Fort Mill times. [volume] (Fort Mill, S.C.) 1892-current, 1901-02-13
GREAT STEEL COMBINE
President Gary, of the Federal Com
pany, Issues Statement.
WILL NOT ANTAGONlZE THE LAW

the Promoters OF the Billion-DoII,r
Trust Do Not Fear Popular Cutlery
The Financial Problem Is the Op.
Obstacle eEncountered-Object e.. Only
to Secure Pcrmanent Harmony.
New York Cit..-It is now beyond
6iSpute that the men engaged in form
lng The great Steel Trust. for which the
holdings of Andrew Carnegie i'm the
stock Of the Carnegie Company are to
form the basis. are not only seriously
considering the idea of Il single giant
corporation. under the presidency of
Charles NJ. Schwab. but are proceeding
without letting the thought of popular
hostility to trusts weigh in their plans
at all.
Prominent banking firms of the city
nave been tentatively sounded as to
their Willingness to share in the under
writing necessary 10 form such biz
corporation. II is thoroughly possible
mat The giant corporation project nav
be abandoned for that of Il working
agreemcnt-which would he in effect
I giant trust of several corporations
Gut If the former project is abandoned
II VIII be not because of the fear of
popular opinion. but because of the
practical difficulties in financing Il
company Of such large size. Enough
has been learned To Justify the state.
mcnt That the bogic OF outcry AGAINST
trusts is being diSregardcd The pub
lie is thought 10 have taken the whole
matter calmly.
y member of banking house on
friendly relations with ]. Il. Morgan
Co, when asked about this matter.
! said:
what can the public do about it.
anyway? Hostile legislation. do you
say Nonsense. The Government
cannot tax one industry at the ex-
pcnsc of another Tie men who have
That score. in my opinion
Well, what about the financial diff
.ultY:' was asked
The whole scheme would not re-
luire an enormous amount of actual
ASH said he. "Therc are no insuper-
able obstacles. There are the usual
obstacles of getting each concern to
value its stock M no more than it's
proper proportionate worth. You meet
that difficulty in every consolidation"
The first statement in regard to the
purchase of control of the Carnegie
| Steel Company to have IN official
stamp was made by Judge f. H. Gary.
President of tho Federal Steel Com
pany. President Gary said that the
announcement was made on his own
| responsibility. but ii is taken for grant
ed that he speaks with authority
The text of tie statement is rs fol
lows:
'McsSrS J. +. Morgan & Co. are un-
/ fouhtcdiy considering plans for the ac
/ luisition of the properties of some OF
the largest iron and steel companies Of
;hiS country. Presumably they viii
aot make or authorize any official
statement until after the plans are per
tectcd. 1t iS probable there will he
fIch ownership or control rs to secure
bcrfcct and permanent harmony in the
larger lines of this industry. 1t is NOT
Intended however TO obtain control Of
any line of business or to create any
monopoly or trust. or in any antagon-
lze any principle or policy Of the law.
Tile method TO he adopted in ac-
uuirinG properties will not permit any
minority stocl; interest to Interfere. if
such StockholGer were so disposed.
which is not probable. as his pecuniary
interest will influence him otherwise.
He will bc fully protected in any
event. The success of the enterprise
will result in great benefit to the in
vestor in securities. the consumers and
HE workingmcn or employees. Little.
If any new cash will he required and
therefore the present financial condi-
ton will not he disturbed
This statement is made solely on
/ my own SpOnSibility.
I,
stockholders is regarded as significant.
The statement tat they VIII not he
allowed TO interfere IS supposed 10 he
for the heuclit of Mr. Fricll and his
friends. who are minority holders in
! The CarncCic CnmnnnV