New-York tribune., 1901-01-15
PEACE IN STEEL EXPECTED.
WALL STREET VIEW OF THE REPORTED
MORGAN PROJECT TO BUY CAR
NEGIE HOLDINGS.

The principal topic of conversation in Wall
Street yesterday was the reported project Of j.
Pierpont Morgan for purchasing Andrew Car
negie's stock in the Carnegie company. as out
lined in The Tribunes Philadelphia advices on
Sunday. Those who We're inclined to discredit
the story. and they not many, spoke of the
immensity of the sum of money irvolved-for
Mr. Carnegie's stock holdings aggregate
nearly $S1 100000 par value, and their market
value is many millions mOre-and of the pride
of the great ironmaster in the splendid prop
erty which he has built up. But it remem-
bered that long ago the spring of 1899
Mr.. Carnegie expressed his willingness to sell
to his young partners his entire interest in
the steel works. and that the negotiations, con-
Quoted by Henry C. Frick for the prospective
purchasers at one time seemed certain TO be
successfully concluded. having fallen through.
it has always been understood. because of Mr.
Frick's inability to raise the amount required
to finance the transfer.
Mr. Morgan. it is generally agreed. could raise
the necessary funds with the minimum of diff
Guilty. Mr. Carnegie, in speaking in May. 1872
of the reasons animating him in desiring to re-
tire from business-the sale being at the moment
regarded by both parties as virtually settled
fact-said in London dispatch:
II sold in pursuance of a policy determined
upon long ago. not to spend my old age in busi-
ness, struggling after more dollars. 1 believe in
developing a dignified and unselfsh life after
sixty"
Nearly two years have passed since that time.
and meanwhile Mr.. Carnegie, the plans for his
withdrawal not having been executed, has con-
tinued at the head of the colossal enterprise
which bears his name and has advanced it to
a place definitely more commanding and power
full His desire for repose and additional leis-
ure to devote himself to the pursuits of phi
ha OSa1 iS Sfr
to-day that it two years ago. and it is also
readily to be believed that he feels that the
interests Of the giant business which he has
built up would be safeguarded and conserved
by Mr.. Morgan Mr.. Carnegie was quoted yes
terday in The Evening Post denying that
any actual effort had been made by Mr.. Morgan
and his associates to acquire the Carnegie prop
erty adding. in response to further question
as to the report that the Morgan interests were
preparing to form a general combination in the
steel trade:
The idea is in the air. just as railroad COM
bina tion is; but it is only idea-what COM
bination it would make,
Mr.. Carnegie went on to say in this interview:
The Carnegie company is not in the market
Ii is prepared to do business Of course. but al
ways in a friendly cooperation with others.
1t is no aggressive, quaTrelsome concern l see
no reason 10 believe that competition in any
business can be permanently prevented unless
by patent or control or raw materials. Even
the railroads will soon quarrel and the gentle
mems agreement go to pieces. This is human
nature.
An interesting and significant comment upon
these expressions of Mr. Carnegie is made by
a described by The Evening POST as "a
representative OF the Morgan interests who is
director in several OF the great steel ccmparies
now controlled by the Morgan people" this man
saying:
You ought TO be able to read between the
lines. surprised that Mr. Carnegie has
said much he has. What a combination
that would make, II you were to ask a young
woman whether she were engaged to a certain
young man, and she replied NO. But what a
combination it would makeI" do you think she
would mean that advances We're unwelcome? Mr..
Carnegie is simply waiting for Mr.. Morgan to
come along with money enough
He says plainly enough in his answer that
Barkis is willin'. He says:
1T is in the air''-a favorite expression. He
said it three days before the settlement of the
Carnegie company trouble. I should not be
surprised TO this whole deal consummated
within three days. The negotiations have been
going on between Mr.. Morgan and the repre-
sentatives of Mr. Carnegie. Mr. Carnegie must
have told Mr.. Morgan that he is willing.
Would the purchase of the Carnegie Steel
Company mean that the railroads. the coal com
trolled by one community of interest'?" was
asked OF this director.
by one man." the answer
DO you mean, it asked, that Mr..
Morgan has at call money enough TO buy all
the railroads, the coal roads and the steel COM
panies?'
Yes was the answer. His own money and
that of lnen who willing TO trust him, and
TO whom he issues certificates in place of their
money. When this combination is completed
]. p. Morgan will be the absolute head of il ALL
And truly. Mr.. Carnegie says, what great
combination it will be-"
Coincidently with the report that Mr. Morgan
is contemplating the purchase of control of the
Carnegie Company, an operation which would
make that corporation. the Federal Steel Com
pany and the National Tube Company allies.
with the Moore properties in sympathy and
propaDly cooperating with them. there are
heard rumorS of war in all quarters of the steel
Held The Carnegie Company has already
announced its purpose to construct a great
on Lake Erie. which point is connected
with Fittsburg by railway owned by
the company; and there are vague rumors
that 1t may extend its operations to the manu-
tacture or wire, thus antagoniZing the American
steel and Wire Company and of other steel
products. The rumOrs long heard of Mr. Car
negie's intention to build his own railroad TO
tidewater. because of his dissatisfaction with
the freight rates imposed upon the Carnegie
company, are becoming more specific. and II is
now declared that he is to build q line from
Pittsburg to Wheeling, using from the latter
point to Toledo the Wheeling and Lake Erie
road, and VIII construct new line from Pitts
burg to Baltimore as the Eastern end of his
proposed trunk line.
The annual tonnage of the Carnegie COM
pany in and out of Pittsburg aggregates the
enormous total of 100000 tons. about 12-
oOO.OtO tons being material and So 800 ono
tons manufactured product-a tonnage vastly
larger than that of any one of several important
railway systems But If the Carnegie company