Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1900-03-26

Pittsburg, March 23-The Carnegie
Steel company, limited, becomes a
stock company with capital of $780,
100000, the famous iron clad agree
ment' is wiped out and all litigation
between the partners in the Carnegie
company is dropped, while H. G. Prick,
former vice president of the company
virtually secures all he contended for.
These facts were embodied in an au-
thorized statement issued last night
by the Carnegie Steel company, limited.
Under an agreement just signed the
contest between Andrew Carnegie and
Fl. G.. Prick has thus been closed, the
law suits are ordered stopped and an
amicable 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 $3.50 100000. J
This result has been reached as che
tween Mr.. Prick and Mr.. Carnegie,
which continued for two days and
which finally eliminated in the sign
ing of an agreement, both for them
selves and their friends and those al
lied in business with them. The agree
ment covers not only all the points at
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 meeting Tuesday, at
which the contract was to be executed.
That meeting took place and there
were present Henry Phipps, Francis F.
Lovejoy, Lawrence G. Phipps, Andrew
Carnegie, Charles M Schwab, Andrew
NJ. Moreland, James Gayley, Thomas
Morrison and Daniel M. 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
gantic corporation. There were two
main points in the agreement.
First-That all differences should be
settled and all litigation stopped at
once.
Second-That those present, acting
not only for the firms which were in
litigation, but also for all their indi-
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 inn
mense corporation, Incorporated under
the laws of New Jersey, with a capital
of $350,000,000.
How far reaching these agreements
are is shown by the fact that they
cover not only the Carnegie Steel COM
pany, with it's $5O,000,000 of paid in
capital, Jul d1SO CnO COdI u11uOS, Iuc
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 co1os-
sal corporation. The details of the cor
poration were agreed on, and the vari-
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