Bryan morning eagle. [volume] (Bryan, Tex.) 1898-1909, 1899-05-06
CARNEGIE SELLS OUT.
IL l. believed Now mig steel Combine
WIN lie Made.

New York. Nay 1.-The entire inter
est Of Andrew Carnegie in the Carnegie
Steel company has been purchased by
the copartners in the business with II.
G Frick at their head The exact hs-
ures which represent the purchase price
could not be learned II i said how
ever, the price is over $3.50 900 and
entirely satisfactory 20 Mr. Carnegie.
II is understood that one Of the siipula-
tions Of the sale Is the new company
shall retain the name OF the present con
Germ.
The new company includes not only
all the Carnegie steel plants but also
the II. G. Frick Coke company with its
10000 acres Of coke land in the Councils
VILE district; the Oliver Mining compa-
ny with It's large ore interests in the
Lake Superior district. the Pittsburg.
Bessemer and Lake Erie railroad. the
Union railroad which connects at Home
stead with all the trunk lines east and
west, and all the interests in several
hundred acres Of gas land.
II is intended 10 increase the output
Of all the various departments Of the
joint company so that the present fam
Inc in the steel market may be relieved
and demands supplied The former
partners OF Mr. Carnegie. Se in all, pro-
pose TO retain the interests which they
had individually. as members Of the
Carnegie Steel company, and TO offer
for sale 10 the public the shares which
they have acquired from Mr.. Carnegie.
This intention. in the event Of the pur-
chase from Carnegie. had been intimat-
for some time and long before the pres
emit sale was effected. an enormous de-
mand for these shares had come from
almost every part Of the country.
Il is said that the members Of the new
company expect material increase In
the value Of their property say
ing that the property will double in
price within the next i've years. They
say that evidences have recently multi
piled. that there will be an enormous
demand for steel In the construction Of
all kinds Of building. and that Of neces-
sity the value Of their holdings will in
crease greatly.
The Rockefeller interests are closely
concerned in the transfer. Il Is said that
the original movement toward the CON
solidation was initiated by John d.
Rockefeller and H. II. Rogers Of the
Standard Oil company about two years
ago. At that time il was stated that
one Of the reasons for the failure Of the
negotiations was Mr.. Carnegie's unwil'
lingness to part with his property un'
less the company name was continued.
II the new general combine is affected
Il il the impression that tho Carnegie
Steel company will be the backbone OF
Il and will represent at least $780, OOO
900 Of its capital Other concerns tina
will be included In the combination 4
a. yet uncertain. but II is said that it i
now likely 10 include the National Steu
company, with capital Of $50, 1000, 900
and II is said TO b. earning about $40
900. 900 year; tho American Tin Plat
: company, capital ESQ. 600, 900, with yearl!
earnings put at 81. 900, 900 TO $4,000
the American Hoop company. capita
S33, 900. OO0. with annual earnings Of 81.
900. 900; the American Steel and Wir
company. capital 800, 900, 900, with earn
ings Of from $40. 10000 10 Si2.OOO,O00
per year and the National Tin Plate an,
Enamel company. capitalized at $50.
= 900, 600. and with yearly earnings ap
uroximatiug 6. O0O. 900