New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-23
rHE NEW STEEL GIANT.
Continued from first paEe.

Continued from first pnRe.
road and $500 dwellings: the Pittsburg and
1ofS as per cent Of the 6ap
Company: one~fourth Of the canitaI stock of the
Ee~Yofk Pennsyivania and ohio 'I Dock st' Company
stock Of the Metropolitan Iron and Land Company
per cent Of the Stock Of the Lake Superior Iron
Company. IS per cent Of the Security Land and EX-
81 the Pewabie Company: the Pttsburs limestone
COMPANY Limited the Pitts6urg steamship c etn
eleven steamships and barges with carrying
capacity of 100000 tons per annum
SATISFACTORY TO Prick.
MIR. Frick refused to discuss the plans OF the
reorganization in detail this evening. He said
that the arrangements entered into We're salts
factory 10 him. or he would not have signed the
agreement. When asked what would be the
value OF the stock he would control in the reor-
ganized company, Mr.. Frick replied that 1t was
impossible at present to answer that question
the capitalization OF the new company had
not yet been determined. He would, like all
other stockholders, receive stock in the new pro-
portionate with the percentage he held in the
limited partnership concern. When asked about
the 'ironclad" agreement Mr.. Frick smiled and
said nothing Of that kind could legally exist
under incorporated stock company, he
was giving the matter concern. The ex-chair
man refused positively TO discuss the question
further, saying that ali the information neces
sary for publication had been sent out by the
ccmpany's press agent.
President c. NJ. Schwab. who will be the head
of the big combination, met in the Carnegie
Building Immediately after the stockholders
meeting He was jubant over the happy turn
AFFAIRS had taken. When asked to the CAPT.
talzation Of the reorganized company Mr..
schwab said that was a matter for future con-
sideration. The first step only had been taken,
he said. and there many details to be ar
ranged before the organization was complete.
What will be the form Of the 'ironclad' under
the new order Of things?"
There will be no Ironclad.' There cannot be
any such agreement legally made between mem
bers Of an incorporation such is proposed"
WHAT HE WILL RECEIVE.
Secretary A. NJ Moreand, of the Carnegie
Steel Company, said: THE capitalization of
the new Carnegie Steel Company has not yet
been determined: consequently 1 cannot tell
what will be the value Of Mr.. Tricks share"
viii Mr. Prick receive S12O0OOOO in stock?"
Yes; fully that amount, il not more"
will there be any agreement similar to the
famous qronclad entered into between Mr.. Car
negie and his fellow stockholders"
Certainly not. Under the rules Of the char
ter to be granted. stakeholder wishing to sell
out his interest can do so whenever he secures
purchaser He is free to dispose of his interest
TO the person or persons paying the hlghest price
for the same"
Mr. Moreland said no time would be lost in
making the change from the old to the new or
ganizauon, but since the reorganization was
one of the greatest in the history of any pri-
waite corporation the matter could not be
rushed.
John Walker, principal plaintiff in the suit
OF the minority stockholders against the H. c.
Prick Coke Company. was at the Carnegie
Building the greater part of the day. He had
no comments to make other than to say that
he was, the representative of the minority,
glad to see that the contention made in his bill
IN equity had indirectly been acknowledged.
The stockholders meeting, at which the
terms Of the agreement were sanctioned to-
day. was attended by all officials and consulting
partners of both companies. with the exception
Of Mr. Carnegie and those who are abroad and
in distant parts of this country.
On the basis of $3.50 O00oo0 capitalization Of
the new company, Mr.. Carnegie's holdings. IS 1-3
per cent will be forth STAG. 100000: Henry
Phipps. jr.s. interest. II per cent, S21 100000
and H. c. Tricks. per cent, will stand him
S156o0Oo0 George Lauder { per cent
and President c. NJ. Schwab per cent.