The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-02-14
ACCU sES hin Of RI I'D
SALE. OF HIS INTERESTS IN
STt.EI. co. \ SHAM
alLK ASKS HAT IT BE lHUSi;E LAR 0
I'll in iq4it Tied Making S rsa'io"aI
Ch ,ges A. al ST tie ST. ei King ftck
Del a. S Carnegie is Scheuipg to
Wrest Tr,Im Him Millions.
Wtest From Him Millions.

f'ricIi. fled u bill III equity today in the
Court Of Common Pleas No. ! Of Ale
eh,ny county. agail,st Andrew Carnegie
and The Carnegie Steel Company. limited
tended transfer ~ his interests i. the
COMPANY Was and is null and void, and
that he is still the owner Of all such
interest and is entitled III every lawful
way 10 represent and act for the same
and t. CIntel u1&n the firms books any
such transfer made or ''rreten and
all entries Ton such books Of insufficient,
unfair and improper valuations of the
Carnegie SEED C0nlany limited, asst *
and OF plaintiffs interests therein, re-
curing the books 10 show real values.
The petition prayS for an injunt Sion re
>training ihe defendants from any inter
ference with his interest in the company
and from excluding h III from part cils.
ton in its care and management.
In ease the defendants shall refuse the
uilerS mad by The plaintiff. and shall
refuse 10 continue the said business and
allow him To participate in the manage
mcnt and control hereof. and o. The
properties o. the Carnegie Steel Com
pany, limited. in conjunction With them
selves ali shall insist upon the exclusive
management by themselves Of sad bust
ness and assets. and shall continue To eX-
cludc the plaintiff from his interest in
The business and assets of the said firm
it is prayed that the court will thereupon
allow the lia ntiff To declare tne said
firm of the Carnegie Steel Company,
| 10. fliS MI ~,
10 take charge Of all the business and
assets Of said firm, permitting said re-
ceiyer 10 fultill contracts and to do
whatever shall be necessary in and abon;
the proper liquidation OF its alta RS, and
that after the CONVERSION of the entire a.
sets OF the company into money and thr
paymen; OF the debts of The said com
! pany, the courts will then distribute tht.
! balance thereof among the partners N
/ lrcG ovtion II their Interests.
! THAT an account he taken between
Carnegie and the plaintiff. whereby
Carnegie shall le charged with all tina
losses. expenses ard damage h has
caused by It's illegal and fraudulent con
duct; III 4 .llat Il Carnegie persists in his
said fraudulent scheme and refuses the
cffer> here nbeforc made and thus causes
The actual dissolution of the firm. all
losses incurred by the plaintiff by reason
Of tie said dissolution and forced windin..
up OF The iirm shall be charged against
him. and thar he shall b. decreed TO
make good AL l;ay 10 Inv plaintiff The
difference between 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
IL al
firm"
The bill in equity is very lengthy.
After detailing the growth VI the great
r,aat. Mr.. Fr:ck says in the Carnegie
Steel CenNNnys stock. Carncsi had a
o>la per cent. interest. and Prick per
cent The business was enormously
profitable ard in 1890 the firm actually
| made. Oh low-priced contracts i'll net
profits. after paying all expenses Of all
kinds. S2l 0G9.oN.
In November. 1890. Carnegie estimated
the net profits for 1909 N SfO,tNO0to.
and Fr;c!l then estimated them III ST.
500 coo. Carnegie estimated the eutire
, property III over S23G.O00.CG0 and avow-
cd his ability. in ordinarily prosperous
| times Ia sell liz" "np. r'tv On the Lon
don market for 5000, 100000.
In May. 1898. Carnegie actually re-
ccived in cash. and still Keeps, Sl.IG0,E0
given him as mere bonus for his
ninety days option to sell his 5S13 per
cent interest in this @feel company for
&157 $50 coo.
Frick's 6 per cent. Oh that basis, would
BE worth S16.23S,0O0.
Frck now alleges, right at the height
Of this enormously successful business.
whereby at least. in part he made for
CARNEGIE these enormous profits aud
values, that Carnegie suddenly. and with
! malevolent intent towards him on De-
cember 4th. 1929. arbitrarily demanded
of him his resignation as ch irnntr- and
this without reason EXCEPT to crafty
Carneces malice
F1ick in the interest Of harmony,
gave bis resignation and subsequently,
and on the 11th day Of January. 1880,
after Carnegie had thus deprived him of
his office he CarnrG;e> demanded Of
Frick that be H'riclO should sell to thu
firm his interest IN ii ut Il figure which
would amount to less than onc-Ealf Of
what this interest is fairly worth.
Frick refused to sell at that price but
offered 10 sell and allow three men to
value the Interest sold. Carnegie re-
fused this. and left Prick, threatening
him for not yielding to his demand.
Frick alleges that at ihis time Cnrne-
gle was fraudulently and secretly. with
out Tricks knowledge or consent at
tempting to carry out scheme which
if successful would enable Carnegie TO
coniiscate Tricks interest i'll the trm al
robably not much over IS per cent. OF
It's real value; that is. say, moi over
So CD0.t&U for whaJ, on the BASIS OF
Carnegic's option WIS worth SlG,23S0OO
This scheme Frick says, he can prove was
70 deprive him and reinstate aud max;
operative an uncXecuted and abandon q
eo-called iron-elad agreement Of 1887
which rel"tnd solely To the original Car
nssie Brothers and Company. Llnitel
and never did Include .he new firm Of the
] Carnegie Steel Company. Limdted; and