New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-08-30

presumed losses But there was no prooabiy tna' ts
would be DONE One dealer present, VINO nau a 900
I'm 40 900 TONS declared that he would not take @i'
in hand for his bargain and be relieved OF INC "
expecting in the end that his purchase "ou. cole q
TO him at least 81 to the ton. The result VI o
was said was a complete surprise, as inc inan"e
had not expected that they were to dispose VI VIC ~
at more than 10 or 20 cents below scheuuio pr.
there had been any id "A that the coal "ouu D-S ~
more than did the sale would never have taken place.
what the Aua result would be, or what inc se'eia.
cool oompan,es would do, could be only matter VI
conjecture. and all persons interested would await
dove,onments No schedules would be made OUT prop
ably, for the present ..,,. ,,h
ering took place said afterward m
Perhaps no one the city is better acquainted wio d
the coal trade than ourselves, as we nave no ,
more coal during the past few years than perhaps a
very unfortunate 1t much better Tor all persons oU d
that coal should be cheap IN the nd Winter ad
vance, In this way the consumer IS pad gpou ~
age his money for buying at that te s1 with finds
at the time when he needs them most anu nv o
tune and the carrier does nor ana at another with al
his facilities for transportation overpurunh ornnd
Sst n reasonabiy should at any time Now at
the beginning of this season tho %seu producers
@s their schedule prices about rs cents below what
thew actually did but my efforts were useless, a ,no
has been continued difficulties wrangngs'
and experments which have eliminated in this sale,
which call public disaster, the only person benented
cannot continne IL actually COSTS with mining trans.
porting, and delivering, to the owner Oh INC o MINI
companies will not be found 10 continue to WORK when
coal is selling at less than i costs Inc Only way ba
which "A can be obtained cheaper Is 10 cnapeu Tue
wages of the miner, and II that Is attempten INC %
will strike at once and me mines S. In apv
down. many OF the principal ones alrea1y IN @
case the price is bound to come up and II VIII Prooapg
higher 5h .e Snfef than today and no can do
better to buy all the coal needed as quickly as pos
6e This nna sn SsF 81 st" UPON those least
able SSGsu' to bear II = those who think them
sSs' ' %s Il rea Sy status Gn regard to eOs
bic both for producer and consumer only when some
strictly followed out every year to certainly trusted
that is that the coal companies shall start each season
increase that price the advances thus relieving
ali preventing unfortunate results As 1t is OF pres
en 1t is little better than operation ana one
party will win the pile.
The excitement at The Offices of the coal dealers after
the result OF the sales had become known was intense
Consultations and conferences held in almost every
office. Every expressed great astonishment at the
low prices obtained 81 have been 80 years in the coal
trade" said prominent dealer yesterday afternoon,
and have never before coal cheap as 1t sold
to-day The price, however has gone below the cost OF
production and some reaction will certainly follow soon
but may confidently expect TO get their coal
comparatively cheap for some time to come
FEELING AMONG THE COAL COMPANIES
George A. Hoyt the vcePregdent of the Pennsylvania
Coal Company, in conversation with reporter OF THE
TRIBUNE said that it would cost 100000 more to mine
the coal that was sold yesterday than the prices obtained
at SALE and he hoped that the newspapers which had
been crying down the prices Of coal for some time past
would be fully satisfied with the result The coal
panies had acted II they were anxious for a
regular slaughter of prices and their wishes were
| eratifed. II was very probable that some OF the
oompanies would be unable TO fulfill contracts at such
runous rates. for costs nearly three times as much TO
mine tie coal now as 1t did 20 years ago. and 1t had
never sold low the sales yesterday 1t had
been the intention " tho Coal Company TO
have made slight advance over the prices received at
auction in the schedule for to-day, but the prices OBJ
tanned far below the prices anticipated that the
advance price would probably be much greater than u
otherwise would have been He thought that the buyers
at tho sale we're afraid to the coal up TO its true value
as they did not know what coming next The sales
of the company amounted to 10000 TONS and tho officers
stated coal would be delivered according TO con
| tract
Henry Mckay, the Treasurer OF the Philadelphia and
Reading Coal and Iron Company said that the sale yes
terday was at too low rate to furnish fair standard OF
prices for the future In fact it was impossible TO give
any integibe opinion present 10 the effect OF the
prices on the market Why" said he, the coal OF this
| company, which expected to bring the
highest prices, sold at the lowest
few such sales Will bring the
| companies to their senses. This company
/
tracts" The sale. u N company amounted to 100000
tons Mr. Mckay .rdo5 the principal causes OF The
decline in price, tie IA that the combination had been
broken, and the SOL which was for large amount was
peremptory, none Ot the companies having maue any
| effort TO protect themselves.
| r a. Moulton agent Of the Delaware and Hudson
Canal Company said that the coal sold yesterday was
disposed least 81 per ton below cost even at the
present low wages paid to miners "To illustrate this
he continued take ton OF coal at the pits mouth
| broken and ready for market. The cost Is
| worth not less than 81 IS; the owner OF
the coal gets 80 cents royalty; the trans
portaton to market say average OF 100 miles, at l
cent per ton per me is 81 GO the expense OF handling
will be 25 cents commission for selling, 25 cents; max
ing total Of S415 Our coal sold to-day at an average
OF SO Az 1t is needless TO discuss the question now
long company will continue business at these figures
The abatement wish say, that the Boston agent OF
the company winslow bought coal for the company
is utterly false in every particular In my opinion all
the purchases made by dealers or middemen for
their own account"
1t was repeatedly intimated that the companies would
probably reduce the wages OF miners to such figure as
IN canse strike and then refuse deliver the coal sold
Yesterday The representatives OF the different com
panies Indignantly denied having any such Intentions
| Samuel Sloan, President Of the Delaware, Lacka
| wanna and Western Company, said that neither
| the miners nor the companies could AFFORD
| TO do such a thing. "The miners" he said
are in such condition that they must have
work or starve and companies sannot afford to let
their machinery remain idle Wages, Of COURSE must be
reduced but the laborers will not object Even at the
prices at which coal sold to-day, the railroad companies
will obtain more the transportation OF coal TO tide
water than the trunk lines get for through freight
IN the West an not at all discouraged the mat
ter We shall continue mine coal and sell II at the
best prices get Those obtained today are much
lower expected 10 receive but they are peace
Offering to the public