The Wichita daily eagle., 1897-02-10

| Pittsburg, Pa, Feb. 9-The rail pool
/ was dissolved yesterday in New York
| because OF dissentions among the east
/ th2t a few of the manufacturers were Of
fering rails below the legitimate figures.
Tails have been sold in the east as low
as 500 per ton at the works and the
western mills will he obliged to reduce
their prices TO nearly the same figure. II
is stated that prices OF rails at Pittsburg
/ viii now range between $50 and SCI, and
from 81 TO So west. In December last.
rail makers reduced the price from SIS
o. s25 and the continued decline of the
prices OF raw material enables the man
ufscturers to now make further TedCc-
ton 1t is probable that a greatly in
creased production tins year viii result
from this action OF the manufacturers.
as railroads OF the country Will likely
avail themselves of the low rates To re-
new trackage with new rails. This viii
mean a general improvement in the iron
Il ade giving employment to large
force If men now idle.
WORSE THAN THAT YET
Chicago. Feb. 9.-Steel rails are being
sold at the lowest price ever known IN
America. The steel rail pool has col
apsed and SIS a ton was asked for rails
in Chicago today. and in Pittsburs the
rate was S15.25 ton. Monday the price
in Chicago was s26 and in Phtsburg il
was $25.
The sensational break OF IS a ton with
In twenty-four hours Is the result Of a
secret meeting OF the rail pool, held IN
were present. No agreement could be
re1ched. and President J. w. Gates OF
the Illinois Steel company. hastily re-
turned % Chicago. and called a meeting
OF the directors OF the company As a
result OF their deliberations he notified
II. -. Frick. chairman OF the Carnegie
Steel company, that the Illinois Steel
company was unable 70 come 70 a con-
clusicn, and had postponed action until
after the annual election OF officers. 10
be held tomorrow. Two hours after the
message reached Pittsburg. the prices
quoted were being asked in Chicago.
CARNEGIES DID 1T.
Rumors were current ali day that the
Carnegie company was Offering any
thing at any price in Chicago but ow-
ing 70 the fact that the Illinois Steel
company was % hold its annual meeting
tomorrow, the rumors we're classed as
being made for stock j0bbiug purposes
and had little eject Il was not until
the prices had been quoted by numerous
eastern concerns that the trade really
took cogpizasce OF them. Il WAS then
announced that the Scranton steel com
1any had formally Withdrawn from the
pool. ard that prices were on d wide
open basis.
Western railroads undoubtedly have
an inkling of the collapse of the giant
pool ss. with single exception. nsne
% them had placed any Or4ers for rails.
DESPITE the s. a tou reduction made by
the pool ~ the opening - ne year.
IN the trade. dissolution - the pool =
taken % mean that Carnegie g. CO. in
tbs way make /; known that they can
selI cheaper than anybody else. and tnst
they viii not h@ncef1rr5 ~ hsmpere5 b.
an agreement which is u ther disad-
va1tage-
Tee steel rsl pool was The longest
nred and most successful trade organ
izarion ever formed Ia tais country.
TrE basis - pr--es Whd toe pool
maintained f7r many yesrs was rs a
ton a. Pittsnu-g ard - a. Chicago. A
rfd8~t5ou - s. = tor was made 81 IRE /
or Mug - tee year. ig order ~ co1lil.- /
ate esls-oneTt. and - conform. in a /
measure. % the ioNer basic q prizes /
brought s5ost by the co.lsPTe - tne /
rtiIet pool This did rof urtng tae OF
ders expected and tse trouble begaa-