The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-07-13
THE vEXED COAL QUESTION.

Mr. GowEE's EUROPEAN TIrP-wHAT EFFECT
MES TRADE DULL
The recent visit OF Mr.. Franklin h. Cowen, Presi-
dent OF the Philadelphia and Reading Coal Company,
10 Europe with the generally declared iptention OF
raising large loan, not only to free the company from
its floating indebtedness but to place basis OF
antagonsm coal producing rivals. naturally enough
caused coumotion among the coal carrying
companies. As FIRST result OF tina knowledge coal
shares declined thorc general distrust and when
meeting VI the principal officers Of the different
companies was held Mr. Gowen autographed TO
know whether he would agree TO result rived At
during their deliberations. The reply. through NJ.
he'm his representative, was that he accorded gen.
orally with the view OF cur,aing production, but that
nothing should be absolutely binding until he himself
should arrive IN tue United States and view The
situation personally. This was generally construed
INTO quasi acceptance OF the views OF the majority
VIZ, the Delaware and Hudson, Delaware, Lackawauna
aud Western, New Jersey Central, Pennsylvania Coal
ami Lehigh Navigation Coal Companies arrangements.
Meantime there was an important negotiation Tor
money pcncing IA London ana Mr. Gowen was at toe
mercy OF Inc capitalists, ana MS policy would heces
sariiy DC shaped Ny 'nom
is rHg WAR ovERY
Ii resumption OF the work ny OF the collieries
determined on the war between the producing COM
panies Was Az assured act II affairs could be lidcd
by the Puiladephia ana kcacing with the otter
pnnles tnen II sible tnut resumption could
lar be restricted Us 10 permit euch corporation " NINE
withiu certain nmits and allow all hving price. Tho
war would practically cease case vi This agreement.
and without any actual comDaalion against families
and the trade would gradually
healthy, stocks IN yards and on wnarves would de-
crease and instead oil companies being suitors TO
dealers ana consumers the latter would become sutors
10 the companies Tor supplies. Wnsn, therefore, the
news Was received that Mr. Gowen had been cniirely
successful IN MS mission in raising loan IN England
the question was Immediately presented OF how tar
this would alect tho other companies and their
forests.
why CHEAP.
The agent OF the Philadelphia Coal and Iron Com
pahy Ia TINS city stated " HERALD reporter ycster
Jay that he had authority speak Tor Mr. Gowen,
but that was generally accepted tact that the loan
tidng over the temporary difficulties 81 the onpany,
ahd lar from tho President acting against his
Jeres IN the trade u was generally understood hat he
had been and was ia perfect harmony with them II
was everywhere cOnccaed that coal selling al
u udewater THIS was owing 10 variety Of Causes
the total sagnaton oil the manufacturing industries Of
The country The general dstrus whereby small stocks
kept on hand, ana tho universal desire buy US
the CONSUMPTION demanded.
spEcuLAroIs SAT-.
The spectators state that there Is reason for q
rise Que man said that he would agree deliver coal
OF any required sizes al the same price at any time
before January l, 1878, and would be very happy 10
make contracts at that figure The yards, he added,
ovcrstocKed, and The dui has Just begun.
HARMONIOUS BUT DULL.
Mr.. Samuel Sloan, The president OF this company,
was .ound IN his office, corner OF William street and
Exchange place, surrounded as usual with flowers.
Mr. Sloan tod tue writer that ho had had urect
nunicatiOn with Mr. Uowen sinco he lett the country
and that he could not speak positively as to the lat
ter's action until he came back
''Inuced," he thought, nobody but Mr.. Gowen
would know what Mr.. G0wen would do"
The Pennsylvania Coal Company, OF which Mr.
George A. Hoyt president, Is situated at the head Of
the great coal arcade In Trinity Building The Offices
are spacious but yesterday there was total lack OF
the buslle and business confusion usually character
izing great business centres. Nj. HOyt was absent;