The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-02-11
NONE TOO THRIFTY
ILLINOIS STEEL COMPANY has HAD
A BAD YEAR.

Previously to the Annual Meeting OF Stock
! holders 1t Is Rumored That tho Years
| be Mistake, the Deficit, According to
President Gates Report, Being Only
s349.e99-Iron Trade and Ironworkers
Railway News Court Decisions-Con-
sular Reports
Chicago Feb. 1o.-The annual meeting
of the stockholders and directors OF the
Illinois Steel company was held today
behind closed doors. Reporters were rig
orouslv excluded and all requests for in
formation elected but one reply, that alb
soIutely nothing would be given out I'M
til after the adjournment OF the meeting.
All kinds Of rumors were afioat includ-
ing one 10 the effect that three Of the di-
rectors had rendered their resignation
and that the annual statement would
show a deficit Of some $500 Both OF
these were denied. Another rumor had
il that the collapse of the steel rail pool
was delibera tely planned for the purpose
OF freezing out" some OF the smaller IN
dependent mills or forcing them to JOIN
the pool This was shown to be false,
by kilograms which had passed between
the Carnegie headquarters at Pittsburs
and President Gates Of the Illinois steel
company.
President Gates in his annual report
said the year had been very unsatisfac-
tory one In April last there were or
ders on the books for over 100000 tons
4 80
qured for the years business. But the
action of the July Chicago convention,
following on the Venezuelan message,
resulted in almost complete paralysis of
business AMI four of the five plants of
the company were shut down during Au
gust and September. Three hundred
thousand tons had been sold for prompt
delivery during that time but customers
found it impossible to accept, thus lock-
ing UP a large amount of capital. Not
withstanding the stagnation, however,
the company sold and delivered So per
cent of all the rails used in the United
States during that period and sufficient
orders were now on the books to absorb
the entire inventory of material on
hand. The annual statement shows de-
felt for the year of S349, 999.
BIG ORDERS ON HAND.
Chicago, Feb. 10.-Notwithstanding the
alleged dissolution OF the steel combin-
alton, President Gates OF the Illinois
Steel company this morning claimed 10
have received contracts for about 81 ,O00.-
900 worth of rails at about $2150. Mr..
Gates said he was unable as yet to de-
fine his position in regard TO the Carne-
gie-Rockefeller combination. A state
ment will probably be given out soon in
respect to the future stand of the Illinois
Steel company. The South Chicago mills
Of the company are now running fun
force, for the first time in months, and
1t is said the company now has orders on
hand sufficient to keep its mills running
for over six months to come. All Hi
nois steel mills will resume force next
week.
SHUT DOWN FOR REPAIRS.
ST. Louis, Feb. 1O.-The Tudor Iron
works in East ST. Louis have closed
down, throwing at least 200 men out of
employment temporarily. 1t is stated
that lack of business is the reason for
the shut down. I'VE have smut down."
he said, ''to make some needed repairs
at the. works. Just as soon as they are
finished We will resume. Busienss con-
ditions have nothing to do with it,
IN The IRON TRADE.
Chicago, Feb. 10--The Industrial
World will say tomorrow: The iron sit
uation in the west is decidedly more hope
full than week ago. By way of actual
business there has been noticeable i'm
provement, but the chief cause for
more cheerful spirit is the number of in
quiries that are coming in from various
sources. Viewing the trade as A whole,
it is not yet active. but all signs point
TO a period of activity this spring The
inquiries for material are reaching al
most to every branch of the iron indus
dry. Prices have not responded to this
better feeling and are about where they
were a week ago. Northern foundry iron
No. is quoted at 81 and southern No.
at S10.65. Contracts for several thou
sand more cars have been quietly plac-
ed.
IRON WORKERS CONVENTION
Cincinnati, O., Feb. 1O-The national
convention of Amalgamated Iron and
Steel Metal workers, after discussing the
trouble in New York City during the
morning session, postponed it till to-
morrow morning awaiting letters from
the union and independent orders in that
city. 1t is believed that the sheet metal
workers Will withdraw from the Ameri-
can Federation if the latter continues to
recognize the independent order in New
York. The reports from the delegates
on their respective unions and from the
committee occupied the time of the ses-
sion.
PENNSYLVANIA PROMOTIONS.
Philadelphia, Feb. 10-The board of d.
rectors Of the Pennsylvania railroad az
a meeting this afternoon elected John L.
Green first vice president of the COM
pany to succeed Frank Thompson. VINO
was recently chosen president 70 succeed
the late George Roberts. The board made
a number OF promotions because Of the
elevation of others. The full list Of an
pointments made today follows First
vice president, John p. Green; second
vice president, Charles T. Pugh; third
vice president, :. II. Provost; first assis-
tant TO the president. Samuel Rea; assis-
talts 10 the president, W. A Patton and
:. I. PoStlethwaite; freight traffic man
aser. William II. Joyce: general mana
ger, j. 3. Hutchison. Two new positions
were created, those OF freight rattle man
ager and first assistant 10 the president.
Mr.. Joyce, who bears the former title
and ranks of the general manager. was
formerly known as the general freight
agent Samuel Rea, the first assistant
10 the president, was Mr. Roberts assis-
tant and in the future viii havoc barge
of the engineering department OF the