Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1900-03-23
STEEL AND COKE KINGS
ISSUE A STATEMENT.
The Agreement Expla 1t
Will Terminate Equity
Proceedings.

PITTsBuRG, March 23.-The Carnegie
Steel company, limited, and the H. G.
Fricl1 Coke company authorized the fol
lowing statement:
The Carnegie Steel company, limited, and
the H. c. Frick Coke company, authorized the
following statement:
The partners of the Carnegie Steel company,
limited, and the stockholders of the II. G.
Frick Coke company have agreed upon plan
of reorganization, vesting the ownership and
control of said companies in one company to
be incorporated under the laws of New Jersey
The effect of the proposed reorganization
will be to terminate the equity proceedings in
stituted against the Carnegie Steel company
limited, and the H. G. Prick Coke company.
The articles of association of the Carnegie
Steel company, limited, limited partner
ship organization, expire by limitation April l.
1900, but the change contemplated Will be eff
fected before that date, as the future form Of
the organization has been under consideration
for some time, and the plan is now about fully
matured. The corporate form for the large
and growing business has been determined
upon in preference to the limited partnership
organization, for its obvious advantages. The
objection to the corporate organization has
been overcome, way having been found
by which deserving employees can be interested
and received into the company, from time to
time, upon exactly the same terms as others
have been admitted in the past.
All the various interests, incl.Sing the HI, 9
Friclz Coke company, will remain, as now, UNI
der Pennsylvania charters, the steel company
taking q Pennsylvania corporate charter in
stead of renewing its articles of limited part
nership AS no charter can be obtained under
the laws of Pennsylvania under which all the
various departments and interests OF the Car
negie companies can be consolidated, it will be
necessary to obtain charter under the laws
of New Jersey, which will enable the control
of the interests concerned wherever situated
in any state or territory of the Union. Other
powers are also thus obtained which are essen
tial to a concern whose sphere of operations
has grown to embrace the mines and markets
of the world with railroads and fleets, some
thing nev II contemplated when Pennsylva-
MAS present restricted laws We're adopted.
The stocks and bonds of the new corpora
ton, instead of being offered to the public as
once contemplated, are taken by the present
owners themselves. The basis of the corpora
ton proposed last year has been agreed to b,
all the parties and viii be adjusted, rendering
new negotiation unnecessary, but this Is -
matter of no public concern since no respon-
sibiities to the public whatever are incurred.
1t concerns the owners alone.
The new company absorbs the stock Of the
coke company, and thus all the coke conpany's
stockholders become stockholders of the new
concern, including Mr.. Friclx, whose interest
in the steel company will be thus protected,
which is satisfactory to all parties, the control-
ing partners expressing no desire to gain pc
cuniarily by their recent action.
Mr.. Carnegie has given President Charles NJ
schwab his proxy to act as required, and Mr.
ychwab will continue as the executive head of
Che new company.