The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-08-29
STEEL BILLET POOL.
a Pool Within The Pool Formed by the
( oprn-Hcnrth 1ien--smooti, Sailing for

4 Pool Within the Pool Formed by the
Oprm-Hcnrth Dfen-Sm0otii Sailing for
the Future.
PITTSBURGH, Pa, Aug. 2S. = The
meeting Of the steel billet pool, other
wise the American Besscmer Aesocia-
tion, which was scheduled for this city,
was changed suddenly to Cresson, and It
Is now In session there. The reason for
the change Is said to be to avoid the i'm
portunities OF the metal brokers' for cer-
tain changes. AS this is the first month
that the pool has been In actual opera
tlon. It is regarded as important. Con-
siderable basic open hearth steel has
been sold by members OF the pool at
prices lower than the pool prices OF Bes-
semer, and 1t said that prices for basic
open hearth will be fixed. which will be
higher than for Bessemer steel The
allotment basis will also be changed
from billets to ingots. While some mem
bers favor lower prices, no reduction Is
expected.
The Post will say tomorrow:
The meeting, of the billet pool at Cres-
son was largely attended by the prin-
cipal manufacturers OF the country and
was very harmonious. Its business
| was completed within half an hour. AS
n result OF the meeting. the manufac-
turers OF open hearth steel have formed
a pool within the billet pool to be con-
Quoted IN the same manner as the Bes-
semer pool. a price OF $22 95 delivered
at Pittsburgh was established, which
Is 81 q ton higher than the Bessemer
price. The firms manufacturing open
! hearth steel are among tho largest In
ftlta Country and they. were obliged TO
f!ttke this action in order to preserve
| the Bessemer association.
| Some months ago the Besseiner bill
! let pool was formed to establish the
price OF $40 25, but no selling restriction
was placed on open hearth steel. Some
| of the large manufacturers cut the
price OF open hearth to about the same
| figures as Bessemer sold for, thus taxi
| ing from the small FIRMS In the pool all
| business because they could not make
| open hearth steel These firms Insisted
on diEerentlal being established SO
that open hearth would not be prefer
red to Bessemer. BY the formation of
the new pool this differential is estab-
lished and smooth sailing is promised
| for the future.
The price OF s20.25, for Bessemer blllets
was re-atlirmed.
Another meeting will be held in No
vember. Those present at to-day's meet
ing were:
President. Major L. S. Bent, Pennsyl-
vania Steel Company; vice president,
w. L. Reis, New Castle, Pa; secretary
and pool commissioner. George L. Girls
com, Pittsburg; treasurer. Willis L.
King, Pittsburg: the Carnegie, Steel Co..
Jones & Laughln. Pittsburg; Scranton
Steel Co., Maryland Steel Co., Warner,
Gilbert & Co. Columbus; Farnsworth
Steel Co.. Plttsb,irg; Bethlehem Steel
Co.; Illinois Steel Co.; Johnson Steel
Co.. Lorain, Ohio: Ashland Steel Co,
Ashland, Ky; Union Iron and Steel
Co, YOUNGSTOWN: Cleveland Iron and
| Steel Co.; Cambria Iron Co, Johnstown;
Riverside Iron Works, Wheeling; Mingo
Junction Iron and Steel Co.; Wheeling
Steel Co.; Bellairc Steel Co.; Otis Iron
and Steel Co.. Cleveland, and Mononga-
hela Iron and Steel Co.