Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-02-14

M - talue Oh the IEOpCEty
and Business Jumped from $780,
100000 in AS9x, to $5OO,OOO,-
900 In 19OO-Frick Says Carnegie
Fired Him of Malice Only.
PITTSBURG, Pa. February 49,
Henry Clay Prick fled q bill in equity
to-day in the Court of Common Pleas
No. l, of Allegheny county, against
Andrew Carnegie and the Carnegie
Steel Company, limited, praying first,
for a decree that the pretended transfer
OF his interests in the company was
and is null and void, and that he Is
still the owner of all such interest and
is entitled in every lawful way to rep
resent and act for the same.
Second, for an injunction restraining
the defendants from any interfering
with his interest in the said company
and from excluding him from participa-
ton in the care and management of
the assets and business.
Third, a decree ordering the defend
ants to cancel upon the books of the
urn any assignment or transfer here.
tofore made or pretended to be made TO
said association of the plaintiffs IN
terest in the firm.
Fourth, a decree ordering the defend
ants to cancel and erase all entries up
Oh the books of the firm of the Car
negie Steel Company, limited, of IN
SUFFICIENT, unfair and improper valua-
tons of It's assets and of the plaintiffs
Interest therein, and to cause the said
books so to be kept as to fairly and
fully show the real value of the Car
negie Steel Company, limited, and the
plaintiffs interest therein.
Fifth, in case the defendants shall
refuse the offers made by the plaintiff,
n shall refuse to continue the said
business and allow him to participate
In h management and control thereof
and of the properties of the Carnegie
Steel Company, limited, in conjunction
with themselves, and shall insist upon
the exclusive management by them>
selves OF said business and assets, and
shall continue to exclude the plaintiff
from his interest in the business n
assets of the said firm, that the court
will ~thereupon allow the plaintiff to
declare the said firm of the Carnegie
Steel Company, limited,
Dissolved, and Appoint u Receiver
to take charge of all the business and
assets of the said firm, permitting said
receiver to fulfill unperformed con-
tracts and to do whatever shall be nee
essary in and about the proper Iqu1da-
ton of it's affairs, and that, after the
conversion of the entire assets OF the
company into money and the payment
of the debts of the said company, the
court will then distribute the balance
thereof among the partners in proper
ton to their interests.
Sixth, that an account be taken be-
tween Carnegie and the plaintiff where
by Carnegie shall be charged with all
the losses, expenses and damage he has
caused by his illegal and fraudulent
conduct; and that if Carnegie persists
In his said fraudulent scheme and re-
fuses the offers hereinbefore made, and
thus causes the actual dissolution of
the firm, all losses incurred by the
plaintiff by reason Of the said dissolu-
ton and forced winding UP of the firm
shall be charged against him, and that
he shall be decreed to make good and
pay to the plaintiff the difference be-
tween what his interest was fairly
worth on or about February LIST, 1900,
and the amount he shall receive
through the decree of this court in
final liquidation and settlement of the
said firm.
The bill in equity is quite lengthy
and as summarized by Willis McCook,
ESQ. counsel for Mr.. Frick, is as fol-
lows:
In 1892 there were
Two Limited Partnerships:
0)-Called Carnegie Bros. & Co.,
limited, with a capital of $4,000, 900,
which made steel rails and owned only
the Edgar Thompson steel rail mill in
Braddock township; and,
(2)-Called Carnegie, Phipps &
Company, limited. with a capital of
SIS, 900, 900, which made all kinds OF
steel plates, structural material, iron
forgings, made the material for and
built bridges, made armor plates and
made material for the same.
This latter firm owned the Upper
and Lower Mills in Pittsburg; the
extensive Homestead mills at Home
stead; the keystone Bridge Works in
Pittsburg; the Armor Plate mill at
Homestead; the Hartman steel works
in Beaver county, and other proper
ties.
Carnegie owned over so per cent.
of each of the old firms, and he, with
Prick, Phipps and others, owning in
terests in each, formed in 1892 what
constituted a new partnership, called
the Carnegie Steel Company, limited.
In this, Carnegie retained over so per
cent, and now has 5813 per cent, while
Prick has 6 per cent. Both old firms
were merged into the new, which had
a capital of $25, 900, 900, and operated
all the old works. This new firm was
under the immediate care and super
vision of Prick, as chairman, from
1892 to December 5, 1899. 1t greatly
enlarged the capacity of It's different
works, enlarged their output, and pur-
chased other plants, ore mines, etc.
Carnegie lived in New York, passed
much of his time abroad. remaining
at one time for eighteen consecutive
months. He did not pretend to man
age the current business, although he
was consulted as to important matters.
The business, from 1892 to 1900,
WAS enormously profitable, growing