Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-02-10

Pittsburg Pa, February 9.-The rail
pool was dissolved yesterday in New
York because of dissensions among the
eastern members some of whom claimed
that a few Of the manufacturers were
offering rails below legitimate figures.
Rails have been sold in the east as low
as 500 per ton at the works. and the
western mills will be obliged to reduce
their price to nearly the same figure.
The Carnegie people have been seen
and confirm the story of the dissolution
of the Association OF Rail Makers. 1t is
stated that prices of rails at Pittsburg
will now range between $50 and 81 and
from $2l to $22 west. In December last
rail makers reduced the price from $2S
to $25. and the continued decline OF the
prices of raw material enables the man
ufacturers to now make further re-
duction 1t is probable that greatly
increased production this year Will re-
suit from the action OF the manutac-
turers, as railroads of the country Will
likely avail themselves of the low rates
to renew trackage with new rails. This
will mean a general Improvement IN
the iron trade, giving employment 10
a large force of men now idle.
Chicago. February 9.-Steel rails are
being sold at the lowest price ever
known in America.
The steel rail pool has collapsed and $lS
a ton was asked for rails in Chicago to-day
and in Pittsburg the rate was Sl5.25 ton.
Monday the price in Chicago was $26 and
in Pittsburg 1t was $25 The sensational
break of IS a ton within "a hours is the re-
suit of a secret meeting OF the rail pool held
in Pittsburg Monday. All the members
were present No agreement could be
reached and President J. W. Gates, OF the
Illinois Steel Co.. hastily returned to Chi
cago and called a meeting of the directors
of that company. AS a result Of their de-
liberations he notified II. c. Frick, chair
man Of the Carnegie Steel CO.. that the Hi
nois Steel Co. was unable to come to con-
clusion and had postponed action until af-
ter the annual election of officers. to be
held tomorrow. Two hours after the
message reached Pittsburg the prices quo
ted were being asked in Chicago.
Railroad operatives undoubtedly have
had an inkling of the collapse of the gi-
gantic pool. as with a single exception none
OF them had placed any orders for rails
despite the SO a ton reduction made by the
pool at the opening of the year
In the trade the dissolution of the pool IS
taken TO mean that Carnegie & Co. in this
way make it known that they can sell
rails cheaper than anybody else. and they
will not henceforth be hampered by an
agreement which is to their disadvantage.
The steel rail pool was the longest lived
and most successful trade organization
ever formed in this country.
The organization included only the mills
making standard sections. and not those
rolling street car and lighter rails, and
presumably heavy forfeits were on de-
posit to prevent violations of agreement.
The basis of prices which the pool main
tanned for many years was SOS ton at
Pittsburg and 500 at Chicago.
H. H. Porter chairman Of the Chicago
G Eastern Illinois Railroad Company. and
a former director of the Illinois Steel
Company said tonight that ne heard of
the breakup of the pool and presumed
that it meant a general cut in prices of
steel rails.
John w Gates. president of the Illinois
Steel Company. refused to admit that
there was any trouble in the pool or to
announce the policy of his company if
such was the case.