The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-20

CLEVELAND Ohio Jan. 19.-According
10 story which was told in this city to-
day, Andrew Carnegie has presented his
Iltimatum to his competitors in the man
ufacture of steel. In it he insists, it is
said, that they either confne their opera
lions to the lines of work they now en-
gage in or else purchase his entire plant
for the sum of 5000. .000, 600.
If neither of these conditions is com
piled with a ruinous war between great
corporations is threatened, by which
prices of finished steel will be lowered to
4 point which they have not reached for
years and laill products will be sold upon
about the same basis that the raw ma
terial is now bringing in the open market.
The movement grows out of the recent
announcement of the Carnegie Steel Com
pany of its intention to build steel
tube plant at Conneaut and ship the prod
uct direct to foreign countries by the all
water route. When this announcement
was made the story was printed that
part of MIR. Carnegie's plan was to COM
pei the railroads to reduce their freight
rates from Pittsburg to tide water, and
another idea was to compel the steel con-
Germs to keer to their own lines of trade
and refrain from poaching upon his ter
ritory.
This warning was not needed, for since
this statement was made the intention
of the Federal Steel Company and the
American Steel and Wire Company to
build mills for the manufacture OF struc-
tural steel has been made known. In line
with this theory, he is reported to have
suggested either selling his plant to them
or an agreement in the nature of a pool
of the territory that will be binding.
This determination is taken as account
ing for the rumors that J. Pierpont Nor
gan intends to buy in the Carnegie plant.
Mr.. Morgan is virtually the head OF the
Federal Steel Company, or at least most
of the money invested in it went through
his house and the combination was
financed by him. John D. Rockefeller
and MIR. Morgan have been working to-
gether in railroad transactions and are
said to be associated in the newest en-
terprises.
Messrs. Morgan and Rockefeller are
sad to have received the proposition of
Mr. Carnegie to sell out his plant. The
heads of the Federal Steel Company are
then reported TO have approached the
heads of the American Steel and Wire
Company, the National Steel Company and
the National Tube Company, with the re-
suit that it is now said the combined forces
have taken a fifteen-day option upor ~
entire CARNEGIE p'Erts and ai Df Ar. Car.
0Hzies Interests tar sE-a 1aue10. .ls'
FhaH taf5 Cpsior expires is no. to'a n-t
&. ls sald that E hsF r.l n.T ,1r serer7.
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a is- "a oQerar ms BE- -GarHs-.
~ zee t1la as eIreaal 1.el
-sdr- os-l -- ll1epc- ler.E z#zra7 -.-.
e provided Boy ~ Aa.el- r-
ia 30 .eiic- -E -r
----~-- ..o.-. concerns having
money invested in it, the representation
being in accordance with the amount of
money expended. The money with which
TO meet this obligation is to be raised by
new bond issues OF the various concerns,
which will be offered on the market at an
early date.
From all that can be learned there is
still a great deal of uncertainty. as some
of the steel concerns fn6r that such a
plan OF operating the Carnegie plant
would be ruinous. Then, too ii is said
that the Federal Steel Company has re-
latlons with the American Steel and Wire
Company which are not pleasant. 1t is
predicted that some other arrangement
will Sc made by which the same results
will be obtained without the necessity of
putting up $500 600, coo.