New-York tribune., 1901-02-10
PRICK OR SCHWAB, WHICH?
WALL STREET THINKS THE FORMER is
LIKELY TO HEAD THE BIG NEW
STEEL COMPANY.

Beyond the confirmation from other high au-
,hority OF the facts already announced In The
Tribune, that a new corporation was 10 De
formed 60 hold the majority Of the STOCKS OF
the several great steel companies embraced IN
The plsn Of combinn ton which J. Pierpont Nor
san and his associates are now engaged IN
putting into final FORM and that Mr.. Carnegie
Is 10 receive bonds OF the new company IN pay
rnent for large part OF his controlling interest
in the stock OF the Carnegie company which ne
has sold 20 the Morgan interests at about 100
or 81 500 for each $1,000 share there were no
developments yesterday I'm the steel situation
Mr. Morgan did not come 10 his Office. and there
were rumors that ne was engaged IN steel
conference somewhere uptown. That seemed
natural enough. for the working out OF the oe-
tails OF vast an operation as the financing OF
the purchase OF Mr. Carnegie's stock and the
formation Of a gigantic new corporation. TO In
clude the Carnegie company and its largest COM
petitors must be task requiring continuous
and concentrated effort. In the financing OF the
acquisition Of the Carnegie company control Mr.
Morgan will II seems certain, need the co-opera-
zion OF the most powerful financial interests in
the city. and II is equally certain that that CO.
operation will he afforded him. With the or
yanization 81 the great controlling company VIZ
susIiy assured, Wall Street is busying itself
with speculation as to the identity of the man
who is 10 he PLACED al the head OF that cor
1ooration only two names are heard-those or
Henry c. Frfck the former chairman of the
Board Of the Carnegie Steel Company and
Charles NJ Schwab president OF the Carnegie
company AS between the two men. the pre-
vaiIing view is we'll expressed IN the following
article which appeared yesterday I'm a Wall
Street paper:
The feeling In Wall Street is growing that H. C
Tric Will haCOme 0
pany or Of any proposed amalgamation o. steel
OF fbe Greatest steel men which this country hps
produced. Up 10 the time OF his quarrel with Mr;
carnegie the latter frequently went on rsSoro IN "a
expressing his appreciation Of MT Flick Ihe s nMo
occurred in Atlantic City when MI Frick. athough
retiring from active management of the tarnegie
company. virtually victory, because his
claims and contentious were allowed
For about a year and half Mr.; Frick has re-
auarrei ne stated i am out of business at pres
snt," with emphasis on ths last two ~oras, Later later
oiates. they secured al option on the Carnegie
property. and because OF failure OF negotiations
lost clean Sl.Oe0O0o which was pocketed by Mr
Later events have witnessed a disposition 10
press heavily against the Carnegie company.
entered directly into The production Of their own
raw material As a result, the Carnegie company.
protect itself would have been compelled TO re-
salste. This step was necessary for supremacy. or
have had 10 fight Inaded the steel industry and
railroads Mr. Carnegie. it is believed was too old
q man TO undertake such a campaign. and preferred
70 make the best terms which he could secure.
Mr.. Carnegie stood 10y his favored associates
Yong as possible, but virtually says 10 Mr..
Schwab and other officials: Il have held out IN your
anterest long possible have made you all
wealthy, but must now retire" The figure about
10 loom up is Mr.. Carnegie'e enemy. Henry c.
l1rick ii seems Impossible that. after playing
waiting game so long. he would he willing stand
aside. Mr. Frick. outside OF a Carnegie would
DE a powerful factor I'm the steel trade Further
more. he has always had the backing OF Mr.
Morgan who has purchased the Carnegie stock
An interesting report. printed in THE Herald"
yesterday. after figuring out that Mr Carnegie
upon his retirement from active bushes would
hare an annual income OF about S150ooop0
quoted him as saying u a friend: Il calculate
upon a million a month for libraries and or
Sans'-the organs. il was explained. not being
church instruments Mr.. Carnegie. il Is pointed
out. however, although constantly making gifts
for public uses. has never reached a total Of
anything like Sl2!WbNO in any one year in the
past; and even IL he disburses that enormous
sum annually hereafter. and no more he win be
IN imminent danger 0f meeting the disgrace the
Year OF which il understood To haunt him the
disgrace Of dying rich.