The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-08-31
THE COAL TRADE.
UNEAsINEss AND ANXIETY IN PHILADELPHIA
THE READING RAILROAD COMPANY MAKES
CoNcEssIoN-MR oowEN KExps sTIFr


UPPER LIP-HIs REMARKABLE PREDICTION.
PHILADELPHIA, August 30, 1876
In the coal market in this city there is universal
feeling OF shakiness and uncertainty. The great
ton sale Of yesterday and its upon the future
are the theme OF general wonder and comment, and
nobody seems to know what the result will be- Every
10 give the public his theory and ono thing only
seems csrtan-namely, that the newspapers which
regard the extreme low prices at the Hanover square
auction sale yesterday as a certain augury OF cheap
coal for the winter and general good time for every
body are not by any means certain to be in the right
Assuredy they are not, If a remarkable prediction
which Mr. Gowep. the President OF the Reating Rail-
road, favored me with this morning can be relied
upon. He said it with emphasis, knowing was going
10 publish it, and is willing to stand by it. But
EVERYTHING Is IN CONFUSION,
and whom l asked long headed operator this
morning what is in store, he Simply shrugged his
shoulders, elevated his eyebrows anc said. Lord knows
what next, as the iadpole said when his tail dropped
or" 1t was hard to find prominent dealers to-day,
many being on. Of town, some in New York and some
attending meeting OF operators which took place in
the Schuylkill region today.
No trustworthy person seemed willing TO hazard
guess to future prices until 1t is found out what
every dealer is waiting for-whchcr not the carry
ing companies will reduce their tolls On that all de-
ponds Said one :-"Will
READING RAILROAD
accept the situation and reduce its tos Should this
not be done it will cost moro to work than TO stop,
and the coeries Will close The average price coal
for August was 81 80 at the mines, and tho
age reduction at Port Richmond is to 81 l3 Taking
into the expense OF shipping the coal from the
mines to schaylkill Haven. which averages about
sixty cents II there IS no reduction made in
the tolls the dealer would lose fortytrec if the
coal was made present 10 HIM at the mines ton OF
coal actually costs, with mining and transporting to
market at present rates. at least 81 co. You see the
sbsurdy OF supposing that 1t could be sold for 81 Is
Under present tolls
THE GREAT Mr.. GowEN.
Mr.. Gowen who, AS president OF the great transport
Ing company, was the head and front OF the gigantic
combination, is always an interesting person TO talk
WITH and the HERALD correspondent called him this
Afternoon He was besieged by coal dealers and OPP
eralors who wanted to know what going to be the
price Of coal and when the company would announce its
prices for September Waiting Tor the HERALD man
10 leave a committee from the Coal Exchange
who officially to ask these questions Mr. Gowen
answered everybody with smiling, frank looking face,
ana seemed more like Sunday School teacher than
she grinding monopost he Is pictured
SURPRISING STATEMENT
what will be the effect OF this sale few words?"
Was the first question.
1T will accomplish just what the combination would
have done" SAID he, with bland and honest seeming
ymile
Rather taken aback. 1 asked II the combination
really would have cheapened prices
''Oh, yes, F" AS though hurt at the question.
weren't
prices obtained at the sale, like everybody elsey"
well it was about hlty cents ton cheaper than
thought likely"
why did Tho Reading coal bring lower prices than
Bny OF the othersy'.
~ dont know; unless it was because ours was in
larger lots aud was sold among the last"
Then the combination really wanted to benefit the
pcopes'
.ruE OBJECT OF THE COMBINATION,
was called simply to take out the mines
much coal rs The publN needed and no more, and ut
the same time TO regulate prices according 10 liked
reason why should act otherwise than
fairly. Ii to the common interest to have
the supply OF coal regulated just much needed
and more They never charged high prices Tor coal
The fixed rates enabled the manufacturer and every
pher business man using coal to make contracts based
oil certainty Tor year ahead Tor the prices OF coal
were arranged on fixed scale Tor that time. The
suit OF this sale will be to stop the production of coal
In great many regions, which, in very short time
will make tho demand exceed tho supply. In that
cvcnt much higher prices will be realized than now
and higher than would have been under the comblpa
tion. You vii! see that this viii be so
''You say that the Reading Railroad Company at
meeting Of the directors to-day reduced It's rates Of
transportation OF coal This will help to reduce the
cost OF coal and increase tho product We have put
the tolls down from 81 IS per ton 10 81 25 and ST.
81 20 tor distribution TO the local dealers and 81 10.
delivery at Port Richmond TOR shipment abroad. At
lhis lower rate We will make more money railroad
company than we have done as member Of the CON-
binaton. managed as the combination was" Mr..
Gowen then said with emphasis:-"There are great
many reasons why the combination advantage
10 the community, and, mark words, they will ad
NIT that within six months. y
Upon being asked what he meant by this luminous.
yet
MYSTERIOUS PREDICTIONS
Mr.. Gowen sad that high prices would be conse-
quence and uncertainty and luctuation another and
perhaps There Will be iuctuating
market fnr coal y he said (which will be sometimes up
10 Sl2 per Ion, 1t was during tho war, and again
sown 70 81; whereas II the combination had rc
named intact prices would have been controlled
hose engaged the mining and carrying
pf the coal make than lair, but always a UNI
lorm and proportiopate profit while prices Will be
fuctuI.ipg that make u tract with
uerla,nty IL the combination had not dissolved IL
would have been u good thing for consumers You can
depend upon prices Will not be permanently lower.
lhe combination would not have dissolved but for the
dishonesty OF one OF ITS members You understand :"
"Do you anticipate any strike among the oper-
atress Ths, Is result OF this business very gener
mo. Now that the miners ou, of the hands of
politicians who have been manipulating them. there is
no danger OF that They are reasonable men and they
want TO work, and they will be content taSo lower
wages
''My. Gowen il is ru,nored that account OF the OK
treme low prices the sale yesterday Of the com
panes viii avail themselves OF the provision rccasl
them in case of strikes, &c, and refuse TO deliver
THAT rs the usual thing think the coal will all be
delivered. The sale was bona hde one, certainly, so
far our company concerned. Besides, most OF
The coal that sold ready for immediate delivery
All OF II Is mined
80 MORE SALES IN NEW YORK.
As your correspondent was about leaving Mr.. Gowen
expressed ms Indignation tha some OF the New YORK
papers Should have spoken OF himself and other honor
able gentlemen this morning as Peter Funks" lie
considered that they had been badly treated by the
press OF New York, anu nc that yesterday
coal sale was the last positively that shall take
place in New York. In future Philadelphia shall
ceive the benefit OF tho presence of the dealers who
come TO buy coal.
MEETING OF THE LEHIGH COAL OPERATORS
BKrHIrnES, Pa, August so 1870
The coal operators Of the Lehigh region me, the
Office Of the Lehigh Railroad Company this afternoon
The meeting was the lagcst held in the Lehish
Exchange, nearly every coliery in the region being
represented. proposition from the railway officials
placing the rate OF freight at 81 % per Penn
Haven Junction TO Perth Amboy, when coal avcrag IS
IS 80 per Now York, and TO slide up and down
that basis rejected The meeting adjourned
without reaching satisfactory adjustment, and tho
probabilities that there Will be continued idlcness
at the mines
POLICE AS PRISONERS.
ALLEN YAQIRn CApTAIN