The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-02-09
STEEL DEAL DEVELOPMENTS
Continued From First Page.)

|
L------------
especially the stock acquired by the
Carnegie company, all of such stock to
constitute the collateral of the new
| bonds which shall be issued to Mr.. Car
negie and to such other of the present
Carnegie company stockholders as may
wish to sell out with him.
| 1t may be stated on what is practi-
cally authoritative that the full details
of the proposed scheme of financing the
big transfer had not been completed up
to a late hour this afternoon. but the
general outlines of the plan, it Is said,
do contemplate either the Issue of bonds
or q system Of notes guaranteed IN the
manner already described. 1t was pro-
posed during the negotiations to-day
that plan of payment might be agreed
upon whereby Mr.. Carnegie should re-
ceive certain amount of cash and the
balance in notes of the underwriting
syndicate coming due at specified dates,
so that the transaction could be spread
over a considerable period of time, thus
overcoming the objection of possible
stringency in the money market.
Whatever the exact shape the finan-
cial transactions might take, there Is
little doubt whatever that it represents
the termination of battle royal be-
tween modern financial giants. The
contest itself may be said to have
grown out of the community of inter
ests'' idea or policy, which is now con-
trolling the railroads 1t started its
most serious stage as a result OF the
Pennsylvania railroads policy in refus-
ing cut rates in all directions regardless
of whether the shippers We're large or
small Mr. Carnegie had been used to
receiving favorable rates under an old
contract because of the immensely of
his shipments and he objeeted, it 10 said,
to the policy and the present gigantic
deal was the result.
I'm giving out the subjoined personal
statement with reference to the pending
steel deal, ex-Judge Gary, chairman Of
the board of directors of the Federal
Steel company one of the companies in
volved, said that he gave it out simply
because newspapers had insistently re-
quested it,
~. p. Morgan & Co. are undoubtedly
considering plans for the acquisition Of
the properties of some of the largest
iron ana steel companies IN tnlS cOun-
try. Presumably they will not make or
authorize any official statement until
after the plans are perfected. 1t In
probable there will be such ownership
or control as to secure perfect and per-
manent harmony in the largest lines Of
this industry. 1t is not intended, how
ever to obtain control Of any line of
business or to create any monopoly or
trust or in any way antagonize any
principle or policy Of the law.
1.-THE method to be adopted in acquir-
ing properties will not permit any mi
nority stock interests to interfere If
such stockholders are SO disposed, which
is not probable. as his pecuniary inter-
est will influence him otherwise He
will be fully protected in any event.
The success Of the enterprise will result 4
in great benefit to the investors in Sc
curities, the consumers, and the work.
ingmen or employees. Little If any new
cash will be required, and. therefore
the present financial condition will not !,
be disturbed. This statement is made
solely on my own responsibility"