The Washington times., 1901-12-30

place. and it is interesting to note that
| despite the smash in the price OF the
stock early In the week. there has been
| net gain for the week No declines were
made by any active securities, the above
list showing an average advance OF more
than . points.
| Sgcct Trusts Grcnt Ore supply.
According to reports which have been
filed with the United States Steel Cor
! poration by four mining engineers. who
! have just completed exhaustive examina-
lions Of the iron ore deposits OF the cor
porati0n In Minnesota the ore in sight or
which, judging from the extent Of the
iodes, viii nc available foot up the enor-
nous total Of 600 900. zoe tons. These
experts have, IL is understood verified all
OF the examinations which were made
prior 10 the organization OF the Steel
Trust. when these deposits were acquired.
! Figured on the low basis OF 81 per ton, at
the mines. this amount oi ore is equal in
value SO the entire capitalization Of the
trust
The supply viii provide the company
with all the ere required for about forty
years. the shipments are not larger
than The % 5o00. 900 tons which 1t is es-
TINA cd viii be the output next year. Ore
shipments from the Lake district for the
season which has just closed are esti-
mated at 20 500 600 tons. OF which so per
cent was from the Mesaba district. where
the United States Corporation has its
principal mines.
1t is understood tiat an advance of
from . cents 10 so cents per ton for
Mesaha ore has been agreed upon by the
United States Steel Corporation, and
some oI the independent ore producers.
This viii make the price of ores from
$3.50 10 SF.25 per ton, according TO quail
ity. These prices are, of course. based
upon delivery at points OF consumption.
The price OF Old Range ore, which is the
best grade, was fixed at $i.25 per ton.
Pressed steel Car Rumors.
Following the change in the directory
OF the Pressed Steel Car Company, IN
which an obstructive element which had
been ana aronistic TO the mana cement was
replaced by friendly directors. there ap-
reared an increased demand for the stock
in the market. II is understood that the
syndicate which took over the holdings
for former President Schoen. paving 46
for the common and sc for the prefer
red. is still intact.
An effort was made to dislodge por-
tion of this stock. which had been held in
prominent banking house on a margin
OF 10 points. In this attempt the com
mon was broken TO 81. which was within
one point Of the price paid. but the pool
Immediately provided an additional sum
of money. and Immediately thereafter the
opposition abandoned its plan, and the
new directors who were elected are not
only in accord with the management. but
also represent the big syndicate holdings.
The company has on hand orders ag-
gregating s30.00O.OO0 gross. which will
keep the plants Of the company fully
employed for many months. Repairs upon
cars which have been delivered will now
be large enough to provide net earnings
equal to the preferred stock dividend.
This is point in the existence Of every
concern manufa turing articles protected
within two or three yeors from the be-
ginning Of production.
The Vanderbilt Deaf.
IT is understood that = majority Of the /
stock of the Indiana. Illinois and Iowa |
Railway has been sold 10 the Lake Shore |
Road. which is part OF the New York |
Central system. While this deal was de- /
MED by representatives of the Lake Shore,
il Is confirmed unoficially by representa-
lives of the road which changed hands.
This deal is simply one ct the stepping
stones toward the carrying out of the
plan of the Vanderbilts for unification
Df all of their outstanding properties
through the organization of a company
which Will acquire these properties and
hold them in the interest of the New
FORK Central in much the same manner
Is the Pennsylvania Company is now
operated in the interest OF the Pennsyl-
-ania Railroad.
OF course such scheme has been re-
leatedly denied by insiders. but Wall
Street remembers only too well that
very other change in railway control or
ownership of Importance has been denied
ip TO the very moment of completion.
The Indiana. Illinois and Iowa Railway
,wns and operates 800 miles of road
which will become valuable when tribu-
airy to the Lake Shore.
The Copper Market.
The changes in the price Of copper
METAL which have been made since the
'nited Metals Selling Company resolved to
orce the issue with Independent pro-
ueers who were urderselling 1t have nat
rally unsettled all OF the industries
,hich use copper in manufacturing. The
rass manufacturers have refused 10 cut /
he prize of brass, even though they were
btaining their copper on a lower basis.
here was very small margin OF profit
hen Lake copper was held at Il cents
er pound. Now that the holiday trade
over, it is believed that the brass
will decide upon n re-
uction. A meeting Of the leading manu-
lcturors will occur in New York during
be week, when action viii be taken in
his direction.