The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1899-05-06
IFRlCKHEADSIT
Manager Of the Carnegie Proper.
ties Will Direct Affairs of the
Great Steel Trust.
Capital May Be Anywhere From
Half a Billion to a Billion
Dollars.
Carnegie's Thirty'two Partners
to Take All His Interests for
Sl5O.OOO.OOO.
Federal Steel Company Not in
the Deal for Very Evident
Reasons.

CHICAGO, May 6.--The Times-Herald
says: John w. Gates. president of the
American Steel and Wire company. has
returned from New York. where con-
ference Of the steel magnates was held.
In an interview Mr.. Gates confirmed
the rumor of the combination Of all the
large steel companies in the country.
According to him the headquarters of
the new company will be in New York,
and the capital stock will be between
500, ,OO0, 900 and $500, ,OOO, 900, or itmight
reach $1,000, 100000. The president of
the new company will be II. c. Frick of
PittsbvIg, who has been so closely iden-
tilted with Andrew Carnegie Mr.. Gates
said Mr.. Carnegie would not have any
interest in the new concern. providing
his ter,as to the combination We're ac-
cepted.
| New YORK. Nav J.-The Times says:
The entire interest Of Andrew Carnegie
in the Carnegie Steel company has been
purchased by the co-partners in the
business. with NC. Frick at their head.
The exact figures which represent the
purchase price could not be learned. 1t
lis said, however. the price Is over
Sl5o. coo. 900 and entirely satisfactory to
Mr.. Carnegie. 1t is understood that one
of the stipulations Of the sale is that the
new company shall retain the name OF
the present concerns.
The new company not only includes
all the Carnegie steel plants. but alsc
the II. c. Frick Coke company. with It:
~. 600 acres of coke land in the Con
uellsville district; the Oliver Mining
company. with its large ore interests IL
the Lake Superior district. the Pitts
: burg. Bessemer and Lake Erie railroad
the Union railroad, which connects a
Homestead with all the trunk lines cas-
and west, and all the interests in severa
j hundred miles Of gas land. 1t is in
! tended to increase the output of all thu
various departments of the joint com
panv. so that the present famine in tn,
steel market may be relieved and tn
!, continued export demand supplied.
:. VIII Sell the Carnegie Stock.
{ The former copartners of Mr.. Car
, nesie. 32 in all. purpose to retain the III
:, terests which they had individually. a
> members of the original Carnegie Stee
company and to offer for sale to tn
rublic the shares which they hav
ACQUIRED from Mr. Carnegie. This il
# tention in the event of the purchas
I from Mr.. Carnegie. had been intimate
r for some time. and long before the pre-:
e ent sale was effected, an enormous d,
r mand for these shares had come frol
e almost every part Of the country.
a |, is said that members of the ne'
l. company expect material increase l
the value of their property, some sa!
ing that the property will double
value within the next five years. The
saw that evidences have recently multi
=. y rlied that there will be al enormo'
:, demand for steel in the construction I
;" all kinds Of building. and that OF nece
sity the value Of their holdings will II
crease greatly.
The Rockefeller interests are closel
concerned in the transfer.
:" Consolidation Nearly Complete.
In the opinion of those who are We
-. informed on the subject the announc
ment of the consolidation of all,
% nearly all. the big steel mills in Il
- country will be made in a few day
No general consolidation has yet be'
entered into, but the final terms may
agreed upon at any time. Private q
vices from Pittsburg and Chicago help
to convey the impression, while the &c
timeut in Wall street Is that the talke
of mbination is extremely probable.
Rumor also says that the Fede'
Steel company may also be induced
enter the combine, but nothing tangil
can be gotten out of this rumor Frien
of the Federal Steel company say 1t 9
afford to stand out against all the PR