The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-23
THE REORGANIZATION PLAN.
The Carnegie and FricL Interests to
He Consolidated.

| PITTSBURG. March 22.-The differences
| between Andrew Carnegie and H. C. Frick
have been adjusted, the suits brought by
Frick and the minority stockholders of the
| II. c. Prick Coke Company will be with
drawn. and the Carnegie Steel Company
viii be reorganized under the laws OF
| Pennsylvania and New Jersey. This was
the result announced today OF the efforts
| made by President c. NJ. Schwab to end
the litigation between the two former
friends:
An authorized statement was issued this
afternoon which said
The partners of the Carnegie Steel
Company. Limited, and the stockholders
! OF the II. C. Frick Coke Company have
agreed upon plan of reorganization vest
ing the ownership and control of said COM
| panies in one company. to be Incorporated
i under the laws of New Jersey The effect
/ or the proposed reorganization will be to
: terminate the equity proceedings insti-
tuted against the Carnegie Steel Company.
| limited, and the H. C. Frick Coke Com
| pany.
| THE articles of association of the Car
! uegie Steel Company, Limited, as a linn
| tied partnership organization, expire by
/ limitation April !, 1901. but the change
| contemplated will be effected before that
+ date. as the future form of the organiza-
| ton has been under consideration for tone
| time and the plan is now about matured.
| THE objection to the corporate organiza-
| ton has been overcome, a way having been
| found by which present deserving employees
Can be Interested and received into the
company from time to time on exactly the
same terms as others have been admitte d
| in the past.
"All the various interests, including the
| H. C. Frick Coke Company, will remain as
now, under Pennsylvania charters. As no
charter can be obtained under the laws of
Pennsylvania under which all the various
departments and interests of the Carnegie
companies can be consolidated. it will be
necessary TO obtain charter under the
laws of New Jersey. which will enable the
control of interests concerned wherever sit
uated in any State or Territory of the
Union
The stock and bonds of the new cor
poration, instead of being offered to the
public, as once contemplated. are taken by
the present owners themselves. The basis
of the corporation proposed last year has
been agreed to by all the parties and will
be adopted, rendering new negotiations I'M
necessary. but this is matter OF no public
concern, since no responsibilities to the
public whatever are incurred. 1t concerns
the owners alone.
ne new company dpSOTDS tHt SNoCh VI
the Frick Coke Company, and thus all of
the coke company's stockholders become
stockholders of the new concern, including
Mr.. Frick. whose interest in the steel COM
pany will be thus protected. which Is salts
factory to all parties. the controlling part
ners expressing no desire to gain pecuni-
arily by their recent action.
Mr. Carnegie has given President
Charles NJ. schwab his proxy to act as re-
qured. and Mr.. Schwab will continue as
the executive head of the new company
The properties to be included in the re-
organization of the Carnegie Steel Com
pany. Limited. and allied interests include
all the iron, steel. coke. and gas plants of
the several concerns. mines, railroads. and
steamship lines. Local steel men say that
this settlement leaves honors even between
"7T-c-te and Frick --~ tg
The new company VIII be capitalized at
$3.50. 900 and Mr.. Prick will receive S15,-
,000 worth Of stock as representing his
percentage of holdings in the Carnegie
Steel and H. C. Prick Coke companies.