New-York tribune., 1901-02-12

clared that he had agreed 10 accept only a very
small sum- in cash. less than 100000. The
bulk Of thu payment 10 Mr.. Carnegie. according
20 the best information obtainable yesterday Is
20 De- in bonds II the new company. The report
received ample covr0borstiOn last week that ne
To &c, $40 Cor his stock, or $500 FOR each
81 00O share which would make the amount due
him about $3.50 000000 Of which amount 1t may
be assumed $4,000 o0o or more viii he given
him in the new bonds. The Federal Steel Com
pany has underlying bonds aggregatng about
SIG 800 600 and the National Steel Company
about So .0o0 000. The total Of these three items
would he close 70 the amount Of sl60OO0Wo
which according TO the Pittsburg advioes' VIII
be issued 20 holders Of stock and bonds Of the
present companies. Mr.. Carnegie is also credited
with owning about Ss7 100000 of the Carnegie
company bonds. and these, ii would SEEM are
also to be exchanged for new bonds, leaving the
remaining portion Of the Sl60O00O00 Carnegie
company bonds about equal 10 the remaining
part OF the S3O0.OO0.0oO Of the new company's
bonds which Alr Morgan is reported 10 have re-
solved 20 issue.
The negotiations Of the Morgan interests for
taking over control Of the several companies
which Il is desired to have in the new corpora
ton are still proceeding, but il is said on eN-
celent authority that the plan in its broad feat
has already been carried into execution
That the American Steel and Wire Company Is
10 be a party 70 the arrangement has been
believed for the last week, a belief which was
confirmed yesterday by John W Gates He said
The consolidation win be a grand thing for
the companies ana for their employees. and a
grand thing for fhe railroads too. All the d.
rectors of the Steel and Wire Company, as far
know, heartily in favor Of H. No. l
don't know how soon the formal announce
ment win be made, but il will PROBABLY be wllhln
n few days
The impression continues 20 grow that Henry
Q. Frick win be installed the executive head
n the gigantic new company, although The
stories of Mr.. i iek's alleged efforts to cause
the retirement o. Mr. Carnegie from active busi-
life are net generally credited. What
recognized is that Mr.. Friek is executive Of
commanding ability. an iron and steel authority
Of almost unequaied experience and of great
sagacity, whose pTe-eminent capacity was fully
recognized by Mr.. Carnegie up 10 the moment
Of the irreparabie break in the relations be
tween the two men, and q man still in the prime
Of life; and from what he learned il is
Mr.. Prick who viii be found directing the gen
eral policy OF the various companies each work
ing in its field and supplementing the
tivities and the productiveness OF all the others
Mr.. Frlck registered yesterday at the Holland
House With him were several men who accom-
panied him from Pittsburg. and who are thought
10 be. like Mr.. FricS, large stockholders in the
Carnegie company. Several efforts were made
10 find Mr. Frick, but all inquirers We're told
that he had left the hotel soon after engaging
his rooms ano had not returned. Mr.. Morgan
was also absent from his home during the
evening.
II was said on good authority that late yester-
day afternoon there q conference Of the
Tor the purpose Of discussing the offer made 10y
Mr.. Morgan in regard to the taking over OF
their Ctock. Ii was reported that last evening
a secret meeting was held 10 60 over thoroughly
the steps which have thus far been taken and
10 outline the final moves which viii bring the
immense transaction TO a conclusion.