Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1901-02-06
FEARED CARNEGIE
A THORN IN THE SIDE OF THE
STEEL COMBINE.
TO CONTROL HIS INTERESTS.
Colossal Union of Iron and Steel
Works-Nearly Billion Dol
lars Capital.

New York. Feb. 5.-The TRIBUNE ssays:
The ,tojects of John Pierpont Morgan
and the interests allied with him in the
purchase of control of the Carnegie
company was the assurance of peace, an
enduring peace. in the vast steal INDUS
try of the United States and this ideal
condition appears now to he virtually
an accomplished fact.
Mr.. Morgan has been an influential
factor in the Federal Steel company the
National Tube company and the Amer-
can Bridge company. and lattsrly, it
is understood. in the American Steel
and Wire company also. while the Moore
properties-the National Steel company,
the American Tin Plate company, the
Steel Hoop company and the American
Sheet Steel compauy-haHe shown
tendency to work in harmony with the
other corporations named. The Car
negie company has occupied a position
of splendid isolation ard has pursued
a general policy of entire independence
a policy which has been felt by COM
Pc ting interests and has involved the
constant possibility of the outbreak of
hostilities in some quarter or other, with
results probably disastrous to the weak
er companies involved.
The policy Of the great financial in
terests as represented by the name and
figure of ]. Pisrpont Morgan has in the
| railwa field been one Of harmonizing,
| it's guiding principle being that com
| munity Of control and it is probable
! that that policy will be adhered to in the
\ steel situation. In other words. it is not
assured that the often rumored billion
dollar steel combination will follow
/ upon the acquisition Of the control of
the Carnegie company. the probability
being that the Carnegie company may
| continue to be operated as a separate
! organization but in complete harmany
| henceforth with the other grcat steel
corporations. the policy of which is
shaped by the powerful interests which
| have now come into possession of the
| majority of its canital stock.
! Important economies can, of course,
| be instituted by the bringing of the Car
nege Steel company into line with its
| former competitors. both in operating
| expenses and through the practical
| pooling of manufacturing work and of
output, but the ''harmonizing of the
! Carnesia company" it is felt, will show
! it's greatest value in the future when
the demand for steel products falls off
and the margin of profits decreases. 1t
has long been an understood fact that
Mr.. Carnegie was Gesirous of re-
| firing from active business and in the
| spring of 1899 it was authoritatively
| stated that he had sold his interest in
| the Carnegie Steel company. but II. G.
| Trrick. to whom h had given the option
found it impossible to carry through the
operation and he and his associates for
feited 81 900 900 to Mr.. Carnegie.
The Carnegie company has $50, 900, 00t
stock and $3.50, oO0,Oo9 bonds. The com
S,1,
ested are capitalized as follows: Fed
eral Steel company, $10e. 100000 common
stock and 500 600 900 preferred: of thi:
$46. 4N. 200 common and s53 500 pre-
ferrad stock are outstanding: America,
Steel stock, all outstanding: Natona
Tube company, S40,GO0.0 GEO each of com
mon and preferred stock, all issued, an,
thu American Bridge company, $50 900 GG
each Of common and preferred stock o
which $50 527 500 OF each has been issued
The Morgan group includes the Inter
national Steel company, with s32, 90
in conlYnon stock and $27,0o0,0oo pre-
ferred, all issued. The American I'll
Plate company. $50. 100000 common an
so, COZ, 900 preferred, with $4,000, 600 com
mon and $3.50 900 preferred stoc
issued the American Steel Hoop com
pany, $4,000. 900 common and $4,000, Ol
preferred stock. all issued. and tn
American Sheet Steel company. $3.50
600 common and $26,O00.000 preferre
stock. with $24, 500. 900 of each issued.
Among the companies outside
these two groups are the American Ca
: and Foundry company. $50. 1000. 900 cen
mon and $50, GOO. 900 preferred. all ISSUED
the Pressed Steel Car company, wit
; $780, 900 each of common and preferre
stock. all issued and the Republic Iro
and steel company. with $3O00O.C00 con
mon and $4,000, 900 preferred stock,
which $27 .191 900 common and $50, 2O6, 81
preferred stock are outstanding.