The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-07-19

months of the present year. the production
of coal has greatly incrca .cd. and still con-
tinues to increase. The latest returns show
that the quantity sent from all the regions
since Jan. /, was: Anthracite. 1O172,Ol6 tons
htuminous. 1,625O56 tons total ll.797.Oj2
tons. against 7,Ssl,G79 and 1,G79,jiJ tons
htuminou-- total 1851 ,225 tons, for the cor
responding period of last year Increase Of
anthracite 2,291,j37 tons decrease of btu
minous. j4,jlj tons. 1t will thus be seen
that, with no corresponding Increase in con-
sumption, the increase in the production of
anthracite up to the present time has been
nearly twenty-five Icr cent greater than
during the same period last year. This sim-
pie fact Of itself goes far to explain the
tumble in the price Of coal
The desperate condition Of coal and coal
carrying companies places them in very
singular position: they cannot stop mining
and stand still, under penalty Of bank
ruptcy. and they cannot produce and carry
oNccit at loss Were they free from debt
and doing business ON Il solid paid-up capi-
tai. they would to-day be- allie to bear
the shiinkagr and TO protect their proper
tics by adapting production tOoonsumption
Yet in some eases there Is practically
nothing left to protect. Take for instance,
the New Jersey Central.
During the existence Of the old coal COM
bination, the coal barons eXactcd heavy and
arbitrary tribute from the people at large.
and from every industry into which coal
enters a. Gctur-ior manufactures.
or the generation of steam, or a. an
article OF fuel. Since the dissolution OF that
combination. they have Vainlv sought to re-
viVc it. Int all efforts in that direction have
rather qui .kcued than arrested tic down
ward ten ioncy Of rates. Nj. GoVEN. the
onfId ttribl of the coal companies. llH- just
returned 10 this country irom England.
whore le won't ON business connected with
his company. III friends claim hc has been
entirely suc.o--lil Ina thr objects 81 his
mission. iu' rcnile VOL zap in coal mat
tors -Dem Inclined tnthini differently They
say hc has parted with his stock at LOSING
ratc-. and Nill lo Obliged 10 pool on force off
mora ut even "a greater sacrifice. II be- rc-
fuses a. r.ll. IL j. believed the other CONE
ranic- will forco the market with q further
series of auction sales. II Is understood
that two hundred and fifty thousand
tons are g. be sold at public uuc-
tipn on tho Goth and 9th Of
l.uch.vaunl and Western will offer ljlO'u.
and tire Pennsylvania Company 10000. If
this largo quantity of coal is fairly and
-quaroly thrown on the market in its
present dcprcs 4cd condition, 1t must result
M lower prices than we have vet seen. the
/ general tendency of the market being down
ward. with Increasing pressure. 1t is posi-
lie that the arrival and counscls Of MIR.
! GowiS may cause some modification in the
policy attributed To- the great coal COM
panics. No official announcement has as
totaho place during the coming week. With
steadily neenlnu'",'nS stocks moree4pec'ai-
~ . uo'''o' 'J 9'e , ''t sn tn '' ,n
cnol oncratn oycn moro imnorotivelv in
forcing them to sell, although at prices
below the actual cost Of mining and trans
portation. But, then. what is coal mined
Tor if it is not 70 be brought to a market;
Thecoal companies are certainly in despe-
rate straits. They have tried both com
binatiun and competition. They cannot
force their own terms on buyers UNI
less the necessities Of the buyers are
such that they cannot refuse those
]
for coal would Of itsclf preclude any
wcll-foundcd hope of higher prices in the
immediate future; hut when taken in con
nection with the coming auction sales, W,
may safely assume that any change in tho
price of coal will he toward lower rates. A
glance AT the following figures, showing the
amount of capital stock of three important
coal carrying companies, with the market
quotations and value of that stock in March
1876 and June, 1871, Will give some idea Of
tAcir present straits and condition:
-P,, Anyr~ rIgs U,le
s,,h sIs7d 49, l-77 is76. is57
Ccnn 81 ..r ,oz eo,oo,7,o 9, oat 40
na. La,N amt ,...
pi a1I iud Ca
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