The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-12-24
TO BE PUMPED OUT
STORY OF A ONE-TIME BONANZA
IN CALIFORNIA.

Pick Tapped Small River, Which
Flooded the Workings Twenty-EEght
Years Ago News of Business Enter
prises, Including the Billet Pool-Regu-
Iations for the New Five Thousand Mile
Ticket-Genera, News of Railways.
l. San Francisco, Cal Dec. 22.-The ALI
bon Ranch mine, which vas. quarter
sf century ago one Of the best produc-
ing mines in the vicinity of Grass valley,
e to be re-opene5 and worked to its full
lst capacity. The Allison Ranch mine IS
now owned by John W. and James T..
Flood. The mine has unique history.
In the height of its prosperity it was pur-
chased by J. B. Haggin and A. +. Davis.
The mine was profitable investment.
In 1866 il led all Nevada county mines,
and two years later it had paid over 81
100000 in dividends. One day miners
pick tapped vein of water and in few
minutes the mine was flooded. The water
poured in in such volume that it could
not be pumped out, and the mine was
abandoned. That was twenty-eight years
sgo and all that time the mine has re-
nained full of water. Eight years ago
Mckay and Flood secured control of the
property and they propose TO pump the
mine out. A pumping plant with capa-
city of a million gallons a day will be
out in, the work to commence Feb. /.
Ii is estimated that il will take two years
10 clear the mine.
STEEL BILLET POOL.
New York. Dec 22-The Evening Post
Today prints the following: Several of
The most prominent steel manufacturers
who attended the conferences of the bill
bet pool in this city yesterday, discussed
the situation again this morning over the
telephone 1t was generally admitted
that no further agreement can be enter
ed into with any feeling of permanence
unless the interests are thoroughly united
upon a better basis than was arrived at
last month.
AT II o'clock the following statement
was made by representative of one of
the largest concerns:
Nothing will be done towards unit
ing the interests affected until a general
agreement is practically assured upon a
basis warranting long contracts and jus
tifying a feeling Of security. Lack OF
such feeling in the past has led TO our
present difficulties. II has been quite EVIL
nent to some of the parties interested for
some time that pool agreements were not
lived up TO and that the complaints made
AT Pittsburg had some foundation in fact.
Nobody knows when we shall meet again
but when we do, ] think there will be
more accomplished than there was done
yesterday. We want A definite arrange
ment, broad enough to take in the small
er concerns dependent on a general agree
Inent for protection and yet rigid enough
TO prevent such practices as led to the
Pittsburg rupture
Some Of the news agencies sent out
the substance of Pittsbug dispatch to
Philadelphia newspaper during the MORN
ing announcing the probable formation
of a new pool without the Illinois Steel
company, the Bellaire company, the
Sheenberger company and a Troy con-
Germ. A person in constant communica-
ton with one of the leaders in yesterdays
conference denied positively today that
any such plan was contemplated. He
declared that an agreement without the
cooperation Of these corporations would
have little effect as their combined pro-
ducts might flood the market and supply
under pressure nearly the normal de-
nand."
BILLET POOL NOT DEAD.
Pittsburg Pa, Dec. 23.-The Bessemer
Steei association, better known as the
steel billet pool, is still intact, reports TO
the contrary notwithstanding. One of
the leading members of the organization
who has returned from the meeting In
New York, in an interview, said:
The sessions We're secret and some
misleading information has been put be-
fore the public. | can state positively
that the pool, as the newspap ers call il,
Is still in existence and that it has not
been dissolved, as stated. The only firm
out Of the combination are the Bellaire
Steel company, which withdrew: the
Steel company, which never
went in, and a small concern in Indiana.
a committee of three was appointed to
look into the situation and will make a
report within two weeks. when another
meeting will be called. In the meantime.
the market will be open and prices will