Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-05-05
Capitalization will be Five Hundred
Million Dollars.
He. FRICK TO BE PRESIDENT
Al the Bie Concern. Included WIN
be No shut Down Price. Nay
be uai.ed.

chlcnro. May 5--'rho Herald says
John W. Gates haa confirmed tho ri-
NOR regarding the combination " tho
iron and steel Industries Of the coun
Try.
Air. Gates has Just returned from
New York, whcrc rccch conference OF
the steel masnates was held for the
purpose Of arranging the details. The
PRECEDENT Of the American Steel a
Wire company said that AN tho aim.
culiles In the way Of a combination
had been removed and that tho finance
INK uf The Hncnt combination which viii
control tho ontire steel Industry uf the
country. has been successfully carried
to " conclusion.
be IN Now York. and. according 60 Mr..
ghtca, tho capital stock viii be- between
fto0.puouo0 and 500. 00u. zoo. and h. cooiy
remarked that the nnufr might reach
i,ooo.oooOQn. Tho president Of the new
company, h. remarked. VIII be ~ e.
Prick. % i1tiaburr, who has been 10
closely Identified with Andrvw carnr-
glc. Regarding the other officers hc
protested Ignorance.
Not tho least item In tho deal viii b.
the retirement ~ Mr. Carnegie from
the steel Industry and the placing OF his
mantle upon the shoulders OF Mr. Frirk.
In speaking Of this Mr. Oates said that
Mr.. cafnenie would positively have M
inieruHt IN the noW concern. providing
the terms he proposed a. tho cnmblnn.
tlnu were accepted. And I suppose they
have hrUn," h. concluded. "riau the
combine would not now be- an assured
fact"
Nir. Gates company. the American
Steel a Wire, was one uf two Cun-
ccrna that held out against the COM
hlne until roccntiy. The other iH said
IN have hocn the Federal Steel COM
pany. when asked about this Mr..
Gates nnld the difficulty was only a
small one ami inilmaied that u was
matter u price. The now company will
BE- ready for operation BY July si.when.
II present plans are followed. onirrs viii
BE- opened. Mr. Oates objects 10 having
n called trust. and maintains that not
y single element NJ % trust enters into
the matter Continuing. Mr Gates
said!
'.rhla h simply a combination u an
tho big steel companies into one con-
ccrn. which purchases the various
plants outright az fHur's that have
been agreed upon and accepted. u viii
be- splendid thlnC for tho Industry.
and tho concern will begin business
frick a. nreaifeni. A. TO the capital
stock. ! cannot sny definitely. but n
viii be over isoo 100000. and may reach
twice that sum"
How many companies will - taken
II don't know the crac, number. but
the combination viii h. fnr-rcnrhlng--
very fnr-rcaohlnR. In fact. rus-,l Il
VIII take In all tho companies worth
what wcrc the trade conditions that
led 10 the combination of made II al
installer
As mniior ~ fact. ana not attend
the New York conference and don't
know what tho ideas on the subject
wire. Speaking fur myself. I Hay that
n should be- a splendid thing, because
there viii be- but one distributor"
"Wlll any ~ tho factories be- shut
down ~ tho output rurtniieiT"
ny no means, There IN busincna
''Will there be rise In priccar"
Mr.. Gates considered moment be-
fore answering and then said
would Il not be- natural with hut ono
distributor where formerly there WERE
many that business would b. hcttor
ana thnt prices would also be- bcttcrf'
when anked what erect the comhi.
nation would have upun hi- company.
Mt GATES replied that the effcct would
b. good but declined to specify In wha,
particular.
- really don't know the inside of IN"
nffnir" b. declared. "and viii b. better
able 60 tel more about IL when I hear
from New York I know IN u general
way that nil the arrangements have
been male FOR the consolidation"
Mr.. Gates was shown list ~ tho
concerns Fnid TO have been sold 10 tho
ncny company ana said h. guessed tho
lirt was an right ~ Ear nH IL wont. but
lniimnied that II wna Incomplete
The list shown together with their
capital stock n ~ follows
cnrnerle Steel a Iron company. $780,
600 90; National Rtecl company, tiO.-
ooo COO American Steel itoop company,
So goo 0o0; American Tin Plate COM
many, fio0oo0opi Federal steei rnm-
many, 500 ~ 800; American steel a Wire
COMPANY. so ON 90
In edition to the above the Rnoierri-
Ter Mcsahn iron Interests were ndmit-
ted 10 b. In tho combine. but their cap
itnilfntion wna not given.
Mr. Gates laughed nt the report that
Instead OF combination NJ tho usual
sort. che combination miTht take tho
form ~ an agreement 10 work IN har.
mony after having obtained con-
trollnr Interest IN the capital stock of
the various companies, lie Inserted
that there was no harmony business
In n, but mn out nn1 ouf combination.
with n cnnlinl stock large enough 10
nffflrhf any man uUnrrurtnmcd To- the