New-York tribune., 1896-04-03
rmrr1. INTERESTS CONFER
..r,vrNr FAvORING A GREAT BILLET
POOL, AND HIGHER PRICES.


sooRE OF MILLS REPREsENTED-AD-
1ouRNMENT UNTIL To-DAY-A
HITCH OVER THE TIN
PLATE INDUSTRY.
representatives Of the leading steel manu-
.,,ur,ng companies in this country yesterday
Ia the opening session. in this city. Of meet
100 whose outcome is expected to exert one OF
.ho most far-reaching influences felt in the In
.rs.rial world for years. and to culmnatc In a
~.,or Of interests whose combined capital and
Thor will represent one of the largest pools in
commercial history.
THE FAVORED PROPOSITION.
Tho proposition favored yesterday. which was
-, anallv decided upon. only because of the tin
late factor that is still TO be adjusted looks
"a the formation of a billet pool modelled some
hat after that Of the steel-rail association.
~,,ch allows free selling but provides for
r.vment Of 81 ton for excess of production
o,er the amount allotted TO each manufacturer
"a produce. on the basis of distribution of
,,nnaee at the end of each month. This.
declared one Of the Pittsburg contingent last
light. in corridor Of the Waldorf. 'is more
.uhstantial foundation than any personal agree
ment as 10 prices merely.
The billet pool. it was said by all the repre-
.entatives present, means an equitable division
~ manufacturing among the steel mills Of the
United States. the checking of overproduction
and the starting of mills which now idle
nc q result Of the unsettled state OF affairs in
,ns last few years With the resumption Of
operations on a pool basis OF mills now closed
,here will be employment for thousands of idle
w.
and the purse strings Of capital will be opened
throughout the country, the experience OF the
Nation having been that, when the steel industry
nrospers. all Industries flourish.
EFFORTS FOR SECRECY.
M such importance was the arrangement Of
q combination and the adjustment Of prices, that
the steel representatives yesterday maintained
the utmost secrecy regarding their movements,
not permitting the slightest loophole for the
scape of a single price quotation 1t was first
megested that the meeting be held at the Hol-
hud House where previous sessions Of the steel
men have been held. but the Savoy was chosen
rs place where they were less likely to be sub
iect 10 interruption than the one known to have
been the scene Of other meetings. At the Savoy,
however. it was found that the meeting had
been anticipated, and there was hurried driv-
ing In carriages to the Imperial. Here, an hour
later a short discussion was held. and then
there was an adjournment to the Waldorf. where
the representatives met in the Astor room and
transacted the preliminary affairs of importance.
THE REPRESENTATIVES PRESENT.
Those who were present included John G. A.
Leshman president OF the Carnegie Company,
Of Pittsburg: w. B. Peacock, general sales agent
Of the Carnegie Company. Of Pittsburg; Willis
l. King, general manager OF Jones & Laughlin's
American Iron Works. at Pittsburg; George T.
Oliver, president OF the Hainsworth Steel Com
pany, Of Pittsburg: J. W. Gates. president OF the
Illinois Steel Company. Of Chicago; Major Bent.
president OF the Maryland and Pennsylvania
Steel Companies. of Philadelphia: Howell
sAckhouse, president Of the Cambria Iron
Company. Of Johnstown. Penn; Tom L.
johnson, president Of the Johnson Steel Com
pany. Of Cleveland: J. Coolidge, vice-president
Of the johnson Steel Company. Of Cleveland;
William Chisholm. president OF the Cleveland
Rolling Mill Company; Walter L. Scranton.
president Of the Lackawanna Iron and Steel
Company; w Z. Schiller. representing the Ma
tional Tube Works. OF McKeesport. Penn: T.
Benbow. president OF the Otis Steel Company, Of
Cleveland; Ironton A. Kelly, president Of the
Ashland. KY. Steel Company; r. NJ Gilbert,
president Of the King. Gilbert & Warner Steel
Company. of Columbus. Ohio; r. E. Warner, sec
retary Of the King. Gilbert Warner Steel Com
pany. OF Columbus; l. w. Vance. president Of
the Riverside Iron Company. Of Bellaire. Ohio;
General Fitzhugh. Of Schoenberger Co. Of
E. c. FELTON,, Of the Pennsylvania Steel
Company, and E. NJ. McIlvain. Of the Bethlehem,
Penn. Iron Company
More than score Of steel mills manufacture
ing billets were represented in this gathering Of
from the great producing regions
Of the country The discussion upon an ad-
vance In price was spirited and continued long
into the afternoon. The general sentiment IA
vored an agreement 10 increase the rate to
}22 so a ton on steel bets. an advance OF SO
above the quotation OF $19 80 prevailing in the
East recently while the Western price, it was
proposed should be fixed at $2O. an advance Of
Y 70 above the quotation lately ruling in the
West
FOREIGN COMPETITION NOT FEARED.
The element Of foreign manufacture did not
enter into the discussion in connection with this
proposed adjustment Of prices. the quotation
OF steel bllets Is 500 rs a gross ton In Liverpool
o. b.. with the duty in America more than
% ton. and no competition is apprehended
from that source
Ex-Congressman johnson, Of Cleveland. said:
While am opposed 10 pools on general prin-
cipes. believe that $50 ton steel bille:s
In the West is fair price. and anything less
Is Improbable. This Is wholly impartial view
o. the case. given without selfish motives. for
am also a member Of the steel-rail association.
whose price on rails believe is higher than
" ought to be. and the reduction of which /
would favor"
ONE PROTEST RECEIVED.
A protest against pooling came from the
ehoenberger Steel Company. Of Pttsburg For
some days there had been talk that this COM
pany would fatty refuse TO merge its interests
IN union. but what the ultimate decision will
be remains to be SEEN