The record-union., 1897-02-12
Excites the Liveliest Speculation as to
the Outcome.
The Lowering of the Price of Rails the
Cause of Immense Orders Being
Placed by Various Companies,
Three Hundred Thousand Tons Be-
ing Purchased During the Past
Week.

CLEVELAND, Feb. 1.-THE Iron
Trade Review" this week will say:
Though not like a bolt out of clear
sky-fOr the clouds have been plentiful
of late-the announcement that the
steel rail pool had gone to pieces shook
the iron trade profoundly. 1t meant the
sweeping away of the chief bulwark of
the steel manufacturers against
proftless struggle for supremacy, and
the belief that the giants are now will
ing to try conclusions in an open field
excites the liveliest speculation as to the
outcome.
The first effect of a $50 quotation by
an Eastern mill was to make that the
agreed price at the adjournment of
Mondays Pittsburg meeting, with 81
as the Chicago basis. But on Tuesday
it was evident that continued agree
ment was impossible, and in the past
two days quotations have gone as low
as 81 at the Pennsylvania mill, in re-
sponse to low quotations in the Chi
cago district. That the railroads will
appreciate that the present opportunity
warrants the straining of a point to
make the necessary financial arrange
ments to buy now is a natural inference.
tons to the Illinois Central by the Illi
nois Steel Company, and 10000 to the
Santa Fe by the Carnegie Steel Com
pamy, both reported at about S11 mill.
The extent of the complaint by rail
uoads of the SO basis would indicate
a desire to buy, but for the prices and
with the stimulus the market Will re-
ceive from the placing of rail orders and
Of
plies it is only reasonable expectation
that the start will come which has been
so long delayed.
CARNEGIE'S LAST MOVE.
PITTSBURG, Feb. 11.-Andrew Car
negie arrived in the city last night, and
was closeted to-day with the officials of
the Carnegie Steel Company limited, de-
nying himself to all comers. None of
the officials Of the company would ex-
press themselves upon the recent col
lapse of the billet and rail pool and the
threatened dissolution of the iron ore
combination.
CLEVELAND. Feb. 11.-What is
called the last move in a long line of re-
ductions has been made by Carnegie.
Heretofore he has received his ore
through middlemen. Hereafter he will
use the Rockefeller ore, and it will be
looked after by his Cleveland agent. An
item Of interest in connection with the
collapse of the rail pool is the fact that
the Cleveland Rolling Mill Company has
been receiving 500, 1000 per annum for
refraining from making steel rails.
Many of the Cleveland ore men claim
the ore pool is not affected by the death
of the rail and billet pool, for the reason
that the railroads taking advantage of
the lower prices are putting in heavy
orders for rails. which Will call for
vast quantity or ore.
ILLINOIS CENTRALS PURCHASE.
NEW YORK, Feb. 11.-Stuyvesant
Fish. President Of the Illinois Central
Railroad, was asked to-day if he could
give some explanation of the reported
large order for steel rails by his com
pany. In reply he said:
From the surplus earnings of the
year ending June 80. 1896. the directors
at that time set apart S422 800 to be
expended this year in betterments. At
yesterdays meeting they not only au-
thorized the purchase of the full quota
of rails recommended by the chief en-
gineers for renewals on the entire sys-
aem, - 400 tons, but they also availed
600 tons additional
Our action in doubling our purchases
Of rails has been predicted on the
cheapness Of the articles, an apprecia-
tton that activity in the iron trade