The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1877-06-02
The Coal Trade.

/
| We have little. in fact, scarcely ANYTHING, tn
add to our roviey OF the coal trade as published
| Ihis day week, Nothing has been received from
| Mr.. Gowen, In Europe, on the subject OF a suL-
| pension OF anG1racitO production Tor month,
other than what was gwen to the meeting held
at New York on Monday last, which was fore
tnauOwed In our coal article OF that uay. I6
seems to be pretty generally conceded that Mr..
GOwen VIII not ageee to suspension OF pro-
ductlon IN advance OF his return, cay IRON the
middle TO the 2Oth Of June, which practically
leaves the subject au open question up 10 that
time. The action of the other leading Goa COM
panles IN decldiDg so suspend production from
June Is to July 10, REGARDLESS of Mr.. Gowen's
suggestion to await his coming back, aud their
further action to sell coal largely by auction at
once all indicate chat they do not anticipate q
suspension OF production for the month named,
u at all. The Reading, too, is not helbng IN its
WORK OF getting coal into market. It Is produ-
ciug ana forwsrdng very largely its coal ton
mage for the past week TO Friday night last WAS
SlSsti " tons nnd that Of the addhopaI day end.
aggregate for the week up to at least $4,000
tons,aganst l4,7d tons for corresponding week
iast year. This immense tonnage, as the report
OF the coal movement at Richmond rhOws,is not
beng piled to await n market ns tho receipts
there tor the week ending May 2oth, were 5000
ions, against shipments In the same time OF r..
900 tons, showing reduction of stock. 80 one
week of 10, 100 tons We have no meaps OF know.
Ing the prices and proflts of these lat ge sales OF
coal, but II they are made at paying rates Mr..
GOwen is likely to continue his present policy
q maslng q large tonnage cover whatever OF
deficiency there may De IN small profits per ton.
There is an additional reason on the part OF The
company to Keep up It's coal traffic that OF meet
ing large interest payments maturing between
this and the lat of July, when Mr.. Governs
proposition 10 the creditors of the clmpapH, az
t0adJustng interest payments goes into oiIaFs-
tiOn. Up TO that date all the liabilities OF the
company, on bond as well as on lease, are TO be
promptly met, and there is no reason that we
have heard TO doubt that they Will be. But To
do this Mr.. GOwen must avail himself Of all bis
resources at command. aud to JON in an early
suspension OF production would be most sutol-
dal blow at his own endeavors in this regard,
1t Is not likely, therefore, that he will halt III
this purpose. especially while be has market.
good or bad, for his COAL as his excess of ship
ments OF ten thousand tons per week shOwsthat
he has. Coal is down to veIy low prices, and u
the three auction sales OF coal advertised at
New York for tomorrow and next day covering
in all some $4,000 tons, are made, and no "Petef
Funklsm" is resOrted to hold up tho Market
even lower figures than have yet been named
In the lowest coal circulars may very cOlhdent-
~ be expected. These auction sales by tho
New York companies mean war Of prices, aud
when announced II was with threatening SIT
that left little doubt that the threat was intend
ed for the Reading Railroad Company. THESE
movements VIII be met in tact # not in spirit,
and while the carrying companies may to some
extent overcome the losses on the prices oft helr
coal by dividing them with their TRANSFORMATION
charges, the individual operators will soon have
to yield to the situation that eventually will bc,
If 1t has not already been, forced upon them.
They cannot long produce coal at loss, Al
and 1t is in contemplation by some others TO
stop. and that Quickly, If a coal war shall be
fairy tnangurated. There. seems but one way
to avoid general and seriOhs consequences 10
the entire trade and that is, to stop the auction
sales, most of which are looked upon as frauds,
and then await month OF less for Mr.. GOwen's
return. when an arrangement may be agreed
upon for suspension OF production later IN the
coal year, the prompt announcement oil when
Will be as salutary in its effects as an actual
stoppage at the time named But whom the
gods would destroy they first make mad !" The
coal trade as, to TONNAGE and present prices, Is
much the same as a week ago, neither better
nor materially worse, while tho production OF
coal continues largely ahead OF that of last year
to the same time,-Iedger, Monday.
The following table shows the quantity OF coal
shipped over the Lehigh Valley Railroad for the
week ending May Goth, 1877. ana for the year rs
compared with the same time last year: