Barre evening telegram. (Barre, Vt.) 1898-19??, 1899-05-06
THE Big STEEL TRUST.
Definitely Announced That Mammoth
Combine Has Been Effected.
ENORMOUS CAPITALIZATION.
Stated Tint IT May Amount to 81
900 900 .ONo-CarncKie to Retire,
According to the Late
est Information.

Chicago May 6.-The Times. Herald
b9ys: John w. Gates has confirmed the
report regarding the combination Of the
large steel companies of the country and
made the assertion that the transaction
was as farreaching as the ingenuity OF
the minds making 1t could conceive. Mr.
Gates has just returned from New York,
whare recent conference Of the steel
magnates was held for the purpose Of
arranging the details. The president OF
the American Steel and Wire company
said that all the difficulties in the way
of the combination had been removed
and the financing had been effected.
The headquarters are ITO be in New
York, and, according to Mr.. Gates, the
capital stock Is to be between $500 ,000,-
600 and $1,000, 0O0, 600. The president OF
the new company, he remarked, would
be II. c. Frick of Pittsburg, who hAs
been so closely identified with Andrew
Carnegie. Regarding the other ofhcsrs
he professed ignorance.
Not the least interesting phase OF the
combination is to be the retirement OF
Mr.. Carnegie from the steel industry
and the placing of his mantle upon Mr..
Prick. In speaking of that Mr.. Gates
faid that Mr.. Carnegie would positively
have no interest in the new concern.
provided that the terms he proposed
were accepted. And l suppose they
have been" he concluded, "else the COM
bination would not he an assured fact"
Mr.. Gates company, the American
Steel and Wire, was one of two concerns
ipc no
bination. The other is said to have been
the Federal Steel company. When ask
I'd about that, Mr.. Gates said the diff
Guilty was really a small one and init
mated that it was matter Of price.
To Begin July 1.
The new company will be ready to be-
gin work by July i. when, If present
plans are followed, offices are to be
opened Mr.. Gates objects to having
the combination called trust and
maintains that not a single element Of
a trust enters into the matter. Contin-
uing, he said:
This is simply a combination Of all
the big steel companies. 1t will be
splendid thing for the industry. and the
concern Will begin business about July
/ at New York with Mr.. Frick as presi-
dent AS to the capital stock l cannot
say definitely but it will be over $780,
900, 600 and may reach twice that sum-"
How many companies will be taken
in?"
Il do not know the exact number, but
the combina ton is to be farreaching-
very farreaching. In fact, l guess 1t
will take in all the companies worth
having"
What were the trade conditions that
led to the combination or made 1t seem
advsable?"
GAS "A matter of fact I did not attend
the New York conference and do not
know what the ideas e.. the subject
We're. Speaking for myself. I should say
that it would be splendid thing be-
cause there will be but one distributor"
will any of the factories be shut
down or the output curtailed?"
"By no means. There is business
enough for all of them"
"Will there be a rise in prices?"
Mr. Gates considered a moment be-
fore answering that question and then
said, Would 1t not be natural, with but
one distributor where formerly there
We're many. that business would be bet
ter and that prices would also be bet
tero''