The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-02-12

ed to Smithereens, the Trade and the
Public Await With Interest the Collapse
of the Aggregation OF ore Producers in
the Lake Regions-Iron Trade Review
Sums mp the Case-Carnegie has the
Rest OF the World Guessing.
Chicago, Feb. 1.-THE Tribune says:
The Iron Ore association which has con-
1rolled prices and fixed the output of
Lake Superior iron mines, stands direct
ly in the track Of the cyclone which has
swept away every combination and pool
in the iron and steel trade for the divi-
sion Of business and the maintenance OF
prics. VVIrat the Rockefeller-C Carnegie
combination will do in the ore pool VIII
become manifest within a fortnight. The
first announcement, il is said, VIII be in
the shape OF large sales OF ore for de-
livery during the coming season Of nav
igation without regard TO the pool. Even
more important than the collapse Of the
steel rail pool wiz be the termination Of
the ore pool. II VII mean a terrible war
on prices by all the iron-mining COM
panies of Northern Michigan and Mime
sofa. Among some there is serious ques-
ton if the iron ore pool has not already
gone. AS yet no allotment has been made
and no prices fixed for the coming sea
son.
CARNEGIE AND ROCKEFELLER.
Cleveland, O., Feb. 1.-THE collapse Of
the steel pool and the sharp decline in
prices Avs the all-absoroing lopic of con-
versation around the offices of ore pro-
ducers and iron and steel manufacturers
Tho nrpInppFS
have held several meetings mere during
the past two or three months, but in each
case have adjourned without deciding
upon a policy or fixing prices for the
present year Another meeting was %
have taken place here February is, but
il is stated that for various reasons it
has been postponed and will not be held
until toward the latter part Of the pres
ent month It is expected then that the
ore men viii either enter into a joint
agreement with regard to the output and
prices or viii decide TO let each man
shift for himself
john d Rockefeller has been represent
cd in 1he meetings of the ore producers
heretofore neld during the winter and,
:: is understood. viii be represented at
the coming gathering this month. The
consensus Of opinion among the larger
ore producers seems TO be that there is
now better reason than ever why the Op-
orators should enter into an agreement
Il Il pointed out that with the collapse
Of the stezl pool and the Generalization
of pr.ces on finished goods, there must
necessarily be a big increase in consump-
ton on account of buyers desiring 10
take advantage Of low prices. This will
Of courses Emulate the demand for ore
and the operators, while admitting that
their price should largely be regulated
by quotations on the finished product.
believe that they should now, of all times
work together tremendously.
One Of the largest ore producers on
Lake Superior said today that beyond
the fact that Mr.. Carnegie had leased
from John d. Rockefeller one of two
mines. he felt confident that there had
been no further deal between them and
that ell the talk about consolidation of
interests or a work of arrangement be
tween the TWO was without foundation.
TRADE JOURNALS VIEW.
Cleveland. O., Feb. 1.-THE Iron Trade
Review this week will say: Though
not like bolt out of clear sky-for the
clouds have been plentiful of late-the
announcement that the steel rail pool
had gene 20 pieces shook the iron trade
profoundly. II means the sweeping away
of the CHEF Dulwark of the steel manu-
factu-erS against a profitless struggle !
for supremacy and the belief that the
giants are now willing 10 try conclusions
In an open field excites the liveliest spec
ulation as to the outcome. The first ef-
feet OF a 500 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 con-
s,nued agreement was impossible and in
tha past two days quotations have gone
as low as 81, Pennsylvania mill, in re-
Spouse 10 low quotations in the Chicago
district. That the railroads will appre-
riste that the present opportunity war
rants the straining of a point 10 make
the necessary financial arrangements 10 |
buy now is a natural inference. Two
sales already reported are $4,000 tons TO
the Illinois Central by the Illinois Steel
company and 10000 tons 20 the Santa Fe
by the Carnegie Steel company, both re-
ported at about 81, mill. The extent of
the complaint by railroads of the s25 ba-
sis would indicate desire TO buy but for
the price: and with the stimulus the
market will receive from the placing of
rail orders and the accompanying ton
mage of track supplies it is only reason
able expectation that the start will come
which has been SO delayed"
CARNEGIE IN PITTSBURG.
Pittsburg. Pa Feb. 1l.-Andrew Car
nesic arrived in the city last night and
was c!oseied today with the officials Of
the Carnegie Steel company. limited. de-
nying himself 10 all interVieWers. None
Of the officials of the company would eX-
press themselves upon the recent col
lapse % the billet and rail pool and the
threatened dissolution OF the iron ore
combination The iron and steel mar
ket is IN a highly agitated state over the
presen: condition. but il Is evident thai
the Carnegie company officials are wor-
Tied over the prospects Of open markets
with the fiercest competition. y prom
inent steel manufacturer said:
'As far as prices on billsts and steel
rails are concerned, il is generally con-
coded that the Carnegies are prepared
TO compete under any conditions. Their
recent completion of the two largest
blast furnaces in the world. by which the
cost Of pig iron is reduced: their alliance
with the coke interests, and the fact that
they are paying a wage scale which con-
1ains 10 per cent bonus that can be tax
en- off al any time, gives them an ad-
Vantage that is conceded in iron and
steel circles"
y matter that Is interesting the trade
particularly az this time is the question
whether the iron ore combination can
withstand the influence that has been
wreck.ng the combinations on finished
products Last year the output Of ore
was appcrtioned among the manufacture
ers with view - limiting the produc-
rior n 10 600 GOO tons and putting tho