Marietta daily leader. (Marietta, Ohio) 1895-1906, 1900-03-24
Dove Of Peace has Settled Up.
on the Carnegic-Frick
Affair.

lNNIHeSle steel company limited, ana
the II. c. Frick Coke company. And
rev Carnegie and Henry Clay Frick,
the leading characters on opposing
sides in the legal battle, have sub
scrlbed to an agreement whereby by
genes are to be bygones and the two
masters of the iron and steel industry
Will again join hands in business, this
time in the formation of the most gi-
gantlc industrial corporation on the
face of the earth.
Just five weeks after the opening
gun of the battle had been fired by
Mr.. Frick in the filing of his bill of
complaint, February IA, the efforts of
the peace-makers were awarded with
success, and they saw the end at hand
OF what had promised to be the great
est legal contest on record, involving
fabulous sums of money. This cul-
mnation, however, was not brought
about in day or two, but after long
and persistment argument and candid
presentation of views that If the liti-
cation was allowed to proceed to an
end in the courts, it would almost
surely work irremediable harm to the
vast business interests involved.
President Charles NJ. Schwab is look
ed upon as the leading spirit in the
championship of the peace plans, and
undoubtedly his efforts with Mr.. Car
negie, who holds his chief lieutenant
in high estimation, went long way
toward the final agreement for AMIGA
! BILE settlement of all differences be-
tween the numerous elements of disor-
der that had arisen in connection with
the whole controversy.
The terms of the settlement are un-
doubtedly much in Nh Frlck's favor
in fact, the outcome is considered a
virtual victory for the ex-chairman.
An official statement issued by the
Carnegie Steel company and the H. c.
Frick Coke company yesterday, does
not deal in figures and goes very lit
tie farther than to merely make
known the fact that a settlement has
been made, with general sketch of
the plan to organize all the interests
Nevertheless, it is known that Mr..
Frlck virtually got what he sued for in
the matter of the value of his stock,
and will have in the great corporation,
soon to be chartered, shares of stock
actually worth nearly or quite as much
as the total amount he contended in
his 'bill cf complaint belonged to him,
viz: upwards of sl5,0O0,000."
Virtually, the agreement entered in
TO is an acceptance of the third offer
Mr.. Frick made in closing his bill of
complaint. This was: ITO continue
the firm, even if it is a general part
nership and all individually liable,
provided he (Frlck) be allowed to par
tlcipate in the management"
AS is stated hereafter, in the official
settlement provisions, a monster cor
poration is to be chartered under the
laws CT New Jersey, to take in all the
allied interests of the Carnegie Steel
company, limited, and the H. C. Frick
Coke company. Here again no figures
are mentioned, but it can be said the
capitalization of the gigantic combina-
tion, almost to certainty will be
close to s3OO,OOO,OO0, perhaps a little
less, but surely over $275 100000, the
exact figure not yet having been de-
cided upon. Two-thirds of this is to
be issued in stock and the remainder
in debenture bonds. Mr.. Frick, as he
sets forth in his suit papers, owns
per cent Of the Carnegie Steel company
stock. 1t is also generally known that
he owns 20 per cent of the H. c.
Frick Coke company stock. In the big
company to be formed out of both, Mr..
Frick will be given not. less than 10
per cent of the total capital stock, and
not ever Is per cent of the same In
other words, his interests will be
worth in the neighborhood of $30,000,- |
600, now represented by his holdings
in the coke company and the steel
company
1t is known almost certainly that |
Mr.. Frick will not occupy any stated |
official position in the new corporation
such as he formely had in the steel |
company. having been first president |
of it and afterword chairman of the |
beard Of managers. The latter Of
flee has been done away with in the |
present company organization. 1t |
may never be revived in name, but Is
practically certain that Mr.. Frick will |
occupy in the new concern an Office
answering to the craftsmanship he for
merly held, in many respects, and will
have much to do with the active man
agement of the corporations affairs.
This was pronounced stipulation in
his original terms of settlement, and
there is every reason to believe that
hey have been acceded to.-Plttsburg
Times.
WHAT DO THE CHILDREN DRINK?