The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-07
TREMENDOUS COMBINATION OF
IRON AND STEEL-PRODUC- =
ING INTERESTS
CARRIED OUT BY J. P. MORGAN
CARNEGIE COMPANY ONLY ONE OF
THE MANY CORPORATIONS
INVOLVED
HARMONY OF VAST INTERESTS
Is the Term Applied, Rather Than
an Actual Consolidation of the
Many Plants Under a Single =
Corporate Ownership.


NEW YORK, Feb. 6.-The Mail and
Express says:
The control of the Carnegie Steel com.
pany, limited. has passed to syndicate
OF bankers, in which j. P. Morgan Ss
Co., are the dominant factors, by the
purchase of the stock owned by Andrew
carnegie. 1t is expected that Mr. Car
negte will retire into private life. The
terms of the purchase are not known.
put that the transaction has been COM
pleted was semi-officially announced at
noon today.
The capital stock of the Carnegie COM
pany is $l6o,OO6, 200. There is an equal
| amount of bon5s. Mr. Carnegie is popu-.
Iarly believed to own about "a per cent
of this.
Negotiations relating to this immense
undertaking have. been going on for some
nrne. Mr. Carnegie has for nearly a
been willing to sell out but nnal.-
ciaf~ interests have not until now been
disposed to take up so large a PROPOSE
| ton as the purchase of his securities and
the amalgamation of the different prom
1nent steel companies in the United
| States would involve
The only hitch that occurred in the
| negotiations leading to the transfer OF
| the control of the Carnegie company was
| In relation to the bonds held by Mr.
/
| yesterday to take the $50, ,759 900 stock at
| something ebove its market value, but
| Mr.. Carnegie held out with his usual
| tenacity of purpose for a guarantee of
| the per cent income on his $SG, 600 0GO OF
| f1fty-year bonds This was also con-
! ceded at meeting held today, it is un-
| decstoOd
COMMUNITY OF INTERESTS"
Reports of consolidation of interests
| with S,O06000,G0d capital are said by
those conversant with the steel situation
to be erroneous. There will be no con-
| solidation, but the same scheme which
| MIR. Morgan has found to work we'll in
| railways, harmony through community
! of interests and ownership"-will be ap-
piled in the manufacture of steel pro-
| ducts of all kinds
The Carnegie company with its vast
! supplies of coal and iron close at hand
will be the parent company to produce
| the raw material for the various corpora
/ t1ons manufacturing finished products
| and the economics that can be introduced
| through cooperation and harmony will
! make it possible for the great Industrial
| corporations to manufacture goods so
! cheap as to drive small competitors out
of business and to give to Americans
| manufacturers very large place in tho
markets of the world.
PROPERTIES INVOLVED.
The companies included In this syS ten
of harmonious steel industries. besides
| the Carnegie company are the following:
Federal Steel company, s1OO,OOO,OO0 COM
mon mon stock 9cd 81 and $1O0,OO0OO0 preferred fof
this $46, ,4S0, 400 common and $59, ,26O, $50 pre-
ferred stock are outstanding).
American Steel & Wire company, $50 :
C0000O common and $4OOOO,OOO preferred
stock, all outstanding.
National Tube company $4,000 900 each,
n fCf an rafo Of.
sued.
The American Bridge company $35, co.,
eco each of common and preferred stock, /
of which $30,52 500 of each has been is 7
sued.
The Moore group, including:
The National Steel company with $52,- I
0OO,0Oo OF common stock and $27,00O,000 pre-
The American Tin Plate company S30,-
100000 and S2O,0O0,0OO preferred with $2S,- /
0O0,00O preferred with SIS, 900 common
and $lS,GOOOO preferred stock outstand I
ing.
The American Steel Hoop company with [
$l9OGO,O0 common and $l4,00O,00O preferred /
The American Sheet Steel company s26,- I
100000 preferred stock, with $4,000, 800 Of (
each issued.
Following. are the properties and plants
owned by the Carnegie company:
Carnegie Steel company-Edgar ,Fhomp- +
son Steel works. nine blast furnaces, four
10 ton Bessemer rteel converte.s and two
rail mills; DTquesne Steel works, four
blast furnaces, Bessemer steel plant, open
hearth steel plant, twelve Sc ton furnaces, 1
two billet nails, angle bar mill, continu-
Gus bar mill; Carrie furnaces, two COM
pleted blast furnaces; Lucy furnaces, two
completed blast furnaces; Homestead
Steel works. Bcssemer plant, forty open
hearth furnaces, four blooming mills, four /
structural trains, two slabbing mills, four /
plate mills, one 3,300-tCn and one lotion /
press Howard Axle works, Lower Union /
mills; Upper Union mills.
H. c. Frick Coke Company-Owns 20 COD
acres of coal lands, 10000 acres of sur (
face lands and II ,652 coke ovens in West
moreland and Fayette counties; also the [
production of 1000 outside ovens. Owns /
2,0S2 railroad cars.
Carnegie Natural Gas Company-Lease
SO Coo acres of gas territory in Allegheny,
Washington, Armstrong and Westmore- 1
Doddridge counties, West Virginia: iS0
producing wells and 1900 miles of man
and branch pipe lines.
Union Railroad Company-Owns 1882
miles and leases 1851 miles of track.
Pittsburg & ConneaUt Dock Company Z
Operate docks on Pittsburg, Bessemer & (
Lake Erie at Conneaut also owns II
per cent Of stock of Pennsylvania & Lake (
Erie Dock company and % per cent of
stock OF New York, Pennsylvania & Ohio
Trotter Water Company : Pumping
plant on the Youghiogheny river, one
mile and a. half above Connellsville, Pa +
Youghiogheny Northern Railroad Com
pany-Line from Broadford to Summit,
Fayette county, "a miles, leased TO. the
Pittsburg. McKeesport & Youghiogheny
railroad.
Youghiogheny Water Company-Pump-
ing plant at Broadford, Pa.
Mount Pleasant Water Company
Pumping plant at Bridgeport, Fdyette
county, Pa.
Pittsburg, Bessemer & Lake Erie Rail-
read-Operate 2O531 miles of railroad be-
tween Conneaut. o., Erie, Pa, and North
Bessemer Pa.
Oliver Mining Company-O Owns the Met
ropolitan Iron and Land company (Nor-
rie, Aurora and Tilden mines, Gogebic),
Ss3 per cent Of the stock of the Ike
Superior Iron company Mountain IroE,
Mesabal; 90 per cent Of the stock of the
Security Land and Exploration company.
Estimated output of mines, 5,0OO,0GO tons.
Pitteh1rg Steamship Company-OWns
elevei teamships and two tugs.
Pitts rg Limestone Company. Limited
-Oper, es quarries at Tyrone and Will :
iamsbuA :, Blair county, and Wick, But
ler county. Pa; daily capacity. 1850 tons. I
The products of the company are pig
iron, coke spiegeleisen, ferro-manganese,
steel billets, blooms and slabs. tin plate
and sheet bars, steel rails, angle bars, Z
structural steel beams, angles, plates
forgings, axlcs, links and pins.