The Providence news. (Providence [R.I.]) 1891-1906, 1900-03-23
The Bonds and, Stocks ln New Concern
viii Bs Taken BY Present Owners.
rHkS. NJ scHwAB REMAINS At HEAD
What Were Originally Thiu-Elght sspans Com
psnlss Are nov Consolidated Under One Cen
iral Management Properly Valuable.

Pittsburg, Pa, March 23.-The Carne-
gle Steel company, limited, and the II.
L. Frick Coke company authorize the
following statement:
The partners OF the Carnegie Steel
company, limited. and the stockholders
of the III. c. Frick Coke company have
agreed upon a plan OF reorganization,
yestlng the ownership and control of
said companies in one company to be
incorporated under the laws OF New
Jersey.
The effect OF the proposed reorgani-
cation will be TO terminate the equity
proceedings instituted against the Car
negie Steel company, limited, and the
III. 8. Frick Coke company.
The articles of ASSOCIATION OF the Car
negie steel company, limited, as a linn
ited partnership organization, expire by
limitation April i. 1901, but the change
contemplated VIII be effected before
that date. The objection TO the corpo-
rate organization has been overcome,
way having been found by which de-
serving employees can be received into
the company from time 10 time upon
exactly the same terms as others. have
Deen admitted IN the past.
All the various interests, including
the II. g. frick Coke company, will re-
main as now, under Pennsylvania char
teTs, the steel company taking a Penn
sylvania corporate charter, instead OF
renewing its articles of limited partner
ship.
AS no charter can be obtained under
the laws of Pennsylvania. under which
all the various departments and inter-
ests OF the Carnegie companies can be
consolidated. IL Will be necessary TO OBJ
tain a charter under the laws of New
Jersey. which will enable the control of
the interests concerned wherever stu
ated, an any state or territory OF the
union. Other powers are also obtained
which are essential TO a concern whose
ssphere of operations has grown To en-
brace the mines and markets of the
world. with railroads and fleets. The
stocks and bonds OF the new corpora
tion, instead of being offered TO the
public, as once determined, are taken
by the present owners themselves. The
basis OF the corporation proposed last
year has been agreed To by all the par
ties and will be adopted.
The new company absorbs the stock !
OF the coke company. and thus all OF !
the coke company's stockholders be- |
come stockholders OF the new concern,
including M. Frick, whose interest in l
the steel company viii be thus protect !
ed, which Is satisfactory 10 all parties, |
The controlling partners expressing no |
desire TO gain pecuniarily by their re- /
cent action.
Mr. Carnegie has given President |
Charles NJ. Schwab his proxy to act as |
required, and Mr.. Schwab will continue
as the executive head of the new COM
pany.
The properties TO be included in the
reorganization OF the Carneg.e Steel
company. limited, and allied interests
are the following:
The Carnegie Steel company, limited,
owning the Edgar Thomson works. Bes-
semer. Pa. including Edgar Thomson
blast furnaces. Edgar Thomson foun-
dry Edgar Thomson steel works. the
Duquesne works. Duquesne. Pa. in
Guiding Duuuesne blast furnaces and
Duquesne steel works; the Homestead
steel works. Munhall and Homestead,
pa., including Besseiner steel depart
ment, armor plate department and Is
finishing mills; the Carrie blast furna-
ces. Rankin, Pa the Lucy blast furna-
ces, Pittsburg. the Upper Union mills,
Pittsburg the lower Union mills,
Pittsburg, the Larimer Coke works
Larimer. Pa. the Youghiogheny Coke
works, Douglas, Pa, the Carnegie Nat
ural Gas company. the Youghiogheny
Water company. the Mount Pleasant
Water company, the Yotter Water
company, the Union ltailrOad COM |
pany, the Slackwater Railroad COM
pany the Youghfogheny Northern
Railway company; all the coal and
coke property OF the IL. G. Frick Coke
i'm Fayette and westmoreland
counties, Pa. including 10000 acres OF
unmned coal, 10000 acres OF surface
mines. 1i.O0O coke ovens. 2500 railroad
cars and $500 dwellings; the Pittsburg |
and Connaut Dock company 436 per
cent. of the capital stock of the Penn
sylvania and Lake Erie Dock company, |
one-fOurth of the capital stock OF the
New York. Pennsylvania and Ohio
DOCK company; the Oliver Iron Mining
owning all OF the stock OF the ,
Iron and Land company;
all OF the stock of the Pioneer Iron
company; s0.3 per cent. of the stock OF
the lake Superior Iron company: 9S {
per cent OF the Security Land and Ex- I
ploration company; one-half Of the
capital stock OF the Pewah'c company: :
the Pittsburg Lime Stone company, I
limited; the Pttsburg Steamship COM :
pany including all OF it's vessels. prop
,rty. etc. II steamships and two barges
with carrying capacity OF 100000 {
tons per annum.