Jasper County Democrat, Volume 3, Number 44, Rensselaer, Jasper County, 9 February 1901 — CARNEGIE SELLS HIS STOCK. [ARTICLE+ILLUSTRATION]

CARNEGIE SELLS HIS STOCK.

Control line Interest in His Com pane Bought by J. P. Morgan. Within a week of the unparalleled transaction which brought the Southern Pacific properties into the control of the Union Pacific interests—a deal which challenged the attention of the whole in•dostrial world —comes the authentic report of the conclusion of the negotiations between Mr. Carnegie and J. Pierpont Morgan for the purchase by the lntter and his associates of the former’s controlling interest in the stock of the powerful Carnegie company. The deal far surpasses the great transaction by which the Southern Puciffc has just been bought over by the Union Pacific interests. Mr. Carnegie held between 53 and 54 per cent of the $160,000,opo of stock of the Carnegie company. This is now in the absolute control of the syndicate headed by J. Pierpont with the Rockefellers as partners. While this stock is not listed on any Exchange in the country, its valuation is $1,500 a share, the par value dicing $1,(X)0. At this rate, Mr. Carnegie has received in the neighborhood of $100,000,000 for his share, which, it is authoritatively stilted, has been absolutely disposed of by him. The completion of this deal does not mean by any means that the price is to be paid over to Mr. Carnegie in cash. Such a payment would demoralize the money markets of the world, would require seventy freight cars to carry the glittering gold or its equivalent in value, that this thrifty Scotchman has made since he first landed in America a poor boy. It only means that Mr. Carnegie signs the papers completing the sale and

there is made over to him interest-bear-ing bonds based on his own plants and on those which in the future will be combined with them. The steel interests, Rockefeller, Morgan et al., have “made peace” with Mr. Carnegie and protected themselves from future competition from a rival whose millions they could not hope to tight against. It means that the steel industry of America, all the great raw material steel companies, including the Carnegie, Federal Steel and National Steel companies, all the great finished product concerns, such as the American Steel Hoop, the American Steel and Wire, the American Sheet Steel, the American Tin Plate, the American Bridge, Steel Pressed Car and the National Tube companies, will be operated under one directory. Each corporation will maintain a separnte corporate existence, but all will be operated by the one master hand, representing the combined wealth of the Rockefellers, Carnegie, Morgan and the scores of lesser millionaires. The manufacture of billets, the raw product, for the use of the different finished steel manufacturing companies will be apportioned among the gigantic trust's various plants.

J. PIERPONT MORGAN.