The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1900-02-20
A SUIT FOR MILLIONS.
IH. C.. Prick sues the Carnegie Steel
Company Immense Value and Profits
of the Concern.

Pittsburg, Pa, February 1s.-Henry
Clay Prick filed a bill in equity today
jim the court of common pleas No !. of
Allegheny county, against Andrew Car
lnegie and the Carnegie Steel Company.
Limited. 1t prays, first, for a decree
that the pretended transfer of his in
l~terests in the company was and is
null and void. and that he is still the
lowner of all such interest and in every
lawful way to represent and act for the
same, and TO cancel upon the firms
books any such transfer made or pre-
tended" and all entries ION such books
of insufficient, unfair and improper
valuations of the Carnegie Steel Com
,pany. limited. assets n OF plaintiff S
interests therein, requiring the books
to show real values. The petition
lprays for an injunction restraining the
defendants from any interference with
his interest in the company and from
Excluding him from participation in
its care and management.
In case the defendants shall refuse
the offers made by the pla1ntiff, and
shall refuse to continue the said bust
ness and allow hin TO participate in
the management and control thereof,
land of the properties of the Carnegie
Steel Company, limited, in conjunction
with themselves n shal insist upon
the exclusive management oy tnem-
selves of said business and assets, and
shall continue to exclude the plaintiff
from his interest in the business and
assets of the said firm, it is prayed
that the court will thereupon allow the
plaintiff to declare the said firm of the
ICarnegie Steel Company, limited, dis
solved, and appoint a receiver to take
Icharge of all the business and assets
of said firm, permitting said receiver
to fulfill unperformed contracts and to
do whatever shall be necessary in and
about the proper liquidation of its at
fairs, and that, after the conversation
iof the entire assets of the company
into money and the payment of the
debts of the said company, the courts
will then distribute the balance there
of among the partners in proportion to
their interests.
The bill in equity is very lengthy. At
tier detailing the growth of the great
plant, Mr.. Flick says in the Carnegie
FSteal Company, limited, Carnegie owns
I5Sb per cent. interest and Prick 6 per
Icent. The business was enormously
profitable and in 1899, the firm actually
made on low priced contracts in net
lprofits, after paying all expenses of all
kinds s21, 900, 900.
In November, 1899. Carnegie esti-
mated the net profits for 1900 at $40
IOOO, 900, and Prick then estimated them
ait S42, 500, 900. Carnegie avowed his
liability, in ordinarily prosperous times,
to sell the property on the London
market for $500, 900, 900.
In May, 1899, Carnegie actually re-
lceived in cash, and still keeps, S1,17G,-
900, given him as a mere bonus for his
NINETY days option to sell his 5Sk per
- sNLo.o- -. It, -4o@1 IVY n ~
ls157, $50, 900.
Frick's 6 per cent. on that basis
would be worth SIG, 23s, 900. Frick now
alleges, right at the height of this
Enormously successful business. where
by, ait least, in part, he made for Car
Inegie these enormous profits and
values, that Carnegie suddenly, and
with malevolent intent towards him
lon December 4, 1899, arbitrarily de-
lmanded of him his resignation as
chairman and this without reason, ex-
lcept to crafty C~arnegie's malice.
IFrick, in the interest Of h nony, gave
his resignation and s7~-bs"~"ently, and
lon the 18th day Of J2""r-. 1900, after
lCarnegie had thu den - him of his
Ioffice he (Carnegie) G-~-a~d0f of Frick
THAT he CFrick) should 50 a. the firm
his interest at a figure oh would
lamount to less than one-ha-f of what
this interest is fairly worth. Frick re-
fused to sell ait that price, but offered
Ito sell and allow three men to value
THE interest sold. Carnegie refused this
land left Frick, threatening him for not
yielding to his demand.
Frick alleges that ait this time Car
Inegia was fraudulently and secretly,
without Tricks knowledge or consent,
attempting to carry out a scheme,
(which, if successful, would enable Car
Inegie to confiScalte Tricks interest in
the firm Az probably not much over SO
per cent. of it's real value; that is say,
not over $751; 0O, 900 for what, on the
basis of Carnegie's option was worth
1916. 23S, 900. This scheme, Frick says, he
lean prove was ito revive and to rein
state and make operative an uneXecu-
tied and abandoned so-called iron-clad
agreement of 1887, which related solely
to the original Carnegie Brothers &
Co., limited, and never did include the
new firm of the Carnegie Steel Com
lpany, limited; and also, to attempt to
make binding on Prick another So
called iron-clad agreement Of 1892,
which Carnegie never before a exc
Icuted, which Henry Phipps had al
ways refused to execute and which
many other partners had never signed.
Carnegie induced some of his CO.
partners to sign the so-called agree
ment of 1892 ait a recent meeting and
then, without warning, sprung upon
Prick a notice, on January Is, 1900,
(which he has also caused his co-part-
ners secretly to sign n which was
based upon the pretended existence of
the o-called iron-clad agreement.
Carnegie followed this notice by COM
Ipelling, on February l, 1900, Schwab,
the president o. the company, ito ans
fer in the books of the all
Tricks interest in the Carnegie Steel
Company, limited, TO the said
and he now pretends that he CCarne-
Igie) can practically dictate to Frick the
value at which he will take these in
lterests. Prick says Carnegie, by ac-
lquiring 8 per cent. of Tricks holdings,
Jas proposed. would make a net profit
Iof about SIS, 900, 900 off that transaction
Ialone.
ROOSEVELT NOT A CANDIDATE.
Albany, n. Y, February 12.-Govern-
or Roosevelt today gave a state
fment relative to the vice presidency. in