Jasper County Democrat, Volume 2, Number 5, Rensselaer, Jasper County, 13 May 1899 — CARNEGIE STEPS OUT. [ARTICLE+ILLUSTRATION]

CARNEGIE STEPS OUT.

HE RETIRES FROM HIS GREAT STEEL PLANTS.' < > S * Henry Clay Frick Now in Command of These Interests - Likely that This Is a Step in the Formation of the G reatest Combine on Karth. Andrew Carnegie, the greatest manufacturer in the world, has sold out to the new steel trust. This removes the last obstacle to a consolidation of practically ail the steel producing companies of the United States. This will be not only the greatest trust but the greatest combination of capital and manufacturing plants in christendom. It will have a capital of $600,000,000, of which $100,000,000 will be in first mortgage 5 per cent gold bonds, $250,000,000 in preferred stock, and $250,qp0,000 in common stock. Mr. Carnegie is so retire from business permanently, turning over the controlling interest in bis vast steel making concerns to the new trust and receiving in payment the entire issue of $100,000,000 in gold bonds, which becomes a mortgage not only upon the Carnegie mills but upon all the other steel mills owned by the trust, with $500,000,000 of stock back of them. The President of the new Company is to be Henry Clay Frick, formerly the part-

ner of Andrew Carnegie, and the actual manager of the works at Homestead, Pa., when the great strike of 1893 occurred. Mr. Frick is one of the biggest coke manufacturers in the world, several times a millionaire, an expert in all branches of Steel making, and a man of iron will. The concerns which are to be taken into the trust, with their capital so far as is known, are as follows: Carnegie Steel and Iron Co. .$11)0,000,000 National Steel Co 50,000,000 American Steel Hoop Co 33,000.000 American Tinplate Co 46.000,000 American Steel and Wire Co. 90.000,000 Federal Steel Co 90,250,000 The Rockefeller Mesaba plant, capital not given.

ANDREW CARNEGIE.