Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1900-03-29

Pittsburg, March 23.-The Carnegie
steel company limited, becomes a
STOCK company with a capital of $780,
V0u,OOO, the famous iron clad agrea-
hleht is wiped out and all litigation
between the partners in the Carneeie
company is dropped, while H. C. F,rick
former vice president of the comnanv
virtually secures all he contended for
These facts were embodied in an an
thorlzed statement issued last night
oy the Carnegie Steel company, limited
Under an agreement just signed the
contest between Andrew Carnegie and
II. Z. Flick has thus been closed. the
law suits are ordered stopped and an
anlcable arrangement has been made
between the two great steel and iron
manufacturers by which not only are
the warning elements set at rest, but
a great steel and iron corporation has
been formed that will be far-reaching
IN its influence and have capital OF
over $350,OO0,000.
This result has been reached a. rhe
VI q pei SOudI conference De-
tween Mr.. Prick and Mr. Carnegie.
which continued for two days and
which finally eliminated in the sign
lngpf an agreement, both for them
selves and their friends and those all
lied In business with them. The agree
ment covers not only all the points al
issue between the two leaders, but al
so the taking into the combination OF
all the allied companies in which they
were individually interested. The con-
ference between the two great manu-
ufacturers took place at the Hotel
Brighton, Atlantic City, and lasted for
Two days All the points at issue were
discussed with frankness.
The practical agreement was reached
on Monday night, and an agreement
reached for a meeting Tuesday, at
which the contract was to be executed.
Ihat meeting took place and there
were present Henry Phipps, Francis f.
Lovejoy, Lawrence c. Phipps, Andrew
Carnegie, Charles VI. Schwab, Andrew
NJ. Moreland, James Gayley, Thomas
Morrison and Daniel NJ Clemenson.
The meeting was long and interest
ing one and it was not until late Tues
day afternoon that an agreement was
reached on all the details of the gil
gantlc corporation. There were two
main points in the agreement
Ffrst-That all differences should be
SpfrIpH a
once
Second-That those present, acting
not only for the firms which were in
litigation, but also for all their indl-
vidual holdings in outside companies,
agreed that all those allied companies
OF whatever kind and nature, should be
combined in one common concern and
put under the management Of one IN
mense corporation, incorporated under
the laws of New Jersey, with a capital
of $3.50, OOO,O 900.
How far reaching these agreements
are is shown by the fact that they
cover not only the Carnegie Steel COM
pany, with its S50,000,000 of paid in
capital, but also the coal mines, thu
fleet of boats on the great lakes, the
iron mines, the railroads, the trans
portatiOn lines, the immense coal fields
and the coke interests and, in addi-
ton to these, many other interests in
subsidiary companies, which have their
existence and draw their support from
these primary ones.
All these are merged into one colos-
sal corporation. The details of the cor
poration were agreed on, and the yari-
GUS amounts Of the stock in the new
corporation that should be taken by
each of the allied companies in ex-
change for their holdings were settled