres Of coke land in the Connellsville dis
trfct; the oliver Mining company, with
It's ore interests in Minnesota; the Pitts
burg, Bessemer & Lake Erie railroad ;
and Union railroad, which connects at
Homestead with all the trunk lines east
and west, and all the interests in several
hundred miles of gas land. 1t is intended
to increase the output of all the various
departments of the joint company so that
the present famine in the steel market
may be relieved, and the continued ex-
port demand supplied.
The former copartners of Mr. Carnegie
thirty-two in all, purpose to retain. the
interests they had individually as mem
bers of the original Carnegie Steel COM
pany, and to offer for sale to the public
the shares which they have acquired from
Mr.. Carnegie. This intention, in the event
of the purchase from Mr. Carnegie, has
been intimated for some time, and long
before the present sale was effected an
enormous demand for these shares had
come from almost every part of the coun-
try.
1t is said that members of the new COM
pany expect material increase in the
value of their property, some saying that
the property will double In value within
the next five years. They say that evil
dences have recently multiplied that there
will be an enormous demand for steel in
the construction Of all kinds Of building
and that of necessity the value of their
holdings will increase greatly The
Rockefeller interests are closely con-
cerned in the transfer.
MEANS CONSOLIDATION.
In the opinion of those who are we'll
informed on the subject the announce
ment of the consolidation of all, or near
ly all, the big steel mills in the country
will be made in a few days. No general
consolidation has yet been entered into,
but the final terms may be agreed upon
at any time. Private advices from
Pittsburg and Chicago yesterday helped
to convey the impression, while the sem
tlment In wall street Is that the talked
of consolidation is extremely probable
If the new general combine is ef--
fected it is the opinion that the Carnegie
Steel company will be the backbone of
it, and will represent at least 500, 0OO COO
Of its capital What other concerns will
be included in the combination is as yet
uncertain, but it is now said that it is
not unlikely to include the National
Steel company, with a capital of $780,
100000, and said to be earning about $10,-
100000 year; the American Tin Plate
company, capital $50 GOO, 900, with yearly
earnings put at from $5,OO0.O00 to 81, ,OOO,-
600; the American Steel Hoop company,
capital 100000, with annual earnings
in the neighborhood of from 81, 000, 900 to
$5, 900; the American Steel and Wire
company, capital $9OoO0,OOO, with earn
ings Of from s1OOOO,OO0 to $12, 900
year, and the National Tin Plate and
Enamel company. capitalized at $4,000
GOO and with yearly earnings approxi-
mating s5,O00,O00
Rumor also says that the Federal
Steel company may also be induced to
enter the combine, but nothing tangible
can be gotten out of this rumor Friends
Of the, Federal Steel company say it can
afford to stand out against all the propo-
sitions made to it, and that it could ac-
complish nothing by taking up with tn,
combine.