The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-08-31

TIuN Of THE SPECULAToRs-IsfsIEN
LOTS ~ COA. PUT UP-TUMBLE OF
Prices FOLLOWED BY \ SLIGHT REAC-
rIoN-TIIE PRICE down, But LIKELY TO
.D TT ACAIN-FULL DETAILS,
New IoRK, August 39.-Thc great auc-
lion coal sale took place to-day al noon ut
Hanover square. which was completely
h!ockcd with coal spectators. Buyers from
alt parts Of the country were present. In
tense excitement rci%ncd in the ncighbor-
hood, and wagons. trucks. and windows
were ii!lcd with spectators. while actual
huycr> were congrcgatcd in dense mass
around the auctionccr's stand. The auc-
lpnccr read the conditions OF the sale, and
announced that it was perfectly bona .tile,
and that no reservation WAS to be put on
Goods offered for sale. He said there were
Jour companies represented in the sale, but
,hcy were not combined in any way, and no
effort would be put forth by them to keep
the market up. Buyers could bid and rest
assured that their own judgment was all
they had to contend with. The four COM
iHuc> >clIin" coal were the Delaware and
hudson Canal Company, Delaware, Lacka-
wana and Western Railroad Company,
Philadelphia and Reading Railroad Com
uanv and Pennsylvania Coal Company.
He then announced that he would SELL
first. the Offering Of 10000 tons Of Lack;l-
wanna coal by the Delaware and Hudson
Canal Company: second. the offering OF
10000 tons Of Scranton coal by the Della
ware. L@rkaWanna and Western Company; !;
third. the Offering OF 100000 tons by the
Philadelphia and Reading Coal and Iron
Company: and last by the Offering of the
$4,000 tons oi PittSton coal by the PennSyl-
yania Coal Company.
The sale was then begun with the offer
ing ii 10. 900 tons Of Lackawanna coal put
Up hy the Delaware and Hudson Canal
Company. Five thousand tons steamer coal
WA, put up. and 1000 tons OF it sold for So
prr ton The price fell to S2.S5 and then to
So. n which the balance was bought.
Forty thousand tons Of CRATE was then put
up. and the first price offered was $3.50, ut
which over lJ.UNU tons were sold. The re-
maindcr sold for $40 10 spectators, who
bought At the rate oi 5000 tons as bid.
twenty-five thousand tons OF egg brought
e3.2j and S3.l2t. There WAS Il decided
manifestation on the part OF buyers to wait
until som" one made purchase and then
beat the price down. Purchasers Were evil
l"ntiv uncertain OF how far the market
might break, and many held back expecting
That they would get good bargains. In
many Instances they were successful. as
prices iumnlcd during the sale and then re-
coycrrdt" beyond the starting point is the
supply ircanc exhausted.
Forty thousand tons Of stove started at
~:;.>n. ~ which pllcc 10000 tons went off.
Il then advanced at Il Jump to $500 and
WIS rapidly disposed OF. This finished
Delaware and Hudson Canal Company's
"A n#lnt 1,,-t IA.,I
aware. Luckawuna and Western Company
were n"Nt up.
Ten thousand tons OF steamer started ut
$50 Icll 10 $50, then to S2.T5 and S2.T0; /;
:u.0u0 tons crate went at S2.S5, S2.I5s S2.10,
500. and S2.65 respectively; $4,000 tons
ii egg began at $3.50, went down to s.. 10,
and then went up to S2.11t and $3.50: 49,
uoU tons Of stove were started ut $3.50, rap
idly declined to S3.55, and then recovered to
S&.j.!. S3.60, and S3G25 $4,000 tons chest
nut went of at 30, S2.724, and S2.75.
The next lot consisted OF 100000 tons OF
Philadelphia and Reading Coal and Iron
Company. OF this lot $4,000 tons only were
deliverable at Williamsburg by barge or
boat, and remainder, 125, 900 tons, free on
board at Port Richmond. $4,000 tons were
tr>t put up, and 5000 tons OF egg went at
S2.G1! $4,000 tons OF same started at $3.50,
advanced to S2.G2s, went down to $500,
then TO S2.55, and then to $3.50, at which
latter price the balance was bought up;
$4,000 tons OF stove were started at 1920,
went at once to s3.22t, at which price $4,000
tons went rapidly, and then the price ad-
Hanccd to 1925, at which the lot was closed
cut. -.'
Ten thousand tons Of chestnut sold for
:4.20; 1000 tons steamboat, delivered ut
for, Richmond, sold at S2.25, $40, S2.O5,
and s.: 1000 tons broken started at S2.45,
ana then jumped to $40, and then to
S2>-one lucky speculator buying 5000
ions n S2.ij; $4,000 tons Of egg, same con-
dii!ons, We're next offered and 1000 tons
Went at $3.50; bidding became slow and
iiic" fell TO SD, then to 1920, then to
$40, and then to S2.0I3, at which price it
was closed out; $4,000 tons Of stove COM
iAcnccd at S2.SI., fell to S2.7j, then down
10 S2.121, at which price balance OF lot, con-
>i>ting OF 5000 tons, was bought up; $4,000
ION, OF chestnut wound up the Philadelphia
ana Reading Railroad Company'S lot. They
We're were sold at $3.50, 500, 81, $1.S23,
ana ilnaliy the price dwindled to $1.75, at
"nlch HE balance was bought up.
The next lot offered consisted Of so, 900
tons OF Pennsylvania Coal Company: 20, 900
IONS oi crate sold III S2.G1a and $40; 5000
'NN"iiiSl Ntill ou lllchlS al o.. tSa
',ooo Tons OF egg commenced at $3.50 and
ciosco at $3.50; $1,000 tons OF stove were
hcAs put up, and 5000 bought ut So. 80;
price 1ell quickly to 1915, then to $500,
anu the balance WAS disposed OF at the lat
lcr price; 1900 tons OF lump went off at
Hz.'V. lie last sold OF the day consisted Of
Nooo tons OF chestnut. Bidding became
4 'fi.h, ana buyers seemed anxious to be in
Il the finish. The first sale was ut 81. .424,
ana the price quickly ran up to $3.50, then
3.CO, then 1910, and finally the balance
was disposed OF at $3.50. Prices have tum-
oI"d from 81 TO 81 per ton on all grades OF
coal.
4 The excitement at the offices Of the coal
oelieEs down town this afternoon is intense.
4 >arcely any dealer is alone. Consultations
: ,ao conferences are holding in every office.
$ never before has there been SO much inter-
81 t>' taken in the price Of coal. Dir. Samuel
,'an, president OF the Delaware and Lack
WANNA Company, said that the prices OBJ
1ihed at the sale to-day are much lower
,A aaA was expected, but they are peace Of
,1lhy TO the public. A. S. Swords said
5ila' The object OF the coal combination had
~.en 10 diminish the supply by taking mea-
luics 10 prevent oyer-stocking OF the mar
htc', Dut that now the same effect had been
touSht about, production would be
Spped, because coal could not be got OF
taes and delivered at present prices.
dealers expressed similar opin-
S2l$S2A y llilp acknowledging that tho