The St. Louis Republic., 1901-06-23
CHANGES PLANNED
IN STEEL TRUST.
Carnegie Steel Company May Alb
sOr5 the National for Eco
nOmical Reasons.
REPUBLIC SPECIAL.

| REPUBLIC SPECIAL.
| New Yori. June q. There has Ieen mGC n
| comment I'm financial circles cf the an
| nouncement that tho stockholders of the
| National Steel Company VIII be asked to
vote on proposition 20 lease their property
| as whole TO the Carnegie Steel Company.
The meeting at which action will he taken
| will be held on July . in Eas: O.aL:r. y.
| j.. the corporate Offices of :he comoa ny.
The terms Of the lease have not been ar
nounced nor the views Of the minority
| stockholders of the National Steel Company
as to the future results of such a proceed
ing.
The stock Of the National Steel Com
| pany with the exception o few thousand
| shares. was deposited undc- she terms of
the merger with the United Stats5 Steel
Corporation. and the latter company n"w
controls practically Ill the stock. 1t IS PIE
sumed that the necessity amount ~ rtJcl.
will be voted by that company to insure the
success OF the project of leasing the Ma
tional Steel Company 10 the Carnegie Steel
Company. Whatever objection may develop
to the furtherance OF TIE ;ar will evriertiy
come from the minority stockhoide;s. Who
will naturally take some exception to the
plan of allowing ano.her and what was
formerly a competitive company II operate
il under the belief tina: it Will not be to
their advantage as s;o ,khclders. but to the
advantage OF the United States Steel Coz
poration. of which both companies are now
constituent parts.
The reasons given by officials of the big
steel trust for the plan .. LEASING, the i.a-
tional Steel Company TO the Carnegie Com
pany are mainly those OF eccEUiDy. The
only competitor which the Carnegie Gem
pany possessed before ;i,e United S,aics
steel Corporation was formed wa. the Ne
ING axx..H. H.,e.xr all
the forms Of steel. Including b;iiets. tails,
tngots. structural forms anG sheets
1t Is now Che intention OF President
Schwab Of the trust to unite the two COM
panies and operate ali tine different prop
critics Of the Two companies as II they were
one concern. The minority stockholders Of
the National Steel Company may point out,
however, that under the old conditions the
management operated the properties to the
best advantage and for the most profits to
the stockholders. but under the new plan
the mills and plants will be operated just
as the Carnegie company sees MT
II may be of interest in this connection
to mention the fact that steel authorities
in this city state that the resignation OF
President Wick Of the National steel COM
pany hastened the launching Of the scheme
to least the property to the Carnegie COM
pany. Mr.. Wick became very wIOth over
the suden change in the plans to locate
the main once Of the National Steel Com
pany at Pittsburs instead of at Youngs-
town. o. When he received this informa-
tiOn he forthwith resigned. His resignation
taxes effect on July !.
The news that the National Steel Company
will be leased to the Carnegie company has
given rise to the report that the same pro-
ceedings may occur with the American Steel
Hoop Company. Kumor also has 1t that a
consolidation Of the American Tinplate
Company and the American sheet Steel
Company may also take place. SO far there
has been no Official confirmation of these
reports. and II 10 said In local steel circles
that It Is unlikely that this will be done
for some time yet.