The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-01-02
PHILADELPHIA.
A Resume OF the Coal, Iron, OIL,
and Railroad Interests for the
Year Just Closed-AltOgether o
Favorable Showing.

FAVORABLE SHOWING.
PH1IADEIPHIA, December 3l.-In its
review Of the year, The North American
says that Pennsylvania has mined more
coal than ever before, and has sold 1t al
prices below those which any one ever ex
pected to see reached, and yet ii has not
been an unmixed evil. It has given the
cheap coal which has kept the mills going
all over the country, and has enabled US
10 reach markets hitherto controlled by
the bituminous interest. Millions ol
tons have been mined at loss, but the
capital was invested, the brakers built,
the tracks laid, and the cars idle. There
was no money to be made in working, bul
there was less TO be lost than by standing
idle. The wear and tear Of rolling stock
would be quite as great as II II were kept
in motion. and the pumps had to be work
ed, whether ton Of coal was TO be taken
out or not. Now, fortunately, the new
year opens with hope Of some decided
action which will prevent more coal being
mined than the country need5.
The iron interest has been more fortu.
nate. Il has made very little money, hut
II has lost little. The demand was very
light, and the frat half of the year
brought debts which required the sale Of
stock, often without much profit, but eel
dom at a net loss. Now the incrsase in
the railroad traffic, coupled with low pri.
ces has induced heavy purchases oil steel
rails, and furnaces are going into blast all
over the State. A large order for Brazil
has added impetus to the trade, and has
further stimulated the export Of iron and
steel manufactures, until they already
show q remarkable increase over the
work OF midsummer. The demand is now
quite "a heavy as ever known. Not only
In bridge and railroad building have we
made great advances, but the ship build
ing on the Delaware has shown wonderful
activity. Never before we're so many
men employed, and the amount Of ton
mage now in process Of building has not
been exceeded more than once or twice
before, II at all.
The oil trade has suffered from over
production. The very richness Of our re-
sources has proved injurious Just at pres.
ent. New wells are sinking daily, and,
Just as in the coal trade, oil Is sent 10 mar.
ket for almost nothing. The Standard Is
now working hard TO secure monopoly
OF the carrying, aud take the trade TO
Now York and Baltimore, but the pro-
ducers are combining TO resist its en-.
croaGhmenis. and meantime the price
OF crude oil is down lower than for many
years. The Pennsylvania Railroad,
which opened in January at iorty.eight
and three.quarter cents, dropped on the
decrease In traffic to half that figure, but
II was too low. and 1t reached n point
which even the riots were insufficient to
depress. Lehigh Valley suffered less
from tue riots than others, and, having
no interest in coal mines, held up better
than any road except North Pennsylva-
MA. All the others reached, during the
year, figures less than half those at which
they opened. Reading has held up won.
derfully, and now shows less depreciation
than any other stock on the market. The
scrip payments Of the Reading road are
the only instance Of an approach to a de.
fault.
The city has lost little bank capital,
but less than any large city in America,
There ia not a single insurance company
or banking Institution here, that was in
existence ! year ago, which is not 10 day
in successful operation. The over issue
Of stock in the West Philadelphia Passen.
ger Company is the only blot upon the
financial record Of the year, while savings
bank failures, defalcations, and embezzle.
ments have beeen weekly occurrences all
over the country.