Evening star., 1901-02-07
THE NEW STEEL COMBINE
A BILLION DOLLARS REPRESENTED
IN THE DEAL.
&. NJ. Schwab of the Carnegie COM
pany and the Morgan interests
at Its Head.

The New York Evening Post announces
the Carnegie sale as an accomplished fact.
The Post says:
The leading participants In the deal on
the purchasing side were reported to be
c. NJ. Schwab, now president of the Carne-
gle company, and a trusted friend of An
drew Carnegie. and banking interests rep
resented by j. p. Morgan & Co
What further scope the deal might have
was subject of conflicting Information
representative of the Carnegie interests
asserted today that an arrangement mao
been practically consummated whereby the
Carnegie Steel Company. the Federal steer
Company, the National Steel Company ana
the American Steel and Wire company
would combine and be opcra'eu uiiuci 'iie
same management
tered in the remaining negotiations, the
amalga nation scheme Will go through Win
an enormous capitalization w heIher 81
OOU 600 900 would be required to hoat the
enterprise the Carnegie representative
could not say. 1t is understood that the un-
dertaking has the backing of the Carnegie
Morgan and Rockefeller interests;
The president of an institution closely az
fiIiated with the interests allied in the VEN
ture was asked: VII,
"As a banker. do you believe New YORK
banks will be willing to finance such an ell
no one knows" was the reply. The
prniect is too colossal for ordinary MINDS
10 grasp l have not grasped II mysell
yet, although am famlllar WIN 'ie ou'
come of Yesterdays negotiations ,.
Equally significant, perhaps. was TINS
statement from a banker of prominence
associated with the Carnegie interests:
..If the affair means the financing OF d
s1O0 600 OOO or S15O,OOO,O0O venture, the
banks can readily put it through. Condi-
tions are more propitious than when the
previous proposition for great conpllla-
fion of steel interests received my ASSEM-
two wears ago Then 1 was perfectly Will
ing to accept the plan as formulated,
'If it was reasonable then IL ousn. 70 -
ne wise now A bilion-dollar company IL
surh Is contemplated. means scarceIS d
1worter of that sum in actual cash Per
hans considerably less than a quarter
would put IT through. and an eh,eTplise
hacked by the Carnegie, Morgan ana rloch
efeller interests would overcome any op
position that Such Il sCileHe "
rily encounter ,..,,,,, &c the
ITO my mind the undertaking VI.
most brilliant close to a remarkaoie JUS JUS
ness career Mr. Carnegie has had sense
anoueb TO see that the steel situation OF
the United States had gotten peSohu .he %
domination of any single man anu ,ii.. .nu
wise course 10 pursue would De a hil IiioiS az y
arrangement' of some sort 10 prevent oi9-
as,rous connection and protect ms own
interests This, l happen TO know. mas peeh
his aim for months. and if 1t was accom-
plished at yesterdays conference 1t is ''i-
deed n notable achievement
The companies included In this system
of harmonious steel Industries besides me
Carnegie company are the folloWlhs' Gu
eral Steel Co, S10.O0.WO common stoCh oan
and 800 900 GOO preferred tof this Sio'4S+'oo-
common and S53 2j0, 900 preferred STOCK gre
outstandingl; American Steel ana wire
Company, S50.00OOO0 common ana s4o'ooo'-
600 preferred stock. all outstanding Ma
tional Tube Company, S4OOOo,0o0 each OF
common and preferred stock all ISSUED
ard the American Bridge Company, 500
COO 900 each of common and preferred STOCK
of which 5052I 800 of each has been Is
sued ,
The Moore group includes the National
Steel COMPANY with S:;2000.0o0 of common
stock and s2T.O00.OOO preferred all issued
the American Tin Plate Company, S5o,op
600 common and 500 600 900 preferred stock
with SOS 600 900 common and S1S,:2o,oOo pre-
ferred stock issued; the American SteeI
Hoop Company. S19,0OOOoO common ano
S14 100000 preferred stock, all issued. anG
the American Sheet 8 eel Company. S26.VD.
600 common and S2i,To.o~ preferred SOCK
with SofjoO 600 of each issued.