The Montgomery advertiser., 1903-08-11
Carnegie Was Willing to Sell.


 While in the flood tide of this great prosperity 1t was but natural that out side capitalists tried to secure control of the Carnegie corporation. nor was it un- natural to suppose that MT. Carnegie. given in his old age to philanthropy, was willing. to quit. Mir. Bridge tells of some negotiations that fell through in these interesting details:
 Ten years have elapsed since the fail ure of the attempt to sell the works to English investors. New schemes of like character were made in 1899. For a long time past MT. Carnegie had lived principally abroad, and Mir. Phipps had withdrawn from active participation in the affairs of the company. Mir. Tricks had been the guiding hand that had led the concern to a prosperity surpassing the dreams of the most sanguine of his colleagues, and in all plans for the fu- ture his continued leadership seemed a necessity.
 But Carnegie was loath to resign in favor of one whose prominence threatened to overshadow his own, and the plans he made for his final withdrawal invaria- bIy included the simultaneous resigna- ton of Prick. And Prick. full of energy and not yet 50 years of age. had no thought of resigning; so that the plans never got beyond the nebulous stage un- til the shock of litigation forced them into some degree of definiteness. The result was an illustration of what Herbert Spen- cer called "a consolidation effected by , war"
 Before the United States Steel Company was formed the Carnegie people dealt with another project, detailed as follows:
 Early in January, 1899. to be specific. on Thursday. the 9th of that month. a meeting was held at the house of An drew Carnegie, in New York. attended by Messrs Henry Phipps, Prick. Schwab. Lovejoy, Peacock and Lauder. for the dis cussion of two questions. The first was | the price that should be named for the properties of the Carnegie Steel Com pany and the H. c. Prick Coke Company, in response to certain overtures to pur- chase which had been made by a syndi- cate of New York and Chicago capital ists.
 The second question was whether the two companies should be consolidated in case of a failure to sell them, and on what terms. Both matters were carefully considered and a decision to sell having been reached the price of $25O, 900 was fixed upon for the steel company stock, | "carrying with it all that Is on it's books, including the shares in the coke com pany. Payment was to be made one | half in cash and one-half in 50 year per cent. gold bonds.
 When these terms were laid before the syndicate they were rejected. While the members did not say so. they had evi- dently expected to make a partial pay ment in stock.
 Chicago Man Made overtures. A consolidation of the coke and steel business was then decided upon and on January II Andrew Carnegie wrote his wishes to his cousin. George Lauder, as follows
 MT. Rogers, Standard oil and Federal said truly: Too big a dog to wag so small tail. Now. H. c. F. and talked over the matter. He will proceed to get plan. new charter, bonds. etc, as pro- posed.
 q wish you and Peacock and Lawrence Clemson LoveJoy. Gayley. etc. to decide whether you wish to buy the other Prick Coke Company stocks at S35,0O 0,O0O which Prick now wants: or prefer to let things stand as they are with the present fixed rate on coke.
 "The Prick Company price was $3O,0OO.- | 000, if $75.00O.000 mortgage bonds only
 made by C. s. Co.,. and you may prefer to do this. or might make the mortgage
 and provide only the other issue for new property to be acquired. which would be
 the same thing practically as the $15,- l 900, 900 mortgage.
 T am just as willing to keep my Prick | Company stocks as to sell to c. s. Co.,, and suppose II. c. r. Is. He can make it pay us more than the interest on $55,- | 900. 600.
 You should consult all the managers, including Singer, and let each state frank | iy his preference Also ask Schwab if
 he has not gone; if he has, l will see him here.
 l Tt is matter for all of you to decide
 not for me. As I told you, c. s. Co.,, ! paying in bonds makes it easy payments ! no cash-which is different from heavy
 yearly payments to make. Personally am glad to have this year to ourselves to l show what we can do. If we wish to sell