The Montgomery advertiser., 1903-08-11

of stock In the H. c. Prick Company and allied interest, this shall be upon the basis of $70,000000 for the entire property and assets of the H. c. Prick Coke Company. of which stock the holdings of the said first party Is about 9 per cent. of the whole"
 Money Market in Good Condition.
 At the time this option was bought the money market was in such condition that no difficulty was anticipated by Judge Moore in raising the necessary funds to carry out his plans. huge as these were. He represented that he would have the cooperation of the national City and the First National banks of New York. The death of Ros- well P. Flower, however, and the forced liquidation of the many industrial secu- rites that he had been supporting brought on a panic that was as disastrous as it
 was unexpected. Occupied in protecting existing obligations, bankers and capi- tallsts had little disposition to engage in fresh ventures, and, realizing the impos- sibility of safely launching a great enter prise in such troubled waters, MesSrs. Prick and Phipps went to Scotland to try
 to get an extension of their option. At
 Skibo Castle Mir. Carnegie refused to
 extend the option, and the negotiations came to an abrupt end"
 How Prick and Carnegie Disagreed. The story of the forcing out of Henry 1 Clay Prick from the Carnegie Company is told in chapter 20 of the book. as follows '.The cause of disagreement between Carnegie and Prick that had most in | fuence ia producing tho final rupture wss | a diversity of views they held concerning the price the steel company should pay Tl-sg1 nj majority of the coke company's stock through his personal holdings and those of the firm, there were a few outside | share holders. whose interest 1t was that the steel company should pay the full market price for It's fuel; and to protect
 these minority stockholders Prick always | made as good contract as he could with
 the steel company. Carnegie. on the other hand, wishful to keep all costs down
 tried to obtain specially low rates on coke
 for his firm. This matter eventually
 brought about the final rupture.
 Mir. Prick was exceedingly bitter over
 the alleged hard bargains driven by MT.
 Carnegie as to the price of coke. the
 alleged threats of MT. Carnegie to build
 coke ovens of his own, and more than anything else over charge made by Mir. Carnegie that MT. Prick had acquired
 a piece of property in order to extract a profit from it's eventual sale.
 | MT. Prick on November 70. 1899. caused
 to be read at a directors meeting of the Carnegie company and spread on the minutes his views on the subject of which
 the following is an extract;
 "The Prick company has always been
 used as convenience. The records will
 show that it's credit has always been | largely used for the steel company and is today to the extent of at least $6,000000 | The value of our coke properties for over
 a year has been at every opportunity depreciated by MT. Carnegie and MT. Lauder and I submit that it is not un- reasonable that have considerable feel l ing on this subject He also threatened. I am told. while here. that if low prices
 did not prevail or something was not
 done. he would buy 20,o0o acres of Wash | ington Run coal and build coke ovens. | That is to say. he threatened. if the minority stockholders would not give 1 their share of the coke to the steel com
 pany at about cost. he would attempt to | ruin them.
 ''FIe also stated am told while here
 that he had purchased that land from me
 above Peters Crock: thGt he had agreed
 to pay the market price. slthough he had | his doubts IS to whether had any right | while chairman cf the hoard If managers
 of the Carnegie Steel Cnmpanv. to make | such a purchase. He knows how I be- 1 came interested in that land, because l told him in your presence the other day