Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1901-02-19
BOUGHT A RAILROAD.
C., L. & w. Purchased by Steel
interests.
FEDERAL PEOPLE In MAJORITY
The Carnegie sale said to BE 4ractlcaaiy
Accomplished Minority said To BE
satisfied Morgan Objected to Water In
stocks of some other Concerns.

Stocks of Some other Concerns.
New York. Feb. 19.Th Times was
expected today 70 say Ia part:
One important step has been taken
incident to the formation OF the great
steel combination. That colossal un-
dertaking proposes more than merely
the consolidation of leading iron and
steel making plants. That is most
important and by far the biggest
thing in view, but the plans under
way are comprehensive enough to in
clude the requirement of control of
certain coal and iron railways operat
| ing in what will be the iron and steel
| territory. This first reported accom-
| plishment appears in the purchase of
control of the Cleveland, Lorain and
Wheeling railroad. Final details in
| this transaction were completed on
| Saturday and yesterday (Monday) at
the banking offices of Blair & Co. and
j. p Morgan & Co.
'In the syndicate which now ae-
! quires the property Federal Steel in
| terests are prominent. The most inn
portant members of this syndicate
are Norman e. Ream and Fl. II. Por-
| ter, of Chicago, and Arson Il. Flower
and j. F. Morgan"
! Pittsburg, Feb. 19.-It was an
nounced yesterday In authentic Pitts
| burg sources that the negotiations for
| the absorption of not only the control
| but the minority of the Carnegie
Steel company by the Morgan inter
ests had been concluded. that the OBJ
! jections of stockholders of the Moore
companies to the valuations placed
| upon them had been overcome by
| heavy purchases of preferred stock
| by insiders, that only necessary ma
| jority of the various capitals would
| be acquired and that the properties
| would be absorbed on basis of mo
| water"
It was stated positively by those
who know and who are to be relied
upon that no objection will be made
| by the minority Carnegie interests. as
| they have been guaranteed satisfac-
| tory treatment at the hands of the
Morgan syndicate. 1t was said that
before Mr. Carnegie signed the OPP
ton to his control he stipulated that
all of his young partners should be
satisfied before the sale should be
| consummated.
/ The morgan interests offered 81, 800
/ of preferred stock in the new com
pany to be formed, with an equal
| amount of common as a bonus, for
| each $1,000 share of the Carnegie
| company This proposition was sub
| mitted to the Carnegie stockholders
of the Carnegie faction" last Mon
| day by President G.. NJ Sehwab, and
/ it was stated by an official that no
| dissent was made. 1t is now under
stood that H. G, FricR and Henry
| Phipps. Jr.. acting for the old % per
| cent minority came to an agreement
in New York ON Saturday and that
| the terms TO the other stockholders
are satisfactory to them 1t was
stated positively last night that the
Prick minority was satisfied and that
| the deal so far as the Carnegie com
pany is concerned has been closed
| EX-Judge James Fl, Reed, princi-
pal counsel for the Carnegie company,
was summoned to New York ON Fri
! day, and 1t was stated yesterday that
! his presence there was to close the
! deal for the Carnegie company and
| prepare and oversee the legal papers.
| Mr. Frick and Mr.. Schwab did not
return TO Pittsburg and other stock
! holders here expect to leave tomorrow
| to participate in what is believed to
| be fra. conference. 1t is believed
| in PttsHarg that the deal viii be
ratified iii New York tomorrow or
| Thursday and that all will be ready
for announcement before the end of
| the week.
The Moore companies We're said to
| have been responsible for the delay
| that is known to have existed in the
negotiations One interested in the
| transaction said yesterday that Mr..
Morgan insisted that the stock of the
Moore companies as well as all 9TH
| ers should be taken in with the I'M
Outstanding that the common stock
was to be regarded as water" The
Moore companies especially rebelled
against this and concerted and heavy
buying of preferred stock was nee
essary on the part of the insiders to
gain absolute control This was done
yesterday and the heavy sales of
common stock were made by those
| having knowledge of the plan or the
general assumption correctly taken
that the common shares would depre
Al. T.
public
NEW SCHOOL APPROPRIATION SUIT.
Another Action Brought-Date Set For