The star. (Reynoldsville, Pa.) 1892-1946, 1899-05-10
GREAT STEEL AND COKE COMBINE.
CARNEGIE RETIREs.
His Name viii BE Retained by the Manage emen'
Of the Great Works--Wiil Aggressiveiy
Enter Foreign Territory.

Andrew Carnegie, whose name has
for years been identified with the
greatest iron works In the world has
retired from business. II. e.. Frlck,
who for years has been Mr.. Carncgics
right hand man has made the follow
ing statement:
The current rumors that the Car
negie Steel Company. limited, ana the
III. e.. FriCk Coke company contem-
plated combination with other steel
interests were wholly unfoundcd. What
was In contemplation, and what Is now
practically consummated, Is the ANAL
gamation under one corporate organi-
zation OF all Of the properties and In
terests of the Carnegie steel company
It'd. and the II. G.. Frick Coke COM
parry, and their subsidiary and allied
organizations. Practically the only
changes In the situation VIII be the re-
tircment OF Mr.. Andrew Carnegie
from the organization, he having sold
to his partners his entire Interest; Mr..
Carnegie's intention being to give his
entire time In the future to the prose-
cution of his great philanthropic
with reference to the charters
which have been obtained In Pennsyl-
vania and New Jersey, there Is nothing
TO say at present. but IL should be well
understood that there VIII be no
change in the management of the
various companies"
II Is stated that Andrew Carnegie
will receive $lO0. 600. 900 In . per cent.
bonds. The public viii be given an
opportunity to subscribe to moder-
ate percentage of the capital.
II was also announced that the nor
NAL stock of the Carnegie Steel com
pany would be increased In n few days
to a sum sufficient to acquire the II. Z.
Lf,t. lfaIg lob n
40, 900 acres OF the Connellsvllle, Pa.
coke lands. and three smaller com
panies, which control smaller tracts.
The deal includes the steel plants OF
the Carnegie Steel company, limited.
besides numerous piers on lakes ana
rivers, several hundred square miles OF
natural gas lands, seven miles of river
front In the vicinity OF Homestead, and
all the stock, ores. buildings and ac-
counts of the companies to be alb
sorbed. The plan of the company
provides for the purchase of all the
Carnegie and Frick properties and
other allied interests, numerous small
companies dependent upon the man
| agement. which has been centered In
Pttsburg. IL was confidently asserted
that the earning capacity Of the new
concern would be between sac. 00C
and $50 900, 600 annually. The business Is
constantly growing, and II Is proposed
to use the additional capital put into
the company for the purpose of devel-
oping the export trade. This giant
combination expects to enter into live
| ly competition with England. Coke is
worth In this country from 81 Go to $.
ton, as against 81 In England. with
| the control OF "A great coke field and 9
railroad. the projectors of the new
company expect to make themselves
| felt In the markets of the world. They
intend TO sell steel ingots. rails, beams
| and slabs. They will make a specially
| of structural iron work, for they be-
| lieve that the use OF iron work In
building is still In its infancy. Messrs
| Phipps and Schwab will be associated
with Mr. Frick in the management o.
| the new company. The combination
| will retain the name of The Carnegie
| lg