The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-06-13
NOS COMBINE

To liz Attempted NJ All sonti0rm Iudus.
trlrS-rricrS to 90 VI,
N0O lOrs Tifaram 10 Pittsburgh D.paieA June u.
One Of tho most actlyo stocks In Wall
street to-day wnS %Tcnnelsou Coal and
Iron. aud ita strength unmastcd Il 80.
crot that has boon kep. for tho past two
days, aud which will have Nh inporlan.
bearing upon all southern industries,
including tho raIIroadd traycraing tho
south,
Tho secret meana no mora or less than
that arrangements arc being concluded
10 combine all tho southern Iron indus.
tries In such shape that ,lorc will hc no
cuttings OF prices, bu. II largo reduction
In running oxponscs.
Negotiations have boon opened acv.
oral tinos during tho past lvo years to
establish n pcrmanont truce between
tho T%onnosaOo Coal anil Iron Company
and tho Slosa Steel mud Iron Company,
but In each instance ihOy hNyo fallen 10
tho ground, bccauao all propositions
iiavo failed to receive tho sanction OF Il
majority OF tho board OF directors.
. with tho return OF activity In tho
iron trade In tho south, and realizing
tho folly OF tho low prices Of coal oh.
talncd by tho largo producing com.
panios, tho Tonno,sco Coul and Iron
and Sloss Steel and Iron companies re-.
opened Negotiations last week with u
view Of forming II pool.
Tho result was that tho agreement was
drawn up providing for tho establish.
ment OF C. ccutral sales ugoncy, which
shasl fix tho prico for zach company's
product. and alter IN examination Of
tho output for eacll month, shnll dis.
tribute tho proper allotment OF profit.
Tho agreement Ia 10 run QUO year, and
my party desiring to Withdraw in tho
succeeding year muat give ninety days
notice before tho ond OF the ilscal year
during which tho contract runs.
This contract wRs ratified by tho full
board oil tho Tennessee Coal and Iron
Company last Saturday. aud seven out
OF nIno dircctora Of tho Sloas Steel and
Iron Company Voted in favor OF it yos-
tcrday. i%nstructing President Scddon 10
milk his aignaLuro TO the memorandum
OF aGreemcnt
Presidents Baxter and Seldom wcroto
meet in Nashville this morning, bnt
President Baxter was detained by III.
ness. 1t is expected that tho agreement
will DO signed tomorrow, and tho
Thomas and tho Woodward Iron Com.
panics have boon asked to Join. Mr..
Thomas Ia. returned to Pennsylvania
to consult with his board, aud Mr..
Woodward has gone to Wheeling and
Cincinnati tnconsult with his directors.
There IL nc doubt that tho alliance
o fthese four Companies will DO accom- D.
lished. and it means for tho south as
an anthracite combination would for the
north.
Tho only trouble about Tennessee coal
aud iron stock Ia that Mr.. John IL.
lnman acquired 4 considerable limo at
high Prices n few years ngo. and this
stock may come on tho market to caeci;
tho expected boom. Air. Inman sails
for Europe mex. week. hut the Tonnes.
SEQ coal and iron pool proper il in the
hands OF Mr.. John Il. Moore, who is
talking very high prices for the stock.
he said to Your correspondent this
afternoon that il such n combination
was Perfected it would rcvolulionize
the iron trade and make the south u
strong factor In the situation.