The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-03-23
CARNEGIE -FRICK AGREEMENT
OFFICI4L STATEMENT OF THE
TERMS OF THE SUPPLEMENT,
III. G. FricIk Virtually Secures All HS
Contended FOr-Presidcnt Schwah
Given tho Credit for Settling this
Trouble-Carnegie Concern Becomes q
Stock Company W.th $500, 900, 900 10
5o,000,O0O Capital.

$250, 100000 Capital.
| Pittshurg, March 22--.rhc Carnegie
| Steel company, Limited, becomes a
stock company with capital variously
estimated at from 100000 900 to $25O,Ooo,-
| 600, the "iron clad agreement" is wiped
| out all litigation between the partners
in the Carnegie company is dropped and
III. c. Frick, the former president Of the
company, virtually secures all he has
contended for. These facts are embod-
led in statement issued tonight by
the Carnegie Steel company. The At
lantic City conferences resulted in an
| agreement signed by all the parties in
terested except Mr.. Frick and John
Walker, the latter the principal plain
tiT in the suit against the III. c. Frick
Coke company. The document reached
Pittsburg to-day and after conference
between the two gentlemen was signed
by both of them.
To President G, M. Schwab is given
the credit for effecting this amicable
settlement. The partners in the limited
corporation are to receive stock propor-
tionate to their present holdings. AS
the capital of the Carnegie Steel COM
pany, Limited, is 25,000,00O each part
ner will hold either eight or ten times
as much stock in the new corporation. \
AS Mr., Frick holds 6 per cent. Of the
capital stock in the Carnegie Steel
company, he will receive in stock Of the
new concern $12,OOO,OOO if it is capital-
lied at $200,000,000; $15,00O,OO0 if the
figure is put up to $250,000,000. His
contention in his suit was that his stock
was worth at least $4,000, 900 and he
sued to recover the difference between
that and the amount offered him when
invited under the iron clad" agrees
ment, to resign
The properties to be included in the
reorganization of the Carnegie Steel
company, limited, and allied interests
are the following: The Carnegie Steel
company, limited, owning the Edgar
Thomson works, Bessemer, Pa. i'm
Guiding Edgar Thomson blast furnaces,
Edgar Thomson foundry, Edgar Thom-
son Steel works, the Duquesne steel
works, Duquesne, Pa, including Du-
quesne blast furnaces and Duquesne
steel works; the Homestead steel
works, Munhall & Homestead, Pa,
including Bessemer steel department. NJ
armor plate department, and thirteen
finishing mills; the Carrie blast furn-
aces, Rankin, Pa; the Lucy blast furrY
aces. Pittsburg; the Upper Union mins,
Pittsburg; the lower Union mills, Pitts
burg; the Larimer Soke works, Lari-
mer, Pa. the Youghiogheny coke
works, Douglass, Pa. the Carnegie
Natural Gas company, the Youghio-
gheny Water company, the Mount
Pleasant Water company, the Trotter
Water company, the Union Railroad
company, the Slack Water Railway
company, the Youghiogheny Northern
Railway company. all the coal and coke
property Of the H. G. F'rick Coke COM
pany, in Fayette and West Moreland
countries Pa, including 10000 acres of
coal; 10000 acres Of surface
miles, 11,000 coke ovens, $500 railroad
cars, and $500 dwellings,; the Pittsburg
and Connaut Dock company 4S.6 per
cent. of the capital stock of the Penn
sylvania and Lake Erie Dock company,
one fourth of the capital stock Of the
New York, Pennsylvania and Ohio
Dock company; the Oliver Iron Mining
owning all of the stock of
the Metropolitan Iron and Land Cos
all of the stock Of the Pioneer Iron Co..
80.03 of the stock of the Lake superior
Iron Co.; so per cent. Of the Lake SUI
perior Land and Exploration Co.; one-
half of the Pewhic Co., the Pittsburg
Tilestone Co., limited; the Pittsburg
Co., including all Of it's ves-
sells, property, etc, eleven steamships
and two barges with carrying capaci-
ty of 100000 tons per annum.