The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-05-06
Carnegie Has Sold for a Hundred
and Fifty Millions.
WILL INCREASE OUTPUT
The Foreign Demand Will Be Supplied
An Enormous Demand for Shares.
Consolidation of All the
Big Mills.

purchased by the co-partners in the
business. with H. c. Frick at their head.
The exact figure which represents the
purchase price could not be learned. 1t
is known, however, that the price was
over $3.50, 1000 and was entirely salts
factory to Mr.. Carnegie. 1t is under
stood that one of the stipulations of the
sale is that the new company shall re-
tain the name of the present corpora
ton. The new company includes not
only all the Carnegie steel plants, but
also the H. c. Frick Coke company.
with its 10000 acres of coke land in the
Connellsvile district; the Oliver Iron
works, with it's mines in the Lake Su-
perlor district; the Pittsburg, Bessemer
Il Lake Erie railway, the Union rail-
road. 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
or all the various departments of the
joint company, so that the present fam
Inc IN the steel market may be relieved
and the continued export demand sup
pled. The former co-partners of Mr..
carnegie, 81 in all, purpose to retain
the interests which they had Individual
~ as members Of the original Carnegie
Steel company and to offer for sale to
the public the shares which they have
acquired from Mr.. Carnegie. This in
tention in the event of the purchase
from Mr.. Carnegie, had been intimated
for some time, and long before the sale
was effected an enormous demand for
these shares had come from almost
every part of the country.
1t is said the members of the new
company expect material increase in
the value of their property-some say
ing that the property will double in
value within the next five years. They
say that evidences have recently null
tlplled 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 in
terests are closely concerned in the
transfer. 1t is said that the original
movement toward the consolidation was
initiated by John d. Rockefeller and II.
H. Rogers of the Standard Oil company
stated that one of the reasons for the
failure of the organization was Carne-
gie's unwillingness to part with his
property unless the company name was
nominated.
The gossip about the offer of $780,
900 for the Carnegie plant was way
below the market. 1t was pointed out
that no longer ago than last winter Mr..
Carnegie was offered $150000,000 for all
his iron and steel interests, including
his iron and steel shops and railways.
This offer he refused, so it is safe to
assume that any offer he made, wheth-
er to an outside corporation, or even
to his co-partners, was higher than
$150,000 900.
In the opinion of those who are we'll
informed on the subject the announce
ment of the consolidation of all or near
1y all the big steel mills in the country
will be made in 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
sentiment in Wall street is that the
talked-of consolidation is extremely
probable. If the new general combine
is effected. it is the opinion that the
Carnegie Steel company will be the
backbone of it, and will represent at
least 800, 100000 of its capital. What
other concerns will be included in the
concern is as yet undecided but it is
said that it is likely to include the Ma
tional Steel company with a capital of
$50,000,000, and said to be earning $1O-
100000 year; the American Tinplate
company. capital $4,000, 900, with year.
~ earnings put at from s5,00O,000 to
81 900, 900: the American Hoop company,
capital $So0oo,ooo, with annual earn
ings in the neighborhood of from
600 to s50OO,O0O; the American
Steel and Wire company, capital $780,
1000 with earnings from $10,000,000 to
$12 100000 year. and the National Tin
plate and Enamel company, capital
100000, and with yearly earnings ap
proXimating s5,000,000.
Rumor also says that the Federal
Steel company may 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
propositions made to it, and it can ac-
complish nothing by taking up with
the combine. 1t is pointed out that it
controls its business from the ore from
the ground to all it's finished products.
1t owns iron mines, large coal tracts,
coke ovens, blast furnaces, railroads,
terminals and manufacturing plants,
1t owns the Duluth iron range from
Ely to Two Harbors. near Duluth and
branches. In connection with it it
operates % steel ships to Lorraine, Mil
waukee and Chicago. At Milwaukee,
Joliet, South Chicago. North Chicago
and West Chicago it has its plants for
finishing rails, billets, sods, ship plants,
structural iron, merchant steel cotton
ties etc. At Lorraine it has factories
for manufacturing pig iron. rails, in
Guiding girder rails for street railway
work, of which they do rs per cent, bill
lets, etc. At Johnstown there are
manufactures for ship appliances,
electrical motors, etc.-in all seven fin
ishing plants. In the Connellsviile dis
trfct it has large coal contracts and
many coke ovens, manufacturing 5000
tons of coke month. 1t has coal lands
in other districts and operates alto
gether % blast furnaces. Then it owns
the Elein. Joliet & Eastern railroad
from Waukegan, near the Wisconsin
line, around Chicago. about So miles
distant, to Porter. connecting with
every railroad that centers in Chicago.
One of its branches nenetrates the Hi
nois coal mines at Coster. Another rail
road connects the Chicago works with
the Elgin. Joliet & Eastern.
As for the talk of the Republic Steel
company being included in the COM
ioa &c ;e.E