New-York tribune., 1901-02-17
FRAMING STEEL CHARTER
WALL STREET OPINION STILL TO THE
EFFECT THAT u. C. FRIcK WILL
HEAD BIG COMPANY.

The closest secrecy regarding the details Of the
steel consolidation is still maintained by the men
most Immediately concerned with the organiza-
sion % the projected corporation. but Il is un-
derstood that the negotiations have advanced so
far that the charter Of the new company Is being
drafted II was reported yesterday that rhe
Tinted States Steel Company" had been settled
upon as the style 81 the consolidated company,
which is 20 DE incorporated under the laws Of
New-Jersey: but there is reason 20 believe that
definite decision has Yet been reached as TO
the name. II was also declared that the com
pany would have Ss0O0oo000 capital, hut no
confirmation of the accuracy Of these figures
could be obtained yesterday, The rribune's
Pittsburg advices a few days ago. IL may be re-
membered put the probable capitalization in
stock at S9500000U0.
one of the Wall Street news agencies which
Is said often to reflect the views of some Of the
principals in the steel negotiations stated yes
terday that the American Steel and Wire di-
rectors Thursday submitted TO Mr.. Morgan
statement showing the companys condition. this
having been requested as a basis upon which
10 make terms. Mr. Morgan, the same au-
thority says. announced 10 the Steel and wire
directors that he would not he ready TO make a
definite answer their proposition for several
days Statements Of the other companies in
terested are said 10 he in the hands Of Mr. Nor
gan now, but because Of the magnitude OF the
undertaking Il VIII take some time 20 arrive al
a complete understanding.
II is suggested that the delay in announcing
the completion OF the combination is partly due
10 opposition 10y certain stockholders, who fear
that the individual companies in which they are
interested may be required 10 surrender all
rights as constituent companies. To this the
answer is made that each company will have
~, rcrfae,p
There were no developments yesterday as 10
the basis on which the securities of the COM
panies included in the combination plan are 20
DE exchanged for stock u the new company, hut
the common stocks Of some of the steel COM
panies showed decided weakness, on the rumor
that they would probably be considerably scaled
down. Tin Plate and National Steel common,
however. showed marked strength
There Were reports that Mr. Carnegie was to
get 81 800 a share for his holdings and not
81 500 as had al along been understood. but
these reports received less than complete
measure OF credence IL is generally rumored
that the minority holders who sold outright
their Carnegie company stock accepted much
less than 81 800 a share for IT, A story
heard yesterday that Mr.. Carnegie had received
"a good deal more than S250o0NO in cash" IN
part payment for his stock. and that this vast
one or two local banks experimenting this
rumor another TO the effect that he had
been within the last few days a heavy purchaser
OF standard securities of various sorts.
Perhaps the most formidable Of the problems
presented in the project for combining into one
= huge company the most important OF the pres
Aent steel corporations has been the choice Of an
NecutiNe head for the colossal enterprise now
Hso nearly organized. There is good authority,
Indeed. for believing that even Yet absolute
decision has been reached this Vitally Inn
portant point, although IL is still thought that
the choice of tho controlling interests viii fall
on Henry {. Frick the man best equipped. IN
point or executive ability, maturity Of judg-
ment, poise Of character ana intimate familiari-
~ with the steel trade. for assuming the tire
mendOus responsibilities OF the presidency Of
the new corporation.
Pittsburg, Fec. l6-President c. NJ. Schwab
and ID. G. Frick expected home from New
York tomorrow morning. after spending the
greater part OF the week IN that city in con-
nection with the Carnegie Morgan deal II is
said in some quarters here that Mr.. Schwab was
really the man who cOnsummated the great con-
solldation, In that a number Of matters came
up that seriously Threatened To Overturn all the
negotiations. but that these obstacles re-
moved by the tact OF the Carnegie president.
ID, {. Frick has been in NeW-YOrk looking az
Ter the interests OF the minority stockholders OF
which he is one OF the largest. BY the arrange
ment made II is said that Mr.. Prick will receive
s22Foeo in preferred stock and SD .5Uo.ooO in
common stock. In the same proportion the cap
ital Of the Carnegie company win increase from
Sl6o0eo 600 20 S4S0ep0o00