The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-12
ORE PRODUCERS.
Each Concern May Soon BE Left to
Shift for Itself.

CLEVELAND, o., Feb. 1.-THE collapse
of the steel pool and the sharp decline in
prices was the all-absorbing topic Of con-
versaticn around the offices of the ore pro-
ducers and iroH and steel manufacturers in
this city to-day. The ore producers have
held several meetings here during the past
two or three months. but in each case have
adjourned without deciding a policy
fixing prices for the present year. Another
meeting was to have taken place here Feb.
16 but IL is stated that for various reasons
it has been postponed ard will not be held
until toward the latter part OF the present
month. 1t is expected that then the ore
men will either enter in.o joint agreement
with regard TO output and prices or will
decide to let each man shift for himself.
John ID. Rockefeller has been represented
In the meetings of the ore producers here
tofore held during the winter, and. 1t is un-
derstood, will be represented at the COM
ing gathering this month.
The consensus of opinion among the
larger ore producers seems to be that there
are now better reasons than ever why the
operators should enter into an agreement.
1t is pointed out thu. with the collapse
OF the steel pool and the decentralization of
prices on finished goods there must neces-
account of buyers desiring to take advan-
tage Of low prices. This will of course
stimulate the demand for ore. and the OPP
orators. while admitting that their prices
should be largely regulated by questions on
the finished product. believe that they
should now, OF all times, work together
tremendously. One of the largest ore pro-
ducers on Lake Superior said to-day that
beyond the fact that Mr.. Carnegie had
leased from j. ID. Rockefeller one or two
mines. he felt confident that there had been
no further deal between them and that all
the talk about consolidation of interests
or working arrangement between the two
was without foundation.
What is called the last move I'm a Ionc,
hne or reductions has been made by Car
negie Hitherto he has received his ore
th mIddlemen- Hereafter he will use
the hockefeller ore. and 1t 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
Roiing-mill Company has been receivins-
100000 per annum for RETAINING from max.
ing steel rails. Many of the Cleveland ore
men claim that the ore pool is not affected
by the death of the rail and billet pool for
the reason that the railroads, taking advan-
basyv % ard te t fS OFFICES, are putting in
vast quantity OF ore
The Iron Trade Review this week will
say: ThouEA not like a bolt out of n
clear sky-for the clouds have been pIentf-
fui or late - the announcement; that the
steel-rail pool had gone TO pieces shook the
d.
ing away or the chief bulwark of the steel
manufacturers against proftless struggle
Tor supremacy. and the belief that The
giants are now willing TO try conclusions i'm
an open field excites the liveliest specula-
ton as TO the outcome. The first effect of
a tWenty-dollar quotation by an Eastern
mill was TO make that the agreed price
at the adJournment OF Mondays Pittsburg
meeting, with $2l the Chicago bosis
But on Tuesday IL was evident that con.
tinued agreement was impossible and i'm
the past two days quotations have gone
as low as 81. by Pennsylvania mill i'm
response 10 low quotations in the ChisaLo
district That the railroads Will Appreciate
mat the present opportunity warrants The
stralnlnS or "A point To make the necessary
Inanclal arrangements 10 bur nov, il :,
natural inference. The sales already re-
ported are $1,000 tons To the Illinois Central
oy the Illinois Steel Company and TO geo tons
10 the Sante re by the Carnegie Steel Com
pany. both reported at about 81 mill The
extent OF the complaint by railroads M tho
- basis would indicate a desire TO buv
but for the price nd with the stimulus t6e
market will receive from the placing of rail
orders and the accompanying tonnage Of
track supplies. II Is only reasonable eN-
pectation that the start wiz come which
has been so long DELAYED.