Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-02-12
THE IRON ORE SITUATION.
Things are in an Unsettled and Underlined
State at Cleveland.


Cleveland Ohio. February 1.-THE
ore producers have held several meet
ings here during the past two or three
months, but in each case have adjourn
ed without deciding upon policy or
fixing prices for the present year. An
other meeting was to have taken place
here February 16, but it is stated that
for various reasons it has been post
poned and will not be held until to-
ward the latter part of the present
month. 1t is expected then that the ore
men will either enter into joint agree
ment with regards to output and prices,
or will decide to let each man shift for
himself.
John D. Rockefeller has been repre-
sented in the meetings of the ore pro-
ducers heretofore held during the win
ter. and it is understood will be repre-
sented at the coming gathering this
month. The consensus Of opinion
among the larger ore producers seems
to be that there is now better reasons
than ever why the operators should
enter into an agreement. 1t is pointed
out that with the collapse of the steel
pool and the decentralization of prices
on finished goods there must necessar-
lily be a big increase in consumption on
account of buyers desiring to take ad-
vantage of low prices. This Will OF
course stimulate the demand for ore,
and the operators believe that they
should now, of all times, work together
tremendously. One of the largest ore
producers on Lake Superior said to-day
that bevond the fact that Mr.. Carnegie
had leased from John d. Rockefeller
one or two mines he felt confident that
there had been no further deal between
them. and that all the talk about con-
solidation of interests or working ar
rangement between the two was with
out foundation.
What is called the last move IN a
long line of reductions has been made
by Carnegie. Heretofore he has re-
ceived his ore through middlemen.
Hereafter he will use the Rockefeller
ore and it will be looked after by ms
Cleveland agent. An item of interest
in connection with the collapse OF the
rail pool is the fact that the Cleveland
Rolling Mill Company has been re-
ceiving 100000 per annum for refraln-
ing from making steel rails. Many OF
the Cleveland ore men claim that the
ore pool is not affected by the death or
the rail and billet pool for the reason
that the railroads, taking advantage OIL
the lower prices, are putting IN heaVy
orders for rails which Will cali lot d
vast quantity OF ore.
Philadelphia Pa, February LINE
furry in the iron and steel trades mere
caused by the dissolution Of the steel
rail pool and the cut to SIT per ton IN
Chicago. subsidized to-day and the ne
lief was expressed that a recovery VIII
follow before the close Of the week.
C4rcAGO. February II. - President
Gates Of the Illinois Steel Co.. left hur-
riedlv for Pittsburg to-day, bent. 1t Is de-
clared. upon restoring peace with the Car
negie interests.
Sales of i6. 900 tons OF rails by the Carne-
gle Company at S17 per ton to railroads IN
the Illinois Steel Company's territory were
supposed 10 have stirred up Mr.. Gates.
In less than five minutes after the last
transaction was closed and before the Of
fetal making the purchase had left the Of
flee of the Carnegie Company in the Mar
auette building. he received telephone
message from the Illinois Steel Company
Offering the rails at a reduction from the
S17 figure. The extent of the reduction the
official would not disclose.
At the office of the Illinois Steel Com
pany. the only price quoted for rails was
SIS per ton. The company refused 10 say
whether any sales had been made. In
other quarters it was larned that the com
pany was offering rails at $l7 per ton with
a guarantee against further decline in
price.
Investors IN the Illinois Steel Company
are anxious for a settlement Of the war in
steel rails and it Is presumably i'm response
10 this desire that the executive of the COM
pany is now making an effort to restore
prices.