New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-25
THE ORE POOL GOES.

The disruption OF the Lake Superior ore AS
ISOLATION is not the less an event of great ana
far-reaching importance because 1t has been ior
some time anticipated About the middle OF
December. when the Carnegie lease of Mouh'aih
Iron and RathbUn mines from Mr.. Rockefeller
was announced, 1t was predicted that the iron
ore pool and the steel rail pool would necessarily
follow the billet pool. The rail pool went hrs''
because the contracts for ore made last year
| ran to April. 1897. and while there had been
many meetings of ore producers without erect
it was still hoped by them that some agreement
might be reached before April. But nj the meet
ing on Tuesday. at Cleveland. it was found i'm
possible TO reach an agreement TO which all the
interests would assent. and the Lake superior
Ore Association formally dissolved. state
ment Is published purporting 10 be by tine ore
producers" which from its nature does not
represent the views of all, directly declaring that
"the failure of the ore men to get tosether Is
due entirely" 10 the Carnegie interest, which ii
asserts has SLOWLY absorbed all the large III
"terests on the Mesaba Range. and can therefore
afford 10 he Independent, with an ultimate view
'of controlling the entire oreproducing proper
tiles in the Lake Superior country
TO the public. which has an infinitely greater
interest in the lasting prosperity OF the IRON ana
steel Industry and in the cheapening of prod
ucts to consumers than in the prohts OF mine
owners of the Northwest, 1t Is not OF great con-
sequence whether one or another party cauSed
the rupture The fact of cher importance Is
that the rupture will put ar end, Tor TIME III
least to the agreement of mine-owners ID! WHICH
from 81 cents to 81 81 per ton was added 10 the
cost of Besscmer ore from different mines lhS
combination served as the principal excuse Tor
holding through 1896 prices Of billclS ana rails
from 81 TO 81 higher than they had previously
been made With the rupture of the comDlna-
ton much lower prices for ore are certain ana
the competition of different mining interests VIII
tend powerfully to secure continued compe'lioh
and to maintain low prices for the CHIEF prod
ucts of iron and steel
The "ore producers statement Is That the
pricc of the standard Gogebic ore. such as mat {"
the Norrie. was last year 81 per ton, while stand
ard Ncsaha ore such as that of the fayal, was
81 -, per ton. some mines ranging higher ana
others lower in each region. Since the carnegie
Rockefeller deal some Of the largest producers
having competing interests in the Mesapa anu
also in other regions. have been extremely
urgent" says the statement. 10 press down Inc
price TO the lowest possible limit ana proposed
so 10 for the NOrric and 50 20 for the fayai.
This would be a reduction averaging more thah
81 per ton. but on behalf Of the smaller mines
which might be closed by such prices 1t was
contended that prices should be higher sue
cessive proposals were rejected. until a diner
ence of only 10 cents was finally proposed As
COMPROMISE. Norrle at 50 - and Fayal at - %
as a basis but the opposing interests reJec'eu
this also II is curious that the ore pro-
ducers'" statement represents the carnegie III
terest as striving to the utmost for higher prices
and combination and yet declares that the
rupture is due entirely TO that interest.
The upshot is that the cost OF material ior
iron-making will be at least 81 per ton lower TINS
veor than last to the furnaces supplied by the
Lake region. and that will tend strongly TO make
practicable q lower range of prices for iron ana
steel products. The powerful compnatohs III
that Industry have been so numerous. ana some
If them have exercised their control so offensive
w. that the public is likely TO regard win sa'iS
faction an event tending 10 prevent revival Oh
such combinations for some time to come