New-York tribune., 1901-02-16
WORKINGOUT THE DETAILS
SETTLEMENT MADE. 1T Is SAID. WITH
MINORITY HOLDERS IN CARNEGIE
COMPARTMENT MIR. CARNE-
GLE MAY RECEIVE.

Just how soon official announcement will be
made Of the formation Of the projected vast
steel combination cannot yet he learned hut it
is reported that the anxiously expected state
ment may be issued for several days. 1t is
/ generally understood that the consolidation is
virtually certain TO he effected, but the working
out Of the preliminary legal details. which is en-
gasing the almost continuous attention of the
general counsel Of the companies most vitay
interested is task of great magnitude.
The Carnegie Steel. Company as such has
, ceased to exist except by courtesy" said high
official of the American Steel and Wire Com
pany yesterday afternoon, his statement imply
ing that all details the transfer of control of
that company to the Morgan syndicate have
been completed. and that the only delay in max
ing complete and final announcement is due to
matters affecting the other companies which II
is believed will be taken in
There is good authority for the statement that
the minor: stockholders of the Carnegie com
pany have IN holding meetings at an uptown
hotel and that such a meeting was held yester-
Gay which was attended by representatives OF
Mr. Morgan. At that meeting it is said
definite settlement made with the minority
holders, some of whom received checks in pay
ment for their stock, while others contracted to
exchange their holdings for common and pre-
ferred stock of the new corporation
A question which deeply interests many men
in Wall Street is that of the valuation which
the shares Of the other companies will be
changed for the new stock; but this point
ray of light has yet been shed. The rumor OF
Thursday that Mr.. Carnegie had received
S2'osstoo0 check in part payment for his stock
was wholly discredited yesterday, record
OF such a check visible in the Clearing
House returns. Another report, current yester-
day afternoon, was that S22,50O.pO cash had
just been paid Mr.. Carnegie. II is still thought,
however. that he has agreed To take much
smaller amount in cash. one Of the most per-
siStently circulated rumors of the day to
the effect that certain Steel and Wire stock
holders are demanding better terms than the
syndicate may fit grant II believed,
however that any difficulty in that quarter
would he overcome. Mr.. Morgans private office
In the Mills Building was the scene Of another
conference yesterday afternoon. but no informa-
ton bearing upon the combination OBJ
tainabe there from any other authoritative
source.
Pttsburg. Feb. 15.-"The Pittsburg Leader"
will say this afternoon that from q trustworthy
source II learned that the deal with Andrew
10 Mr.. Carnegie of SD 5ooOpO IN cash. He is
TO receive in addition 81. 800 a share FOR his
stock and Will be paid in bonds The minority
stockholders win be paid in stock in the new
company. receiving l5o per cent each of the
common and preferred shares. The same au-
thortty says the officials OF the other companies
have submitted financial statements. and the
upon which they VIII be taken Tito the combina-
tion. If the statements are acceptable. the
stockholders will receive certificates in the
company in exchange for the old ones