Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-02-12
WALL STREET GOSSIP
| WAS STARTED AFRESH
BY THE ARRIVAL IN NEW YORK OF
HENRY c. Prick, FORMERLY
CARNEGIE'S PARTNER.
J. P. MORGAN GREW EMPHATIC
IN HIS DECLARATION THAT HE
HAD NOTHING TO SAY ABOUT
THE STEEL COMBINE.

NEW YORK, February 1.-THE arrival
of Henry c. Frick in this city to-day
started the gossips in Wall street dis
cussing afresh the steel trade negotiations
and the prospects of bringing them TO an
early and satisfactory conclusion Mr..
Frick was reported to have had confer
ences with several persons interested in
railways, iron mines and steel mills, but
no positive official information could be
had even on this subject j. P. Morgan
himself, when seen, reiterated with some
emphasis that he had nothing to say and
that when he did have anything to say
he could be relied upon to say it.
One of the rumors growing out of the
movements of the steel magnates was to
the effect that sale of the Carnegie
company was not contemplated, but that
rather a division of territory was planned
on a pooling basis and that peace nego-
tiations among the great steel companies
was what was really aimed at. Upon
this subject there is no information avail
able save the recent statement from ex-
Judge E. H. Gary, president of the Fed
eral Steel Company. who gave out a type
written statement to the effect that j. p.
Morgan & Co. are considering plans for
and steel companies of this country.
The point of interest at the present time
appears to be whether a pool or a great
steel combination is contemplated. Ac
cording to the latest Wall street story
MI. Carnegie is to take from the syndi
cate, which is to purchase his stock, col
lateral trust notes with a guarantee of
certain dividends not yet agreed upon.
The stock, so the rumor goes, is to be de-
posted and the dividends are to be left
to accumulate to pay for the stock. Those
i'm tnT. efs
it is claimed, also to purchase interest in
certain other companies, though it is not
clear as yet what these companies are.
1t is generally believed, however, as the
deal progresses, that among the number
will be found Federal Steel, Steel & Wire,
National Tube and National Steel. Ac
cording to one story, the stock of these
companies will be deposited with three
trustees, who will hold the stocks in trust
as guarantee that the terms of agree
ment will be lived UP to, certain for
feiture clauses being provided.
1t is also said that the American Bridge
company will in some way enter into the
new arrangement and that an agreement
will be arranged with the Phoenix Bridge
company, the only one outside of the
bridge combination. as to the prices for
five years. Trade understandings will also
be arranged, it is reported. with Cam
bria, Bethlehem, Pennsylvania and Lack
awanna Steel companies, in respect to
prices of rails In addition to the question
OF the companies to be included and the
tnoQ OF financing, there is TO be cOnSld-
cred the problems growing out of legis-
latlon in the various States in which the
different properties are located and every
effort will be made by those interested to
harmonize the deal with the widely differ
ent laws of the various States. Accord
ing to one Wall street bulletin, no man,
moth trust or billion dollar combina-
ton is contemplated. The proposition as
discussed in financial circles appears to
hinge round one central company as
controlling company
One Wall street rumor to-day was to the
effect that John w. Gates contemplated
retiring from the management of the
American Steel & Wire company within
the near future.
One reason why business men in this city
generally believe that the great steel deal
is nearing a contamination of some kind is
the announcement that j. P. Morgan is
planning to close up everything in the
next ten days and take his annual vaca-
ton trip.