The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1899-05-06
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CONFIRMED At CHICAGO
CHICAGO. May 6.--rhe TimeS-llerald
says; John W. Gates has confirmed the
rumors regarding the combination of the
lfDn ana steel industries Of the country.
Mr. Oates has just returned from New
York where recent conference OF IN"
steel mAgnAicu was held for the purpose
Of arranging the details The president
lof thr American Steel and wire Com.
pauy said that all the dlricuitics In thr
way n combination had been removed
and that the financing of the great com.
mission which Sil control the entire
sicrl Industry Of the country has been
successfully carried TO conclusion.
The hradquarterr Of the new company
viii be- IN chicago and. according TO
Mr UaJcr. she capiiai stock VIII De be-
rupU, remarked ihat j, might reach one
billion The president Of the new cor
pofailon will br a. e. Frick of Plits-
burg Nho has hrcn 80 closely idrntlhed
with Andrew Carnegie
Regarding tho other officers. he pro
fr.-cd ignorance No, ih, least item in
the deaf w.ll Dr the retirement of Sir
CatnrEir from the steel Industry ana the
pln.ln of hi. martrl upon The shoulders
of Mr Frlgk ~ speaking Of thls. Mr.,
Gatvs said ahal AlC Carnegie would
positively have no interest In the new
4
to the nov combination Werc accepted.
And / suppose they have been he
concluded. "rsr the combine would not
uow be- an assured fact
Mr. ua,T COMPANY the American
Steel and Wire. Was onr OF TWO con-
Germs that held out against the combine
until recently The other IL said tn
have been the Federal Steel Company.
When asked .abou, this. Mr. Gates said
the difficulty Was only a small one and
luimaicd that II Was matter OF price.
The new company will be ready for opcr-
alton on July l. when. II present plans
Hrv followed offices will be- opened Mr..
Gates objects to having It called a trust
and maintains that not a single element
of trust enters into the matter Con-
linuing. Mr. Gates said
This is simply a combination Of all
the blk steel companies into enc con-
ccrn. which purchases the various plants
outrlght al figures thar have been agreed
Up and accepted. Il Will be a splendid
thlng Tor the industry. and the concern
will begin business about July /, at New
York. with Mr.. Frick as president. As
to he capital stock l cannot say dch-
nltrly. but Il will be over NOOD0,0O0 and
may reach twice that sum.
How many companies will be taken
ne"
II don't know the exact number but
the combination Will be- Tar r,a ming.
In fact guess II will take In a. the
worth having"
What were the trade conditions mat
led to the combination or made {, seem
advisabc2'
"As matter Of fact. | did not attend
the New York conference ana do not
know what the ideas on the subject were. /
Speaking Of myself | say that 1t snould
he splendid thing. because there will
he but one distributor
"Wn any OF the factories be shut down .
IT. the output curthiled9' /
"Ry no means. There ,s business for
lll Of them,
"Win there be rise IN prices2'
Mr. Gates considered moment before
and then said:
Would 1t not be natural thing with .
iut one distributor where formerly there
were many, that business would be bet
cr aud that prices would also be better?"
when asked what efrect the comhina-
ion would have upon his company, Mr.. /,
Gates replied that the effect would be
coed. but declines to specify In what
particular,
"l really don't know the inside OF the
lnair." he declared, "and will be better
lh;e to tel more about 1t when hear
rom New York know IN general
way that an the arrangements have been
nnde Tor the consolidation
Mr. Gates was shown u list ~ the con-
'erns said to have been sold To the new /
unpduNs anu Sdlu NldN W kuVSFNu NNdN Z !
he list was all right SO far as It went,
ut ntlmated that It was Incomplete.
The list shown, together with the capt
at stock is as follows;
Carnegie steel ana Iron Companr $780,
% 0O
National Steel Company, SOOOoOOO
American Steel Hoop Company SS,-
10000.
American Tin Plate Company $4,000
100.
Federal Steel Company, @929l 900,
American Steel and Wire Company, 500
OO 600,
In addition to the above the Ro ke-
eler Mesaba iron interests were admit
ed to be in The combine, but their cap
ta,ization was not given,
Mr. Gates laughed at the report that
instead of combination OF the usual
ort the combination might ,ake the
orm Of an agreement TO work in har-
nony after having obtained a controll-
ng interest In the capital stock of the
arouS companies. He asserted that
here was no harmony business In Il,
lut an out and out combination. with a
'apltal stock large enough to affrlgh
my man unaccustomed to the ways OF
Vail street.
Faith in human nature never lives until
We grow up