The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-03-23
Prick and CARNEGIE AGREE.
LAW PROCEEDINGS DROPPED AND
GIANT COMPANY FORMED.
After Two Days Conference, Basis
of settlement Is Reached Uniting
All Allied Interests Under New
capitalization of 5000. 200, 900.


NEW YORK. March 22-The Herald
says:
Under an agreement Just signed, the
contest between Andrew Carnegie and II,
c. Frick has been closed. the law suits
are ordered stopped and an amicable ar
rangement has been made between the
two great steel and iron manufacturers,
by which not only are the warning ele-
ments set at rest. but great steel and
iron corporation has been formed that Will
be far-reaching in its influence and have
a capital of over 500, 100000.
This result has been reached as the out
come OF a personal conference between
Mr. Frick and Mr.. Carnegie. which con-
tinued for two days, and which finally cul-
minated in the signing Of an agreement
both for themselves and their friends and
those allied in business with them.
The conference between the two great
manufacturers took place at Atlantic City
and lasted for two days, That the con-
ference resulted In the most friendly re-
lations between the two men may be in
ferred from the fact that they came 10
New York together and that all traces of
bitterness had disappeared.
The meeting on Tuesday was a long and
interesting one, and II was not until late
Tuesday afternoon that an agreement was
reached on all the details of the gigantic
corporation. When at last this agreement
was reached 1t was formally drawn up
and signed by all persons present There
were two main points in the agreement.
FHrst-That all old differences should be
settled and all litigation stopped at once.
Second-That those present, acting not
only for the hrms. but also for all their
individual holdings in outside companies,
agreed that all those alleged companies,
Of whatever kind and nature, should be
combined in one common concern and put
under the management of one immense
corporation, Incorporated under the laws
Of New Jersey. with a capital OF S2OO,cN-
How far-reaehing these agreements are
is shown by the fact that they cover not
only the Carnegie Steel Company, with its
$50 600 or paid-in capital, but also the
coal mines. the fleet of boats on the Great
Lakes, the iron mines. the railroads, the
TRANSPORTATION lines, the immense coal
field and the coke interests, and, in add
ton to these, many other interests In SUBJ
sidiary companies which have their exist
ence and draw their support from these
primary ones.
All these are merged into one colossal
corporation. The details OF the corpor-
alton were agreed on and the various
amounts Of the stock in the new corpor-.
alton that should be taken by each OF
the allied companies In exchange for their
holdings were settled.
The charter OF the new corporation is
TO be drawn within few days, and. as
soon as the necessary papers can be pre-
pared. the corporation will he completed
The story Is Confirmed.
The Commercial Advertiser today says:
Authoritative confirmation was obtained
today of the report of settlement of the
contest between Andrew Carnegie and VI.
c. Frick, They have agreed to drop all
suits and have signed articles for great
steel and iron combination, the details OF
which are to be arranged tonight or to-
morrow at Pittsburg. whittier lawyers in
the case are going today The capital OF
the concern win be $500 100, 900. or perhaps
a little less
settlement Officially Announced.
PITTSBURG, Pa. March 22-The diff
ferences between Ia. G. Frick and Andrew
Carnegie have been settled
This announcement was made officially
by the Carnegie Steel Company Limited,
late this afternoon
The parties interested have agreed upon
plan Of reorganization the new concern
TO be Incorporated under the laws Of New
Jersey. 1'he effect Of the proposed renr-
ganization will be to terminate All equity
proceedings now pending. The stocks and
bonds OF the new corporation are to be
taken by the present owners themselves
and not offered to the public as once con-
templated.
Mr. Schwab will continue as the execu-
tive head OF the new company