The times. [volume] (Richmond, Va.) 1890-1903, 1892-02-05

METROPOLTTAN MATTERS.
Interesting Happenings In and About New
York Yesterday.

York YesterdaY.
The great iron beam pool, comprising most
of the powerful iron beam firms in the coun-
try. has collapsed. OWING to internal differ
ences and outside competition. This com
bination was formed two years ago ana orig
inally included the Passic Rolling Mills Com
pany OF Paterson. the New Jersey Steel and
Iron Company of Trenton A. Z. Roberts a.
Co. of Pencryd. Pa, the Phoenix Iron Com
pany of Phmnixville. Pa, and Carnegie,
Phipps Il Go. of Iittsburg. Later SIX other
firms were taken into the combination,
among them the Illinois Steel Company OF
Chicago.
This pool raised the price of iron beams
from 2.8 cents per pound to 81 cents. Late
iy, because Of competition from western COM
panies outside the combination. notably the
indianapolis Rolling Mills, and ot foreign com
petition. the foreign beams entirely ~cOntTOli-
ing the Boston market. although they have
no control here. the rate has gone down 10 20
,ents for foreign beams and "a for American.
asst week the Illinois Steel Company called a
letting of the combination Tor thursday,
Aday and Saturday. This company wished
hhaye the price of beams lowered 10 20
arts in order that they might compete sue
vsfully with the indianapolis mills, which
outside the combination. The Eastern
ms also wish q reduction IN order To meet
se foreign trade more nearly on a price level,
.M1L l1tN AAA NV ~ ~ IRtN -
4In the discussion OF this point there arose Il
disagreement concerning the allotment OF
ercentages, in which the Carnegie com
any were opposed TO the others. Tbs re-
Iulted in an ultimatum TO the Carnegie COM
any. which they rejected, and finally IN the
ollapse of the trust. The result Will be a
drop in prices for a time and a general shake
up IN the market.
THEIR FUTURES IN DANGER.
Members of the Produce, Cotton and other
commercial exchanges In New York dealing
in American products are disturbed over two
bills. one introduced IN the United States
Senate by Senator WashburDe ana the otneI
in the House by Representative Hatch. These
bills make it sinful for the New York. Chicago,
Philadelphia. Baltimore. ST. Louis and New
Orleans brokers to gamble IN American pro-
ducts for future delivery. The bills demand
that all trading in options IN American pro-
duets should cease. and that the transactions
be confined TO spot or cash deliveries.
The New York people and their CONNER
cial brethren OF the cities named propose &c
oppose the passage OF these two bills. hrst
on the ground that the alleged Objectionable
trading is not harmful. and second. that the
measures advocated by Senator Washburnt
and REPRESENTATIVE Hatch are uncOnstitu
tional. The Cotton and the Produce TX
changes yesterday appointed ltteei
TO move on Washington in the next week 10
She purpose of enforcing their views III TIN
mlatIeI. III NOtlOE iAANAibhkC VIII W W.
Yesented by Charles w. ide, Henry Hentz
William Ray and Charles ID. Miller. Ih'
Produce Exchange will send Henry L. Knee
land, 8. s. MARBLES. Alfred Romer. +. V
Dare and f.. ID. Neustadt. All are CONNER
cial orators. They will attack the liatcl
House bill next Tuesday before the commit
tee in Washington. On the following Tues
day they will confront Senator Washburn'
and his Senate measure.
THE SUIT AGAINST JOHN HoEY.
The complaint in the suit of Henry c.. Sher
burne against John Hoey. Clapp Spooner All
Edward +. Taft was dismissed Yesterday b.
Justice Ingraham. OF the Supreme Court. Th
action was brought TO recover about slOO.OO
claimed to be due as plaintiffs share of
scheme by which certain New England expires
companies were to be bought by the Adam
Express Company. Justice lngraham de
cides that thesalleged agreement sued on
invalid. as Hoey and Spooner were trustees o
the Adams Express Company. The Justic
says that HOey was guilty OF a breach OF trus
and that Sherburne has a right of actioi
against Taft for money he advanced to him
Through this action the disclosures wer
made Involving Hoey. The decision states
1T appearing that the agreement unde
which the money was paid 10 Hoey was a.
illegal agreement. and that the profits whic
we're realized from the sale of the propert
were the results of breach of trust on the par
of Hoey and Spooner. to induce which the
were given an interest, the law will not ali
any Of the parties ia the distribution of an
of the proceeds of a fund created by sue
an agreement, but leave the parties as it find
them"
TO AID STARVING RUssIANs.
Some time ago Mayor Grant began prepars
tions for the holding Of a meeting in the Cit
Hall in order that some means might be de
vised for the aid of the starving Hebrews c
Russia. His action was the result of q reques
from Ex-Governor Hoyt. chairman of the Rus
sian famine relief committee of the Unite
States: Miss Clara Barton. president Of tn
American National Red Cross. and many cit
zens who desire that some public action b
taken to aid the furnishing Jews. The Mayo
had prepared q call for the meeting when h
learned that the Chamber Of Commerce wa
about completing arrangements for a simila
meeting.
Yesterday the mayor said there should b
only one chairman OF this work in New YorI
and that the committee, which will be az
pointed at the meeting OF the chamber o
TO be held to-day at 1890 O'Clock
ill 4. A.